Ndax Weekly TL;DR November 18th

• Vitalik Buterin Outlines Ethereum's Future as the "World Computer" at Devcon 2024
• Pennsylvania Bill Proposes $7 Billion Bitcoin Reserve Fund
• Crypto Markets React to Powell's Hawkish Tone Amid Strong Market Gains
• Investors Withdraw Appeal in Lawsuit Against Elon Musk Over Dogecoin Price Manipulation

At Devcon 2024 in Bangkok, Ethereum co-founder Vitalik Buterin highlighted Ethereum’s evolution into a decentralized "world computer" supporting a diverse on-chain economy and global community. He emphasized the importance of Ethereum's transition from proof-of-work to proof-of-stake, which has enhanced the platform's decentralization, security, and sustainability. Buterin underscored scalability as key to Ethereum’s growth, pointing to advancements in layer two solutions like Optimistic Rollups and ZK Rollups that have dramatically lowered transaction fees. Looking ahead, Buterin called for continuous improvements to ensure Ethereum remains decentralized, inclusive, and adaptable to a rapidly evolving digital landscape. Cryptonews

Pennsylvania has introduced legislation to allocate a portion of its $7 billion state fund to a Bitcoin strategic reserve, marking a significant step in state-level digital asset policy. Led by Representative Mike Cabell, the proposal aims to diversify the state's financial reserves as a hedge against inflation, with an initial allocation of 1% to 10% under consideration. The bill has passed the Pennsylvania House and is under Senate review, with Governor Josh Shapiro’s endorsement seen as pivotal. Advocates view this as a model for other states, with similar initiatives reportedly in development across the US, potentially signaling broader adoption of Bitcoin in state fiscal strategies. CrypoSlate

Crypto markets experienced a brief pullback after Federal Reserve Chairman Jerome Powell’s comments late Thursday, which dampened expectations of a rate cut in December. Powell stated that the strength in the economy allows the Fed to approach decisions carefully and emphasized that there are no signals indicating the need to lower rates. While this caused slight declines in major cryptocurrencies like Bitcoin and Ether, the broader market remained resilient, with strong weekly gains. Ripple (XRP) led the way with significant growth, and other altcoins such as Cardano (ADA) and NEAR also saw notable increases. CoinDesk

The class-action lawsuit against Elon Musk and Tesla, which accused them of influencing Dogecoin’s price through public statements and social media posts, is nearing its conclusion as investors have withdrawn their appeal. The suit, initially dismissed in August, alleged that Musk’s comments, including during his Saturday Night Live appearance, caused significant price changes in Dogecoin for personal gain. With the appeal withdrawn, the case now awaits formal closure by the judge. crypto.news 

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News Nuggets

• Crypto Firms Advocate for Regulatory Reform Amid SEC Challenges Cointelegraph 
• Satoshi Nakamoto’s Bitcoin Holdings Surpass $100 Billion, Joining World’s Richest CryptoSlate
• Canary Capital Files First-Ever Spot ETF Application for Hedera (HBAR) with SEC Cryptonews
• Three Arrows Capital Seeks to Revise FTX Claim to $1.5 Billion Over Alleged Improper Liquidation Cointelegraph
• Pro-Bitcoin Matt Gaetz Nominated as U.S. Attorney General by President-Elect Trump crypto.news 
• Deutsche Telekom Joins NEAR Protocol as First Telecom Validator to Boost Network Security crypto.news 
• Aave Explores Expansion to Bitcoin Layer 2 Spiderchain to Boost DeFi Integration CoinDesk 
• El Salvador and Bhutan's Bitcoin Holdings Surge Above $500M and $1B Amid Crypto Rally CoinDesk

As of 11-18-2024 at 8:35 AM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has gradually risen to approximately CA$4.25 trillion.
• Bitcoin's market dominance stands at 58.9%, while Ethereum's share is 12.2%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$126K and CA$129K registering a 10% change over the past week and a market cap of CA$2.5 trillion. At Ndax, the weekly movers are XLM, which saw a 117% increase in the last seven days reaching a market cap of CA$10.1 billion, and HBAR, which experienced a 111% rise with a market cap of CA$6.1 billion. (At time of writing)

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Mark your calendars!

• Nov 19 – Canada Core Inflation Rate Announcement
• Nov 21 – US Initial Jobless Claims Announcement

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