🚀Bitcoin Rockets to $88,000

GM Defiers!

The crypto rally continues, with Bitcoin hitting another all-time high of $88,000 on Monday. Total crypto capitalization has surpassed $3 trillion for the first time, as ETH, SOL, and DOT climbed 5%.

Andreessen Horowitz predicts Trump will oversee a break from the hostile regulatory climate overseen by the Gary Gensler-led SEC. “We’re very optimistic that the government will now foster innovation, accelerate progress, and enable the crypto ecosystem to thrive in the U.S,” the company said.

Avara continues to expand its web3 presence, with Aave’s parent company shipping an Ethereum wallet.

The FTX bankruptcy is taking Binance to court in a bid to claw back $1.76 billion it says was misappropriated by FTX to fund a share repurchase agreement.

Also, ENS plans to launch a Layer 2, Degenchain blames Conduit for migration drama, and Polygon’s TVL dips 20% after Polymarket’s election markets close.

✍️ In today’s newsletter:

Bitcoin surges 9% to $88,000
A16z tips end to regulation-by-enforcement in the U.S.
Avara launches non-custodial Ethereum wallet
FTX sues Binance over $1.76 billion share buy
ENS reveals zero-knowledge rollup plans
Degenchain says Conduit is holding it hostage
Polygon’s TVL slumps after Polymarket activity cools

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🎉A16z Predicts Bright Future for Crypto Under Trump

Andreessen Horowitz, the heavyweight crypto VC firm, believes the SEC’s recent campaign of regulation-by-enforcement targeting web3 could come to an end under Trump’s second presidency. A16z predicts constructive dialogue between the crypto industry and lawmakers in the coming years.

🚀Crypto Market Cap Crosses $3 Trillion as Bitcoin Surges 9% to $88,000

The cryptocurrency market continues its bullish run, setting new records daily as institutional and retail investors pile into the sector. The global crypto market cap has now surpassed $3 trillion for the first time.

💼Avara Launches Non-Custodial Ethereum Wallet

Avara, the parent company behind Aave and Lens, launched a non-custodial Ethereum wallet. The wallet offers features designed to cater to advanced DeFi users.

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‍⚖️FTX Sues Binance Over $1.76B Share Repurchase Deal

FTX’s bankruptcy estate has launched a $1.76 billion lawsuit against Binance, the defunct exchange’s former investor. The estate claims FTX used $1.76 billion worth of customer assets to finance buying its shares back from Binance.

‍🆕ENS Is Developing a ZK Layer 2

ENS Labs announced plans to launch a zero-knowledge Layer 2 next year. The team said the upcoming L2 will enable a “complete reimagining” of the Ethereum Name Server protocol.

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😡Degenchain Blames Conduit for Migration Struggles

Degenchain claims its network has been held hostage by Conduit, a rollup deployment protocol, following months of sluggish progress toward its chain migration. Degenchain blamed Conduit for a 50-hour outage and said its keys are being used for leverage.

📉Polygon TVL Drops 20% as Polymarket Fever Cools

Polygon’s TVL dropped 64% in three days after the election markets on Polymarket closed. However, activity on the chain remains high.

🌍 ELSEWHERE

Mt. Gox Shuffles $2.4B Bitcoin Between Wallets as BTC Hovers Near $82K (C oinDesk)
MicroStrategy Now Holds Nearly $23 Billion in Bitcoin With Latest Buy (Decrypt)
Lending protocol Delta Prime suffers second exploit in two months, bringing losses above $10 million (The Block)
Elizabeth Warren Will Be the Top Democrat on the Senate Banking Committee (Unchained)