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Here's a quick preview of today’s content: Bitcoin sees first overall outflows in almost a week, Tron founder wants to advise Trump on his coin, Kraken winds down NFT marketplace, the country of Morocco seeks crypt regulation, Uniswap offers massive bounty to find bugs, and more

Happy Wednesday, let’s dive in.

🦃 Also Happy Thanksgiving! Our next newsletter will be next Monday

Market Snapshot

• Bitcoin continues to dip into the $91,000 range

  • According to Standard Chartered’s Geoff Kendrick, Bitcoin’s price decline from its recent ATH can be attributed to shifts in U.S. Treasury markets, which could temporarily weaken its appeal as a hedge

  • Many are also attributing it to long time holders taking profits with sells signals right at the $99k mark

• The CoinDesk 20 is currently trading at 3150.49, down -5.3% since 4 pm ET on Monday

  • None of the 20 assets are trading higher

• Leaders: BTC (-2.5%) and AVAX (-2.7%)

• Laggards: XLM (-14.6%) and POL (-10.4%)

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

• Bitcoin ETFs saw $438M in outflows as BTC pulls back for the first time in 5 days (BK)

• Ripple Labs donated $25M to crypto PAC Fairshake, bringing its total fundraising to $103M (CS)

• Pantera Capital founder says Bitcoin is “better than Gold, paper money, Visa, Mastercard” and see’s BTC hitting $50T market cap (X)

• Tron chain co-founder Justin Sun to advise Trump’s DeFi project (FM) 

• Brazil to propose bitcoin reserve initiative, worth $18B (CS) 

• Financial services giant Cantor Fitzgerald acquires 6% stake of Tether (DH)

• Kraken to shut down its own NFT marketplace (CT)

• Ex-Binance CEO CZ has harsh words for meme coins (CS) 

• Streaming platform Rumble adds $20M worth of bitcoin to its balance sheet (CD)

• Jupiter, Solana’s leading DEX aggregator, started voting for two additional airdrops (TD)

• Telegram’s crypto holdings jumped over 70% in H1 of 24’ (CT)

• Memecoin launchpad PumpFun moves over $22M to Kraken (DC)

• PumpFun accounted for 62% of Solana DEX transactions in November (DC)

• Ondo is using LayerZero to make its yield-bearing stablecoin USDY fully fungible (CT)

• Trump Media officially files for crypto payment firm trademark ‘TruthFi’ (DH) 

• Leading European CEX WhiteBit looks to grow through an affiliate program (CD)

• Leading asset custodian Zoria Custody improves institutional access to tokenized assets, via compliant custody solutions (TB)

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Launches

• DIA launches testnet for Lumina, a new modular oracle infrastructure aimed at improving transparency (BW)

• Starknet becomes the first Ethereum L2 to launch staking for its native token, STRK (CD) 

• Crypto fund issuer Valour launches the Doge ETP, available for trading on Sweden’s Stock Market (CT) 

• Centralized exchange OKX launches crypto services in Belgium (FM)

Venture Capital

• Vanilla Finance closes pre-seed Investment round led by UOB Ventures, Paper Ventures, and ABCDE Labs (DH)

• Crypto VC company BitSave raises undisclosed amount in pre-Series A funding round (IS) 

• Binance Labs to invest in new BNB restaking protocol (BC)

Regulation

• Morocco has drafted regulations for crypto (CD)

• UK’s government plans to implement a comprehensive regulatory regime by 2026 (FF)

Cybersecurity

• Uniswap Labs to launch the biggest bug bounty in crypto history, aiming to find vulnerabilities (DH) 

• World App integrates Blockaid, an on-chain security app, to bolster security for users (CN)

• Digital asset firm Fireblocks integrates Google Cloud technology to strengthen wallet security (CP)

Extra Reads

• Bitcoin on corporate balance sheets: What’s the risk and reward? Read here

Meme Dump

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