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- Crypto Compass by BitcoinWalletSG #97
Crypto Compass by BitcoinWalletSG #97
Pennsylvania Lawmakers Push for Strategic Bitcoin Reserve Legislation? Read it in our weekly newsletter now!
Hello Fam,
As Bitcoin nears the ambitious $96,000 target set at the year’s start (see the footer banner at some of our previous newsletters), its ascent is bolstered by growing institutional adoption and groundbreaking policy proposals like the Strategic Bitcoin Reserve Act.
These initiatives position Bitcoin as a strategic asset, akin to gold, reflecting its evolution into a cornerstone of financial resilience. This milestone highlights Bitcoin's expanding role in the global economy, redefining how nations approach monetary strategy.
Pennsylvania Lawmakers Push for Strategic Bitcoin Reserve Legislation
Pennsylvania House Republicans Mike Cabell and Aaron Kaufer introduced the Strategic Bitcoin Reserve Act, aiming to allow the state treasurer to invest in Bitcoin and crypto-based assets as a hedge against inflation. Inspired by similar federal legislation from Senator Cynthia Lummis, the bill reflects growing bipartisan interest in Bitcoin as a financial asset. Advocates argue Bitcoin's inclusion in state reserves could enhance portfolio diversification and resilience amidst economic volatility. The federal BITCOIN Act, proposed by Lummis, may gain traction early in the Trump administration, signaling broader institutional adoption of digital assets.
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We’ve been sharing $USUAL project since months ago in our newsletter, and it has now confirmed a Binance listing. Hope you have benefited from this. Will strive to share more solid project in our newsletter!
I haven't been pushing @usualmoney as it was nearing TGE and I was unsure if it will be good returns to farm in the last 30 days to TGE.
However, there should be more farming opportunities post TGE based on the new @pendle_fi pool expiring on Mar '25.
Access code: J5VTJ… x.com/i/web/status/1…
— Bullish (@bullishNFT)
9:42 AM • Oct 27, 2024
MicroStrategy Adds 51,780 Bitcoin in $4.6 Billion Purchase
MicroStrategy acquired 51,780 BTC for $4.6 billion over six days, raising its holdings to a staggering 331,200 BTC, valued at nearly $30 billion. The acquisition was funded through the sale of 13.6 million shares via its at-the-market share issuance program. This marks the firm's second massive purchase in weeks, following a 27,200 BTC buy for $2 billion. Despite a 1% premarket dip, MicroStrategy's shares are up nearly 400% year-to-date, reflecting investor confidence in its aggressive Bitcoin strategy.
Memecoins Outperform Crypto Market with 103% Average Returns
Memecoins have significantly outpaced the broader crypto market, delivering an average 103% return over the past 30 days compared to the market's 16.1% average, according to Artemis data. Leading the charge were Dogecoin (196.1%) and PepeCoin (121.1%), while Solana-based Bonk (70.2%) and Base's Brett (63.5%) also saw notable gains. Despite the memecoin boom, election-themed tokens like MAGA (TRUMP) suffered a 72% crash post-election. Meanwhile, traditional sectors like “store of value” tokens (48.2%) and smart contract platforms (24.3%) also posted positive results, though some sectors, including AI and data availability, lagged behind with losses.
Happenings of the week
18 States Sue SEC Over Crypto Crackdown
In a major legal challenge, 18 Republican-led states, alongside the DeFi Education Fund, have filed a federal lawsuit against the SEC and its commissioners, including Chair Gary Gensler, accusing the regulator of unconstitutional overreach in its approach to crypto enforcement. The suit, filed in Kentucky, alleges the SEC bypassed congressional authority and standard rulemaking procedures under Gensler’s leadership. The move comes amid expectations of pro-crypto regulatory reforms following President-elect Donald Trump’s election, who has pledged to replace Gensler with a more crypto-friendly SEC chair. The lawsuit seeks to freeze the SEC’s ability to sue crypto firms, signaling a broader push for a decentralized regulatory framework.
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