From Saylor predicting Bitcoin bull run catalysts to Immutable launching crypto Passports, here is a 2-minute breakdown of everything important that happened in crypto today.
It’s the holiday season, and the crypto industry awaits key decisions on several spot Bitcoin ETF applications. Predictions are swirling about the prospects of approval, with bulls like Michael Saylor prophesying a BTC breakout. However, SEC signaling remains as slow as ever.
Reminds us of this meme:
But it hasn't been all milk and cookies lately, with lawmakers continuing scrutiny around crypto's involvement in illicit financing.
In today's newsletter, we'll summarize those top stories and more driving recent crypto price action and industry narratives:
- Saylor bets on a BTC bull run next year if an ETF gets the green light 📈
- Terra's fugitive founder fights extradition 🚔
- Immutable launches a "Passport" to increase web3 accessibility 🎟️
- Foresight doubles down on backing crypto innovation with a new $10M accelerator program 💰
- Demand for Ethereum liquid staking solutions is going parabolic ⬆️
- Senator Warren blasts the crypto industry for improper lobbying 💥
And now, let's dive deeper into each of those top stories... 👇
Major Bull Run Prediction
Micheal Saylor is prophesying that a Bitcoin ETF approval could kickstart (or promote) a major bull run next year. We are talking 2-10X in demand!
His logic is simple: an ETF equals easy mainstream access equals FOMO overload. Meanwhile, the Bitcoin supply will get sliced in half soon (the halving event is approaching). Less supply plus more demand equals a major price surge.
He argues an ETF would be as seismic as the first stock index fund in the 90s that opened markets to the masses.
Saylor has proven one of Bitcoin's most vocal evangelists, despite criticism of his extreme single-asset risk appetite.
But his ETF predictions reflect widespread industry hopes. Many see an approved Bitcoin fund as crypto's regulatory "holy grail" - validating digital assets within mainstream finance.
Is it a legit prediction or more pie in the sky? What else did this Bitcoin whale predict? Read the full story!
What‘s Happening With Do Kwon?
The legal drama surrounding Do Kwon took a fresh twist as a Montenegro court pushed pause on shipping him off to the US. A lifeline for Do Kwon?
Kwon's defense team previously contested his approved extradition. The latest court order temporarily halted the process while Kwon remains jailed in Montenegro.
Kwon was arrested in the country earlier this year for alleged travel document fraud after Terra's high-profile collapse.
The implosion sent Terra's LUNA token crashing from over $60 to near zilch. It also wrecked billions in collateral and triggered contagion across crypto markets.
Kwon now faces criminal charges in both the US and South Korea related to Terra's demise. Convictions could bring decade-plus prison sentences.
But why are his lawyers trying to avoid getting Do Kwon shipped to the US? Read the full story!
Passport for Crypto Games
Immutable has introduced a new wallet infrastructure called Immutable Passport to enhance accessibility for web3 games.
The Passport lets players easily create and recover wallets using Google, Apple, or just an email.
At launch, major titles like Gods Unchained integrated Passport, with over 500k combined users.
There's also a user-friendly dashboard to explore new games, store funds, link outside wallets, and flex in-game NFTs.
Wouldn’t it cause too much centralization hurting crypto’s ethos? Read the full story!
$10M for AI and Ordinals
Foresight Ventures is doubling down on crypto innovation with a new $10 million startup accelerator program focused on AI, Ordinals, and direct-to-consumer protocols.
Selected companies gain funding, mentoring, demo day access and support from Foresight's portfolio startups.
Foresight noted increased liquidity in Web3 venture capital lately, with more deals and funding. But valuations haven't risen significantly as startups prioritize closing rounds quickly.
But didn’t a developer try to fix the Bitcoin Core bug that could end Bitcoin NFTs? Read the full story!
ETH’s Demand Is Rising?
EigenLayer, a protocol for restaking ether and securing other chains, has seen deposits explode to over $900 million - a nearly 4x increase in just days.
The growth comes after EigenLayer raised re-staking limits from 120,000 ETH to 500,000 ETH, worth about $1.1 billion.
For those who don't know about DeFi, EigenLayer lets users deposit and re-stake their ETH liquid staking tokens to help secure other third-party chains.
The expanded deposit caps and broader LST support triggered a tsunami of TVL as users rushed to farm governance points and yields.
Does this signify an increase in Ethereum’s demand? Read the full story!
And that brings us to our Word of the Day…
It’s ‘Liquid Staking’!
Liquid staking refers to a solution that allows staked crypto assets like ETH to be converted into tokenized derivative representations that can be more freely used and transferred while still earning staking rewards and securing the network.
Traditionally, staking cryptocurrencies involves locking up funds to help validate transactions, which helps secure blockchains in exchange for interest. However, staked assets cannot be easily moved or utilized elsewhere simultaneously.
Liquid staking protocols tokenize staked funds into freely tradeable wrapped tokens that can replicate earning yields and financial attributes like the original assets. This unlocks additional utility for users during the lockup period such as yields elsewhere or as collateral. It also aids exchange integration and access.
But how can a simple investor take part in it? Read more!
Now back to our daily stories!
Senator Accuses Crypto Groups
Senator Elizabeth Warren has sharply escalated criticism of crypto advocacy organizations in recent letters.
Warren accused the industry of improperly hiring former government officials to undermine regulation and oversight, particularly related to crypto's role in financing terrorism.
In a letter, Warren blasted the "abuse of the revolving door" and alleged crypto groups are stonewalling common sense rules that restrict illicit financing.
The Senator has grown increasingly vocal about potential terrorist uses of crypto.
But the blockchain forensics firm behind the data cited later said the figures were misrepresented. Critics argue Warren relies on flimsy evidence to attack crypto.
Will this cause more trouble for crypto in the US? Read the full story!
And that wraps up the key crypto stories making waves today. As always, we’ll be keeping tabs on developing stories in this rapidly evolving space.
Before you head out, take a sec to sign up for our newsletter below, and we'll deliver the hottest crypto stories straight to your inbox!
