🚨 DYdX Surges 30% as Trump Names David Sacks as 'AI and Crypto Czar'

President-elect Donald Trump has appointed David Sacks as the White House's AI and Crypto Czar, announcing the decision in a post on TruthSocial. Sacks will guide policies in artificial intelligence and cryptocurrency, aiming to establish the U.S. as a global leader in these fields. He is a limited partner at MultiCoin Capital and co-founder of Craft Ventures, which has invested in companies like BitGo and Bitwise.

Following the announcement, the dYdX token surged over 30%, reflecting Sacks' influence as an early investor in the decentralized exchange. Trump emphasized that Sacks will also focus on protecting free speech online and developing a legal framework to provide clarity for the cryptocurrency industry.

Sacks, a former COO of PayPal and a member of the "PayPal Mafia," joins the administration as Trump also named former SEC Commissioner Paul Atkins to lead the securities regulator. Atkins is involved with The Digital Chamber, an industry lobbying group.

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🔻 Top NFT Brand Pudgy Penguins to Release PENGU Token

Pudgy Penguins, a prominent NFT collection launched three years ago featuring 8,888 colorful bird NFTs, is entering the cryptocurrency space with the upcoming release of a token called PENGU on the Solana blockchain. Of the 88 billion PENGU tokens, 23.5% will be reserved for NFT owners, 22.02% for the Solana and Ethereum communities, and 12.32% for liquidity on decentralized exchanges.

The team stated that the PENGU token allows Pudgy Penguin fans to engage more deeply with the brand. Despite the NFT market's downturn, Pudgy Penguins has remained culturally relevant, leveraging significant social media presence with over 3 million followers and 32 billion views on Giphy. The brand also promotes "Pudgy Kindness," a TikTok initiative focused on spreading positivity, which recently surpassed 1 million followers.

Additionally, Pudgy's parent company, Igloo, launched a successful toy line based on the NFTs, selling over $10 million in collectibles through major retailers. As of now, Pudgy Penguins is the third-largest NFT collection by market capitalization, valued at $550 million, trailing only CryptoPunks and Bored Apes Yacht Club. Each penguin in the collection is uniquely hand-drawn, showcasing distinct traits.

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🚨 Memecoin Factory Pump.Fun Bans U.K. Crypto Traders

Solana's memecoin platform Pump .fun has blocked access to U.K. crypto traders, citing "laws and regulations" after the Financial Conduct Authority (FCA) warned that the platform might be offering financial services without permission. This geoblock was implemented three days after the FCA's warning. Since its launch earlier this year, Pump .fun has become a leading launchpad for memecoins on the Solana blockchain, generating over $250 million for its founders and spawning successful tokens like PNUT and WIF.

In response to the ban, memecoin traders began creating joke cryptocurrencies to mock the situation, though none had gained traction at the time of reporting.

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💎 Amazon Shareholders Push for Minimum 5% Bitcoin Allocation

Amazon shareholders are advocating for the company to diversify its reserves by investing in bitcoin (BTC) to combat inflation and enhance shareholder value. A proposal from the National Center for Public Policy Research (NCPPR) argues that while bitcoin is volatile, including it in Amazon's balance sheet could help maximize long-term shareholder returns without excessive risk. The proposal suggests that Amazon should consider holding at least 5% of its assets in bitcoin.

Bitcoin has experienced significant growth, rising 134% this year and surpassing the $100,000 mark, outperforming traditional assets like gold and the S&P 500. In contrast, MicroStrategy, a major bitcoin holder, has seen its shares increase by over 500%. The proposal cites MicroStrategy's success and the adoption of bitcoin by companies like Tesla and Block, emphasizing Amazon's fiduciary duty to look beyond short-term asset volatility.

As of the end of the third quarter, Amazon's total assets stood at $585 billion, with $88 billion in cash and marketable securities. The NCPPR argues that this asset mix does not sufficiently protect shareholder value. A similar proposal was recently submitted by Microsoft shareholders, who are set to vote on the matter on December 10.

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🚨 U.S. Regulator Told Banks to Avoid Crypto, Letters Obtained by Coinbase Reveal

In 2022, the Federal Deposit Insurance Corp. (FDIC) halted or prevented numerous U.S. banks from engaging in crypto banking activities, as revealed by internal communications obtained through a lawsuit by Coinbase. The documents show that the FDIC explicitly instructed banks to pause all crypto-related activities until further notice, citing the need for compliance clarity.

