Good Morning,

Here's a quick preview of today’s content: Google just announced a quantum chip that blows everything out of the water sending Bitcoin investors worried about security, traders feel the heat of a red wave in the markets, Saylor buys more Bitcoin (big surprise), Amazon shareholders might vote for Bitcoin on the balance sheet, El Slavador to change their Bitcoin law, and more

Happy Tuesday, Let’s dive in.

Market Snapshot

• Bitcoin was above $100,000 earlier in the day, and then retreated to the low $96,000 area by late in the U.S. session.

  • The move sparked $750M in liquidations of leverage derivative positions.

    • Ether (ETH) was down 10% to $3,590 in the day

    • XRP, DOGE and ADA fell as much as 15% in the past 24 hours

• Top Gainers: MOVE

• Top Losers: POPCAT, IOTA, WIF, FLOW

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Google just announced their quantum chip Willow that is able to do a computation in five minutes that would take current top-tier computers 10²⁵ years to figure out (GG)

• Community discussed if Willow could crack Bitcoin’s security, no fear for now and here’s why

• Binance to list Magic Eden’s token ME today (BI)

• Total stablecoin market capitalization surpasses $200B (TB) 

• MicroStrategy buys another $2.1B of Bitcoin (CD)

• Crypto investment products recorded ~$3.9B of inflows last week (CT) 

• Amazon shareholders propose allocating 5% of its reserves to Bitcoin (CD) 

• Crypto exchange BitGet is considering US entry (CD) 

• Poland arrests the former CEO of Russian crypto exchange WEX for US extradition (CT)

• Bitcoin miner Riot Platforms plans to raise $500M via private senior convertible note offering (DC) 

• Needham & Company raises its PT for Coinbase to $420 (TB) 

• Jupiter DAO approves a $860M JUP airdrop that rewards genuine ecosystem participants (CD) 

• Healthcare firm Semler Scientific buys another $29.3M of Bitcoin for its reserve fund (TB) 

• Memecoin Floki partners with MasterCard to launch new debit card (CT) 

• Pudgy Penguins become second-largest Ethereum NFT collection (TB) 

• Ex-Ethereum dev Max Resnick praises Solana's agility, which prompted his switch (CD)

• Framework Ventures, the largest institutional holder of its native token SNX, has deposited 6.5M SNX (valued at $19.5M) to Coinbase

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Launches

• Open-source self-custodial wallet Ambire launches "Ambire Legends" to promote smart accounts (DC)

• Movement Network launches its MOVE token with an $830M airdrop to early users (DC)

• Moonwell has launched the Moonwell Card, a debit card that allows users to spend their onchain crypto assets globally (DF)

Venture Capital

• Venture capitalists generally pessimistic toward crypto AI projects (TB) 

Regulation

• El Salvador to no longer require merchants to accept Bitcoin (CD) 

• Ex-Binance CEO Changpeng Zhao 'CZ' predicts China strategic Bitcoin reserve (CT)

Cybersecurity

• DeFi protocol Radiant Capital blames North Korean hackers for a $50M October cyberattack (CD)

Chart of the Day

Veteran trader Peter Brandt believes a large-cap altcoin that’s been surging as of late has one of the most bullish charts in crypto

He stated on X: “This the most powerful chart in all of crypto world $XRPUSD”

Meme Dump

Pls send us crypto memes to be featured in the newsletter 🤝

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