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BITCOIN BOX SCORE

Exchange Rate: $95,300
Market Capitalization: $1.89T
Hash Rate (90 days): 691.0 EH/s
Transactions (30 days): 16,072,617
Network Fees (economy): 2 sat/vB
Bitcoin Dominance: 58.25%

What do these numbers mean?

As families celebrate Thanksgiving this week, bitcoin will surely be a topic of conversation in many homes. The dollar exchange rate has surged over 30% so far this month, and $100,000 per bitcoin is within reach.

Institutions show no signs of slowing down either. MicroStrategy purchased 55,500 bitcoins this week, spending over $5 billion, and Semler Scientific acquired 297 bitcoins for $29 million. The free speech video platform Rumble announced a new treasury strategy to allocate up to $20 million to bitcoin.

Remixpoint, a Japanese energy company, bought $3.2 million worth of bitcoin. In addition to corporate investment, sovereign purchases may also be on the horizon. "A U.S. Bitcoin reserve makes a lot of sense; BTC is the world's first digital commodity," stated former CFTC chair Christopher Giancarlo on Fox Business.

Not only has demand accelerated, but firms are innovating how they incorporate bitcoin to enhance current workflows. Dr. Andrew Hohns, CEO of Newmarket Capital and Battery Finance, appeared on CNBC’s Squawk Box to discuss using bitcoin as collateral alongside traditional assets like real estate. Battery Finance just completed the first loan of this kind, combining bitcoin with the collateral for an apartment building in Philadelphia:

Every week, more individuals and institutions discover how they can benefit from bitcoin – something for which we can all be truly grateful this Thanksgiving!

NEWS

⚖️ Appeals court reverses Tornado Cash sanctions

A U.S. federal appeals court overturned the Treasury Department's sanctions against Tornado Cash, an open-source protocol that enhances transaction privacy.

The three-judge panel ruled that the Treasury's Office of Foreign Assets Control (OFAC) exceeded its authority by sanctioning Tornado Cash's immutable smart contracts, which are autonomous and cannot be owned or controlled. Judge Don R. Willett stated, "The immutable smart contracts at issue are not property because they are not capable of being owned," placing them outside the scope of property that can be sanctioned under U.S. law.

The wins keep piling up – but don’t get cocky.

This outcome is very positive for financial privacy, but it would be premature to celebrate. Tornado Cash are still fighting additional legal challenges, including charges of money laundering in the Netherlands and the United States. Unjust financial surveillance and repression is rampant and it will take a lot more hard work to turn the tide and reinstate financial freedom.

🏦 Charles Schwab seeks to offer spot bitcoin to clients

According to incoming CEO Rick Wurster, financial services giant Charles Schwab is preparing to offer direct bitcoin access to its clients. In a recent interview, Wurster stated that while clients have already engaged with bitcoin through exchange-traded funds (ETFs), futures, and closed-end funds, the firm aims to take a more direct approach.

Financialization of bitcoin continues.

If bitcoin’s destiny was to become the world’s money, it was inevitable that “TradFi” (Traditional Finance) would get into the game. We are happy to see bitcoin becoming a mainstream financial asset attracting the support of some of the most powerful institutions on the planet. However, for those who wish to benefit from bitcoin themselves, we recommend avoiding legacy financial institutions and instead obtaining it from a reputable bitcoin exchange.

Texas court orders SEC to revoke expanded "dealer" rule

A Texas federal court ordered the U.S. Securities and Exchange Commission (SEC) to discard its controversial rule that broadened the definition of "dealer," affecting both bitcoin-focused and traditional finance firms. The rule, adopted in February after a close 3-2 vote among commissioners, aimed to include entities that provide market liquidity, effectively removing the traditional distinction between "traders" and "dealers."

The Blockchain Association and the Crypto Freedom Alliance of Texas filed a lawsuit against the SEC in April arguing that the agency exceeded its statutory authority as defined by the Securities Exchange Act of 1934. Judge Reed O’Connor agreed, stating that the SEC's expanded definition was "untethered from the text, history, and structure" of the Act.

Oh, Gary.

After a disastrous tenure that included illegal attacks on American companies and banks and a coverup of how FTX was used as a money laundering operation for leading U.S. politicians, this court order can be chalked up to yet another black eye for Gary Gensler’s SEC. Let’s hope the new administration gives the agency a hard reset.

