Recap Week49 2024: From 100k to a FlashCrash and Korea in between

Highlights:

November performance. Bitcoin passing 100k USD, ETH 4k USD. South Korea crypto market breaks down on martial law declaration. Exchange Volumes. Possible new SEC Chair and White House AI and Crypto Czar. Flashcrash Bitcoin on Thursday. US Payrolls on Friday.

Here we go:

BTC:

• https://www.coindesk.com/markets/2024/12/02/silk-road-bitcoin-worth-nearly-2-b-moved-to-coinbase-prime
• https://www.theblock.co/post/329190/blackrock-ibit-spot-bitcoin-etf-500000-btc
• https://www.theblock.co/post/329179/bitcoin-exchange-reserves-drop-to-lowest-levels-in-years-cryptoquant
• https://www.theblock.co/post/327591/bitcoin-price-milestone
• https://www.reuters.com/technology/bitcoin-tops-100000-optimism-over-trump-crypto-plans-2024-12-05/
• https://cryptoslate.com/insights/bitcoin-surpassing-100000-sparks-675-million-in-market-liquidations/?
• https://decrypt.co/294915/jerome-powell-likens-bitcoin-gold

ETH:

• https://www.theblock.co/post/328921/ethereum-etf-staking-crypto-trump-sec
• https://www.coindesk.com/markets/2024/12/02/ether-risk-reward-is-attractive-given-recent-underperformance-bernstein
• https://www.theblock.co/post/329133/ethereums-monthly-onchain-volume-hits-183-7-billion-in-november
• https://cointelegraph.com/news/us-ether-etfs-staking-may-be-imminent-bernstein
• https://cryptoslate.com/insights/ethereum-climbs-28-against-bitcoin-since-november-as-it-hits-4000/

“Other” Digital Assets:

• https://www.coindesk.com/markets/2024/12/06/crypto-markets-have-benefited-from-a-positive-environment-since-u-s-election-citi
• https://www.theblock.co/post/329751/analysts-say-altcoins-resilience-amid-heightened-bitcoin-volatility-signals-potential-decoupling

SEC:

• https://cryptoslate.com/trump-wants-paul-atkins-to-lead-sec-but-he-is-reluctant-to-clean-genslers-mess/?
• https://www.bankless.com/read/who-is-future-sec-chair-paul-atkins?ref=bankless.ghost.io
• https://www.theblock.co/post/329708/crypto-execs-embrace-trumps-pick-for-sec-chair-as-change-from-genslers-approach
• https://cryptoslate.com/sec-rejecting-solana-etfs-is-genslers-parting-gift-to-crypto-industry-bloomberg-analyst/?

White House AI and Crypto Czar:

• https://www.theblock.co/post/329725/donald-trump-appoints-david-o-sacks-to-lead-ai-and-crypto-at-white-house

Exchange Volumes:

• https://cointelegraph.com/news/crypto-exchange-volume-record-high-november

Flashcrash:

• https://cryptoslate.com/bitcoin-flash-crashes-to-90200-causing-over-885-million-in-liquidations/
• https://www.coindesk.com/markets/2024/12/06/btc-nosedive-to-92-k-hits-doge-xrp-futures-hardest-as-liquidations-climb-to-1-b

US Payrolls:

• https://finance.yahoo.com/news/jobs-rebound-doesnt-change-the-narrative-for-fed-rate-cut-this-month-142707165.html

South Korea:

• https://www.reuters.com/world/asia-pacific/south-korea-president-yoon-declares-martial-law-2024-12-03/
• https://cryptoslate.com/insights/bitcoin-falls-to-70k-on-south-korean-exchanges-as-president-declares-martial-law/
• https://www.coindesk.com/markets/2024/12/03/bitcoin-xrp-briefly-wick-down-30-on-south-korean-exchanges-as-martial-law-declared
• https://protos.com/south-korea-recovers-from-martial-law-and-xrp-btc-flash-crashes/

MK Opinion

Interesting read (Bloomberg article) about Korea:

From Nov. 5 through Nov. 28, the daily average trading on Korean crypto exchanges amounted to about $9.4 billion versus $7 billion for the Kospi, according to data from CCData and Korea Exchange. While the Kospi is down about 3.4% since the election, an index tracking the top 100 digital tokens is up 53% over the same period.

South Koreans have stuck with the digital-asset class despite bouts of market turmoil, such as the crypto winter that started in 2022. Today, more than 7 million Koreans — almost 15% of the population — are registered to trade on a crypto exchange. The interest is not new, as many Koreans profited handsomely from Bitcoin's rally of more than 1,200% in the past five years, far outpacing the 20% return for the Kospi.

