Table of Contents
If there was ever a case for decentralisation and devolution of power away from one individual, soon-to-be former SEC Chair Gary Gensler is it. Archenemy of the entire crypto industry, Gensler has served as a thorn in the side of Web3, dampening innovation and ambition.
Of course, no regulation or framework à la Lord of the Flies isn't welcomed either but Gensler's iron grip on the sector has been widely despised by industry leaders. Until this week.
Gensler's term, which began in 2021, was set to run until 2026 but with Donald Trump pledging to fire Gensler on "day one," the SEC Chair's days began ticking as soon as the US voted Trump in.
To the delight of the industry, Gensler preemptively announced his resignation date as 20 January, aligning with Trump’s inauguration.
On January 20, 2025 I will be stepping down as @SECGov Chair.
— Gary Gensler (@GaryGensler) November 21, 2024
A thread 🧵⬇️
Sure, it's not the firing Trump had promised (although we're not entirely convinced the President can execute such an action) but like any formal termination, this seemingly forced resignation is enough to keep the crypto industry gleaming this week. We can settle with letting Gensler resign gracefully.
Speaking of gleaming, XRP and Solana fanboys are rejoicing the loudest amid Gensler's resignation, up 77% and 25% respectively.
It's a particularly fortunate week for Solana too, as Bitwise becomes the fourth asset manager to jump on the Solana ETF train. Submitting its 19b-4 filing through the Cboe BZX Exchange, Bitwise follows in the footsteps of Canary Capital as well as VanEck and 21Shares, which filed for theirs in October and June respectively.
If approved, the ETFs trade on the Cboe’s BZX Exchange in the US, offering investors exposure to SOL without directly holding it.
"A Solana ETF would mark a significant milestone for smaller blockchains, providing increased liquidity and visibility. While its immediate impact may be limited, it could pave the way for stronger growth in the long term.," BRN analyst Valentin Fournier explained.
The approval request for a #Solana ETF highlights growing institutional interest in digital assets.
— BRN (@thebrn_co) November 22, 2024
Over in Bitcoin and Ethereum land, both leading cryptocurrencies have performed well this week, rising around 10% each.
Risk appetites have intensified from last week's "Extreme Greed" at 80 to 94, also "Extreme Greed."
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.
According to Fournier, "The ongoing rally is being predominantly driven by institutional players, while retail investor interest is steadily growing. BRN expects Bitcoin to approach $120K by year-end, and recommends "maintaining a heavy allocation to digital assets while continuing to favor Bitcoin over Ethereum."
The launch of #Bitcoin ETF options and the recent upsizing of @MicroStrategy’s debt offering have significantly boosted institutional inflows into Bitcoin.
— BRN (@thebrn_co) November 22, 2024
Top Stories (In No Particular Order)
Gensler Officially Announces SEC Resignation, Crypto Rejoices
It's happened. It's actually happened. Gary Gensler has officially announced his resignation.
Aligning with the inauguration of President-elect Donald Trump, Gensler will step down as US Securities and Exchange Commission (SEC) Chair on 20 January 2025.
Blockhead
Bitwise Joins Solana ETF Race With VanEck, 21Shares, Canary Capital
The Solana ETF race is heating up with Bitwise becoming the fourth asset manager to submit its regulatory filings for the product.
Canary Capital filed for its Solana ETF in October while VanEck and 21Shares filed theirs in June. Cboe BZX Exchange has now submitted four 19b-4 filings, which are formal submissions that propose rule changes to the SEC by self-regulatory organizations such as stock exchanges.
Blockhead
Solana Overtakes Nike, Starbucks, Sony in Market Cap
Solana continues to break barriers with its market cap, user base, and on-chain activity.
Dubbed the "Ethereum Killer" (mainly by Solana fanboys), Solana might be living up to its moniker as Nansen revealed yesterday that it has dethroned Ethereum as the most used chain on its platform.
Blockhead
Justin Sun Says He'll Eat $6.2 Million Banana Bought at Sotheby's
Maurizio Cattelan’s infamous Comedian, a banana duct-taped to a wall, reached new heights at Sotheby’s Evening Auction on October 25, 2024, in New York City. The conceptual artwork, which first made waves at Art Basel Miami Beach in 2019 when it sold for $120,000, fetched a staggering $6.2 million, including buyer’s premium. Justin Sun says he's gonna eat it.
Blockhead
Sui Network Back Online After First Major Outage
The Sui blockchain, a rising contender in the layer-1 space, suffered its first significant network outage on November 21, halting block production for over two hours.
A bug in the network's congestion control system caused validators to crash, bringing all transaction processing to a standstill.
Blockhead
Bitcoin vs. Gold: Is It All Over for the Yellow Metal?
Is gold losing its shine after glittering in a strong rally to multiple new records this year?
The yellow metal is down over 8% from its all-time high. The change in trend for gold prices is only about two weeks old.
Blockhead
Rating Trump's Latest Picks From a Crypto Perspective
As Democrats continue to wipe their tears from their (un)surprising election defeat, pro-Trumpers are giddy with excitement about the incoming President's administration - especially the crypto crowd.
Yet to be sworn in, Donald Trump has already made moves to inspire his fanbase, offering glimpses of what's expected to be a rosy red four years ahead (unless you're blue).
Blockhead
Bitcoin ETF Options Debut With a Bang
Bitcoin’s financial ecosystem reached another milestone this week as BlackRock’s iShares Bitcoin Trust ETF (IBIT) options debuted, racking up nearly $2 billion in notional exposure on their first trading day.
Blockhead
Coinbase to Delist WBTC After cbBTC Expansion... 'Cos Justin Sun?
Coinbase is delisting Wrapped Bitcoin (WBTC) after just announcing the expansion of its cbBTC.
Earlier this month, Coinbase said it would introduce cbBTC to Solana, which allows users to send Bitcoin to Coinbase, receive cbBTC in their Solana wallet, and trade it in Solana's DeFi protocols.
Blockhead
Is the ‘Crypto Bubble’ Bursting According to the Saylor-Buffett Ratio?
The enthusiasm sparked by Donald Trump's victory is rapidly diminishing: The S&P 500 has lost a third of its post-election increase and was down for the week, while the Nasdaq 100 Index experienced a four-day decline.
The narrative shifts significantly in the innovative realm of cryptocurrency. Despite Bitcoin's retreat from Wednesday's record peak, it has remained nearly 30% higher since the presidential election.
Blockhead
Blockcast
This week's Blockcast features Independent Reserve CEO Lasanka Perera, who reflects on his journey of volatility, difficulties, uncertainty, and ultimately, success.
Perera, who's also an avid golf fan, discusses how and why Independent Reserve sponsored accomplished Singaporean golfer Shannon Tan, and how the exchange is helping young people invest in crypto.
Additionally, as a seasoned crypto investor who's seen countless bull and bear markets, Perera shares his immediate reactions to the market's recent pump post-US election.
Previous episodes of Blockcast can be found on Podpage, with guests like Peter Hui (Moongate), Luca Prosperi (M^0), Charles Hoskinson (Cardano), Aneirin Flynn (Failsafe), and Yat Siu (Animoca Brands) on our most recent shows.
Blockhead
Events
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.
It's All Happening on LinkedIn
Did you know you can now receive Blockhead's juicy daily newsletters directly to your LinkedIn? Subscribe to our LinkedIn newsletters for the latest news and insights in the world of Web3!
There also might be the occasional discount code for the industry's hottest events, exclusively for subscribers. So be sure to sign up!
