Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 2 - November 8, 2024

Crypto Weekly Market Update

Table of Contents

Market Movements and Trends

• Crypto Weekly Recap

Key Political and Market Shifts

• Trump Sparks Crypto Boom

Payment and Banking Innovations

• Sheetz Expands Crypto Payments
• UBS Launches Tokenized Fund

Crypto Exchange and Trading Updates

• CEX Listing Fees Scrutinized
• Bitcoin and Solana Surge
• Global Dollar Network Gains Traction

Blockchain and Energy Innovations

• Deutsche Telekom Plans to Mine Bitcoin

NFT and Blockchain Metrics

• BNB Chain's NFT Surge
• OpenSea 2.0 Relaunch

Crypto Weekly Recap

Bitcoin:

• Weekly performance: +9.46%
• US Spot Bitcoin ETFs: +$1.34B
• It was a pivotal week for crypto as Donald Trump was elected the 47th President of the US.
• BTC briefly hit $70,400 hours before Tuesday’s voting results but surged past $74,000 once Trump’s win was confirmed.
• BTC continued breaking ATHs, surpassing $76,800 Thursday night after the Fed's 25 bps rate cut.
• Stablecoin inflows to exchanges soared to $9.3 billion post-election and rate cut, the second-largest ERC-20 stablecoin deposit on record.
• BTC is trading near $77,000 at the time of writing, while US spot Bitcoin ETFs saw a record $1.38 billion inflow in a single day, with BlackRock’s Bitcoin ETF surpassing its Gold ETF in size.
• Despite new ATHs, many market commentators believe Bitcoin showed no signs of overheating. Analysts like Galaxy’s Alex Thorn highlighted strong fundamentals for further growth.

Ethereum:

• Weekly performance: +17.66%
• US Spot Ether ETFs: +$68.80M
• ETH broke through FUD, climbing to $2,900 this week as optimism grew amid hopes for crypto-friendly policies under Trump.
• Ethereum ETF inflows hit $79.74M, the highest since Aug. 6, boosted by the bullish sentiment. Positive catalysts this week include Ethereum’s Mekong Testnet launch.
• Bitfinex analysts projected ETH would break its long-term trading range, driven by accumulation and rising risk appetite.
• The crypto market enjoyed a three-day bullish streak, with strong FOMO driving price surges across multiple tokens.
• High-risk DeFi loans surged post-election, reflecting market optimism. IntoTheBlock reported these loans were backed by volatile assets near liquidation.
• Altcoins, especially DeFi like UNI, AAVE, ENA, and memes like X (gaming token, but it acted like meme in this rally), GOAT, LUCE, FARTCOIN, NEIRO, MOG, PEPE, and APU, saw massive gains after the election.
• Tokens hitting ATH included SUI, GRASS, NEIRO, and DRIFT, while others like SOL approached previous highs.
• Prominent listings:
  • Gemini: OP, POPCAT, BONK
  • Binance Futures: PONKE, MOG, GRASS, SWELL, DRIFT
  • Binance Spot: COW, CETUS
  • Coinbase International Exchange: NEIRO
  • Upbit: DRIFT

Altcoins:

• 21Shares filed to launch an XRP ETF with the SEC.
• Semler, UK, and Michigan funds led major crypto investments.
• BNB Chain launched a tokenization service for RWAs and businesses.
• Magic Labs and Polygon introduced a cross-chain network to break blockchain silos.
• Kraken launched a crypto derivatives suite for Australian wholesale clients.
• Zodia Custody, backed by Standard Chartered, sought $50 million in funding.
• Circle advanced Hong Kong expansion while moving forward with IPO plans.
• Curve proposed allocating 10% of crvUSD revenue to savings crvUSD holders.
• Hamster Kombat lost 86% of users as Paws Mini App gained traction on Telegram.
• BNB Chain launched a tokenization service for RWAs and businesses.
• Crypto.com teased banking, credit card, and stock services, added to Poland's alert list after Dutch fine.
• Arkham Intelligence planned a crypto perpetuals exchange with audits and rewards.
• Avalanche Foundation repurchased 1.97M AVAX tokens from Luna Foundation Guard.
• A French Polymarket whale was estimated to profit $79M on US election bets amid France's potential ban on the platform.
• Magic Labs and Polygon introduced a cross-chain network to break blockchain silos.
• Transak facilitated NFT checkout for Lamborghini.
• Detroit approved crypto payments for taxes and fees.
• Proposal to rebrand Sky to Maker was rejected by whale votes.
• Coinbase expanded cbBTC to Solana.
• Wintermute proposed a fee switch for fair revenue sharing in Ethena protocol.