Those who missed out on getting into Bitcoin early now try their luck with smaller, riskier "altcoins," which make up more than 80% of the trading volume on local platforms. Promotions by crypto exchanges such as fee reductions also have attracted investors, according to Simon Kim, chief executive officer of Korea-based crypto venture-capital firm Hashed.

"For example, Bithumb's zero-fee promotion increased its market share to over 30%, drawing investors toward cryptocurrencies," he added.

Korean regulators also have refrained from approving spot-Bitcoin exchange-traded funds due to fears of outflows from local stocks. This has further pushed investors to wager on overseas funds tracking the crypto sector. In the past month, an exchange-traded fund that aims to provide twice the daily returns of Michael Saylor's Bitcoin proxy MicroStrategy Inc. and a similarly leveraged Ether ETF were among the top-10 most-bought overseas securities in Korea, according to Korea Securities Depository data.

Coin | Other News:

Ripple (XRP):

• https://cryptoslate.com/xrp-flips-solana-market-cap-soars-to-seven-year-high-fueled-by-south-korean-traders/
• https://protos.com/xrp-craze-in-south-korea-reminds-traders-of-luna-meltdown/
• https://www.coindesk.com/markets/2024/12/04/move-over-xrps-korea-narrative-the-400-price-rally-has-support-of-coinbase-whales
• https://cryptoslate.com/ripple-addresses-rlusd-nydfs-delay-as-xrps-growth-fuels-ecosystem-hype/?

Microstrategy (MSTR Equity):

• https://www.theblock.co/post/328996/microstrategy-15400-bitcoin
• https://www.bloomberg.com/news/articles/2024-12-02/microstrategy-makes-fourth-straight-weekly-purchase-of-bitcoin

Token unlocks December:

• https://cryptobriefing.com/crypto-token-unlocks-december/?

BitGo:

• https://www.theblock.co/post/328972/bitgo-retail-platform

Justin Sun | HTX:

• https://protos.com/justin-sun-advised-htx-has-redeemed-7300-wbtc-it-did-not-disclose/

TRON (TRX):

• https://www.theblock.co/post/329384/tron-surges-80-in-past-day-amid-political-unrest-in-south-korea

Tron was launched by copying Ethereum’s code and deleting the decentralization part

D2X:

• https://www.coindesk.com/business/2024/12/03/point72-backed-exchange-d2-x-debuts-in-europe-with-regulated-crypto-derivatives

Hyperliquid (HYPE):

• https://www.theblock.co/post/329413/hyperliquids-hype-token-has-surged-over-200-since-launch-reaching-12-billion-fdv?

Hype it is….

Finfluencers:

• https://www.theblock.co/post/329135/youtube-views-of-crypto-influencer-content-hits-12-month-high

ohoh…

UK bans Pump Fun:

• https://protos.com/ave-you-got-a-license-for-that-memecoin-uk-bans-pump-fun/

Actively Managed Strategy:

November performance +75.19% Net of all fees.

Guiding principles:

1. Carefully crafted and well diversified actively managed portfolio based on more than seven years (and ongoing) of fundamental research and analysis. Around 30 high conviction coins in position
2. Clear risk framework on (amongst others) maximum weightings and liquidity constraints
3. Safety and compliance first: Institutional grade Custody and best-in-class partners
4. Experienced team dealing in financial markets and portfolio management for decades
5. Operational excellence and cost-effective

MKs Short Term Risk Report:

• Justin Sun (TRON, Huobi-HTX, WBTC)
• SEC / Regulatory
• Tether (USDT)
• Regulation overkill in both stablecoins and DEFI
• Re-Staking uncertainties: dangerous concept that could lead to mass liquidation and the collapse of the rehypothecated tokens
• Capital Markets in general (Yen Carry Trade, China, Credit Event / Yields, FED not delivering)
• Escalation in the Middle East, Taiwan-China tensions
• Meme coin Frenzy, excessive leverage, Agressive and unsustainable “promised” APY’s
• Hacks / Exploits
• (Liquidity) Fragmentation (L2s)
• Projects running out of runway

The week ahead by Nomura and Livesquawk:

• https://www.nomuraconnects.com/focused-thinking-posts/the-economy-next-week/?
• https://www.livesquawk.com/report/special_ls-focus-on-the-week-ahead

For headlines and breaking news; Follow me on Twitter/X @M2tK_C

Upcoming Events:

Will be attending the following conferences/events:

N/A

Agenda:

• https://bdc.consulting/calendar
• https://www.bcnl.foundation/events?page=1&sort=-date

Tokens:

Unlocks:

Source: https://tokenomist.ai/

Have a wonderful weekend, and thanks for reading!

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