Finally a Win for Gary Gensler? 🫠

In today’s edition: 💰 Bitcoin's 2023 dominance, 🚀 Binance's resilient expansion, 🍰 CAKE supply cut favored, 📚 Mastering crypto taxes, and more!

December 29, 2023

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What’s Poppin’?

by Sage Young, Jeanhee Kim and Brandy Betz

A federal district judge issued summary judgments siding with the SEC in a case that resulted in $45 billion in losses, but ruled that the parties must move to a trial on fraud charges.

Bitcoin’s dominance stands at roughly 51%, a more than 20% increase from about 42% at the start of the year.

After recently agreeing to pay a total of roughly $7 billion to settle various U.S. criminal and civil charges, Binance reported that its user base grew from 130 million to 170 million this year.

In the ongoing governance vote set to end Dec. 29, a vast majority of the community to date is in favor of decreasing the total supply of CAKE from 750 million to 450 million tokens. 

Investors can navigate the end-of-year tax maze with expert insights on IRS tracking tactics, offsetting NFT losses and crucial tax considerations for crypto miners and stakers.

US first-time Bitcoin investors grapple with a choice: buy now amid rising prices or wait for a potential spot Bitcoin ETF, balancing immediacy and ETF advantages.

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As 2023 nears its end, the crypto community is abuzz with speculation: will the relentless crypto winter give way in 2024? Crypto OG Arthur Hayes is confident that crypto is on an upswing. According to Hayes, these market cycles are historically recurrent, indicating a potential bull run in the near future.

In this episode, Hayes offers his insights on a range of compelling topics, from what he believes will be a resurgence of central bank money printing between 2024 and 2027 to the effect spot Bitcoin ETFs will have on crypto markets.

He also shares his views on the post-FTX blockchain landscape, the dynamics of Ethereum and memecoins, and why he thinks Tether won’t last.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.

Daily Bits…✍️✍️✍️

  • 🚫 India's Financial Intelligence Unit sought to block URLs of nine major crypto exchanges, including Binance and Kraken, to enforce compliance with anti-money laundering laws.

  • 🚓 Indonesian authorities cracked down on Bitcoin miners illegally tapping into the national grid for electricity, leading to raids and potential criminal charges.

  • 💱 Privacy tokens like DASH, ZCH, and XMR dropped in value as crypto exchange OKX announced the delisting of their trading pairs for not meeting listing criteria.

  • 🌐 The Avalanche Foundation is exploring the purchase of memecoins due to their role in the crypto market and cultural influence.

  • 🛑 Canadian crypto exchange Catalyx ceased all trading and withdrawals following a security breach, suspecting internal involvement.

  • 📈 zkSync surpassed Ethereum in monthly transaction volume, driven largely by the adoption of its new inscription feature.

  • ⚖️ The SEC charged Diana Mae Fernandez with fraud for misappropriating customer funds intended for crypto investments, instead funding personal expenses and making Ponzi-like payments.

  • 🔍 Argentine President Javier Milei proposed incentives for declaring crypto holdings in a draft bill, targeting asset regularization and broader economic reforms.

  • 🧑‍💼 Yeou Jie Goh, the head of portfolio growth at DeFiance Capital, left to join Chromia as the head of the Asia Pacific region.

The $$$ Corner…

  • 🌍 Monex Group acquired a significant stake in Canadian digital asset manager 3iQ, expanding its influence in the cryptocurrency and asset management sectors.

What Do You Meme?

Recommended Reads

📈 Your Market Update 📉

  • BTC is down .8%, trading at $42,769

  • ETH is down 1.4%, trading at $2,367

  • BTC dominance: 47.56%

  • Crypto market cap: $1.76T

*All data as of today, 06:10 am ET. Source: CoinGecko

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