Welcome to our 199th issue of State of the Market, where we provide an overview of crypto market activity from November 21 – November 27, 2024.
This week in crypto markets:
- MicroStrategy has acquired $5.4 billion worth of Bitcoin, bringing its total holdings to 386,700 BTC valued at $37.6 billion, reflecting growing institutional interest in the cryptocurrency.
- Cantor Fitzgerald is in talks with Tether to launch a $2 billion Bitcoin-backed lending program, allowing clients to borrow dollars using Bitcoin as collateral and further bridging traditional finance and the crypto industry.
- The stablecoin landscape is evolving with the introduction of EURQ and USDQ, euro and US dollar-referenced E-Money Tokens issued on the Ethereum blockchain, indicating growing acceptance of regulated stablecoins.
- A significant ruling on Tornado Cash case by the Fifth Circuit has determined that immutable smart contracts cannot be classified as “property” subject to sanctions, potentially protecting developers, while the case surrounding Tornado Cash’s developer continues to unfold.
Brought to you by coinmetrics.io