Coinbase's Chief Legal Officer, Paul Grewal, argued that these letters provide concrete evidence of a systematic effort by the FDIC to restrict banking services for the legal crypto industry. He emphasized that the letters confirm the existence of a coordinated plan to deny these services, countering claims that it was merely conspiracy or speculation.

The FDIC communications indicated uncertainty about the regulatory requirements needed to approve crypto activities, leaving banks in limbo. Although the FDIC, along with the Federal Reserve and the Office of the Comptroller of the Currency, has issued broad cautionary guidelines regarding crypto, no formal regulations have been established.

The FDIC did not comment on the release of these letters. Grewal plans to seek the removal of redactions to clarify the institutions involved and their proposed services. This issue has been referred to as "Operation Chokepoint 2.0," reminiscent of a previous government initiative targeting controversial businesses. The topic emerged in a recent congressional hearing, where crypto leaders expressed concerns about being cut off from financial services, even as federally chartered banks like Anchorage Digital faced similar challenges.

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Iran to embrace digital assets like Bitcoin with regulatory framework instead of banning them, says Minister of Economic Affairs

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🚨 Elon Musk Made a New Post About This Memecoin, The Price Started to Rise!

A new post came from Tesla CEO Elon Musk, who has influenced the market and the relevant cryptocurrency with his posts and statements. At this point, Elon Musk shared the image of the popular memecoin PEPE

Elon Musk, known for his support of Dogecoin (DOGE), shared a quote and an image about PEPE on X, which includes the phrase “Make a funny Pepe meme about making Pepe memes.” After this sharing, the PEPE price moved upwards.

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🔹 Giant Company Announces $500 Million Bitcoin (BTC) Plan!

Riot Platforms has announced plans to issue $500 million in convertible senior notes, following MicroStrategy's strategy of raising funds to acquire Bitcoin (BTC). The notes will be due in 2030 and proceeds from the offering will be used for purchasing Bitcoin and covering general corporate expenses.

An additional $75 million in notes may be issued if the initial purchasers choose to exercise their option. The notes will be unsecured and convertible into cash, stock, or a combination, with specific terms set at pricing. The offering will target qualified institutional buyers under Rule 144/A of the Securities Act.

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🚨 Derive Protocol Crosses $100M in Value Locked as Bitcoin Whales Make Waves in Options Trading

CoinDesk reports a surge in demand for cryptocurrency derivatives, particularly on the decentralized finance (DeFi) platform Derive, which has seen its total value locked (TVL) exceed $100 million. This growth aligns with record trading volumes and active traders, with Derive also reaching an all-time high in notional volume of $369 million and 5,416 monthly active trades. The platform offers a range of products, including options, perpetuals, and margin trading.

In the options market, a notable whale implemented a covered call strategy, selling BTC call options and collecting over $1.6 million in premiums. This strategy allows the whale to profit if Bitcoin remains below $105,000 by March, while protecting against losses if prices exceed $130,000.

Additionally, traders are engaging in DeFi carry trades using sUSDe, a reward-bearing token, as collateral to borrow USDC at lower rates, benefiting from the spread between sUSDe's high yield and borrowing costs. This highlights the growing complexity and attractiveness of options and structured products in the crypto market.

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Bitcoin's recent price correction has been linked to the announcement of Google's Willow quantum computer, which some believe could threaten cryptocurrency security. However, experts refute this notion, stating that:

- Google's Willow chip has only 105 qubits, far below the estimated 13 million qubits needed to compromise Bitcoin's encryption.

- Bitcoin developers are already working on making the cryptocurrency quantum-safe.

- If quantum computing becomes a viable threat to Bitcoin, traditional banking systems would also be at risk.

- For Willow to pose a real threat, it would need to be affordable and widely accessible, which is unlikely given the current market, as seen with the availability of NVIDIA's H200.

