gm 22/10

Summary
gm, Coinbase made a strategic $375 million acquisition of Echo, a fundraising platform for crypto startups, while simultaneously announcing plans to implement private stablecoin transactions on its Base network. In a move signaling potential regulatory evolution, Federal Reserve Governor Christopher Waller proposed "skinny" master accounts to give crypto firms limited access to Fed payment systems. Additionally, institutional interest in Ethereum remained robust despite market fluctuations, with BitMine Immersion adding 203,000 ETH to its holdings and Tom Lee emphasizing what he calls Ethereum's "price dislocation" as a buying opportunity.

News Headlines
🚀 Monad's Fast EVM Chain Promises Significant Performance Gains

• Monad is launching an EVM-compatible chain that aims to compete with Solana through architectural innovations including parallel execution, asynchronous execution, and a specialized database designed for speed.
• The mainnet launch is expected by year-end, with the platform targeting financial institutions looking to utilize blockchain for stablecoins and enhance user experience for applications like Uniswap.

💹 OpenSea's Monthly Revenue Surges 200% After Pivot to Trading Aggregator

• OpenSea has transformed into a trading aggregator supporting 22 blockchains, achieving $5.6 million in NFT trading revenue and seeing a remarkable 202% month-over-month growth with $520 million in NFT volume.
• The platform is preparing to launch the SEA token in Q1 next year and maintains over 75% market share in Ethereum NFT trading while updating its mobile app and simplifying user experiences.

🔒 Centralized Exchanges Remain Primary Vehicle for Crypto Money Laundering

• Despite regulatory focus on mixers like Tornado Cash, centralized exchanges continue to be the primary conduits for crypto money laundering due to under-resourced compliance teams and weak KYC processes.
• Regulators are urged to strengthen KYC requirements and hold exchanges accountable for inadequate controls, as billions in illicit funds continue to flow through these platforms despite claims of regulation and compliance.

⚙️ CleanSpark Shares Rise 13% After Bitcoin Miner's AI Expansion

• CleanSpark's shares surged over 13% following its strategic pivot into AI data center infrastructure, aimed at diversifying revenue streams and enhancing long-term cash flow amid post-halving challenges.
• The company has appointed Jeffrey Thomas to lead AI data centers and identified Georgia as a key expansion region, securing additional power and real estate to deliver high-value computing to the Atlanta metro area.

🐕 Dogecoin Firm House of Doge Acquires Italian Soccer Club

• House of Doge, the commercial arm of the Dogecoin Foundation, has acquired a majority stake in U.S. Triestina Calcio 1918, an Italian third-division soccer club, aiming to integrate Dogecoin into the global soccer community.
• The acquisition, supported by Brag House Holdings, seeks to tokenize sports initiatives and bolster Dogecoin's visibility in mainstream culture despite the club's current struggles at the bottom of Serie C.

Market Metrics

Fundraising & VC
1. dm.fun (Public Token Sale, $9.9M) - Social and trading app on Solana
2. Printr (Seed, $2M) - Cross-chain memecoin launchpad
3. Rayls (Public Token Sale, $1.75M) - Blockchain for banks

Regulatory
🏦 US Banking Regulator Downplays Stablecoin Bank Run Fears

• OCC Chief Jonathan Gould assured that any significant deposit movement from banks to stablecoins would happen gradually rather than suddenly, easing bank run concerns.
• His comments come amid demands from banking associations to close loopholes in the recently passed GENIUS Act, which regulates stablecoin yield offerings.

🚫 British Columbia to Ban New Crypto Mining Operations

• The Canadian province of British Columbia will permanently ban new cryptocurrency mining operations from connecting to its electricity grid to preserve power for industries with higher economic contributions.
• The government will also implement caps on electricity availability for AI and data centers, with a competitive allocation process starting in January 2026.

🌏 Asia's Stablecoin Race Intensifies with Regulatory Divergence

• Japan's mega-bank consortium is developing a yen-pegged stablecoin for launch by March 2026, while China is tightening its grip by blocking private stablecoin initiatives in Hong Kong.
• Singapore is evolving its regulatory framework with StraitsX operating under full oversight from the Monetary Authority of Singapore, with its SGD-backed token now listed on Coinbase.

🔐 California Protects Unclaimed Crypto from Forced Liquidation

• California's Senate Bill 822 prevents forced liquidation of unclaimed cryptocurrency assets, making it the first US state with such protections.
• The law mandates that unclaimed cryptocurrencies be transferred in their original form after a three-year dormancy period, allowing owners to reclaim their original assets rather than cash equivalents.

🏛️ UK Plans US-Aligned Stablecoin Regulations by 2026

• The Bank of England plans to establish a stablecoin regulatory framework by the end of 2026, with a consultation beginning November 10 that may require issuers to hold government bonds.
• CryptoUK has expressed support for the framework, which aims to align with US policies to restore confidence in the UK's digital asset industry.

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 between support at points 107600 and resistance at points 109600. A definitive break through of one of these levels predicts the new direction. 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 short term momentum of the currency is strongly negative, with RSI below 30. This indicates increasing pessimism among investors and further decline for Bitcoin. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum shows weak development in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Ethereum. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 3970 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.