Table of Contents
Where there are winners, there must be losers. And this week saw quite the range. You don't need us to tell you that former US President Donald Trump has been re-elected to be incoming US President Donald Trump. To the heartache and tears of leftists and Democrats, Trump's return to the throne was confirmed in under 24 hours, securing a landslide win in what was expected to be a close election.
Much like a team akin to Manchester United winning the Treble, bitter non-supporters have been left dismayed as the Republicans sweep up the electoral win, Senate win, and popular vote win.
For crypto, there is only one fanbase: the profit army. With no real allegiance to either party, the crypto industry is only swayed by which side offers the best potential to keep their accounts in the green. In 2024, it's self-appointed "Crypto President," Donald Trump. As a result, Trump's win has sent waves of excitement throughout the global crypto industry, with Bitcoin reaching multiple all-time highs.
You don't have to be a fan of Trump to appreciate the gains he's earned you. In a similar vein, degens have made bank (but also rugged themselves) on alleged drink spiker, Eugene Ng. Assumedly, they weren't fans Ng either... But you never know with degens.
ICYMI, the now former DWF partner allegedly (but also expertly) spiked a potential hire's drink during Hong Kong FinTech Festival, before attempting to lure her back to his suite to get more "alpha." Allegedly.
Blockhead
Degens have since created a batch of memecoins inspired by the once highly respected Singaporean crypto industry leader. In true memecoin fashion, many of these memecoin (including PREDATOR EUGENE NG (ticker: EUGENE) and Eugene Ng (ticker: $HARASS)), pumped and subsequently dumped.
So as leftists and progressives begin to piece themselves back together, and colleagues and alleged victims of Ng do the same, crypto has found a way to make money. What an industry to be in.
As mentioned, Bitcoin reached all-time highs thanks to Trump, but Ethereum also had a fantastic week. BTC rose 10.25% over the week, while ETH experienced an 18.04% spike.
Risk appetites have maintained its, "Greed" position at 75. The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
Of course, during such a crucial week, we had to touch base with BRN. "Given the powerful momentum fueled by Trump’s election victory, alongside unmatched institutional and ETF backing, cryptocurrencies are poised to extend their gains in the weeks ahead," said BRN analyst Valentin Fournier.
While we anticipate heightened volatility and some ups and downs along the way, we remain bullish. The current rally appears to be in its early stages, and the potential returns far outweigh the risk of short-term drawdowns."
Yesterday, the US Federal Reserve announced a 25 basis point rate cut, in line with expectations and reflecting the current macroeconomic landscape. This move is consistent with the Fed's ongoing approach to manage inflation and support economic activity.
— BRN (@thebrn_co) November 8, 2024
Top Stories (In No Particular Order)
What Trump's Victory Means for Crypto, According to Crypto
The United States may soon reclaim its position as the global leader in the crypto space. That's what Donald Trump vowed earlier this year, and that's what industry leaders are hoping materializes.
The 47th president of the United States, who will be inaugurated on January 20, won both the Electoral College and popular vote by a landslide on Wednesday, and with his pro-crypto rhetoric and pledges to overhaul the U.S. regulatory landscape, many in the industry now expect a friendlier environment for digital assets.
Blockhead
Here's Everything Trump Promised to the Crypto Industry
Returning to the helm once again, Donald Trump has been elected as president of the United States, much to the delight of the crypto industry.
Preemptively crowning himself as "Crypto President" during his campaign, Trump won the hearts and minds of the crypto industry. Democrat priorities of abortion and antisexism were overshadowed by a commitment to boost crypto profits through industry-friendly regulation.
Blockhead
Degens Are Already Creating Eugene Ng-Themed Memecoins on Pump.Fun
While we're still reeling in disgust at the allegations surrounding DWF Labs partner co-founder Eugene Ng, degens have been busy creating memecoins inspired by the alleged drink-spiker.
Blockhead
Coinbase Launches cbBTC on Solana to Bring Bitcoin to DeFi Protocols
Coinbase has launched a Bitcoin-backed token on the Solana blockchain in the form of "cbBTC."
Prior to FTX's collapse, the exchange issued "soBTC," a bitcoin-pegged token widely used on Solana. When FTX collapsed, soBTC became unusable and Solana's DeFi system no longer had a reliable, liquid Bitcoin standard.
Blockhead
CZ Returns to Public Eye, Considers Selling Binance Stake
Changpeng Zhao, the founder of Binance, has returned to the public eye after a significant legal and personal ordeal. The billionaire crypto mogul, known to most as "CZ," emerged from U.S. federal prison in April after a four-month stint following a legal settlement with the U.S. Department of Justice that included a $4.3 billion dollar fine.
Blockhead
Jack Dorsey's Square, AKA Block, to Increase Bitcoin Mining Investment
Jack Dorsey's payment company Block (formerly known as Square) is prioritizing Bitcoin-related initiatives, with a focus on crypto mining.
