Weekly Market Highlights - The Beginnings of a Pro-Crypto United States of America

22 November 2024Macro/TradFiSenator Cynthia Lummis advocates for the U.S. Treasury to convert some gold holdings into Bitcoin to create a strategic reserve.BlackRock backs creating a US Strategic Bitcoin Reserve as states and the Trump administration push to institutionalize the digital asset.Russia approves 15% tax on crypto mining and transactions, equating digital currencies to property and imposing new financial obligations on miners and traders.SEC Chair Gary Gensler will step down on January 20; Teresa Goody Guillén, BakerHostetler partner and blockchain co-lead, is eyed as successor.MicroStrategy completed a $3 billion offering of 0% convertible senior notes due December 2029, aiming to use the proceeds to buy more Bitcoin.Bitwise filed for a Solana (SOL) ETF as the asset nears a new all-time high.WisdomTree launched its latest cryptocurrency ETP, the WisdomTree Physical XRP (XRPW), now listed on exchanges in Paris and Amsterdam.CryptoL1/L2:StarkWare CEO predicts Starknet's transaction speed to quadruple and fees to drop 5x within three months, positioning it to compete with Solana.On Nov. 21, Sui, a decentralized layer-1 blockchain, faced a major outage, stopping block production for over an hour.DeFi:As announced on Wintermute's governance forum, the Ethena Foundation approved Wintermute’s proposal to share DeFi protocol revenues with token-holders.California court rules Lido DAO as a general partnership, making members legally liable for its actions.Securitize and Elixir to launch a liquid staking token (LST) for tokenized securities, including BlackRock’s on-chain money fund, BUIDL.Others:Monkey Tilt, blending casino fun with social and lifestyle perks, announced $30M in Series A funding led by Pantera Capital.FTX and its affiliates aim to implement their Chapter 11 Reorganization Plan by Jan. 2025, setting distributions for creditors and customers.Latest Binance Research Publications Check out our latest publications:Exploring the Future of AI Agents in Crypto Monthly Market Insights - November 2024Understanding the Rise of MemecoinsExplore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’ forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.