carcarlote

@ssibal

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Bitcoin Kimchi Premium Spikes as South Korea's Political Turmoil Escalates The South Korean won hit the lowest level against the dollar since March 2009.

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There is a perfect storm brewing: Data demand for AI applications is skyrocketing, decentralized gig work in the form of DePIN and microtasking has grown in popularity and centralized methods for supporting AI are becoming untenable. Sapien is gamifying AI training and ushering in a “Gig Economy 2.0” that makes for more accessible and equitable access to the next generation of gig work.

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A profit opportunity led to nearly $100 million in trading volumes for a charity-themed memecoin. While some speculators lost money, the effort bore fruit for the original cause.

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Despite the notion that AI will replace most jobs in the future, the shift from human to automated work may push the gig economy into overdrive in the next few years. Companies are already investing a significant portion of their budgets in AI training, spending up to 80% of both time and financial resources on data labeling alone. The data labeling marketing itself is expected to reach over $17 billion by 2030 – a drastic increase from $378 million reported back in 2020.

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Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of its common stock at a price of $7.50, according to a Friday evening press release. That $7.50 is the same price per share Tether is paying for its stake.

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Fed Chair Jerome Powell said that the projected slower path of further rate cuts reflects hotter inflation readings in previous months and higher inflation expectations. Bitcoin slipped to $101,000, down nearly 5%, while altcoin majors XRP, Cardano's ADA, Litecoin's LTC were around 10% lower over the past 24 hours.

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The Federal Reserve has cut its benchmark fed funds rate by 25 basis points to the 4.25%-4.50% range. The "dot-plot" projects the Fed lowering rates to 3.9% next year, signaling fewer cuts than in its September projection. The Fed's PCE inflation expectation for 2025 also rose to 2.5%.

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Bitcoin Price Makes Another Run at $100K as U.S. Traders Return After Thanksgiving Bitcoin's price premium on Coinbase rebounded after flipping negative during the recent pullback, suggesting that American traders may be driving the rally.

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Bitcoin Bulls Lose Steam, Aussie-Yen Dips, Hinting at Broad-Based Risk Aversion Ahead The anti-risk Japanese yen looks to gain ground as the talk of a BOJ rate hike in December gathers steam.

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Cross-chain bridging has long been crypto's Achilles heel: According to DeFi security blog Rekt News, four of the five largest exploits by total value (about $2.15B) resulted from attacks on cross-chain infrastructure.

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XRP Price Surges 25% as Headwinds for Ripple Clear Even More An incoming crypto-friendly regulatory environment for U.S. based companies has renewed optimism for certain tokens, especially XRP.

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Solana's SOL Surges to Record High Above $260 The token of late has benefitted from multiple catalysts, including meme coin action, growing DeFi activity on the Solana network and the coming crypto-friendly presidential administration.

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Trump Said to Consider Crypto Lawyer Teresa Goody Guillén to Lead SEC A former SEC attorney who now represents blockchain companies, Goody Guillén would be "an instant change maker," said one token project founder.

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Options on the iShares Bitcoin Trust (IBIT) could start trading on Nasdaq as soon as tomorrow, the stock exchange's head of ETP listings said. The U.S. SEC approved options for the spot bitcoin ETFs on several exchanges in September. Options on the other spot products could also become available in the next couple of days.

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BONK leads with a 16% gain and high trading volumes on Coinbase, outpacing other memecoins like DOGE and SHIB. Technical analysis shows BONK's breakout from consolidation, suggesting potential growth; it's seen as undervalued compared to peers. Deflationary actions aim to increase BONK’s value, with a target of 1 trillion tokens to be burned by December.

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Regulatory clarity and upcoming technical changes are spurring growth in XRP-tracked futures, with open interest zooming to record highs on Saturday as prices spiked more than 20% over 24 hours. XRP and U.S. dollar-denominated open interest are at record levels as of Sunday, with over 2 billion tokens (worth nearly $2 billion at current prices) in futures positions betting on further market volatility.

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Donald Trump and the Republican Party at large had a strong 2024 election, winning the presidency, Senate and House. This almost certainly guarantees crypto legislation will advance and become law sometime in the next two years. It also heralds a potentially softer approach from regulators toward the sector. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

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