gm 12/10

Summary
gm, President Trump's announcement of 100% tariffs on Chinese imports sparked an unprecedented $20 billion liquidation event, the largest in crypto history. Bitcoin plunged to around $102,000 before partially recovering, while other cryptocurrencies experienced even steeper declines, with some altcoins falling as much as 95%. Meanwhile, major institutional developments continued despite the market turbulence, with Morgan Stanley announcing plans to open crypto fund access to all clients starting October 15th, and a consortium of major banks including Bank of America, Goldman Sachs, and Citi exploring the issuance of stablecoins pegged to G7 currencies. Additionally, BlackRock's Bitcoin ETF has emerged as the asset manager's top-performing fund, amassing $97 billion in assets within 21 months of its launch.

News Headlines
🏛️ Securitize in Talks to Go Public via SPAC at $1 Billion+ Valuation

• Securitize, a major tokenization platform known for products like BlackRock's tokenized US Treasury fund, is in discussions to merge with Cantor Fitzgerald's SPAC in a deal that could value the company at over $1 billion.
• The potential public listing follows Securitize's $45 million funding round led by BlackRock in 2024 and reflects growing institutional interest in on-chain finance, with over $33 billion in real-world assets currently tokenized on blockchains.

🔍 Nobel Peace Prize Organizers Investigating Polymarket Insider Trading

• The Norwegian Nobel Institute is investigating a potential information leak after betting odds for Venezuelan opposition leader Maria Corina Machado surged on Polymarket hours before she was announced as the Nobel Peace Prize winner.
• A user named "dirtycup" reportedly placed around $70,000 in bets on Machado, earning approximately $30,000 in profit, with a total of $90,000 in profits made by several accounts, raising serious concerns about the confidentiality of the Nobel selection process.

🖥️ Galaxy Digital Raises $460 Million to Build Texas AI Data Center

• Galaxy Digital has raised $460 million from a major asset manager to transform its former Bitcoin mining operation in Texas into an AI data center expected to provide 133 megawatts of IT capacity by early 2026.
• The company anticipates over $1 billion in annual revenue from its partnership with AI cloud infrastructure provider CoreWeave, with the Helios facility potentially becoming one of North America's largest AI infrastructure projects.

⚠️ On-Chain Investment Funds Pose Fee and Protection Risks Despite Growth

• Blockchain-based investment funds have grown from $11.1 billion to nearly $30 billion in assets over the past year, but investors face risks of higher fees and weaker protections despite promises of reduced costs and increased transparency.
• Prometheum co-CEO Aaron Kaplan warns that many digital funds might simply repackage traditional strategies without delivering real innovation benefits, urging investors to scrutinize fee structures, product complexity, and actual returns.

📱 Coinbase to Launch American Express Card Offering Up to 4% Bitcoin Cashback

• Coinbase is launching an American Express credit card that offers up to 4% bitcoin cashback for Coinbase One members, with rewards proportionate to users' holdings on the platform.
• The card features inscriptions from Bitcoin's Genesis Block, allows repayments through bank accounts or crypto assets held by Coinbase, and includes standard American Express perks while confirming that bitcoin rewards won't be taxed as income upon receipt.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
🛡️ US Senate Passes GAIN Act Prioritizing Domestic Chip Sales

• The GAIN Act requires AI and high-performance chipmakers to prioritize domestic orders before exporting products.
• Congress gains authority to deny export licenses for high-end AI processors and requires licenses for products with advanced integrated circuits.

⚖️ Market Structure Legislation Negotiations Face Challenges

• Lawmakers are working on a framework to define the roles of the SEC and CFTC despite the ongoing government shutdown.
• A proposal by Senate Democrats would classify DeFi projects that interact with customers as brokers, requiring federal registration.

🏦 Hargreaves Lansdown to Offer Crypto ETNs Despite Warnings

• UK investment firm Hargreaves Lansdown plans to introduce crypto ETNs in early 2026 despite warning that Bitcoin lacks intrinsic value.
• Clients will face restrictions, including a 10% cap on crypto in their portfolios and must pass risk assessments.

🔄 Texas May Consider Ether for State Reserve After Bitcoin

• Texas Senator Charles Schwertner indicated that Ether could be considered as a state reserve asset if it maintains sufficient market capitalization.
• The state law requires cryptocurrencies to have an average market cap of at least $500 billion over 24 months to qualify for reserve status.

🦠 Banking Trojan Targets Crypto Credentials via GitHub

• McAfee has uncovered the Astaroth Trojan campaign using GitHub to redirect operations to new servers when existing ones are shut down.
• The malware exfiltrates banking and cryptocurrency credentials, primarily targeting South America, especially Brazil.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has support at points 109600 and resistance at points 113400. The currency is assessed as technically neutral for the short term.

Ethereum - Ethereum has broken down from an approximate horizontal trend channel in the short term. This signals a continued weak development, and the currency now meets resistance on possible reactions up towards the floor of the trend channel. The currency has support at points 3430 and resistance at points 4000. Negative volume balance shows that volume is higher on days with falling prices than days with rising prices. This indicates decreasing optimism among investors. The currency is overall assessed as technically negative for the short term.