gm 11/11

Summary
gm, Bitcoin surged above $106,000 and Ethereum climbed over 7% to $3,643, primarily driven by optimism surrounding the expected end of the 40-day U.S. government shutdown. This potential resolution could inject $150-$200 billion of liquidity into markets, enhancing investor sentiment across the crypto space. Meanwhile, the regulatory landscape is evolving positively as the U.S. Treasury and IRS issued guidance enabling crypto ETFs to earn staking rewards, particularly benefiting Ethereum and Solana ETFs. In the altcoin sector, XRP gained 8% amid expectations of a spot XRP ETF approval, while Uniswap's token soared 30% following a proposal to activate protocol fees and implement a token burn mechanism, signaling a significant structural upgrade to align incentives across its ecosystem.

News Headlines
🔒 Bank of England Proposes £20,000 Cap on Retail Stablecoin Holdings

• The Bank of England has proposed temporary stablecoin holding limits of £20,000 ($26,300) for individuals and £10 million for businesses, intending to lift these restrictions once the financial system adapts to stablecoin integration.
• The regulatory framework targets sterling-denominated systemic stablecoins, with potential exemptions for businesses requiring larger balances like crypto exchanges and supermarkets, while suggesting stablecoin issuers may hold up to 60% of backing assets in short-term UK government debt.

💸 BNY Predicts Stablecoins and Tokenized Cash to Reach $3.6T by 2030

• BNY forecasts that stablecoins and digital cash instruments could grow to $3.6 trillion by 2030, with stablecoins alone potentially achieving a $1.5 trillion market cap, driven by institutional demand and regulatory advancements.
• These digital cash equivalents are positioned as essential for faster settlement processes, reduced counterparty risk, and enhanced collateral mobility, with BNY emphasizing the integration of blockchain with traditional systems rather than replacement.

🔄 Zenrock's Wrapped Zcash Brings Privacy to Solana DeFi, Crosses $15M in Volume

• Zenrock's wrapped Zcash token, zenZEC, has reached $15 million in trading volume on Solana since its October 31 launch, integrating Zcash's privacy features with Solana's high-speed transactions.
• The platform uses a decentralized multi-party computation network for enhanced security, with co-founder Aditya Dave emphasizing the importance of privacy in DeFi as traditional finance increasingly influences the crypto space.

🤝 Rumble Acquires Northern Data as Tether Commits $250M in Strategic Partnership

• Rumble's shares rose 21% after announcing plans to acquire Northern Data AG and securing partnerships with Tether, which will add approximately 22,000 Nvidia GPUs to enhance Rumble's cloud and AI capabilities.
• Tether has committed $150 million for GPU services and $100 million for a two-year advertising campaign promoting Rumble Wallet with integrated Tether products, aiming to facilitate decentralized AI development and expand monetization for content creators.

📝 Coinbase Launches Token Sale Platform with Guardrails to Prevent ICO Issues

• Coinbase is introducing a token sale platform designed to revitalize public crypto offerings while implementing protective measures to prevent issues similar to those in the 2017 ICO boom.
• The platform will automate token allocations, restrict sales to verified users, require USDC payments, and prohibit project teams from selling their tokens for at least six months after the sale, with Monad scheduled as the first token sale next week.

Market Metrics

Fundraising & VC
1. Rift (Undisclosed, $8M) - Peer-to-peer Bitcoin trading protocol
2. Arx Research (Seed, Undisclosed) - Developer of hardware and protocols for on-chain authentication and crypto payments

Regulatory
🏛️ Senate Agriculture Committee Drafts CFTC Crypto Oversight Bill

• Bipartisan draft legislation would establish the CFTC's jurisdiction over spot trading in digital commodities like Bitcoin, complementing the House's CLARITY Act.
• The bill requires crypto exchanges, brokers, and dealers to register with the CFTC while mandating consumer protection measures and preserving self-custody rights.

💰 US Treasury and IRS Clear Path for ETF Staking

• New guidance creates a safe harbor allowing crypto ETFs to stake digital assets without jeopardizing their tax status, enabling them to share staking rewards with investors.
• Treasury Secretary Scott Bessent emphasized the policy change will enhance investor participation and innovation in digital assets, potentially boosting mainstream adoption.

⚖️ Argentina Freezes Assets in Libra Meme Coin Investigation

• Argentine judge froze assets linked to Kelsier Ventures CEO and alleged intermediaries after investigators discovered a $507,500 transfer following a presidential meeting.
• The investigation is examining potential indirect payments to public officials related to the Libra meme coin, which collapsed shortly after its launch earlier this year.

🌿 Bitcoin Miner Greenidge Settles Permit Dispute with New York State

• Greenidge reached an agreement with New York officials to renew its environmental permit for five years, committing to reduce greenhouse gas emissions by 44% by 2030.
• The settlement resolves a lengthy legal battle with the state's Department of Environmental Conservation, causing the company's stock to surge over 37%.

🔮 Stablecoins Gaining Edge Over CBDCs at Hong Kong FinTech Week

• Industry focus is shifting from central bank digital currencies to market-driven stablecoins, with private sector innovations outpacing government CBDC development.
• Despite 137 countries exploring CBDCs, only three have successfully launched them, while stablecoins continue to gain market share and practical implementation.

Technical Analysis
Bitcoin - Bitcoin shows weak development in a falling trend channel in the short term. Falling trends indicate that the currency experiences negative development and falling buy interest among investors. The currency has support at points 101800 and resistance at points 107300. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the currency. The RSI curve shows a falling trend, which supports the negative trend. The currency is overall assessed as technically negative 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. Falling trends indicate that the currency experiences negative development and falling buy interest among investors. The currency gave a negative signal from the rectangle formation by the break down through the support at 3777. Further fall to 3189 or lower is signaled. The currency has support at points 3330 and resistance at points 3830. 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.