📁 Cryptocurrency Status Report 2024: Key Highlights

A recent report on the state of cryptocurrency in 2024 has been published, and the data clearly points to significant changes in the crypto world.

Here are the main points:

1️⃣ Crypto at Peak Activity

Active addresses are hitting record levels — in September, there were around 220 million. About 100 million are on Solana, with the rest on NEAR, Base, Tron, and, of course, Bitcoin and Ethereum. Interest in crypto is rising sharply worldwide.

2️⃣ Politics and Cryptocurrencies: The U.S. Prepares for Elections

Ahead of the elections, interest in crypto has surged in states like Pennsylvania and Wisconsin. Bitcoin and Ethereum are now available to investors as SEC-approved products, which could be a pivotal factor in the market.

Americans are increasingly discussing crypto — and both political parties are now engaged.

3️⃣ Stablecoins — A New Force in the Market

In the last quarter, stablecoins recorded $8.5 trillion in transaction volume — more than double that of Visa. Easy and cheap transfers make them a popular choice not only for traders but also for those seeking quick solutions for international payments.

4️⃣ Infrastructure: Crypto Now More Accessible

Layer 2 (L2) networks and improved technologies have made transactions cheaper in 99% of cases. This means that even small crypto transfers are now more affordable than bank transfers.

The development of Zero Knowledge (ZK) technology also contributes to cost reduction.

5️⃣ DeFi Holds Its Ground

The total value locked in DeFi exceeds $169 billion. Ethereum has become even more secure since transitioning to Proof-of-Stake, with the share of staked Ether rising to 29%. For those seeking an alternative to centralized finance, DeFi remains a reliable option.

6️⃣ AI and Crypto: A New Level of Partnership

More than a third of crypto projects are already integrating AI. This could help decentralize access to AI, democratizing computing power. If central AI becomes a reality, crypto can help balance this centralization.

7️⃣ New Applications — From Gaming to Social Networks

With lower costs, the number of new applications is growing. Blockchain-based social networks and on-chain games are becoming more popular.

Already, 10.3% of crypto projects are related to social networks, and new games are testing the limits of blockchain capabilities.

✅ Conclusion:

Cryptocurrency is gaining momentum and reaching new levels.

With improvements in infrastructure and growing user interest, we can certainly expect the crypto economy to expand further.

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🇺🇸 Trump or Harris: Whom Are American Billionaires Supporting?

According to Bloomberg, the wealthiest Americans are rallying behind Donald Trump in the 2024 presidential race.

The former president has received $281 million from 20 individuals on the list of the wealthiest in the U.S., while Kamala Harris’s campaign has attracted $66.2 million from 24 wealthy donors.

The ultra-rich’s preference for Trump is largely due to donations from Elon Musk and Miriam Adelson, each contributing over $100 million in support.

🇺🇸 Top Billionaire Supporters of Trump

◽️ Elon Musk (CEO of Tesla) — $119 million to America PAC

◽️ Miriam Adelson (Las Vegas Sands) — $100 million to Preserve America PAC

◽️ Stephen Schwarzman (Blackstone) — $419,600 to Trump Committee 47

◽️ Diane Hendricks (ABC Supply) — $15 million to Make America Great Again Inc.

◽️ Tilman Fertitta (Fertitta Entertainment) — $487,300 to Trump Committee 47

🇺🇸 Elon Musk’s Influence

Musk, leading the donor list, has made a surprising move, proposing a new Department of Government Efficiency to cut U.S. government spending by $2 trillion annually.

Musk has stated that he would lead this department, should Trump win the presidency.

The big question is: can Musk — a powerful billionaire and tech giant — leverage his resources and expertise to reform government administration?

His support and proposals reveal a serious ambition to change the system from within.

🇺🇸 Harris’s Key Allies: The Tech Sector

On Harris’s side are major players from the tech industry and prominent Democrats. Here are her top donors:

◽️ Bill Gates (Microsoft) — $50 million through an undisclosed non-profit

◽️ Dustin Moskovitz (Meta co-founder) — $38 million to Future Forward PAC

◽️ Reed Hastings (Netflix) — $6.9 million to the Republican Accountability Project (anti-Trump)

◽️ Laurene Powell Jobs (Emerson Collective) — $932,000 to the Harris Victory Fund

◽️ George Soros (Soros Fund Management) — $900,000 to Harris Victory Fund

The tech sector is heavily investing in Harris’s campaign.

