📈 Solana to $100?

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GM!

Solana is back baby. You heard it, SOL continues to surge, up another 9% in the past 24 hours and 88% over the past month. There has been much debate on the value of SOL, and we share some pretty good arguments.

Whilst ALTs have continued to pump. NFTs have found themselves in a more difficult spot with volume barely coming back. Investors behind Opensea, the largest NFT marketplace, have significantly reduced the valuation of the marketplace by 90%.

Have any Crypto questions you want answering? Feel free to reply to this email and let us know!

Markets

'Mini Altcoin Season' Lifts Crypto (3 minute read)
On Tuesday, Bitcoin surged to $35,500, riding on the momentum of a broader rally in alt coins and a growing risk-on sentiment in traditional financial markets, propelling the total market value of crypto to a 16-month high. The total cryptocurrency market capitalization reached $1.31 trillion, the highest level seen since late May 2022 when the Terra ecosystem imploded. This surge was further supported by increasing risk appetite in traditional markets, as evidenced by a decline in the price of safe-haven asset gold to a three-week low and a 4% drop in West Texas Intermediate crude oil (WTI) to its lowest point since July. The Nasdaq 100 also posted a 1.1% gain, extending its winning streak to seven days.

Solana Is Back (3 minute read)
Solana is once again in the limelight. Yesterday, SOL's price surged by more than 9%, reaching a 24-hour high of $44.41. Over the past 30 days, it has witnessed a remarkable 88% increase in value, marking it as the standout performer. Despite its ties to the now-defunct FTX crypto exchange and its founder, Sam Bankman-Fried, who faced criminal convictions, experts assert that Solana's recent resurgence should not be surprising. SBF was a prominent advocate for Solana, and FTX had invested in various Solana-related ventures. However, FTX's high-profile bankruptcy, holding over $1 billion in SOL, led to a significant drop in the cryptocurrency's value. Nonetheless, notable players in the cryptocurrency space still recognize the genuine value in the Solana ecosystem. Crypto Twitter has been furiously debating the value of Solana recently, we found this tweet pretty thought provoking.

Robinhood crypto trading revenue plummets 55% in Q3 (2 minute read)
In the third quarter, Robinhood experienced a substantial decline in its crypto trading revenue, aligning with a trend observed throughout 2023. The investing app reported a notable decrease in its transaction-based revenues from cryptocurrencies, with figures dropping to $23 million, marking a 55% decrease from the previous quarter. This reduction in revenue was even more pronounced in the crypto segment, while transaction revenues for equities decreased by 13% quarter over quarter. During Robinhood's earnings call on Tuesday, CEO Vlad Tenev emphasized the company's commitment to improving the user experience for its crypto investors.

Tech

OpenSea Investor Coatue Cuts NFT Marketplace's Valuation by 90% (2 minute read)
Coatue Management, an asset manager, has significantly reduced the valuation of the NFT marketplace OpenSea by 90%. This move comes after Coatue and Paradigm jointly led a $300 million funding round for OpenSea in 2022, valuing the platform at $13.3 billion during its Series C. Notably, OpenSea had previously announced a 50% reduction in its workforce in November. While the cryptocurrency market has shown signs of emerging from the crypto winter, NFT sales have been slower to rebound, with weekly NFT sales decreasing from approximately 176,000 at the beginning of the year to around 23,000.

Binance announces self-custody crypto wallet during conference (2 minute read)
Binance has introduced a self-custody wallet integrated into its native app. The company made this announcement during its Binance Blockchain Week conference held in Istanbul, Turkey. In their statement, Binance expressed that "millions of Binance users can now explore and experience web3 without the risk of losing seed phrases or struggling with complicated onboarding processes." Binance's objective is to enable its customers to utilize the wallet for a wide range of activities, including swapping thousands of tokens across more than 30 networks, exploring decentralized applications, transferring funds between their exchange account and the wallet, and earning yield on digital assets.

Misc

Coinbase beefs up its global advisory council with 4 national security experts (2 minute read)
On November 7, Coinbase announced the expansion of its Global Advisory Council with the addition of four national security experts, aimed at assisting the exchange in evaluating the repercussions of regulatory uncertainty within the United States. This development signifies a strategic shift for the Coinbase council, with notable members including a former U.S. Secretary of Defense. The Global Advisory Council, established in May, represents the third advisory council within Coinbase, with the others focusing on asset management and regulation.

CFTC Flexes Record Crypto Seizures & Regulation Enforcements in 2023 Fiscal Year Report (3 minute read)
In a display of heightened regulatory authority, the Commodity Futures Trading Commission (CFTC) took robust action against illicit activities within the cryptocurrency sector in 2023. The CFTC's Division of Enforcement initiated a record-breaking total of 96 enforcement actions spanning various markets, resulting in penalties and restitution exceeding $4.3 billion. Notable actions involved prominent complaints targeting major exchanges, Ponzi schemes, and a groundbreaking legal victory against a DAO. The CFTC's whistleblower program played a pivotal role in their action.

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