Trump Sparks Crypto Boom

Donald Trump secured the presidency on November 6, 2024, triggering a pro-crypto wave in U.S. politics, supported by a Republican Congress and key endorsements from crypto leaders. Following the election, Bitcoin soared to a new record of $75,390, surpassing Meta in market cap, as trading volumes spiked 165.67%. Altcoins also thrived, with Ethereum above $2,600 and significant gains for Solana and Dogecoin. Market analysts predict Bitcoin could rise to $80,000 or $100,000, while cautioning against FOMO-driven investments amid increased volatility, emphasizing the importance of strategic approaches as regulatory clarity unfolds.

Sheetz Expands Crypto Payments

Sheetz has expanded its partnership with Flexa to accept cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and USD Coin across over 750 locations, driving mainstream adoption of digital payments. This initiative reflects Sheetz's commitment to payment innovation and responds to growing consumer demand for alternatives. The integration enhances Sheetz's My Sheetz Rewardz loyalty program, allowing users to earn rewards for crypto purchases. A recent report indicates that about 40 million Americans now own cryptocurrency, showcasing increased acceptance. To promote this initiative, Sheetz is offering a $20 discount for Flexa payments, further encouraging the use of digital currencies in everyday transactions.

UBS Launches Tokenized Fund

UBS has launched the "UBS USD Money Market Investment Fund Token" (uMINT) on the Ethereum network, marking its significant entry into blockchain technology. This fund targets high-quality money market instruments within a conservative risk-managed framework. Following a successful pilot in October 2023, UBS aims to meet the rising demand for tokenized assets. Notably, over $3 billion in assets are currently tokenized on Ethereum. Market trends indicate a 4% growth in this sector recently, with comparable products like BlackRock's BUIDL and Franklin Templeton's FOBXX also gaining traction, signaling a shift towards mainstream adoption of tokenized financial assets.

CEX Listing Fees Scrutinized

A recent controversy surrounding listing fees at major centralized exchanges (CEXs) like Coinbase and Binance has ignited significant debate in the crypto industry. Allegations include Binance requesting 15% of a project's total token supply for listings, potentially valued at $100 million, while Coinbase is accused of demanding fees between $30 million and $300 million, including a notable $60 million request for the FTM token. In contrast, Binance claims all listing fees are transparent and donated to charity. The scrutiny has led to increased interest in decentralized exchanges (DEXs), with trading volumes exceeding $250 billion in early 2024, suggesting a market shift.

Bitcoin and Solana Surge

Bitcoin has regained dominance in the financial market, surpassing Meta Platforms with a valuation of $1.487 trillion, trading at over $75,400 per coin after a 7.33% surge. This resurgence is partly driven by speculation about Bitcoin as a potential reserve asset. Simultaneously, Solana has overtaken Binance Coin with a market cap of $88.5 billion, reflecting strong investor interest and activity in its decentralized exchange. Nvidia has also made headlines, becoming the world’s most valuable company with a market cap of $3.57 trillion, driven by a 4.1% stock rise and significant growth in the AI sector, projected to reach $420 billion by 2027.

Global Dollar Network Gains Traction

Major firms like Robinhood, Kraken, and Paxos launched the Global Dollar Network to help boost the adoption of USDG stablecoin. USDG, issued by Paxos in Singapore, adheres to the Monetary Authority of Singapore's 2023 standards and is backed by U.S. dollar reserves managed by DBS Bank. It aims to disrupt Tether and Circle’s dominance by sharing 97% of reserve income with participants. Founding members include Galaxy Digital and Anchorage Digital, operating on Ethereum with plans for multi-chain expansion. This initiative underscores a shift towards transparent, community-focused financial models, bridging traditional finance with blockchain technology.

Deutsche Telekom Plans to Mine Bitcoin

Deutsche Telekom, Europe's largest telecommunications provider, is launching its Bitcoin mining initiative, "Digital Monetary Photosynthesis," in Backnang, Germany, utilizing surplus renewable energy. Managed by Metis Solutions and its subsidiary MMS, the project aims to convert unused energy into digital assets, enhancing regulatory roles in the energy grid. This effort underscores a shift towards sustainable practices, aligning with global renewable energy goals. Deutsche Telekom's collaboration with Bankhaus Metzler could also expand into financial services linked to digital assets, reflecting a broader ambition that could redefine both economic and environmental landscapes through innovative technologies and energy utilization strategies.