Calea Digital meticulously selects news that we believe has the most significant impact on the Blockchain & Web3 trends ecosystem based on a set of well-defined criteria. Our aim is to highlight developments that not only demonstrate the innovative strides being made within the space but also to provide insights into how these advancements can redefine the technological, economic, and social landscapes. We prioritize stories that showcase groundbreaking applications of blockchain technology, notable shifts in tokenomics and governance models, and major regulatory or legal milestones that might influence the framework within which these technologies operate. By focusing on these key areas, we ensure our audience is informed about the most consequential changes shaping the future of decentralized systems and digital assets.
Below, we summarize the most important news from the blockchain and cryptocurrency sector over the past week, explaining the news, highlighting the key points and outlining conclusions and next steps.
General Web3 Trends
Trump's Election Victory Propels Bitcoin to New Heights
Donald Trump's recent victory in the United States presidential election has sent shockwaves through the cryptocurrency market, resulting in Bitcoin hitting a new all-time high of more than $80,000. His campaign promises, which include embracing Bitcoin as part of the U.S.'s strategic reserves, supporting the home-grown Bitcoin mining industry, and removing SEC Chair Gary Gensler, have fueled optimism and investment in the crypto space.
Key points:
Bitcoin soared to an all-time high of more than $80,000 following Trump's electoral victory.
Trump's campaign promises included creating a U.S. Strategic Bitcoin Reserve.
Support was pledged for the U.S. Bitcoin mining industry and DeFi advancements.
Trump intends to fire SEC Chair Gary Gensler for more favorable crypto regulatory conditions.
Stock and cryptocurrency markets reacted positively, with notable gains in companies like Coinbase and popular tokens, such as Dogecoin.
The next steps will involve observing if Trump fulfills his ambitious crypto-related promises upon taking office, and monitoring how the associated regulatory landscape adapts to these commitments, particularly concerning the U.S. Bitcoin Reserve and cryptocurrency market regulations.
The Crypto World Rallies for Dana: Binance Donates Approximately €2.8 Million and Bit2Me Opens Donation Channels
In response to the devastating Dana storm that has hit several regions in Spain, the cryptocurrency sector has mobilized significant resources to support relief efforts. Binance and Bit2Me are leading this charge by providing financial assistance and creating avenues for crypto donations, respectively.
Key Points:
The worst Dana storm of the century has caused massive flooding and destruction across Spain, affecting many communities.
Binance Charity has donated $3 million (approximately €2.8 million) to the Spanish Red Cross to support the relief efforts in the affected regions.
The Spanish Red Cross acknowledged the crucial support from companies like Binance, emphasizing the impact of such contributions on immediate relief efforts.
Bit2Me, a Spanish cryptocurrency exchange, has set up specific cryptocurrency donation channels for the relief efforts.
Donations can be made in Bitcoin, Ethereum, USDT, and other cryptocurrencies via Bit2Me Pay, with no minimum or maximum limit.
Bit2Me highlights their initiative as a commitment to their community, enabling swift and direct assistance from crypto users.
This type of actions motivate more companies and individuals within the cryptocurrency industry to support relief initiatives, showcasing the positive influence of contributions from organizations like Binance and Bit2Me during the Dana storm response.
Vladimir Putin Outlines BRICS Dollar Strategy as Trump’s Policies Challenge De-Dollarization
BRICS nations are continuing their efforts toward de-dollarization, aiming to reduce the US dollar's dominance in international transactions by promoting alternative payment systems and local currency trades. Vladimir Putin emphasized that this shift will be gradual. However, the re-election of Donald Trump presents challenges, as his policies strongly support maintaining the US dollar's global standing, with potential punitive measures for countries decreasing their dollar usage. Despite differing views on the dollar, there is a mutual interest in cryptocurrency adoption by both parties.
Key points:
BRICS aims for a gradual reduction of reliance on the US dollar.
Putin clarifies there is no abrupt break from the dollar planned.
Trump's re-election adds significant hurdles to BRICS' de-dollarization strategies.
Trump threatens tariffs on countries abandoning the dollar.
BRICS is developing alternative payment systems and promoting local currency trade.
Both BRICS and Trump are interested in advancing cryptocurrency use.
BRICS expands its membership with five new nations for broader economic collaboration.
BRICS will proceed with its strategic initiatives to lessen dollar dependence and develop robust financial systems independent of the US dollar. The success of these plans will hinge on the economic policies of the US, reactions from global markets, and the effectiveness of implementing alternative financial networks.