These influential billionaires are mobilizing to keep Democratic leadership in the White House.

Following Biden’s exit, Harris raised $81 million on her first day, setting a 24-hour fundraising record.

🇺🇸 Key Factors Impacting the Race Outcome:

1️⃣ Fundraising Totals: Trump leads in overall donation amounts, securing resources for major on-the-ground efforts in key states.

2️⃣ Anonymous Donations: Harris’s campaign also receives funding through 501(c)(4) organizations, which allows some donors to remain anonymous, giving her more strategic flexibility.

3️⃣ PAC Prospects: Both sides are heavily using PACs, but Trump focuses on super PACs to mobilize voters in key states.

🇺🇸 Conclusions

Will Musk’s promises to cut government expenses, alongside financial backing from top billionaires, boost Trump’s position in the election?

On the other hand, tech giants supporting Harris are intensifying efforts to keep the White House under Democratic control.

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🪙 $BTC and the Elections: Is the Market Ready for a New High?

According to QCP Asia, Bitcoin has jumped 3.5%, surpassing the $70,000 mark for the first time in seven months.

The main drivers include capital inflows into spot ETFs, interest from institutional players, and political uncertainty leading up to the U.S. elections.

📈 Key $BTC Growth Drivers:

◽️ Billion-Dollar ETF Inflows — Spot Bitcoin ETFs attracted around $1 billion just last week, supporting the price.

◽️ Growth of Crypto Companies — Shares of miners like Core Scientific rose 6.2% after rating upgrades, while companies at the intersection of crypto and AI (IREN, Hut 8, Bitdeer) benefited from the increased demand for AI and Bitcoin growth.

◽️ Entry of Traditional Investor Funds — Emory University became the first university endowment to invest $15 million in the Grayscale Bitcoin Mini Trust, confirming that even conservative investors now see value in cryptocurrency.

📈 The Trump Effect and His Role

As Donald Trump’s chances of winning increase, both the stock market and Bitcoin gain extra support.

QCP Asia notes that his likely fiscal initiatives could increase inflationary pressure and lead to a higher deficit, creating an environment where BTC could act as a hedge for investors.

On Polymarket, Trump’s odds of victory have surpassed 30% (compared to a 1.5% difference in official polls with Harris).

This correlation between Trump’s prospects and Bitcoin’s growth supports the so-called “Trump trade,” where BTC is considered one of the assets that could benefit if he is elected.

📈 Strong Market Signals

Record BTC Options Interest — Open interest reached $41.7 billion, indicating strong demand for leveraged access to the asset.

December Options — The active rise in call options hints at expectations of a “post-election rally” and a possible all-time high.

📈 Trading Observations

BTC below $70,000 is likely to attract strong buying ahead of the election.

Options with an $80,000 strike by November 8 have already attracted over $200 million in interest.

If BTC holds above $70,000 this week, we may be on the path to a new all-time high — and possibly beyond.

📈 Conclusions:

1️⃣ BTC as a Hedge: In an environment of rising uncertainty and pre-election excitement, Bitcoin is solidifying its role as a safe-haven asset.

2️⃣ Post-Election Potential: The elections could boost the market — given the interest in BTC options, the asset could well surpass previous highs.

3️⃣ Institutional Interest: ETF inflows, university funds, and major companies confirm that traditional players' interest in crypto continues to grow, with Bitcoin increasingly perceived as a long-term value asset.

BTC + the elections could trigger a new growth cycle.

If current trends hold, November may be a historic month for $BTC.

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🟠 Binance Research: What’s Behind the Rise of Meme Coins?

Each year, meme coins grow in popularity.

What drives millions of investors to pour money into assets featuring dogs and memes?

Binance Research has published a report shedding light on the phenomenon of meme coins and their impact on the crypto market.

🔸 Key Insights

◽️ Market Share: Since 2022, meme coins' share among altcoins has grown from 4% to 11%, though it’s still below the 2021 peak of 12%.

At their height, $DOGE and $SHIB reached market caps of $80 billion and $39 billion, respectively.

◽️ Capital Inflow: Meme coins capture portions of investments that were previously directed into stocks and real estate.

◽️ New Project Growth: $WIF hit a $1 billion market cap in just 104 days.

