Welcome to our 197th issue of State of the Market, where we provide an overview of crypto market activity from November 7 – November 13, 2024.
This week in crypto markets:
- BlackRock’s iShares Bitcoin Trust (IBIT) set a new record for its largest single daily inflow of $1.12 billion on Thursday, surpassing its previous October 30 record of $872 million. The fund’s net asset value has reached $34.2 billion.
- London-based digital bank Revolut is expanding its crypto exchange, Revolut X, across 30 European countries, allowing users to trade over 200 tokens. The move aims to cater to both beginners and professional traders.
- Coinbase has launched its wrapped Bitcoin product, cbBTC, on the Solana blockchain, marking the first token issued by the exchange on Solana.
- Jack Dorsey’s Block (formerly Square) plans to focus on building bitcoin mining equipment and its self-custody crypto wallet, while scaling back investments in other areas like the “Web5” initiative and Tidal music streaming app.
- The FTX bankruptcy estate has filed a lawsuit against Binance, seeking to recover $1.8 billion in alleged fraudulent transfers from the collapsed exchange.
- President-elect Donald Trump announced plans to establish a Department of Government Efficiency (DOGE), with Elon Musk and Vivek Ramaswamy as potential leaders, sparking interest in Dogecoin.
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