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Just checked my crypto portfolio, everything is fine

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$1 BILLION $USDT minted by Tether Treasury

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💎 Vancouver City Council Passes Pro-Bitcoin Motion Citing Fiat Challenges

Vancouver's city council has approved a motion to explore accepting bitcoin (BTC) for tax and fee payments and to establish a bitcoin reserve. Proposed by Mayor Ken Sim, the motion aims to diversify the city's financial reserves and payment options to enhance financial stability. City staff are tasked with reporting on the feasibility of a "bitcoin-friendly city" strategy by the end of Q1 2025.

This marks a notable shift from previous policy, as former Mayor Kennedy Stewart had sought to ban bitcoin ATMs in 2019. Vancouver is also notable for being the childhood home of former Binance CEO Changpeng 'CZ' Zhao and the headquarters of the failed crypto exchange QuadrigaCX.

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😄 Less than 1% of Microsoft Shareholders Voted for BTC Proposal

Only 0.55% of Microsoft (MSFT) shareholders supported a proposal to add bitcoin (BTC) to the company's balance sheet, according to a recent SEC filing. The proposal, put forth by the National Center for Public Policy Research, suggested allocating 1% of total assets to BTC as a hedge against inflation.

However, Microsoft's board opposed the idea, citing bitcoin's volatility and preferring stable investments. Other shareholder motions, including reports on AI misinformation and risks of weapons development, also failed to pass. Prediction markets estimated a 12-16% chance of the proposal being approved, reflecting skepticism about Microsoft's adoption of bitcoin.

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🚨 Stablecoin Market Cap Hits $200B Milestone, Could Double in 2025 as Adoption Accelerates

The stablecoin market has reached a significant milestone, surpassing $200 billion in total market value for the first time. This growth, which added $10 billion in just two weeks, follows increased demand and adoption of stablecoins, which are cryptocurrencies designed to maintain a stable value, primarily pegged to the U.S. dollar.

Tether's USDT remains the leading stablecoin, hitting a record supply of $139 billion, while Circle's USDC grew to nearly $41 billion. The rise in stablecoin usage is driven not only by the recovering crypto market but also by their application in payments, remittances, and savings, particularly in developing countries facing economic challenges.

Innovative tokenized products, like Ethena's USDe token and Usual's stablecoin, have also contributed to this growth. Analysts predict the stablecoin market could reach $400 billion by 2025, especially if U.S. Congress passes legislation defining regulations for stablecoins. This regulatory clarity could attract traditional banks and increase stablecoin integration in fintech applications, further driving adoption. Standard Chartered and Zodia Markets also forecast that stablecoins could represent 10% of the U.S. money supply in the future.

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Crypto 5 mins after i sell

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Texas State Representative Giovanni Capriglione has officially submitted a bill to create a Strategic Bitcoin Reserve for the state.

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💸 Bitcoin Grapples with $100K as Rally on Trump's Crypto-Positive Comment Fizzles

Bitcoin (BTC) initially appeared poised for a new record high but fell sharply in U.S. afternoon trading, dropping to $99,800 as bond markets negatively impacted risk assets. Earlier in the day, President-elect Donald Trump expressed optimism about cryptocurrency during the NYSE opening bell, emphasizing his plans to embrace digital assets and establish a strategic bitcoin reserve.

Despite bitcoin reaching $102,500, it couldn't maintain this momentum, and broader risk assets also declined, with U.S. and German bond yields rising. U.S. stocks closed lower, and gold prices dropped by 1.8%.

In contrast, altcoins generally outperformed BTC, with Avalanche (AVAX) and Chainlink (LINK) seeing significant gains, driven by investment news and ongoing purchases linked to Trump-affiliated projects. Ethereum (ETH) also fared well, posting a 1.5% gain and showing potential for reaching new highs above $5,000 due to strong market activity.

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💠 Avalanche Raises $250M Amid Major Overhaul of Layer-1 Blockchain

Avalanche, a layer-1 blockchain, has successfully raised $250 million in a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with participation from over 40 investment firms. This funding follows the launch of the Avalanche9000 upgrade in a testnet environment, which aims to significantly reduce transaction and validator costs—by 99%—to facilitate app development on the network.

Since the announcement of the token sale, AVAX, Avalanche's native token, has increased by 4.95% and is up 9.6% in the last 24 hours. The broader crypto market, as reflected in the CoinDesk 20 Index, has risen by 2.48% during the same period. Avalanche currently ranks as the 10th-largest blockchain by total value locked (TVL) at $1.6 billion, according to DefiLlama data.

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