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Here's a quick preview of today’s content: Bybit gets shut down in France, Mt.Gox keeps investors on their toes by making more moves, Avalanche9000 goes finally live, how much of Ethereum is held by whales gets exposed, Pudgy Penguins has a massive coin launch, and more

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Happy Wednesday, let’s dive in.

Market Snapshot

• The CoinDesk 20 is currently trading at 3997.96, up 2.1% (+82.3) since 4 pm ET on Monday

  • Leaders: XRP (+7.9%) and XLM (+6.7%)

  • Laggards: LINK (-4.2%) and UNI (-2.3%)

• Pudgy Penguins PENGU token debuts at $2.3B market cap

  • $90M worth of PENGU traded in its first 4 hours of release

  • 23.5% of PENGU's total supply has been allocated to airdrop recipients

  • The floor price of the Pudgy Penguin NFTs has risen alongside the release of PENGU, with the cheapest NFT now trading at 34.1 ETH ($136,000) to mark a 2.6% increase

  • PENGU hit an all time high of $0.06989 USD

Market Predictions

• Traders on Kalshi are currently predicting if Trump will create a National Bitcoin Reserve before Jan 1, 2025

• You can trade this market by checking out Kalshi

• Get a $20 bonus when you deposit $100 or more with code “LIT” on signup

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

• Biden proposes ban on congressional stock trading see video here

• Trump meets with Crypto.com CEO as it drops its lawsuit against SEC (CT)  

• 104 whales hold 57% of Ethereum’s supply (CT) 

• Mt.Gox transfers $173M worth of Bitcoin to new wallets (CT) 

• MicroStrategy’s market cap could surpass Nike and Starbucks if Bitcoin hits $138K (CT) 

• Options data show Bitcoin traders no longer pursuing upward trend (CD) 

• Bitcoin-to-gold price ratio hits historic ATH (DC) 

• Global hiring platform Remote partners with Stripe to accept USDC (TC) 

• Lido leaves the Polygon ecosystem (BL) 

• European Parliament member advocates for strategic Bitcoin reserve (X) 

• MicroStrategy raises billions via low-interest convertible debt to buy Bitcoin (CD) 

• Tether invests in EU’s MICA-compliant stablecoin issuer StablR (CD)

• Parody trader account Richard E. Ptardio gets PTARDIO memecoin donation that appreciates to ~$1M (TB)

• Ethereum L2 Fuel plans to airdrop 10% of token supply (CD) 

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Launches

• Avalanche’s largest-ever network upgrade, Avalanche9000, goes live (CD)

• NFT project Pudgy Penguins launches Pengu token on Solana (BL) 

• DeFi protocol Ethena launches stablecoin USDtb, backed by BlackRock´s BUIDL money market fund (TD) 

• Crypto exchange Flipster partners with L1 blockchain OverProtocol to launch $200K USDT rewards campaign (DH)  

• Bitcoin L2 Stacks launches sBTC, offering Bitcoin DeFi and 5% staking (X) 

• Ethereum L2 Scroll launches OpenVM, a scalable and efficient open-source zkVM (BW) 

• Open Builders and DOGS launch Sticker Shop to trade NFT stickers on Telegram (DC) 

• Popular Ethereum farming game Pixels to launch new spinoff Pixel Dungeons (DC) 

Venture Capital

• Stablecoin payments platform BVNK raises $50M in a Series B round led by Huan Ventures (CD) 

• Creator monetization platform Promeet raises $3.1M in pre-seed funding (DH)

Regulation

• The European Securities and Markets Authority releases final guidance regarding Markets in Crypto-Assets (MiCA) regulations (CT) 

• Bybit to halt operations in France (CT) 

• Solana memecoin Retardio receives a warning from UK’s FCA (CT) 

Cybersecurity

• LastPass hackers steal another $5.4M from 40 users (CT) 

• Nigeria arrests ~800 people linked to crypto romance scams (DC) 

• Austrian detectives disrupt $1.3M crypto fraud operation (DC) 

• US shuts down North Korean money laundering network (CD) 

• Virginia man convicted of funding ISIS using crypto (CT) 

Chart of the Day

Bitcoin to gold ratio hits all time highs as you will see below:

Meme Dump

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