Research Summary
The report covers a range of topics including the 15th anniversary of the Bitcoin whitepaper, the Federal Reserve’s decision to maintain interest rates, the CFTC’s payout to whistleblowers, PayPal’s subpoena from the SEC, and various developments at HashKey. It also discusses the indictment of individuals at SafeMoon, Coinbase’s Q3 financial report, MicroStrategy’s Q3 financial report, a16z’s fundraising plans, and the conviction of SBF.
Key Takeaways
Bitcoin’s 15th Anniversary and Federal Reserve’s Interest Rate Decision
- Bitcoin’s Milestone: The report marks the 15th anniversary of the Bitcoin whitepaper, which was released by Satoshi Nakamoto on October 31, 2008. This event introduced Bitcoin to the world for the first time.
- Federal Reserve’s Decision: The Federal Reserve’s FOMC decided to keep interest rates unchanged on November 2nd. The probability of no change in interest rates and no rate hike in December is as high as 80%, indicating that the tightening cycle may be nearing its end.
Whistleblower Payouts and PayPal’s SEC Subpoena
- Whistleblower Payouts: The U.S. Commodity Futures Trading Commission (CFTC) has received 1,530 reports this year, with the majority related to cryptocurrencies. The CFTC has paid out $16 million to whistleblowers.
- PayPal’s SEC Subpoena: PayPal announced that it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its US dollar stablecoin. The market capitalization of PayPal’s stablecoin PYUSD is approximately $160 million.
Developments at HashKey
- HashKey’s Application Launch: HashKey, a licensed exchange in Hong Kong, officially launched its application on November 1st. The application will serve both professional investors and retail users.
- HashKey’s KYC Requirements: HashKey Exchange announced its KYC requirements for account opening, which include providing identification documents, completing an investment experience questionnaire and a cryptocurrency knowledge test, and transferring funds from a Hong Kong bank account.
- HSK Token Roadmap: HashKey Exchange unveiled the HSK roadmap, which includes an update to the HSK economic model and the release of token distribution rules. The total supply of HSK is set at 1 billion tokens.
Indictment at SafeMoon and Financial Reports
- SafeMoon Indictment: Multiple individuals at SafeMoon have been charged with conspiracy to commit securities fraud, wire fraud, and money laundering related to the SafeMoon token. Two individuals have been arrested in the United States.
- Coinbase’s Q3 Financial Report: Coinbase released its third-quarter financial report, revealing a revenue of $674.1 million, surpassing analysts’ expectations. However, the trading volume experienced a decline, dropping to $76 billion this quarter.
- MicroStrategy’s Q3 Financial Report: MicroStrategy reported total revenue of $129.5 million for the quarter, reflecting a 3% year-over-year increase. The company holds a total of 158,400 bitcoins.
a16z’s Fundraising Plans and SBF’s Conviction
- a16z’s Fundraising Plans: Andreessen Horowitz (a16z) is planning to raise approximately $3.4 billion for its next core early-stage and seed-stage funds. The fundraising campaign is set to commence around the end of the year.
- SBF’s Conviction: SBF has been found guilty of deceiving customers of his now-bankrupt cryptocurrency exchange. The jury found SBF guilty of all seven charges he faced after a month-long trial.
Actionable Insights
- Monitor Regulatory Developments: The report highlights the importance of monitoring regulatory developments, as seen in the SEC’s subpoena to PayPal and the CFTC’s whistleblower payouts. These developments can have significant implications for companies operating in the cryptocurrency space.
- Understand Market Trends: The report underscores the need to understand market trends, as evidenced by the Federal Reserve’s decision to maintain interest rates and the 15th anniversary of the Bitcoin whitepaper. These trends can influence investment decisions and market dynamics.
- Assess Company Performance: The report emphasizes the importance of assessing company performance, as illustrated by the financial reports of Coinbase and MicroStrategy. These assessments can provide valuable insights into a company’s financial health and future prospects.
