🌍 DMM Crypto Secures Funding for Global Expansion

💰 Japanese crypto exchange operator DMM's blockchain gaming and NFT division, DMM Crypto, has secured funding from Neoclassic Capital and others as it aims for "global expansion." The company also announced a new global strategic partnership with Singapore-based quantitative trading firm Presto.

🌐 The latest funding round was led by Neoclassic, based in Florida, USA. However, the exact amount invested has not been disclosed. DMM described this move as a new "strategic partnership" that would significantly enhance its services and accelerate its global expansion efforts.

🚀 Founded in 2023, DMM Crypto aims to enter the web3 and crypto gaming sectors. The DMM group is well-known in Japan for its video streaming, anime, and e-book services, as well as its e-commerce operations. Currently, DMM Crypto is developing a "web3 economic ecosystem" called Seamoon Protocol, which it claims will enable various businesses and creators to access the blockchain space.

🗣 Steve Lee, Co-founder and Managing Partner of Neoclassic, emphasized the value of DMM's "achievements as a leading entertainment conglomerate in Japan." He expressed excitement about supporting DMM Crypto's vision in Japan and its global expansion plans.

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⚡️ SEC Commissioner Advocates for Proactive Crypto Regulation in the U.S.

➡️ U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda has called for a more proactive approach to crypto regulation in the United States. He highlighted the leadership of Indo-Pacific nations such as Japan, Singapore, and Hong Kong, which have established clear regulatory frameworks that promote innovation while safeguarding investors.

There is much to learn from market regulators in the Indo-Pacific region on how to promote these values and objectives

Uyeda stated. He pointed out that countries like Hong Kong have implemented a stablecoin licensing regime, Singapore has invested $150 million in fintech promotion, Japan has issued guidelines for crypto exchange supervision, and Australia has created a regulatory sandbox.

🤔 Uyeda expressed concern that many U.S. companies are struggling to navigate the unclear regulatory landscape. He emphasized that

the SEC could do much more in addressing the key gating question of whether a crypto asset is a security

and noted that

market participants have been forced to struggle with this analysis and decipher SEC views from various settled enforcement actions and litigation in the courts.

📉 In contrast to the proactive approaches of Indo-Pacific nations, Uyeda pointed out that the SEC's current regulatory approach to crypto is less advanced and less clear. He urged the SEC to learn from the proactive stance of the Indo-Pacific region and to become more transparent and engaged with the crypto industry.

We must not bury our heads in the sand about the growing benefits and risks of crypto and financial technology

he warned, calling for the SEC to take a more active role in addressing these challenges.

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💧 Global Liquidity Cycle: Rising Trends and Implications

📈 The global liquidity cycle has gained significant attention in recent years, largely due to the insights of Michael Howell, CEO of Cross Border Capital. His approach offers a broader perspective on global liquidity beyond traditional measures like M1 or M2, emphasizing that most liquidity resides in financial and asset markets. This is crucial as standard metrics often overlook sovereign bonds, bank reserves, and other credit forms.

➡️ Howell's model outlines a four-year cycle, and we are currently in the rising phase. A key indicator of this trend is the Federal Reserve's decision to cut rates by 50 basis points on September 15. This move marked the start of a U.S. easing cycle and was quickly followed by China's central bank announcing its most aggressive stimulus package in four years. Such actions are expected to benefit Bitcoin and other cryptocurrencies, which are highly sensitive to liquidity changes.

🟥 China's timing raises questions about its delayed response to revitalize its struggling economy, projected to miss its 5% growth target for 2024. Weston Nakamura from Across the Spread noted that China needed to wait for the Fed to initiate an easing cycle to avoid worsening currency risks and capital outflows.

➡️ This recent development from China suggests that other countries may soon follow suit in implementing similar liquidity measures. If China's substantial initial response is any indication, we might be on the brink of a liquidity surge. Therefore, it may be wise to remain steady amidst this week's price fluctuations.

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🚀 Sui's Surge: A Potential Rival to Solana?

