gm 01/11

Summary
gm, Bitcoin falls below its crucial 200-day moving average following cautious remarks from Federal Reserve Chair Jerome Powell regarding future rate cuts. This uncertainty triggered significant liquidations exceeding $1.1 billion, primarily affecting long positions, as major cryptocurrencies experienced sharp declines. Meanwhile, institutional developments showed contrasting signals, with JPMorgan launching Kinexys Fund Flow for real-time private fund transactions using blockchain, while Coinbase reported impressive Q3 earnings with transaction revenue hitting $1 billion despite market pressure. On the stablecoin front, Western Union filed a trademark for "WUUSD" following its announcement of a Solana-based stablecoin, while Ethereum developers locked in the Fusaka upgrade for December 3, featuring PeerDAS technology to reduce bandwidth requirements for validators and layer-2 networks.

News Headlines
🎮 Mythical Games Partners with Sam Altman to Combat Bots in Gaming

• Mythical Games is collaborating with Sam Altman's blockchain project, World, to create Mythos Chain, a layer-3 blockchain built on World Chain that will use World ID's proof-of-humanity protocol to verify users.
• This partnership aims to ensure only verified human players can participate in key aspects of the gaming ecosystem, protecting in-game economies and player experiences from bots that currently disrupt them.

🌞 Solana Analysis: ETF Provider Bitwise Makes Bull Case for SOL

• Bitwise Asset Management positions investing in Solana as a dual bet on the expansion of stablecoin and tokenization markets and on SOL's ability to capture increased market share.
• The firm highlights Solana's speed, usability, and robust developer community, estimating that Solana currently holds a $107 billion share in a $768 billion blockchain sector.

💰 Bitcoin Miner Core Scientific Shareholders Reject $9 Billion CoreWeave Merger

• Core Scientific shareholders have rejected a proposed $9 billion all-stock merger with AI computing firm CoreWeave, ending discussions that began in July.
• Investors believed the deal undervalued the company amid rising operational costs and declining Bitcoin rewards, with the companies planning to maintain their commercial partnership despite the failed merger.

🌐 GoDark Launches Institutional Dark Pool for Crypto Backed by Copper and GSR

• GoDark has launched an institutional dark pool for digital assets that allows large order executions without affecting market prices, initially offering spot trading with plans to expand to futures and options.
• The platform addresses the lack of sophisticated trading infrastructure for institutional crypto traders, enabling them to trade significant volumes while maintaining privacy, similar to dark pools in traditional finance.

🤖 The Graph Builders Launch ampersend Dashboard to Manage AI Agent Payments

• Edge & Node, the team behind The Graph, has introduced ampersend, a platform that integrates Coinbase's x402 payment protocol and Google's A2A communication framework to manage autonomous AI agent coordination.
• The dashboard provides centralized control for spending limits, policy management, and activity tracking for AI agents, addressing the lack of standardization in the growing "agentic economy" estimated to enable $30 trillion in purchases by 2030.

Market Metrics

Fundraising & VC
1. Momentum (Public Token Sale, $4.5M) - Central liquidity engine for the Move ecosystem
2. Semantic Layer (Series A, $2M) - MEV infrastructure

Regulatory
🏛️ Court Upholds Asset Freeze in Multichain Liquidation Case

• A New York court maintained a freeze on $63 million in USDC connected to collapsed crypto bridge Multichain, supporting Singapore liquidators' efforts.
• The decision pauses a related class action by U.S. investors while a Chapter 15 review determines if Singapore's liquidation qualifies as a foreign main proceeding.

🚨 California Fines Crypto ATM Operator $675K

• California's DFPI fined Bitcoin ATM operator Coinhub $675,000 for charging excessive fees, accepting transactions above daily limits, and failing to provide required receipt information.
• This marks the regulator's fourth enforcement action against crypto ATM operators as part of efforts to protect consumers from scams in the space.

💰 T3 Financial Crime Unit Freezes $300M in Tainted Assets

• The Tether, TRON, and TRM Labs-backed T3 Financial Crime Unit has frozen $300 million in tainted crypto assets since its September 2024 launch.
• The unit's T3+ Global Collaborator Program facilitates real-time coordination between exchanges and law enforcement to combat fraud, including "pig butchering" scams.

🔍 SBF Claims FTX Was Never Insolvent in Social Media Defense

• Sam Bankman-Fried published a document claiming FTX was never insolvent and could have repaid customers if not for bankruptcy lawyers' intervention.
• The statement appears to be part of a broader strategy to reshape his public image and potentially gain political sympathy for a presidential pardon.

🗣️ Senator Murphy Accuses Binance of "Greasing Wheels" for Trump Deals

• Connecticut Senator Chris Murphy alleged that Binance facilitated corrupt deals tied to former President Trump in exchange for founder CZ's pardon.
• Various Democrats have criticized the pardon as "rewarding criminal behavior" and raised concerns about the intersection of cryptocurrency business and politics.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency is approaching support at 109600 points, which may give a positive reaction. However, a break downwards through 109600 points will be a negative signal. Negative volume balance indicates that volume is high on days with falling prices and low on days with rising prices, which weakens the currency. The currency is overall assessed as technically neutral for the short term.

Ethereum - Investors have accepted lower prices over time to get out of Ethereum and the currency is in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Ethereum. The currency is moving within a rectangle formation between support at 3782 and resistance at 4630. A decisive break through one of these levels indicates the new direction for the currency. The currency is between support at points 3830 and resistance at points 3970. A definitive break through of one of these levels predicts the new direction. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which confirms the trend. RSI diverges positively against the price, which indicates a possibility for a reaction up. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The currency is overall assessed as technically negative for the short term.