Together with

Good Morning,

Here's a quick preview of today’s content: Bitcoin mines are heating frigid fishing villages, airdrops are crashing crypto wallets, Bitcoin ETF inflows soar as we get closer to the election, and more.

Let’s dive in.

Before The Bell

Market Snapshots (6 AM UTC 10.28.24)

• Doge soars to over +16% amid rising odds of Trump victory in betting markets and expectations of Elon Musk heading the 'DOGE' department

• Bitcoin surges above $71,000 to reach highest point since June and the move led to over $143 million in shorts be liquidated in the past 12 hours

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

• Emory University holds $15M worth of Bitcoin ETF shares (CT) 

• VanEck believes that Bitcoin could reach $2.9M per coin by 2050 under a 'best case scenario’ (CS)

• Crypto trading platform Bitpanda, which is backed by Peter Thiel, is exploring options including a Frankfurt IPO or sale that could value the company at $4B or more (BBG)

• Bolivian bank Banco Bisa launched a custody service for stablecoin USDT (CT) 

• Robin Hood launched US presidential election bets for Harris and Trump (CT) 

• Bitcoin ETFs attracted $920M of inflows last week and $27B YTD (CS) 

• BoE will press on with digital currency in case banks fall short (RT)

• BlackRock now holds ~$27B worth of Bitcoin in its iShares Bitcoin ETF (DH)

• Gecko Sec, an EasyA hackathon project, was accepted to Y Combinator to boost Web 3.0 security for developers (DH) 

• Dogecoin continued its surge to reach a five-month high thanks to Elon Musk (DC)

• Nil Foundation names new CEO as Ethereum layer-2 scaling races intensifies (DC)

• Bitcoin mining equipment manufacturer Bitmain denied involvement in a Huawei-linked supply chain investigation (CS)

• Crypto exchange Bitget hired a former Binance executive to drive growth in Latin America (TB)

• ‘Take crypto SeriousLee’: 1 inch crypto exchange taps Bruce Lee for ad campaign (DC)

• An Arctic Circle Bitcoin mine will heat a building in a fishing village (CD)

• FV Bank integrates with Visa for crypto debit, corporate cards (CT)

Together with NEOS

NEOS Investments just announced an income-focused Bitcoin ETF. The NEOS Bitcoin High Income ETF (BTCI) aims to offer crypto-focused investors predictable monthly income – while simultaneously providing exposure to Bitcoin.

Check out their announcement on X and view the BTCI prospectus for more details.

Launches

• Circle unveils encrypted ERC-20 framework to enhance blockchain privacy (CS)

Venture Capital

• VC Quantix Capital partnered with TZ APAC to invest $1M in Tezos gaming projects (CN)

• Mint Blockchain, an Ethereum L2 and NFT platform, earned a grant of 750,000 OP tokens (equal to $1.35 million) from Optimism Governance (TB)

• Gate.io, a crypto exchange, backs web3’s ‘Ideal Platform’ TON with $10M investment (DC)

• Gelato, a network focused on smart contract automation, has raised $11M in a Series A+ funding round led by Hack VC (CT)

• Infinex’s non-fungible token (NFT) collection, Patrons, has surpassed $67.7M in total investments within just six weeks since its launch with help from Peter Theil’s Founders Fund(CT)

Regulation

• Hong Kong authorities expect to license more crypto exchanges by the end of 2024 (BBG) 

• Argentina, the UAE, and Ethiopia began state-backed Bitcoin mining (CN) 

• Hong Kong is considering tax concessions for crypto investments (CD)

Cybersecurity

• Phantom wallet experienced a three-hour outage during the GRASS token airdrop due to high demand (CS)

Chart of the Day

Solana is gaining market share when it comes to volume thanks to the meme coin frenzy.

Meme Dump

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

🐦 Follow Us: Visit our X account for constant updates on all things web3, DeFi, and crypto.

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend Beehiiv to get started.