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Mark Cuban expresses interest in replacing Gary Gensler as SEC Chair
Billionaire Mark Cuban has endorsed Kamala Harris for the 2024 U.S. presidential election and expressed interest in becoming head of the Securities and Exchange Commission (SEC) or the Department of Health and Human Services (HHS) if she wins. During an interview, Cuban criticized current SEC Chair Gary Gensler, calling him "awful, especially for crypto and all businesses," and stated that he would be open to replacing Gensler. Cuban praised Harris’ focus on advancing technologies like artificial intelligence, while cryptocurrency is increasingly influencing U.S. politics. Meanwhile, Donald Trump and his son recently launched a decentralized finance business, World Liberty Financial.
Base's Total Value Locked Surpasses $2 Billion for the First Time Amid Ongoing User Activity
Base, a Layer 2 Ethereum network developed by Coinbase, has surpassed $2 billion in total value locked (TVL) for the first time, becoming the second-largest optimistic rollup by deposits, trailing only Arbitrum. Data from DeFiLlama shows Base’s TVL reaching $2.08 billion, marking a 370% increase since the start of 2024. Base utilizes optimistic rollups to enhance Ethereum's scalability by processing transactions off-chain and periodically submitting data to the main blockchain. Aerodrome, a decentralized exchange, has driven much of Base’s TVL growth, contributing over $1 billion in deposits, with Uniswap adding $220 million. While Arbitrum still leads in TVL, Base ranks highest in user activity metrics, including active addresses and daily transactions.
Middle East captures 7.5% of global cryptocurrency trading volume
A Chainalysis report from September 25 revealed that the Middle East and North Africa (MENA) region accounted for 7.5% of global cryptocurrency transaction volume between July 2023 and June 2024, amounting to $338.7 billion. Institutional and professional investors dominated this activity, with 93% of transactions exceeding $10,000, while retail investors made up just 1.8%. Most of the crypto traffic in the region was conducted through centralized exchanges, although interest in decentralized platforms is growing in the UAE and Saudi Arabia. The UAE has emerged as a global crypto hub, driven by regulatory clarity and recent legal rulings recognizing cryptocurrencies as valid for employment contracts. Additionally, UAE regulators have expanded the reach of licensed virtual asset providers across the country and introduced custodial insurance for financial institutions to safeguard against hacks and fraud.
Trading Desk Insights
Bitcoin has finally broken out of its consolidation phase and is now making a push toward previous highs of $70,100, with an eye on the all-time peak of $73,750. Altcoins are also showing strength, outperforming the broader market as capital flows into this segment, benefiting from the current price momentum.
The AI and meme token narratives remain prominent in the market. In the AI sector, we’re closely monitoring TAO and FET, while in the meme coin space, WIF, BONK, BRETT, and POPCAT are capturing attention. POPCAT has already seen significant movement, but others like MYRO are still lagging, presenting potential opportunities. FLOKI underperformed earlier in the week but has rebounded, posting a 15% gain today. Meme tokens generally thrive during periods of increased liquidity as traders show a greater risk appetite. SOL is attempting to break past $164, a key resistance level that could fuel a strong rally if breached. Meanwhile, TIA surged 50% in September, driven by a short squeeze, as funding rates hit their lowest levels of 2024 before rebounding to nearly neutral after months in the red.
In ETF flows, Bitcoin-focused products attracted substantial inflows, with $365.7 million in total, led by ARK’s contribution of $113.8 million. On the other hand, ETH ETFs have been less fortunate, seeing outflows of $0.1 million, despite overall market optimism.
Global risk markets remain bullish as U.S. equities hit fresh all-time highs for the third time this week. This rally has been supported by aggressive stimulus measures aimed at revitalizing China’s economy. Chinese tech stocks, particularly beaten-down giants like Alibaba, have surged to their highest levels in over a year following policy announcements from China’s central bank designed to stimulate growth.
In U.S. markets, equity futures were steady on Friday, capping off a strong week. Traders are now assessing new economic data that signals further progress in cooling inflation. The Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose by just 0.1% in August, falling short of the expected 0.2%. This data is encouraging and could provide the Fed with more confidence to continue easing interest rates.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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