📊 FOMC Speech Triggers $300M in Liquidations

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The past 24 hours have continued to be choppy from the price POV. Overall, we’re around the $3.8 trillion mark, with BTC and ETH down to around $111k and $3.9k. 

That being said, the market is simply following the FOMC blueprint. Five out of the six FOMC meetings held so far this year have coincided with Bitcoin corrections. 

From the buyers vs. profit-takers perspective, we do have a face-off happening at the minute. Staying above $111k-$112k is critical. As long as BTC is able to do that, it’ll be fine; if not, we’ll have to brace for a downside phase. 

Adoption-wise, we’ve been doing great lately. 

Western Union is looking to launch a dollar-backed stablecoin on Solana. Visa is gonna start accepting payments in four different stablecoins on four separate blockchains, and Securitize is going public. 

It’s a wild time to be alive! 

Fundamentally, Ethereum devs are prepping for the Fusaka upgrade. It successfully went live on the final testnet. Now, we sit back and wait for the mainnet activation, which is slated for early December.

A quick TLDR of what to expect: Improved scalability, strengthened security, and reduced costs. The upgrade will unlock the next phase of rollup scaling and pave the way for parallel execution.

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The important bits.

• Almanak creates the first bribe market for AI-driven trading and asset management - read here

• Kyan’s one-month long trading competition to start soon - read here

• L1 blockchain Stable to launch phase-2 of its pre-deposit campaign next week - read here

• Telos Consilium creates a new PT-$alUSD / $USDC market to foster looping opportunities and boost adoption of Almanak - read here

• A quick glimpse of how Pyth is partnering with major exchanges to build the world’s single source of truth for financial data - listen here

Even more important bits.

• Australia classifies stablecoins, wrapped tokens as financial products in updated guidance - read here

• World Liberty Financial to distribute 8.4 million WLFI for early USD1 adopters - read here

• Ethereum's Fusaka hard fork activates on final testnet ahead of mainnet launch - read here 

• Securitize is going public at a $1.25B valuation through a merger with Cantor Equity Partners II - read here

• Visa to add support for payments in four stablecoins on four different blockchains - read here

• British crypto firm KR1 to list on London Stock Exchange - read here

• Bitwise recorded $55M in trading volume on its Solana Staking ETF debut - read here

Charts and stats of the day.

• Lighter tops 24H perp volume rankings with $11.89B, followed by Aster ($10.72B) and Hyperliquid ($8.16B) - stats here

• USDC transfer volume on Ethereum reaches an all-time high in October - chart here

• An Ethereum ICO participant wakes up after nearly 8 years of dormancy - deets here

Become your own bank.

ether.fi Cash is the real-world spending product we DeFi natives have been waiting for for so long.

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• Use borrow mode: 70% LTV against your whole portfolio, “only borrow, never sell”

• Keep self-custody, earn big yield, and never pay for instant withdrawals or have your money stuck in a CEX again.

Telemetry data of the day.

Top trending tokens for the last 24h:

If you want to access more of this type of data and trade freshly graduated tokens on PumpFun or Bonk, visit Telemetry here (it’s free).

We’ve got Virtuals’ Butler up on our list today. In the most basic essence, Butler is that piece of the puzzle that completes the human-to-agent interface layer - It’s a conversational agent that acts as your gateway to a network of specialized agents.

There are a bunch of new cool features, with “agent fund of funds” leading the way. This pretty much lets you co-own and invest in a portfolio of productive AI agent tokens, all managed by intelligent AI agents themselves. 

I mean, it’s outrightly inception - AI managing AI for you.

Alongside, Butler will be able to help manage multichain swaps across 70+ chains, execute trades, carry out prediction market functions, and whatnot. 

If you missed our IRL interview with them, I’d say check this out. It’ll give you a full 360-degree overview of how the protocol’s agent economy works. 

• Blitzo (Gamified payments platform)

• Nemesis (DEX for ICMs)

To save you doom scrolling.

Numbers do have meanings. Proof.

By a 10-2 vote, the FOMC lowered its borrowing rate, plus Powell signalled that QT is gonna end on December 1. 

We did have a knee-jerk pullback. In fact, during his speech, around $300 million was liquidated from the crypto market in just a 15 minute window. Even stocks turned lower on the chair’s comments. The routine drill, sigh. 

P.S. Sending out today’s edition a bit late, apologies. We’ll be right back to the usual time morrow onwards! 

Lavina 🫡