Table of Contents
Don't hate the player, hate the game. It's a good mantra in life, especially when the markets are in turmoil. But this week, the industry has been kind to us. Bitcoin finally crossed the much anticipated (although still kind of arbitrary) price mark of $70,000. Better still, the world's biggest crypto powered through to the $72K range. It's dipped a bit since but still, good job, Bitcoin.
However, in a twist of fate, it's the crypto industry players that deserve all the scrutiny this week. Kraken, Consensys, and dYdX all announced job cuts, Coinbase revealed a disappointing quarterly earnings report, and Tether is being probed by the US federal government.
Oh, and a (now former) DWF Labs co-founder allegedly got his rocks off by spiking a potential hire's drink during Hong Kong FinTech Week.
To be fair, job cuts are rife in today's economy, especially in the tech and crypto sectors. The same can be said for earnings results, which swing vigorously from quarter to quarter. Just ask NVIDIA shareholders.
For the crypto industry, federal investigations are commonplace too. The folks at Ripple and Coinbase can likely talk your ear off about this.
But drink spiking, or at least, being caught for drink spiking, is less attributed to the crypto industry. As Eugene Ng undergoes a hopefully ruthless investigation, the question remains of how common drink spiking is in the industry.
With frequent intense international industry events, often spanning a week at a time, networking opportunities are in abundance. So too are opportunities to commit such heinous acts.
Whether Ng is found guilty or not, the industry needs to do a better job of expelling such vile behaviour. Sadly, we all just need to be more vigilant at these events and engage KYC IRL.
Over in the markets, as mentioned, Bitcoin has slipped slightly from its peak earlier this week. That said, it's still up over 2% this week, while Ethereum has slipped negligibly.
Risk appetites have intensified slightly from last week's 72, "Greed" to 75, also "Greed." The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
Fret not. BRN is here. "We maintain a strong recommendation for substantial cryptocurrency exposure, with a marked preference for Bitcoin over Ethereum, given Bitcoin’s continued outperformance and solid market fundamentals," BRN analyst Valentin Fournier told subscribers in his daily view earlier today.
#Bitcoin has maintained levels above $70000 for an extended period, marking the longest accumulation phase to date—a highly bullish indicator. This sustained interest suggests that buying pressure will likely persist, outpacing any short-term profit-taking.
— BRN (@thebrn_co) November 1, 2024
Top Stories (In No Particular Order)
Meet DWF Partner Eugene Ng - The Alleged Drink Spiker Scrubbed From Company Website
Eugene Ng, a founding partner of crypto trading platform DWF Labs and co-founder of RWA firm OpenEden, allegedly decided to take his criminal behaviour truly off-chain, in a move that would rightfully earn him a reputation worse than below subhuman scum. Allegedly.
Blockhead
Layoffs Hit Consensys, dYdX Despite Crypto Market Strength
Even as Bitcoin continues its historic ascent towards new all-time highs, the crypto industry is grappling with persistent challenges.
Recent layoffs at prominent players, Consensys and dYdX, highlight the ongoing impact of regulatory uncertainty and economic volatility.
Blockhead
Kraken Cuts 15% of Workforce, Appoints New Co-CEO
Cryptocurrency exchange Kraken has announced a significant restructuring, including the layoff of 15% of its workforce and the appointment of a new co-CEO, Arjun Sethi.
Sethi, who has served on the Kraken board since 2021, also serves as co-founder and chairman of Tribe Capital and is widely recognized as one of the top early-stage venture investors in Silicon Valley.
Blockhead
Tether Confirms BTC Reserves But Is USDT Still a $120B Scam Amid US Probe?
If LUNA taught us anything it's that stablecoins aren't always safe. But two years on from the catastrophic collapse of Terra, surely the likes of stablecoin giant Tether won't do a Do Kwon on the industry. Or can it?
According to the Wall Street Journal, the US federal government is investigating Tether for allegedly violating sanctions and anti-money laundering laws. Specifically, prosecutors in Manhattan are probing whether Tether has been used to support illegal activities like drug trafficking, terrorism, or hacking.
Blockhead
Bitcoin Finally Surpasses $70K - Here's Why
Since reaching its all-time high back in March, Bitcoin has struggled to stay above the $70K mark. Spending more time in the $60K zone and frustratingly, in the $50K territory, Bitcoin's return to $70K has been highly anticipated.
Blockhead
Judge Spares Former FTX Head Nishad Singh From Prison Time
Former FTX's head of engineering, Nishad Singh, has been spared prison time for his involvement in the exchange's collapse.
On Wednesday, New York Judge Lewis Kaplan praised Singh's cooperation with the government, describing it as "remarkable."
Blockhead
Tether Reports Record-Breaking Q3 2024, Bolsters Reserves
Tether, has reported record-breaking profits for the third quarter of 2024, even as the company faces increased regulatory scrutiny from U.S. authorities.
The company’s net profit for the quarter reached $2.5 billion, contributing to a 2024 nine-month consolidated profit of $7.7 billion, according to its Q3 2024 attestation report, published Thursday. This significant growth has further solidified Tether’s position as the industry leader.
Blockhead
Coinbase Announces $1B Share Buyback as Stock Plummets Amid Weak Earnings
Coinbase's stock price is in freefall following disappointing earnings results from the crypto exchange but a sizeable share buyback might console shareholders.
