MARKET NEWS

Crypto Exchange Bullish Buys CoinDesk; a Lifeline for DCG After FTX Collapse.

The Scoop: CoinDesk, a prominent cryptocurrency news site, has been acquired by Bullish, a crypto exchange led by former NYSE president Tom Farley, in an all-cash deal.

Bailout: Bullish acquired CoinDesk from Digital Currency Group (DCG), a crypto-focused VC firm. DCG bought CoinDesk in 2016. Its subsidiary Genesis faced severe financial distress due to ties with FTX, leading to lawsuits and losses which is probably why this sale went through.

Fire Wall: CoinDesk will maintain its management team and operate independently under Bullish. An editorial committee, headed by ex-Wall Street Journal editor Matt Murray, will ensure journalistic integrity.

Building the Brand: Bullish aims to boost CoinDesk's growth, focusing on enhancing its editorial, events, and data services. Additionally, Bullish is considering acquiring FTX's assets.

🌍 Strike has partnered with Checkout.com to allow users to buy Bitcoin in 65+ countries using a debit card, boosting global access to Bitcoin.

🌐 Tether, the largest stablecoin issuer on the market, has announced plans to expand its Bitcoin mining business with another $500M investment. The company said they want to grow their stake to 1% of all mined Bitcoin.

⚖️ The U.S. SEC has just filed a lawsuit against Kraken, alleging the exchange had not registered with the agency before deploying their platform and taking on clients. Kraken stated it would “vigorously defend” itself.

🔍 Binance may pay $4B to settle U.S. criminal charges leveled at the exchange by the U.S. Department of Justice, in what certainly looks to be a kind of shakedown. Founder CZ may also still be at risk of facing charges. A deal looks to be closing soon.

🏦 Santander Private Banking International announced it would be offering Bitcoin trading to high-net-worth clients in Switzerland.

Argentina Elects a Pro-Bitcoin Libertarian President Amid Economic Upheaval; Lots of Work Ahead

The Scoop: Javier Milei, a pro-bitcoin Libertarian economist has won Argentina's presidency with 55% of the votes, signaling a major political shift in the struggling country.

A New Economic Vision: Milei's win reflects Argentina's desire for change amidst a severe inflation crisis. His stance against the central bank and advocacy for bitcoin as well as dollarizing the economy are central to his economic policies.

By the Hair of His Chin: Milei actually came in second in the general election to his opponent, Sergio Massa, but the election was so close that the two went into a runoff, which Milei won.

Playing Politics: Milei's victory could steer Argentina towards adopting bitcoin, mirroring El Salvador. However, his controversial views on social issues like abortion could slow down his policy ambitions, forcing him to build alliances with members of the conservative party.

Will CBDCs ever be widely adopted by nations?

Yes - 74%

No - 26%

👍 Yes: “No other way out...” - Christian

👎 No: “If no one wants them, why issue them?” - Lachlan

⏱️ The SEC delayed Franklin Templeton and Global X’s spot Bitcoin ETF application. More delays on other ETF applications are expected.

📈 Digital asset investment products saw their 8th consecutive week of inflows, with the latest week totaling $176M.

🚫 Bittrex Global, the once very popular but now defunct altcoin exchange, is officially winding down operations, urging users to withdraw funds before the closing date of December 4th, 2023.

💸 ARK and 21Shares have amended their ETF application to the SEC in order to disclose an 80 basis point fee.

🚨 Tether, with OKX, helps DOJ freeze $225M in USDT linked to a human trafficking syndicate, marking the largest-ever USDT freeze in the company’s history.

🚀 Bitcoin’s Weekly Stats

• 80% of Bitcoin addresses are currently in profit.

• BTC correlation with Nasdaq reaches multi-year low.

• 4.5M Bitcoin addresses hold at least .1 BTC - a new all-time high.

• Supply of Bitcoin held in wallets that actively spend reaches 5 year low, indicating strong hodling activity.

• 70.2% of all Bitcoin has not moved in over a year - a new all-time high.

• Bitcoin has surpassed Ethereum to become the highest fee-earning crypto on the market for the first time in 3 years.

• Bitcoin held on exchanges reached its lowest level in 5 years.

• Bitcoin options notional interest rose to a new high of $15B last week.

Today’s newsletter was written by Colin and edited by Jordan.