Solana Leads Token Launches, and Tether Expands Into Real-World Asset Tokenization - November 15, 2024
Also, BTC slips around $90K, and Doodles partners with McDonald’s.
TL;DR: Crypto Insights in Seconds
Tether:: Launch a platform to tokenize assets like real estate and stocks.
Solana: Dominates new token launches with nearly 90% of new tokens on its network.
Spot Bitcoin ETFs: See record $500 billion in cumulative volume
Pennsylvania: Proposes state investments in Bitcoin ETFs.
SEC: Gary Gensler urges compliance and hints at further regulatory oversight.
NFT: Doodles partners with McDonald’s for holiday collectibles.
Price Update
Bitcoin Tests $93K, Then Stabilizes Around $90K
Bitcoin recently spiked to an all-time high of $93,400, driven by continued inflows into spot BTC ETFs. Although BTC has since dipped slightly, it remains solidly near $90K, supported by ETF trading volume reaching an impressive half a trillion dollars. Analysts suggest that BTC could see repeated all-time highs over the coming quarters.
Market Trends
Solana Captures 89% of New Token Launches as Memecoins Surge
Solana has seen a notable uptick in network activity, with 89% of new tokens launched in recent months. The network’s high throughput and low fees make it a popular choice for developers, particularly in the memecoin space.
Spot Bitcoin ETFs See Record $500 Billion in Cumulative Volume
Spot Bitcoin ETFs have reached a cumulative trading volume of $500 billion, demonstrating robust institutional demand. As ETF inflows remain high, Bitcoin’s correlation with traditional assets like gold has weakened, indicating its distinct appeal as a speculative and inflation-resistant asset.
Regulatory and Legal News
Pennsylvania Proposes State Investments in Bitcoin ETFs as Inflation Hedge
Legislators in Pennsylvania have introduced a bill advocating for state investment in Bitcoin and crypto ETFs. This initiative wants to leverage Bitcoin as an inflation hedge within the state’s treasury.
SEC Chair Gary Gensler Urges Compliance as Regulatory Pressure Mounts
SEC Chair Gary Gensler has reiterated his stance that crypto companies must comply with existing regulations, hinting at further regulatory oversight. This call for compliance comes as the SEC has faced criticism for its handling of digital asset cases, especially as Gensler’s term may be nearing its end.
Don’t Miss Anything
NFT Brand Doodles Partners with McDonald’s for Holiday Collectibles
NFT brand Doodles has announced a holiday-themed partnership with McDonald’s, introducing both physical and digital collectibles. This collaboration is another show of the ongoing fusion of traditional brands and digital assets, as companies like McDonald’s engage younger, tech-savvy audiences through Web3 platforms.
Tether Launches Platform to Tokenize Real-World Assets
Stablecoin leader Tether has introduced a new platform that will allow for the tokenization of real-world assets (RWAs), including properties, commodities, and equities. This strategic expansion positions Tether to capture more traditional finance assets within the crypto ecosystem, creating broader use cases for digital tokens and stablecoins.
Bitcoin’s surge near $93K and the rapid adoption of ETFs underscore crypto’s mainstream integration, with investors viewing digital assets as stable and valuable alternatives. Tether’s entry into RWA tokenization and Solana’s dominance in token launches reflect ongoing innovation within the crypto space. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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