gm 08/11

Summary
gm, The Bank of England announced plans to unveil stablecoin regulations on November 10 that will impose limits of £20,000 for individuals and £10 million for businesses. JPMorgan analysts presented a bullish outlook, suggesting Bitcoin's fair value could reach $170,000 within 6-12 months despite recent market pressure, while Bitcoin ETFs saw a positive shift with $240 million in inflows following six days of outflows. In a significant legal development, Samourai Wallet developer Keonne Rodriguez was sentenced to five years in prison for creating a Bitcoin mixing service implicated in money laundering. Meanwhile, Japan's three largest banks received approval to conduct a proof-of-concept trial for a yen-denominated stablecoin, aiming for practical implementation by March 2026, as Federal Reserve Governor Stephen Miran suggested stablecoin growth could reach $3 trillion by decade's end, potentially requiring adjustments to U.S. monetary policy.

News Headlines
📉 Crypto Markets Tumble as Bitcoin Struggles to Maintain $100K Level

• Bitcoin is precariously holding above $100,000 as most cryptocurrencies faced 2-6% declines, while crypto-related stocks were hit even harder with Robinhood down 8.5% despite strong earnings and Coinbase witnessing significant drops.
• The selloff is attributed to the Federal Reserve's unexpected hawkish stance, ongoing government shutdowns, deteriorating economic indicators, and job layoffs, creating what analysts describe as a "perfect storm" for investors.

📊 Google Finance Integrates Polymarket and Kalshi Prediction Market Data

• Google Finance is enhancing its platform with prediction market data from Polymarket and Kalshi, allowing users to make natural language queries about future market events and receive probability-based answers.
• The integration marks a significant application of blockchain-based prediction data in mainstream financial tools, with rollout expected in coming weeks first to Google Labs users, signaling growing legitimacy for prediction markets.

🔍 Columbia Study Reveals 25% of Polymarket Volume May Be Wash Trading

• A Columbia University study found that approximately 25% of all Polymarket trading volume might be wash trading, with suspicious trading patterns identified in 14% of 1.26 million active wallets analyzed.
• The research noted that wash trading spiked to nearly 60% of weekly volume in December 2024, with some markets seeing up to 95% classified as likely wash trades during peak periods, potentially distorting market sentiment indicators.

📱 Fomo Trading App Raises $17M, Showcases Rise of 'Everything Apps'

• Retail trading app Fomo has secured $17 million in funding from Benchmark and prominent crypto figures just six months after launch, having already attracted 120,000 users and $20-40 million in daily trading volume.
• Initially focused on Solana meme coins before expanding, Fomo exemplifies the growing trend of 'everything apps' that combine comprehensive functionalities with engaging user experiences to drive product adoption and market expansion.

💰 Michael Saylor's MSTR Raises $715M for Bitcoin Purchases in European Offering

• Michael Saylor's company has successfully raised €620 million ($715 million) through a new preferred stock offering for Bitcoin acquisitions, selling 7.75 million shares at €80 per share with settlement expected on November 13.
• MSTR currently holds 641,205 BTC valued at approximately $64.1 billion at current prices, with the new "STRE" preferred stock series offering a fixed annual dividend of 10% to investors.

Market Metrics

Fundraising & VC
1. Commonware (Undisclosed, $25M) - Open-source code for launching blockchains
2. KYO Finance (Series A, $5M) - veDEX built on the Soneium ecosystem

Regulatory
🕵️ Crypto Tracing Leads to Major Child Abuse Network Arrest

• Blockchain analysis by investigators from the US, Germany, and Brazil led to the arrest of a Peruvian national running one of the world's largest child sexual abuse material networks with over 350,000 users.
• The suspect allegedly used numerous cryptocurrency wallets and mixers to hide financial activities, but investigators detected shared blockchain infrastructure linking various platforms.

🏙️ Binance Partners with Buenos Aires for Safe Crypto Adoption

• Binance has partnered with the Buenos Aires city government to promote responsible adoption of digital assets through educational campaigns and exclusive benefits for citizens and small businesses.
• The initiative comes amid Argentina's high inflation, which has driven increased use of stablecoins as more stable currency alternatives.

🐶 Bitwise Dogecoin ETF May Debut in November After SEC Filing

• Bitwise has amended its filing for a Dogecoin ETF and could launch it by late November if the SEC doesn't object within 20 days, following the September introduction of the first US Dogecoin ETF.
• This development continues the trend of asset managers seeking approval for various cryptocurrency ETFs, with over 90 applications currently filed.

🌐 Seoul Considers New Sanctions on North Korea Following US Crypto Crackdown

• South Korea is reevaluating its sanctions framework against North Korea following recent US actions addressing the regime's cryptocurrency theft aimed at funding weapons programs.
• The US Treasury recently sanctioned eight North Korean individuals and two entities involved in laundering stolen cryptocurrency, with reports indicating North Korea has stolen $2.84 billion in crypto since January 2024.

🔍 Google's Threat Report Links AI-Powered Malware to North Korean Crypto Theft

• Google has identified five new malware families incorporating large language models (LLMs) to dynamically generate or modify code during attacks, linked to North Korean group UNC1069.
• These AI-enabled malware strains use APIs from models like Gemini and Qwen to continuously adapt their functionality and avoid detection while targeting cryptocurrency theft.

Technical Analysis
Bitcoin - Bitcoin has broken down from an approximate horizontal trend channel in the short term after investors have sold at ever lower prices. A negative signal has been triggered and further decline for the currency is indicated. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 107000 points. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the currency. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum has broken the falling trend channel down in the short term. This signals an even stronger falling rate. It also gave a negative signal from the rectangle formation at the break down through the support at 3777. Further fall to 3189 or lower is signaled. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 3830 points. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.