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The Breakdown First Five - Wednesday, October 30, 2024
Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.
5. Kamala Should Embrace Crypto
Industry mainstay Laura Shin has penned a thoughtful piece explaining why Harris should embrace crypto. Written from Laura’s perspective as a progressive, the piece lays out the left wing case for Bitcoin. More importantly, it explains that Bitcoin should be no more partisan than other technologies, like the internet. The article seemed to hit home for long time crypto skeptics who have never been able to look past the monkey pictures and fraud.
As someone who is by default hostile or dismissive of crypto, I truly appreciate @laurashin pointing out the shortsightedness of this kind of thinking. I’m grateful she took time away from her objective reporting to try to change the mind of myself and people like me.
— Oliver Jones (@oliverjones)
10:58 PM • Oct 29, 2024
4. Gensler’s Folley
Elizabeth Lopatto of the Verge has written up a fantastic summary of the battle between Gensler and the industry. She draws particular attention to the fact that Coinbase have been asking for clear rules of the road for years and has been unable to get anywhere. Speaking to an audience outside of the industry, the piece highlights how misleading the SEC’s narrative has been. No one is asking for deregulation, in fact it’s quite the opposite.
"Before I say more, let’s go over that again: one of the biggest crypto exchanges asked for more regulation, and then the regulatory agency in question — run by a man who says crypto is full of scams and frauds — said no."
@mslopatto gets it.
x.com/i/web/status/1…
— Rachael Horwitz (@RachaelRad)
9:14 PM • Oct 29, 2024
3. Consensys Layoffs
Ethereum infrastructure firm Consensys, who are cutting 20% of staff. CEO Joe Lubin said the decision was made to maintain financial sustainability and to become a smaller, more agile organization. He also blamed Gensler for going to war with an industry, insisting Consensys didn’t have much of a choice in paying up for the legal battle. Thoughts and best wishes to the staff affected.
sucks to see this
imo it's another reason why Ethereum community can't be complacent
win every battle, fight on the front lines (X, not farcaster), market hard, market to everyone, counter FUD, and yes ETH price does matter
— _gabrielShapir0 (@lex_node)
2:56 PM • Oct 29, 2024
2. ETFs on Fire
Bitcoin ETFs put in their strongest day months as boomers smashed the top. Blackrock dragged in $640M, it’s third best day ever while the group totalled $870M for the biggest day since June. Total trading volume was a mind-bending $4.75B. Bitcoin FOMO is the same regardless of the wrapper.
Damn, #bitcoin ETF saw $827m in inflows today, $IBIT alone took in $600m😮
This is the 3rd highest intake since the ETFs launched in January.
Seeing such inflows near the previous ATHs is pretty impressive.
Those whacky 7-figure price targets don't seem so unrealistic now!🤩
— DefiMoon 🦇🔊 (@DefiMoon)
7:49 AM • Oct 30, 2024
1. Wen Moon
After a sleepless and range bound night, Bitcoin is still trading within 3% of all time highs. Nothing happened. Bitcoin spent most of the night stuck between $72k and $73k, coiled for another run. The timeline is silent, no one wants to jinx it. But with no appetite for selling, new all time highs as soon as the bell rings in New York seems predestined.
"timeline pretty quiet with bitcoin this close to ATH"
— Steven (@Dogetoshi)
7:15 PM • Oct 29, 2024