Weekly Market Insight: November Week 4

English

Market Updates

18 Nov 2024

Headline News

Bitcoin continued to hit a new all-time-high of $93,430 and closed last week with an 11.75% weekly gain. Bitcoin market capitalisation hits $1.778 trillion, surpassing silver market capitalisation.
Donald Trump introduced the Department of Government Efficiency, DOGE, and elected Elon Musk and Vivek Ramaswamy to lead the new organisation. Dogecoin surged by 32% last week, while PEPE surged by 72% after Coinbase and Robinhood announced listing of the token to the exchanges. Ethereum experienced a short-term deflationary period as the result of PEPE trading. Memecoins daily trading volume also hit a new all-time-high of approximately $72 billion on November 14.
Ethereum ETFs experienced a record high net-inflow of $515.17 million last week.

The U.S. inflation rate accelerated from 2.4% in September to 2.6% in October, in line with market expectations. The PPI increased by 0.2% in October, which is also matched with market expectations.
The Fed Chair Jerome Powell stated last Friday in Dallas Regional Chamber that 'bumps' are expected in the 2% inflation goal. At the same time, he emphasised the economy is not sending any signals that the Fed needs to be in a hurry to lower rates. The market further decreased the probabilities of a 25bps rate cut from 65% to 62% in December.

Deutsche Bank announced technical updates on its Memento ZKChain, including launching a testnet powered by zkSync and interoperability feature using Axelar.
Bitwise acquired Attestant, a non-custodial Ethereum staking provider. The move is interpreted by the market that potential Ethereum ETF with staking enabled is on the way.
Microstrategy brought another 27,200 Bitcoin and currently holding 279,420 Bitcoin in the balance sheet.
Pennsylvania introduced the Bitcoin Strategic Reserve Act, aiming to allocate up to 10% of its state funds to Bitcoin. The bill will be submitted to the Republican-led Senate for review in the coming weeks and, if passed, will be submitted to the governor for signature.
Robinhood Crypto relisted SOL, ADA, XRP and PEPE to the platform.
Blackrock launched new BUIDL shares classes across Aptos, Arbitrum, Avalanche, Optimism and Polygon.
VanEck launched Sui ETN on Euronext Amsterdam and Paris exchanges.

Ethereum researcher Justin Drake proposed Beam Chain at DevCon, an upgrade on consensus layer to achieve 4 second blocktime, quantum-proof security, 1 ETH staking requirement and zkSNARK on client level. The upgrade is expected to be completed by 2030.
ENS introduced Namechain, a zkEVM Layer 2, scaling ENS with low fees.
Zero Network, a Layer-2 network built by Zerion, launched its mainnet.
Peaq, the DePIN Layer-1 network, launched its mainnet and PEAQ tokens in major exchanges. For more detail on Peaq and other DePIN protocols, please click this link.
Espresso Systems, a shared sequencing protocol, launched its Mainnet 0.

Avara, Aave's team, launched Family wallet featuring account abstraction, passkey, in-app messaging and more. It is now available on the iOS App Store.
RISC Zero introduced Kailua, an innovative hybrid architecture that enables 1 hour finality for optimistic rollups and only generates proof in the event of disputes.
Pendle introduced Boros, a new yield trading platform including off-chain rates and funding rate. The new platform will be working together with Pendle V2 and there will be no new token for Boros.
Lens introduced V3 powered by ZKsync and Avail as its data availability layer. The New Lens features modular toolkit to enable developers to launch app-specific instances easily.
Curve introduced scrvUSD, a yield-bearing stablecoin that shares the fees generated from crvUSD.
AltLayer introduced Autonome, a platform to accelerate the development of the “Verifiable Agentic Web,” and enable the creation, deployment, discovery and distribution of autonomous AI agents.
LayerZero introduced lzRead, making data such as governance, TWAP, proof of reserve or state synchronization accessible across all chains.

Bitwise is expected to launch Aptos Staking ETP on SIX Swiss Exchange on November 19.
NVIDIA Q3 earning is expected to be released after-market-close on November 20, Wednesday.
Starknet is expected to launch STRK mainnet staking on November 26.
DYDX Unlimited is expected to officially launch in November.
Hyperliquid is expected to launch its HYPE token in November.
Stacks founder Muneeb stated sBTC is expected to launch in December.
Bonk launched BURNmas, aiming to burn 1 trillion BONK by Christmas for every user interaction stated.
Jupiter plans to host the first-ever Jupiverse Conference, Catstanbul, in Istanbul at the end of January 2025 with no exact date announced. The 30% supply reduction passed earlier this year will be taken plan on the second day of Catstanbul.
Consensys announced Linea plans to launch LINEA token by Q1 2025.
Ethena's sUSDe has passed to be listed as collateral on Aave.
Blur proposed turning on fee switch by shifting the minimum 0.5% royalty to 0.5% protocol fees and introducing veBLUR.

MERL token unlocked on November 19th, amount representing 5.76% of the token supply.
WELL token unlocked on November 23rd, amount representing 1.25% of the token supply.
IMX token unlocked on November 29th, amount representing 1.46% of the token supply.
OP token unlocked on November 30th, amount representing 2.56% of the token supply.
SUI token unlocked on December 3rd, amount representing 2.87% of the token supply.

Please click HERE to subscribe for weekly market insight and exclusive research.

Contact ChainUp Investment

* First Name

* Last Name

* Corporate Email Address

* Your Mobile Phone Number

Please Select

no data

* Company Name

* Job Title

Remarks

0/200