Ndax Weekly TL;DR November 25th

• Trump’s Proposed Crypto Advisory Council to Establish Strategic Bitcoin Reserve
• Gary Gensler Announces Resignation as SEC Chair
• The Graph Unveils GRC-20 Standard to Enhance Web3 Data Structuring
• Injective Unveils AI-Powered SDK for On-Chain Finance Automation

President-elect Donald Trump’s proposed Crypto Advisory Council is set to establish a Strategic Bitcoin Reserve, in line with his earlier campaign promises. The council will guide US crypto policy, collaborate with Congress on legislation, and potentially operate under the White House’s National Economic Council. Leading US crypto companies are vying for representation on the council. The initiative follows growing support for a Bitcoin reserve, with states like Texas and Pennsylvania considering similar moves. While the council's formation has garnered enthusiasm, critics warn of potential conflicts of interest, urging caution in balancing industry influence with public oversight. CryptoSlate

Gary Gensler announced his resignation as SEC Chair, effective January 20, 2025. Gensler, who faced criticism from the crypto community for his regulatory actions, including lawsuits against major platforms, will be succeeded by a new nominee from President-elect Donald Trump. While potential candidates such as Summer Mersinger and Brian Brooks are speculated, the new appointee must undergo confirmation hearings in the US Senate. The Senate may scrutinize the nominee's approach to crypto regulation, which could impact their confirmation. Even with a crypto-friendly appointment, ongoing lawsuits are unlikely to be dismissed immediately, as they may require settlement rather than outright dismissal. Cointelegraph

The Graph, a decentralized indexing protocol, has introduced the GRC-20 standard to enhance data structuring for Web3 applications. Building on the concept of knowledge graphs, GRC-20 aims to link and label information to create a unified framework for decentralized data. It replaces the outdated Resource Description Framework (RDF) to provide a more efficient approach for Web3. The standard introduces "Spaces," "Entities," "Relations," and "Types" to organize data and will be supported by new developer tools. The proposal, outlined in a Graph Improvement Proposal by developer Yaniv Tal, is open for community feedback. Cointelegraph

Injective has introduced iAgent, a new SDK enabling users to create custom on-chain AI agents powered by large language models like OpenAI's ChatGPT. Announced at the Injective Summit 2024, iAgent allows users to automate tasks such as trading, payments, and fund management using natural language commands. The tool supports multiple independently configurable agents tailored to specific needs. This launch aligns with Injective's broader push into market innovations, including tokenized assets and partnerships like Mountain Protocol's US Treasury bill integration. crypto.news 

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News Nuggets

• October Inflation Rises to 2%, Raising Questions Ahead of BoC December Rate Decision Yahoo Finance
• FTX to Begin Customer Repayments in January 2025 Following Chapter 11 Reorganization CryptoSlate 
• Chris Giancarlo Considered for Trump Administration’s Proposed Crypto Czar Role CryptoSlate
• Michael Saylor to Present Bitcoin Investment Proposal to Microsoft Board Cryptonews
• Sui Partners with Franklin Templeton to Boost Blockchain Ecosystem Cointelegraph
• Cosmos Co-Founder Proposes Blockchain-Based Debt Clearing System Cointelegraph
• MicroStrategy's Bitcoin Holdings Reach $26 Billion, Surpassing Nike and IBM's Cash Reserves crypto.news
• El Salvador Launches First Tokenized U.S. Treasury Offering CoinDesk

As of 11-25-2024 at 8:40 AM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has risen to approximately CA$4.66 trillion.
• Bitcoin's market dominance stands at 57.8%, while Ethereum's share is 12.5%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$135K and CA$138K registering a 7% change over the past week and a market cap of CA$2.7 trillion. At Ndax, the weekly movers are XLM, which saw a 113% increase in the last seven days reaching a market cap of CA$21.1 billion, and SAND, which experienced a 115% rise with a market cap of CA$2.6 billion. (At time of writing)
   

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Mark your calendars!

• Nov 26: US FOMC Fed Minutes
• Nov 27: US Initial Jobless Claims Announcement
• Nov 30: Optimism Token Unlock

This week’s blog, A Guide to Understanding Crypto Mining, unpacks the fundamentals of how cryptocurrencies like Bitcoin are mined, why this process is vital for securing decentralized networks, and how it has evolved over time. Whether you're curious about the technology or the role mining plays in the crypto ecosystem, this guide provides valuable insights. To learn more click here.

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