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Good Morning,

Here's a quick preview of today’s content: Coinbase CEO slams the SEC (again), Saylor’s massive bet on Bitcoin is paying off with billions in profit, Alameda Research sues KuCoin to recover locked assets, and more.

Happy Wednesday, Let’s dive in.

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Before The Bell

Market Snapshots

• Bitcoin records over $880M net inflows in 2 days as Bitcoin broke $71k (CS)

• Over $175M worth of shorts were liquidated yesterday - yikes

• The rally was partly driven by whale activity on Binance and substantial inflows into Bitcoin ETFs, which saw a net increase of 47,000 BTC in the last two weeks

• The surge is influenced by the upcoming U.S. elections, with traders betting on bullish market conditions regardless of the outcome

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

• Michael Saylor's MicroStrategy Bitcoin investment is now at a $8.4B unrealized profit (CS)

• Stablecoin issuer Circle increased its fees to cash out of USDC for the second time in a year (BBG)

• Crypto firm Consensys will cut 20% of its total workforce due to macroeconomic pressures and the regulatory environment (CNA)

• Cathie Wood’s ARK Invest sold $31M of Jack Dorsey’s financial services firm Block (CT)

• Cryptocurrency exchange OKX has announced that it has partnered with Standard Chartered as its crypto custodian to meet a growing demand for institutional crypto holdings (CCN)

• Student Coin, an educational crypto project established in 2019, initiated a structured token redemption process as it winds down (CD)

• Bitcoin miner HIVE Digital is expected to more than double its hashrate in the next 12 months (CD)

• Coinbase CEO Brian Armstrong slammed the SEC and called for significant changes in its leadership (CN)

• Binance unveiled its white-glove service Binance Wealth, which allows private client managers to easily onboard HNW individuals (CD)

• Shiba Inu SHIB introduced a new token-burning mechanism designed to decrease its circulating supply (MT) 

• Researches at venture capital firm a16z says there is likely 30-60M ‘real’ monthly crypto users (DH)

• Bhutan government moves $66M of Bitcoin stash to its Binance deposit wallet, suggesting that it intends to sell the BTC (CT)

• President Biden thanks Nigerian President for Binance exec’s release (CD)

• DFW Labs, a web3 investment firm and market maker, fired one of its principle partners amid sexual harassment, drugging allegations (DC)

• dYdX, one of the most popular perpetual exchanges, recently announced it would lay off 35% of its workforce. (BKL)

• Shift4, a leader in integrated payments, introduced a new "Pay with Crypto" feature (LT)

• NFT marketplace OpenSea announces partnership with Artblocks (OS)

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Launches

• Crypto fundraising platform Legion launched its investor reputation system Legion Score, which goes beyond financial contributions (UC)

• PAID Network, a decentralized token crowdfunding platform, announced the launch of an exclusive Low FDV Community Offering (LCO) for Blast Royale, a blockchain game backed by Animoca Brands and others (CD)

• Trump’s crypto project, World Liberty Financial—which recently raised $14M in an initial token sale—has plans to create and issue its own stablecoin (DC)

Regulation

• Crypto exchange Gemini received approval in Singapore to provide cross-border money transfer and digital payment token services (CS)

• Paxos CEO calls for clear stablecoin regulations in a letter to Kamala Harris and Donald Trump(CN)

Cybersecurity

• A web3 security researcher earned a $150K bounty after finding a critical bug in Cosmos Network’s documentation (CT)

• Alameda Research, the subsidiary of FTX, has sued KuCoin to recover over $50M in locked assets (CT)

• Truth Terminal founder Andy Ayrey’s X account was hacked to promote a fraudulent token and over $600,000 was stolen (TT)

Chart of the Day

Bitcoin almost broke all time highs by reaching $73,544 mid day yesterday. For those unaware, Bitcoin’s all time high is $73,798 which was set earlier this year.

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