By comparison, $SHIB took 279 days, and $DOGE required a full 8 years.

🔸 Why Are Investors Choosing Meme Coins?

#1: Financial Nihilism Among Youth

Inflation in the U.S. hit 7% in 2021 and 6.5% in 2022.

The average home price in 2021 required 8.1 years of salary, compared to just 4.4 years in 1963.

These conditions breed financial nihilism among younger generations, pushing them to seek rapid wealth-building opportunities.

94% of crypto investors are millennials and Gen Z.

#2: Fairness and Accessibility
Meme coins often launch without private funding rounds, giving everyone an equal chance to participate.

Their low market cap (low-float tokenomics) makes it easier to build a community and attract investments.

#3: Viral Effect
Memes are culture, and blockchain turns that culture into an asset.

Meme coins bring people together around shared ideas, transforming viral content into financial instruments.

⚠️ Risks Not to Be Overlooked

◽️ High Risk of Loss: 97% of meme coins become illiquid or fade into obscurity after their initial hype.

◽️ Manipulation and Schemes: Some groups create the illusion of activity through fake wallets and paid promotions.

◽️ Lack of Innovation: Meme coins rarely offer technological breakthroughs, which could slow down the overall progress of the crypto industry.

🟠 What’s Next?

According to Binance, meme coins reflect demand for assets that are accessible to everyone.

However, investors should remember: meme coins come with not just hype but also significant risks.

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📊 October Recap: Venture Growth and a Record-Breaking Deal

October was an eventful month for the crypto venture market, marked by a decline in the number of deals but a sharp increase in investment volumes.

According to RootData, 95 projects were publicly announced, a 3% decrease from September (98).

This is 16% higher compared to October 2023.

📊 Sector Breakdown

October’s investments were distributed as follows:

◽️ DeFi — 20%
◽️ NFT/GameFi — 14%
◽️ CeFi — 6%
◽️ L1/L2 — 15%
◽️ RWA/DePIN — 6%
◽️ Tools & Wallets — 4%
◽️ Artificial Intelligence — 8%

📊 Funding Volume Growth

Total investment volume in October reached $780M.

This is a 28% increase from September ($610M) and 73% higher than October last year ($450M).

Top 3 Deals of the Month:

1️⃣ Stripe x Bridge — $1.1B. The largest acquisition in crypto industry history.

2️⃣ Blockstream — $210M via convertible bond issuance to develop L2 solutions.

3️⃣Azra Games — $42.7M (Series A) for blockchain game development.

📊 What’s Next?

The growth in funding volumes indicates sustained investor confidence in the crypto sector despite fewer deals.

There’s a notable surge of interest in L2 solutions and DePIN.

Will November be just as dynamic? Stay tuned for new developments and investments.

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🇨🇳 How Is China Preparing for Trump’s Return?

According to Bloomberg, China is launching its largest program to restructure hidden local government debts, allocating 10 trillion yuan ($1.4 trillion).

However, there are no significant stimulus measures to boost consumption yet.

Beijing appears to be conserving resources for potential trade conflicts with the U.S. when Trump returns to the White House.

🇨🇳 Key Details of the Program

◽️ Debt Limit Increase: Local governments will be allowed to issue bonds worth 6 trillion yuan over three years to replace “hidden” debt.

◽️ Additional Quota: Another 4 trillion yuan will be allocated over five years, including 2024.

◽️ Interest Savings: The program aims to save 600 billion yuan in interest payments over five years.

🇨🇳 Why Does This Matter?

1️⃣ Hidden Debt: By the end of 2023, the hidden debt volume reached 14.3 trillion yuan, according to Chinese authorities, while the IMF estimates it at 60 trillion yuan.

2️⃣ Less Pressure on Regions: Reducing the debt burden will free up resources for investment and consumption stimulation.

🇨🇳 Market Reaction

Despite the scale of the program, the market’s reaction has been muted.

The yuan weakened, and investors are anticipating further fiscal steps in December when the Politburo and Central Economic Conference will refine their strategies.

🇨🇳 Long-Term Plans

China’s next steps include:

◽️ Expanding the issuance of special bonds
◽️ Increasing support for equipment modernization and recycling programs
◽️ Boosting transfers from the central budget

🇨🇳 Conclusion

China is taking strategic measures to shield its economy from potential impacts of a new Trump administration.

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