Cantor Fitzgerald acquires 5% stake in Tether, plans bitcoin lending program

Cantor Fitzgerald, a major U.S. financial services firm, is reportedly launching a $2 billion bitcoin-backed lending program in partnership with Tether. The initiative will allow clients to borrow dollars using bitcoin as collateral, starting with $2 billion and expanding as adoption grows.

This move deepens Cantor's involvement with bitcoin. The firm acquired a 5% stake in Tether valued at $600 million. Today, it manages a significant portion of Tether's $132 billion assets through its custody business.

Bitcoin in the halls of power

The development coincides with Cantor's CEO, Howard Lutnick, being nominated as Commerce Secretary under President-elect Donald Trump. Lutnick plans to divest his interest in the firm, potentially passing the oversight of the Tether relationship to his son, Brandon Lutnick, who has experience with the company.

By embracing bitcoin-backed loans, Cantor Fitzgerald has positioned itself at the forefront of financial innovation.

BITCOIN ADOPTION CONTINUES

Vancouver Mayor Ken Sim plans to introduce a motion to establish a municipal bitcoin reserve in order to position Vancouver as a “bitcoin-friendly city.”

Mining company Marathon purchased 6,474 bitcoins using proceeds from a $1 billion convertible notes offering, mirroring MicroStrategy's strategy of issuing corporate debt to acquire bitcoin. Marathon now holds approximately 34,797 bitcoins in its treasury.

Cboe Global Markets will launch cash-settled bitcoin index options on December 2, allowing investors to trade options tied to the price of spot bitcoin.

Brazil's Congress is weighing new legislation introduced by Congressman Eros Biondini to create a sovereign federal Bitcoin Reserve or RESBit.

Timestamp, a new platform launched by Dr. Arman Meguerian, enables accredited and non-accredited investors to invest in bitcoin and open-source companies with low investment minimums, making these opportunities accessible to a broad audience.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

What will it take to scale the sell wall and hit $100,000?

Bitcoin stands on the brink of a historic milestone: breaking the $100,000 barrier. Recently it peaked at $99,728, and the big moment seemed all but assured – but then it settled in the lower $90’s.

Bitcoin's price action reflects typical market dynamics as it approaches significant psychological levels. Understanding these dynamics offers insight into what it will take for bitcoin to scale the $100,000 wall.

One key factor is the behavior of long-term hodlers. Over the past seven weeks, they've sold over 400,000 bitcoins, capitalizing on the price surge. This profit-taking is common during bull markets, especially near major milestones like $100,000. However, this selling pressure is being met (and potentially offset) by substantial institutional and corporate buying. Spot bitcoin ETFs and companies like MicroStrategy and Semler Scientific have collectively purchased over 280,000 bitcoins in the same period.

Global economic conditions also play a crucial role. Bitcoin's price has closely tracked the global M2 money supply, which has recently declined. As Theya's Head of Growth, Joe Consorti, recently noted, bitcoin could face further corrections if this trend continues. Yet, sustained inflows from ETFs and corporations and increasing institutional adoption might help bitcoin decouple from this pattern and resume its upward trajectory.

Market sentiment remains bullish. According to Galaxy's Head of Firmwide Research Alex Thorn, options market data shows interest in call options at strikes above $93,000, indicating that many investors are betting on continued price increases. Additionally, the current leverage in the system appears healthy rather than excessive, reducing the risk of sharp downturns due to liquidations.

Regulatory and policy developments are also tilting in bitcoin's favor. A new U.S. administration that is pro-bitcoin, discussions of a strategic bitcoin reserve, and potential nation-state adoption are creating a supportive environment. This, combined with growing institutional involvement, sets the stage for bitcoin to overcome the $100,000 hurdle.

On The Bitcoin Standard Podcast, our own Dave Birnbaum talks about how Coinbits.app is using bitcoin to build an innovative operating system for money. Listen now: Spotify | YouTube | Apple | Fountain

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COIN CHECK

What was the first bitcoin exchange, and when was it launched?

1. Mt. Gox , 2010

2. Bitcoin Market, 2010

3. Coinbase, 2013

4. Gemini, 2012

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. Bitcoin Market, 2010

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