Specifically, Block said it will pour more resources into developing equipment for Bitcoin miners and advancing its self-custody crypto wallet, Bitkey. The move is funded by scaling back its investment in music streaming service Tidal and abandoning its new decentralized "Web5" internet.
Blockhead
OCBC Partners LTA for Blockchain-Based Payments Via Project Orchid
OCBC has revealed a blockchain-based conditional payments solution for Singapore’s Land Transport Authority (LTA).
As part of the bank's involvement in the Monetary Authority of Singapore’s (MAS) Project Orchid, the initiative aims to improve transparency and streamline mobilization advance payments to contractors.
Blockhead
Crypto Rallies as Trump Emerges Victorious
Donald Trump's victory at the polls, which saw him secure both the Electoral College and popular vote, has sparked a remarkable surge in digital asset prices, with Bitcoin reaching an all-time high above $76,000, and the broader crypto market capitalization soaring by 4.5% to $2.54 trillion, per CoinMarketCap data.
Blockhead
Wall Street's New Tactic - Tax-Loss Harvesting Using Cryptos
Wall Street is upping its game in its tax-loss harvesting tactic.
Money managers' new play also uses crypto losses to cut taxes for their billionaire clients.
While tax-loss harvesting is an old legal game that uses a loophole in US capital gains rules, the big discovery now is using crypto losses to offset gains elsewhere.
Blockhead
Weak US Jobs Report Confirms Fed Easing This Week
In October, the US economy added only 12,000 jobs, but the impact of hurricanes and strike action dampened that.
However, the hiring surge is waning, and the inflation backdrop appears less, so the Federal Reserve has room to bring policy closer to neutral.
Blockhead
Anchorage Receives Major Payment Institution Licence in Singapore
Anchorage Digital Singapore has received approval as a licensed Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS).
In a statement, Anchorage said the license enables the digital asset platform to offer a complete, integrated solution including custody, staking, trading, and settlement, including fiat on and off ramps.
Blockhead
UBS Launches First Tokenized Money Market Fund
Asset manager UBS has announced the launch of its USD Money Market Investment Fund Token (uMINT), built on Ethereum. which is part of the broader expansion of UBS’s tokenization services through UBS Tokenize.
Blockhead
Bridging the Gap: How AI & Blockchain Are Shaping the Digital Assets Landscape
As two of the most significant technological advancements of our time, AI and blockchain have historically developed independently but are now increasingly integrated to address each other's limitations. This convergence represents a significant shift in how digital ecosystems can be structured and governed.
This report, jointly produced by Blockhead and BRN, covers the diversity of solutions, the technical challenges they try to overcome, and the still early stage of their development.
Events
GeckoCon (Bangkok, 11 November 2024)
GeckoCon returns, and this year we're diving into the revolutionary world of Web3 Gaming! Discover how the fusion of blockchain and traditional gaming is creating a whole new entertainment layer.Don't miss out—visit CoinGecko now to secure your spot in our first ever Hybrid Conference set to take place in Bangkok, Thailand. Or from the comforts of your home!
Get your tickets now with Blockhead's 40% code: BHGC24
[Limited to 30 redemptions, expires 31 October 2024]
[Redacted] (Bangkok, 9-11 November 2024)
The [REDACTED] conference is bringing together the brightest minds in technology for a transformative three-day event from November 9-11, 2024, at the Avani Riverside hotel. This gathering will take place just ahead of Devcon and promises to be a pivotal moment for the convergence of artificial intelligence and Web3.
Interested readers can apply for free tickets here, and sign up for the hackathon here.
Devcon (Bangkok, 12-15 November 2024)
Following Devcon Bogota in 2022, the Ethereum Foundation is set to host Devcon SEA, the 7th edition of its premier developer and community conference.
This landmark event is expected to bring together a diverse group of individuals, including developers, researchers, academics, and community members, to explore the future of Ethereum and its potential to reshape society.
Tickets are available here, with discounts for local builders, students and teachers, and youth.
Consensus (Hong Kong, 18-20 February)
Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
Restaking & Infra Day (Bangkok, 12 Nov)
Restaking & Infra Day is a full day of keynotes, workshops and panel discussions about recent advancements in the restaking field:
- Liquid restaking and staking;
- Oracles and other AVSs;
- ZK Coprocessors and Layer 2 solutions;
- Restaking on BTC, Cosmos and other chains;
- Security and risks of restaking.
What to expect:
- 15+ speakers
- 250+ attendees
- Excellent networking opportunities
Blockhead readers can get 20 free tickets with the coupon code BLOCKHEADLOVE. You can use them after choosing the "guaranteed seat" option, in the "Add a coupon" field.
Be the first one to grab a free ticket: https://t.ly/ZP-pE
It's All Happening on LinkedIn
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There also might be the occasional discount code for the industry's hottest events, exclusively for subscribers. So be sure to sign up!