Reporting its third-quarter earnings on Wednesday, Coinbase fell short of analysts' predictions, with per-share earnings at $0.28, below the expected $0.45. Revenue of $1.21 billion missed the $1.26 billion forecast too, while Coinbase's net income of $75 million was short of the expected $11.2 million.
Blockhead
De-Dollarisation: More BRICS in the Wall
Last week's BRICS meeting was the first since Egypt, Ethiopia, Iran, and the United Arab Emirates joined the group earlier this year.
One of the key areas of focus for BRICS is to reduce reliance on the US dollar in international trade and finance, particularly in terms of energy trade and foreign exchange reserves. This aligns with the broader global trend of de-dollarization, driven by geopolitical tensions, economic concerns, and the rise of alternative currencies and payment systems.
Blockhead
"Elevandi on Steroids" - MAS Launches GFTN to Advance Pilots in Digital Assets, Tokenisation
The Monetary Authority of Singapore (MAS) has launched the Global Finance & Technology Network (GFTN), replacing its non-profit body, Elevandi.
Former MAS Managing Director Ravi Menon, who described GFTN as "Elevandi on steroids" at a press briefing on Wednesday, will serve as GFTN's chairman.
Blockhead
Crypto Exchange Bitpanda Considering IPO or Sale
Vienna-based cryptocurrency exchange Bitpanda is weighing up going public in Frankfurt.
Financial giants Citigroup and JPMorgan Chase are leading the move, providing guidance to Bitpanda on possible options, including a sale.
Blockhead
Donald Trump's World Liberty Financial Plans Mulls Stablecoin Launch
Donald Trump's crypto project, World Liberty Financial, is planning to launch its own stablecoin.
The project has reportedly raised $14 million to develop and launch the US dollar-pegged token. World Liberty Financial is currently working on how to make the product safe for the market.
Blockhead
Hong Kong Doubles Down on AI, Crypto to Retain Financial Edge
Hong Kong is doubling down on its commitment to technological innovation, with a particular focus on artificial intelligence (AI) and cryptocurrencies.
The Hong Kong Monetary Authority (HKMA) unveiled a comprehensive strategy to position Hong Kong as a global financial hub, capitalizing on these emerging technologies, detailed in speeches on Monday by Paul Chan, Financial Secretary, and Christopher Hui, Secretary for Financial Services and the Treasury, at Hong Kong FinTech Week 2024.
Blockhead
"Blockbuster-Netflix Moment": Crypto Industry Ridicules Microsoft's Board for Not Wanting to Invest in Bitcoin
Microsoft has urged its shareholders to vote against a proposal to assess investing in Bitcoin, which has rubbed the wider crypto industry the wrong way.
On 9 December, Microsoft will hold its annual shareholders' meeting, where shareholders can vote on a range of issues. One proposal is titled "Assessment of Investing in Bitcoin." However, the board has recommended that its shareholders vote against it.
Blockhead
Blockcast
This week's Blockcast features Augustine Fan, founding partner of SOFA.org. SOFA is a decentralized, non-profit, and open-source DAO dedicated to developing a trustless, DeFi ecosystem capable of atomically settling financial assets on the blockchain.
Fan chats with host Takatoshi Shibayama focuses on role of structured products in crypto, they types available to investors, how they work, and how investors can use them to capitalize on volatility.
Blockhead
Events
Singapore Fintech Festival (Singapore 6-8 November 2024)
As 2025 approaches, financial leaders face the challenge of navigating a landscape transformed by AI, data, and digital platforms that are rewriting the rules of global trade, commerce and financial services.
At the Singapore FinTech Festival 2024, hear from global leaders at Microsoft, Goldman Sachs, PayPal, and Tencent, and more, as they share the strategies shaping the future of finance.With 66,000+ participants from 150 countries and 10,000+ organisations, everyone who's anyone is here.
Click to see who’s attending and who you can network with at #SFF2024! Blockhead is proud to offer a 20% discount on tickets via this link.
GeckoCon (Bangkok, 11 November 2024)
GeckoCon returns, and this year we're diving into the revolutionary world of Web3 Gaming! Discover how the fusion of blockchain and traditional gaming is creating a whole new entertainment layer.Don't miss out—visit CoinGecko now to secure your spot in our first ever Hybrid Conference set to take place in Bangkok, Thailand. Or from the comforts of your home!
Get your tickets now with Blockhead's 40% code: BHGC24
[Limited to 30 redemptions, expires 31 October 2024]
[Redacted] (Bangkok, 9-11 November 2024)
The [REDACTED] conference is bringing together the brightest minds in technology for a transformative three-day event from November 9-11, 2024, at the Avani Riverside hotel. This gathering will take place just ahead of Devcon and promises to be a pivotal moment for the convergence of artificial intelligence and Web3.
Interested readers can apply for free tickets here, and sign up for the hackathon here.
Devcon (Bangkok, 12-15 November 2024)
Following Devcon Bogota in 2022, the Ethereum Foundation is set to host Devcon SEA, the 7th edition of its premier developer and community conference.
This landmark event is expected to bring together a diverse group of individuals, including developers, researchers, academics, and community members, to explore the future of Ethereum and its potential to reshape society.
Tickets are available here, with discounts for local builders, students and teachers, and youth.
Consensus (Hong Kong, 18-20 February)
Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
It's All Happening on LinkedIn
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