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🥜 Up Forever
PLUS: Crypto.com Sued
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GM to all you crypto nuts. Crypto Nutshell #457 gettin’ that bread… 🍞🥜
We're the crypto newsletter that's more suspenseful than surviving a dystopian death match... 🏹🔥
What we’ve cooked up for you today…
🏦 We’ve seen this before - crypto.com sues SEC
♾️ Why Bitcoin is going up forever
🪙 Stablecoins are here to stay
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:05am ET
Only the top 20 coins measured by market cap feature in this section
WE’VE SEEN THIS BEFORE… 🏦
BREAKING: Crypto.com files suit against SEC, discloses Wells notice
Here we go again…
Another day, another regulatory overreach by the SEC…
Crypto.com announced that it has sued the SEC, Chair Gary Gensler and its four commissioners.
This lawsuit comes after the SEC sent a Wells Notice to Crypto.com.
(A Wells Notice is a warning that an enforcement action might soon be coming)
CEO Kris Marszalek
The SEC is once again alleging that a crypto exchange is operating as an unregistered securities exchange.
In a press release, Crypto.com explained why they sued the SEC:
“We are doing so to protect the future of the crypto industry in the U.S., joining a series of our peers who are actively defending themselves and taking action against a misguided federal agency acting beyond its authorization under the law.”
Those peers mentioned include:
Coinbase
Kraken
Binance
Consensys (MetaMask)
Uniswap
Continuing on, Crypto.com explains:
“Our lawsuit contends that the SEC has unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold, whereas identical transactions in bitcoin (BTC) and ether (ETH) are somehow not.”
Crypto.com also filed a petition with both the SEC and CFTC to clarify the regulatory status of cryptocurrency products. (Basically - what constitutes a securities transaction in crypto)
Why is that such a big ask?
Instead of suing every company under the sun, why can’t the SEC just make the regulations clear.
It’s not that hard…
THE EASIEST WAY TO BUY CRYPTO 🤑
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WHY BITCOIN IS GOING UP FOREVER ♾️
The government just broke a record. 🍾
But, don’t celebrate just yet…
This is NOT a record you want broken.
But, it’s also the reason why Bitcoin is going up forever.
That’s the latest out from economist, E.J Antoni.
E.J. Antoni is an American economist who specializes in macroeconomics.
This week, he pointed out the record the U.S government broke:
On October 1st, they increased federal debt by $204 billion dollars.
In a single day.
“Federal debt explodes on 1st day of the new fiscal year, jumping $204 billion to new record of $35.669 trillion.”
U.S Public Debt
However, it gets worse:
“But it gets worse: Treasury also had to draw down its cash balance by $72 billion - that's over $275 billion in the red FOR JUST ONE DAY.”
In a single day, the U.S government spent over $275 billion dollars.
At the time of writing, U.S debt is now $35.685 trillion.
The conclusion is obvious:
U.S debt is a runaway train. 🚂
They will never stop printing dollars. And this means one thing:
The value of the dollar will never stop falling. As the supply increases, value decreases.
You can’t print more Bitcoin.
Which why, against the dollar, Bitcoin is going up forever. ♾️
STABLECOINS ARE HERE TO STAY 🪙
Today we’ll be taking a look at the stablecoin supply.
Stablecoin’s play an important role in the crypto market.
They are often used on centralized and decentralized exchanges to purchase other digital assets. And allow the instant transfer of money between borders.
By taking a look at the stablecoin market, we can gauge the demand for digital assets.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
The last time we checked in on this metric, the stablecoin market cap was ~$161.19 billion. (26th of September)
Today the aggregate stablecoin market cap is ~$161.07 billion. 📈
That’s a minor contraction of $0.12 billion over the last two weeks.
Which isn’t really a big deal. (unless it continues to contract)
As the last month has seen the stablecoin market cap increase by $1.86 billion.
Now thats HUGE.
Plus it’s still so close to surpassing its all-time high of $162.95 billion.
In other stablecoin related news…
On October 7, Tether (the company behind USDT) celebrated its 10th anniversary.
USDT is by FAR the largest stablecoin, with a market cap of ~$120 billion.
The next closest is USDC with a market cap of ~$35 billion.
Tether CEO Paolo Ardoino had this to say:
“Tether has built its company on a simple mission: bring financial inclusion to the billions of people, primarily living in developing countries, that can’t have bank accounts.”
The rise of Tether has been insane.
Their user base has grown by more than 24% over the past year, now standing at 350 million active wallets.
Tether is also one of the top 20 buyers of US Treasury bills, holding over $97 billion. (They hold more US Treasuries than Germany)
Stablecoins are without a doubt, cryptos killer app. 😎
CRACKING CRYPTO 🥜
Chia founder alludes to Finney, Sassaman collab as Nick Szabo leads Polymarket bets for HBO Satoshi doc. Poymarket's crypto bettors wager $15 million on HBO documentary which claims to reveal Bitcoin's mysterious creator.
Blockchain activity soars 70% in Q3 driven by AI DApps. Daily active wallets in the DApp industry soared in the third quarter of 2024, driven primarily by a 71% growth in the performance of AI-related applications.
Solana Is 'Richly Valued' Versus Ether, but Could Still Outperform If Trump Gets Elected. The bank's analysts remained bullish on bitcoin and crypto in general no matter who wins the presidency in November.
Bitcoin Layer 2 Bitlayer raises $9 million Series A extension at $300 million valuation. The new round was led by Polychain Capital and co-led by Franklin Templeton.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What type of network is the Bitcoin network? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Peer-to-Peer network 🥳
The Bitcoin Network is described as a "peer-to-peer (P2P) network
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