Bitcoin Whitepaper 14th Anniversary and Upcoming FOMC 💊

Crypto markets saw some oomph over the weekend but have now begun to take another breather. Important to remember that this week we’ve got FOMC on Nov 2 - expected to be 75 bps and CPI next week on Nov 10 - so watch out for funky market moves. Today is also the 14th anniversary of the Bitcoin whitepaper. Imagine if you just would’ve bought Bitcoin back then.. Thinking about the Bitcoin Pizza Guy today - the dude who spent 10,000 bitcoin on two large pizzas.

💊 Daily Bullets:

• Matter Labs, developer of zkSync, is working on a Layer 3 chain called Opportunity - plans to release a proof of concept in the first quarter of 2023

• Blockchain infrastructure company Chain announced an undisclosed-sum advertising and promotional partnership deal with NBA team the Miami Heat to become their “official Web3 and blockchain infrastructure partner”

• A judicial report has reportedly revealed that crypto lender Hodlnaut lost around $189.7M due to its exposure to the Terra crash

👨‍⚖️ Economic/Government/Regulatory News:

• United States-based crypto advocacy group Blockchain Association has come out in support of Ripple Labs amid its ongoing legal battle with the SEC, claiming the case could be very important for the future of the crypto industry
• Terra co-founder Do Kwon faces a $57M class-action lawsuit in Singapore. The lawsuit alleged Kwon and others made fraudulent claims on UST
• The Reserve Bank of India will begin a pilot wholesale digital currency with the goal of reducing transaction costs and the need for collateral when trading government securities

💸 Exchange News:

• FTX staff has been encouraged to make the move to Miami, which is home to FTX Arena, by mid-November
• Allegedly: the former CEO and CFO of Huobi has resigned. Justin Sun's TRON team has taken over important departments of Huobi. Huobi has 1,600 employees, Justin Sun believes that there are too many people, and there may be large-scale layoffs
• FTX teases partnership with GameStop

🏦 DeFi News:

• Aptos-based DeFi project Arco Protocol facing criticism after a error-struck token sale and a sudden loss of key partnerships - gives decision to its community: back it or let the whole thing shut down
• The attacker behind the $14.5M exploit of crypto launchpad Team Finance has returned ~ $7M worth of tokens to four projects
• The Injective Explorer V2 is now live. Major upgrades include interactive views of interchain assets, a markets section, smart contract code

🖼 NFT/Metaverse/Gaming News:

• Mark Zuckerberg cast as web3 supervillain in forthcoming game. The Rabbit Hole features characters that are “posed to defend Web3 from the corporate overlord, Metazuckbot”

💰 Fundraises:

• Crypto wallet Braavos raised a $10M round to simplify crypto wallets on StarkNet led by crypto-focused investment giant Pantera Capital
• The Stellar Development Foundation $10M Enterprise Fund investment in NetXD Inc., a platform that enables businesses to manage their asset securitization and digital asset custody needs
• RakkaR Digital, a Singapore-based crypto custodian that uses technology from Fireblocks, has raised $10M in a seed funding round backed by a single investor - SCB 10X

📊 Data:

TL;DR: Smart money still never decided to jump into the recent rally. Today we’ve got conflicting moves with money flowing into one form of USDC however more money flowing out of another form of USDC (Aave and Compound USDC). Weekly shows the same conflicting USDC move and overall there are greater outflows than inflows for ETH related plays and WBTC. NFT volumes continue to grind downwards - top collection not even 400 ETH today. Dogecoin was the 4th most traded crypto in the past 7 days with $45B in volume - more than BUSD and USDC.