Intel Report 27/9

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Summary
GM, Bitcoin reached a two-month high of $65,521, driven by positive macroeconomic factors including the Federal Reserve's recent rate cut. This surge has reignited discussions about Bitcoin's potential to reach new all-time highs. Meanwhile, the stablecoin landscape is evolving, with Ethena Labs announcing a new stablecoin called UStb, backed by BlackRock's tokenized USD Institutional Digital Liquidity Fund. In regulatory news, the SEC has approved Bank of New York Mellon to provide custody for crypto assets beyond ETFs, signaling growing institutional involvement in the crypto space. These developments highlight the increasing mainstream acceptance and integration of cryptocurrencies in traditional finance.

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News Headlines
💼 BlackRock Buys $184 Million Worth of BTC in One Day

• BlackRock purchased 2,913 BTC worth $184.4 million on September 25, bringing its total holdings to 359,279 BTC valued at ~$23 billion.

• This significant investment indicates growing institutional interest in cryptocurrency, potentially influenced by seasonal trends and recent Fed rate cuts.

📊 Crypto Hacks Surge to $2.1B in 2024, CeFi Hit Hardest

• Cryptocurrency losses from hacks and scams reached $2.1 billion in the first three quarters of 2024, surpassing total losses from 2023.

• Centralized finance (CeFi) faced a 984% year-on-year increase in losses, while decentralized finance (DeFi) saw a 25% decrease.

💰 Robinhood and Revolut Consider Launching Their Own Stablecoins

• Robinhood and Revolut are exploring the launch of their own stablecoins, aiming to enter the $170 billion stablecoin market.

• This move follows the trend of traditional finance firms increasing their involvement in the crypto space.

🔗 QED, Nexus Aim to Bring Smart Contracts to Dogecoin

• Blockchain developers QED Protocol and Nexus are set to launch a layer-2 scaling solution for Dogecoin.

• This new L2 aims to enable Dogecoin to support smart contracts and compete with platforms like Ethereum and Solana.

💼 Guggenheim Treasury Tokenizes $20M Commercial Paper on Ethereum

• Guggenheim Treasury Services has tokenized $20 million in commercial paper on the Ethereum blockchain.

• This marks a first for digital versions of such instruments, potentially opening new avenues for traditional finance in the crypto space.

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Market Metrics

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Fundraising & VC
1. Mawari (Strategic, $10.8M) - DePIN for spatial computing
2. Japan Open Chain (Strategic Undisclosed) - Ethereum-compatible Layer 1 blockchain
3. Meridian (Accelerator Undisclosed) - Central liquidity hub on Movement Labs