15 November 2024
Macro/TradFi
President-elect Donald Trump has announced that Elon Musk and Vivek Ramaswamy lead the new Department of Government Efficiency (“D.O.G.E”) in order to cut inefficiencies from the US government. Subsequently, Dogecoin saw a notable pump during the week, touching the US$50B market cap mark.
MicroStrategy, the largest corporate holder of Bitcoin, announced a purchase of another 27,200 BTC for US$2B. With a BTC price of US$91K, MicroStrategy is currently in profit of ~US$13B on their stash of 279K BTC.
The Europe-focused neobank, Revolut, has expanded its Revolut X crypto exchange to 30 new markets across the European Economic Area, after initially launching in the UK in May.
US-based digital asset advisors, Arca and BlockTower, have agreed to merge.
BlackRock has expanded their tokenized Treasury BUIDL fund to five new blockchains (Aptos, Arbitrum, Avalanche, OP Mainnet, and Polygon) after initially launching on Ethereum in March.
Crypto
L1/L2:
Ethereum Foundation researcher, Justin Drake, unveiled Ethereum’s Beam Chain proposal, representing a redesign of the chain’s consensus layer. The initial timeline for the project starts development in 2026, followed by a two-year testing phase, and an eventual launch in 2029, which created significant debate across the market about the pace of development.
A strong week across the board, with Bitcoin reaching a new all-time high of over US$93K. Solana is also approaching its highest level since mid-2021 and approaching its previous all-time high of ~US$250.
Cardano outperformed many top tokens over the last week after founder, Charles Hoskinson, announced that he will be working with the upcoming Trump administration on crypto advisory.
Ethereum Name Service (“ENS”) has announced its L2, dubbed “Namechain”. Namechain will be a zero-knowledge rollup and is expected to come to market in late 2025.
DeFi:
Crypto analytics platform, Dune, announced Dune Echo (a new offering connecting developers with real-time blockchain data), and acquired smlXL, a product used for simulating real-time blockchain transactions, in a bid to expand their real-time blockchain data offering.
Others:
The FBI raided the house of Polymarket CEO, Shayne Coplan, and seized his phone and other electronics following the widespread press reports that the prediction market platform correctly predicted the US Presidential election ahead of many traditional media outlets.
Zero Gravity Labs (0G Labs) has completed a US$40M seed raise and announced a US$250M capital financing agreement. 0G labs is building the world’s first decentralized AI operating system.
Latest Binance Research Publications
Check out our latest publications:
Exploring the Future of AI Agents in Crypto
Monthly Market Insights - November 2024
Understanding the Rise of Memecoins
That’s a wrap!
Binance Research
About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
