BTC stays resilient

While many might have expected for BTC (and other assets) to drop after a Democrat sweep, markets are instead up significantly this morning. BTC is up nearly 4%, with ETH up more than 8%. At the end of the day it looks like investors care more about certainty (i.e. no crazy election lawsuits) than they do about another (perhaps, more hostile) party in charge. Inflation… war… Binance hack… election tsunami… at this point, crypto prices have pretty much shrugged them all off, which is quite bullish.

Circle (CRCL) delivered impressive financial results for the Q3 this morning, highlighted by a $13.9 trillion onchain transaction volume for USDC, marking a 49% increase YoY. Total revenue and reserve income climbed 17% to $865 million, while adjusted EBITDA surged 85% to $317 million, helped by $182 million in revenue from the private presale of its new native network token, ARC. Read more →

A $6.3 billion theft is the kind of headline you’d expect to shake crypto investors. Yet bitcoin’s initial decline was relatively modest – and Bitwise CIO Matt Hougan argues that reaction is less surprising than it looks. His latest memo examines bitcoin’s performance after major hacks and explains why a failure at an exchange doesn’t necessarily undermine the asset itself. It’s a useful perspective on the Binance fallout, with a more practical takeaway about where investors keep their crypto. Read more →

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