2 cryptocurrencies shut down, and Coinbase is the winner.
- What to look for
- One video covers Bitcoin's resilience to macroeconomic pressures, the battle for dominance among Coinbase, OKX, and Robinhood, L2 closures, and the funding battle surrounding the midterm elections.
- Why it matters
- Understanding exchanges' transformation into everything platforms, L2 restructuring, and the flow of political funding can help gauge the winners and losers in the cryptoasset market and the pace of its integration into the institutional mainstream.
AI summary
Yahoo Finance's Daily Wolf reports that, despite pressure from rising oil prices and interest rates, Bitcoin is holding near 8 ten-thousand dollars plus 4 thousand dollars after rising from lows in the 6 ten-thousand dollar range to a high of 8 ten-thousand dollars plus 8 thousand dollars. The report explains that, despite 30-year Treasury yields reaching their highest levels in decades, Brent crude exceeding 100 dollars, 10-year yields exceeding 5.3%, and a stronger dollar, Bitcoin moved only 1~2% a day and delivered its best quarter 3 rally in years. It says Coinbase completed its integration of Deribit, bringing spot, futures, perpetuals, and options onto one platform, and announced plans to revive Coinbase Pro within the year. It reports that OKX, with investments from Circle, Ripple, SC Ventures, and others, is targeting a global fintech platform at a valuation of 250 hundred-million dollars and pursuing a joint venture with ICE for a tokenized stock exchange. It says Robinhood purchased Bitcoin worth 2 thousand ten-thousand dollars plus 5 hundred ten-thousand dollars using its own funds and put it on its balance sheet, emphasizing the signal rather than the size. It explains that Pudgy Penguins' Abstract will close on December (month 12) 15, meaning that, following Blast, two Ethereum L2 networks will have closed within a week, as major consolidation takes place in the L2 market. It reports that the Fairshake super PAC is supporting 32 incumbent House members, including 19 Republicans and 13 Democrats, and that the Winklevoss brothers filed for a ZEC ETF called Wink with fees one tenth of Grayscale's, expressed as 1 out of 10. All directional outlooks are the speaker's conditional judgments, not definitive short-term price predictions.