BTC, ETH and Crypto
Crypto Markets Rally with Bitcoin Above $80,000 Post-Trump Election Victory and Fed Rate Cuts
The cryptocurrency markets have experienced significant gains following Donald Trump's election win and the U.S. Federal Reserve's decision to cut interest rates by 25 basis points. Bitcoin has seen a substantial price increase, bolstered by record inflows into crypto ETFs, particularly Bitcoin ETFs. This rally is indicative of investor optimism regarding potential pro-crypto policies under Trump's presidency, as well as increased market liquidity due to the Fed's rate decision.
Key points:
Bitcoin's Open Interest in derivatives reached a record $45.78 billion.
Significant crypto liquidations occurred, totaling $334 million, mostly affecting short positions.
Bitcoin ETFs set a record with $1.38 billion in net inflows, with BlackRock’s IBIT accounting for $1.1 billion.
Ethereum ETFs also saw inflows of $78 million, driven by positive sentiment around decentralized finance.
Crypto-related stocks like Coinbase and MicroStrategy experienced considerable gains, up 31% and 14% respectively.
The Federal Reserve cut interest rates by 25 basis points, enhancing liquidity.
Investors should monitor the evolving political landscape and potential crypto regulations or policies introduced under Trump's presidency. Additionally, forthcoming economic data and Federal Reserve actions will be crucial in assessing future crypto market movements and liquidity conditions.
Cardano’s ADA Rockets 35% as Hoskinson Says He’s Helping U.S. Crypto Policy
Cardano's ADA token saw a significant price increase, with a 33% rise in the past 24 hours and a 77% rise over the last week. This surge followed Charles Hoskinson's announcement that he plans to assist in forming U.S. crypto policy under the Trump administration, which sparked increased trading activity and speculation.
Key points:
ADA's price rose 33% in 24 hours, achieving 77% gains over 7 days.
Trading volumes surged to $3.3 billion on Saturday.
Open interest in ADA futures increased to 858 million ADA, equating to over $500 million.
Charles Hoskinson announced plans to work with U.S. lawmakers on crypto policy.
Input Output will establish a policy office in the U.S.
Continue monitoring the market's response to Hoskinson's announcement and any subsequent impact on ADA's price and trading volumes. Additionally, observe the evolution of U.S. crypto policies under the Trump administration and their influence on the broader crypto landscape.
Web3 Companies
UBS Launches Tokenized Fund, Puts ETH 'Into the Heart' of TradFi
The Union Bank of Switzerland (UBS) has introduced a tokenized money market fund on the Ethereum blockchain, reflecting increasing investor interest in tokenized assets. This initiative is seen as a significant move to integrate traditional finance with blockchain technology, potentially impacting the value of Ether (ETH).
Key Points:
UBS has launched the "UBS USD Money Market Investment Fund Token" (uMINT) on Ethereum, showcasing a growing trend of integrating blockchain into traditional finance.
There is a notable increase in investor demand for tokenized financial products across various asset classes.
Crypto analysts predict a positive effect on Ethereum's price due to its adoption in traditional finance.
UBS is offering institutional-grade cash management solutions via this token, emphasizing a risk-managed approach.
The current launch follows a successful pilot conducted by UBS in 2023 through its in-house service, UBS Tokenize.
Other financial entities like Franklin Templeton and BlackRock are also developing tokenized funds on different blockchain platforms, indicating a broader industry shift.
The performance and reception of the uMINT fund will be closely monitored. This could encourage more banks and financial institutions to launch similar blockchain-based tokenized products, further integrating blockchain technology with the conventional financial system.
Deutsche Telekom Ventures into Bitcoin Mining with Renewable Energy
Deutsche Telekom, Europe's largest telecommunications provider, is starting a Bitcoin mining project leveraging surplus renewable energy. The initiative, named "Digital Monetary Photosynthesis," involves Deutsche Telekom's subsidiary MMS, Bankhaus Metzler, and Metis Solutions. The project aims to use otherwise unused surplus energy for Bitcoin mining, thereby helping to regulate energy fluctuations in Germany’s power grid.
Key Points:
Deutsche Telekom enters Bitcoin mining using surplus renewable energy.
The project, "Digital Monetary Photosynthesis," is a partnership with Bankhaus Metzler.
Bitcoin mining rigs will be located in Backnang, Germany, at Riva’s facilities.
Managed by Metis Solutions, the project helps regulate energy fluctuations in the power grid.
Bankhaus Metzler will also explore financial services using digital assets.
Finland's use of excess heat from Bitcoin mining for district heating is highlighted as a sustainable energy practice.
The project will continue to evaluate the regulatory impact of Bitcoin mining on energy grids, and Bankhaus Metzler will investigate potential financial services relating to digital assets.
