- Funding and Valuation Surge: Prediction market platform Kalshi’s valuation jumps to $11 billion after a $1 billion funding round. AI hedge fund Numerai sees its NMR token soar, achieving a $500 million valuation following funding from university endowments.
- Regulatory Landscape: The SEC will hold a roundtable on privacy and financial surveillance in December. A prospective CFTC chair’s nomination advances through committee. Advocacy groups are urging Trump to intervene in the Roman Storm retrial. Additionally, a report indicates SEC enforcement actions dropped 30% under Paul Atkins. India is also considering adopting a stablecoin regulatory framework, potentially diverging from the RBI’s cautious stance.
- Bitcoin Market Dynamics: Bitcoin’s price experiences volatility, slumping to $86,000 amid Nvidia earnings and Fed uncertainty. Analysts note BTC is approaching its “max pain” zone. Despite the downtrend, traders are eyeing short liquidity around $100,000. A proposed bill suggests allowing Americans to pay taxes in BTC.
- Ethereum and Altcoins: Ethereum DATs face challenges as ETH’s price dip impacts treasury holdings. Coinbase launches ETH-backed loans as onchain lending surpasses $1.25 billion. Solana ETFs are attracting significant inflows, though SOL’s price may see a correction.
- Institutional Adoption and Investment Products: Tether invests in Parfin to boost institutional USDT adoption in Latin America. 21Shares introduces new Aave and Chainlink ETPs in Europe. Metaplanet plans a $135 million raise to increase its Bitcoin holdings.
- Treasuries: The rise of crypto treasuries sparks debate. Tether’s gold hoard expands, rivaling small central banks. Ripio reveals a $100M crypto treasury, the second largest in Latin America.
Analysis:
- Institutional Interest Persists: Despite market volatility, institutional investment in crypto assets and related infrastructure remains strong, evidenced by funding rounds and the launch of new investment products.
- Regulatory Scrutiny Continues: Regulatory developments are still very active, as shown in both the US and India.
- Bitcoin’s Resilience Tested: Bitcoin’s price fluctuations highlight its sensitivity to macroeconomic factors and market sentiment, yet long-term holders remain steadfast.