BNB Chain Launches New Tokenization Service for RWAs and Businesses
BNB Chain, part of Binance’s blockchain ecosystem, has introduced a new platform to facilitate the tokenization of real-world assets (RWAs) and private companies. This service is designed to lower the barriers to asset tokenization, targeting small-to-medium businesses (SMBs) to boost their liquidity and customer interaction capabilities. The initiative aligns with Binance's strategy to bring new users into the Web3 space.
Key Points:
Introduction of a new tokenization portal for RWAs and private businesses by BNB Chain.
Aims to reduce barriers to entry and attract newcomers to the Web3 ecosystem.
Targets SMBs to enhance liquidity and customer engagement through innovative tools.
Emphasizes a user-friendly approach to appeal to non-technical users.
Part of Binance’s broader strategy to invest in and commit to the field of asset tokenization.
Binance Labs has highlighted RWA tokenization as a future investment focus area.
The platform's success will hinge on its ability to attract and accommodate users, especially in this emerging market space. BNB Chain is expected to continue refining the platform based on user feedback and trends in the tokenization industry.
Web3 Investments
Crypto Funds See $2.2B Inflows Amid US Election Hype — CoinShares
Cryptocurrency investment products experienced substantial inflows of $2.2 billion from October 26 to November 2, bringing 2024 year-to-date inflows to a historic $29.2 billion. This surge is fueled by optimism linked to the impending US presidential election, with Bitcoin as the primary beneficiary.
Key Points:
$2.2 billion inflows recorded from Oct. 26 to Nov. 2.
Year-to-date inflows reach a high of $29.2 billion.
Four weeks of consecutive inflows total $5.7 billion (19% of YTD inflows).
Total assets under management surpassed $100 billion.
Inflows driven by potential Republican victory optimism.
Bitcoin received nearly all inflows ($2.2 billion).
Short-Bitcoin products also saw $8.9 million inflows.
Ether products received $9.5 million inflows.
The US led with $2.2 billion in inflows; minor inflows in Germany and outflows in Canada and Sweden.
Analysts warn large Bitcoin inflows could signal impending bearish trends.
Monitor investor sentiment and market trends post-election to understand potential shifts in inflows and price movements, particularly in relation to Bitcoin and regulatory implications.
Regulation
Election Delivers Big Win for Crypto, Economic Freedom — Coinbase CEO
The 2024 United States presidential election, with Donald Trump's return to the White House and the Republican Party's congressional gains, has led to a promising outlook for the crypto industry. Coinbase CEO Brian Armstrong and other crypto advocates foresee potential regulatory reforms and industry growth opportunities.
Key Points:
Trump's victory and a Republican-controlled Senate suggest a shift toward more supportive crypto policies.
Bitcoin's price surged to over $75,000 following the election, fueled by anticipation of regulatory clarity and legislative changes.
Over 250 pro-crypto candidates were elected to the House, forming what is considered the most pro-crypto Congress to date.
A notable win in Ohio by pro-crypto Bernie Moreno highlights the changing political landscape.
Armstrong predicts reduced regulation, increased economic freedom, and a pathway towards a free-market economy.
Coinbase's legal officer, Paul Grewal, urges the SEC to begin rulemaking and cease litigation against crypto firms.
Trump aims to replace current SEC Chair Gary Gensler, who has been criticized for his enforcement actions against the crypto industry.
The crypto industry will be closely monitoring the incoming administration's actions, particularly regarding Trump's promise to replace SEC Chair Gary Gensler. Additionally, stakeholders will look for early indications of regulatory shifts and how these changes might impact both centralized and decentralized platforms.
Trump vowed to oust SEC Chairman Gary Gensler, and these crypto advocates could take his place
The article explores the potential exit of SEC Chairman Gary Gensler and discusses several candidates who might replace him under President-elect Donald Trump’s administration. The replacements are expected to align more closely with Trump's pro-crypto stance, contrasting with Gensler’s approach toward crypto regulation.
Key Points:
Trump has expressed a desire to remove Gary Gensler, but technically cannot do so without cause until Gensler's term ends in 2026.
Possible replacements include Dan Gallagher from Robinhood, Paul Atkins from Patomak Global Partners, and current SEC Commissioner Mark Uyeda.
All three candidates have criticized the SEC's current approach to crypto regulation under Gensler.
During his 2024 campaign, Trump shifted from skepticism to embracing cryptocurrency, including launching his own NFT projects.
Gensler has been successful in settling with some crypto companies but has faced criticism for lack of clear regulatory guidance.
President-elect Trump will need to decide on his appointees for key financial regulatory positions, including the SEC chair, as part of his transition into office. This decision will likely reflect his recent pro-crypto stance, aiming to bring clarity and reform to the SEC’s crypto policies.
Bibliography
General Web3 trends
BTC, ETH and crypto
Web3 companies
Investments Web3 (VCs, startups...)
Regulation
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