📈 The SUI token, which supports the Layer 1 SUI network, is making waves in the crypto market as it approaches a new all-time high (ATH). In the past 24 hours, SUI has increased by 3%, trading at $2.03. This puts it just 13.5% away from surpassing its previous ATH of $2.35 reached on October 17th.

📉 While the overall crypto market saw a slight decline of 0.9%, bringing the total market cap to $2.53 trillion, SUI stands out with a market cap of about $5.6 billion. Over the last week, SUI has surged by an impressive 8%, making it the fastest-growing cryptocurrency among the top thirty Layer 1 projects behind Bitcoin (BTC), which rose by 8.3%.

🔍 Sui Network is now ranked as the 22nd largest cryptocurrency in the market. In comparison, Ethereum (ETH) saw a 3% increase over the week, trading at $2,661, while its main competitor, Solana (SOL), experienced a 3% drop to $176.

⚡️ Sui Network offers high-functionality smart contracts similar to Solana and Ethereum, allowing developers to create decentralized applications (dApps). However, Sui boasts a significantly higher transaction speed; it can handle up to 297,000 transactions per second (tps) compared to Ethereum's maximum of 119 tps.

📉 Despite its potential, Sui Network's support level has been declining throughout 2024, particularly after the crypto crash on August 5th. Although there has been some recovery, indicated by a rising support line, a falling relative strength index (RSI) of 48 suggests that selling momentum may limit further price increases.

💰 In the competitive landscape of Layer 1 altcoins, it's still uncertain whether Sui Network can surpass Solana. It faces tough competition from other major players like Toncoin, Cardano, and TRON. However, investors are also exploring opportunities in the meme coin sector for additional rewards. One notable project is Crypto All-Stars (STARS), which offers a unified staking protocol for popular meme coins, allowing holders to earn passive income with a current rewards rate of 539%.

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🛡 M2 Exchange Recovers from $13.7 Million Security Breach in 16 Minutes

🔄 The United Arab Emirates-based cryptocurrency exchange, M2 Exchange, swiftly addressed a significant security breach on October 31, involving $13.7 million. The exchange reported that customer funds lost during the incident were restored and normal operations resumed with enhanced security measures.

🔍 Cybersecurity firm Cyvers detected suspicious transactions across the Ethereum, Solana, and Bitcoin networks. They described the breach as an access control violation, noting that the affected address received 3.7 million USDT, 97 million Shiba Inu tokens, and 1,378 ETH before these assets were converted into ether.

⏱️ M2 Exchange stated it responded to the incident within 16 minutes and took necessary steps to protect user funds. The exchange emphasized its commitment to customer interests, stating,

M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.

⚠️ The exchange is currently collaborating with legal and regulatory authorities to thoroughly address the issue. Meanwhile, Cyvers highlighted the increasing vulnerability of both centralized and decentralized finance platforms to attacks, noting a 1,000% surge in incidents for centralized platforms.

📉 They cited major hacks like the $305 million DMM breach and the $235 million Wazirx heist as examples of the risks faced by cryptocurrency exchanges. Cyvers urged these platforms to implement better protective strategies, stating,

In light of this breach, cryptocurrency exchanges must adopt effective strategies to protect user assets, including robust access controls, real-time monitoring with AI, regular security audits, advanced threat detection, employee and user education, and a comprehensive incident response plan.

⚡️ Trump vs. Harris: The 2024 Election Landscape

📊 Recent predictions indicate that former President Donald Trump is gaining significant ground over Vice President Kamala Harris in the 2024 U.S. presidential race. As of Election Day, U.S.-regulated prediction market Kalshi shows Trump with a 58% chance of winning, compared to Harris's 42%. Bettors favor Trump in four out of six battleground states, predicting he will win Pennsylvania, Nevada, Georgia, and Arizona, while Harris is expected to lead in Wisconsin and Michigan.

Despite Trump’s projected electoral success, Kalshi markets indicate Harris holds onto the popular vote lead.

📈 On Polymarket, Trump's odds are even higher at 61.7%, with Harris at 38.5%. The outlook is similar, with bettors anticipating Trump's victories in key states and Harris winning the popular vote. However, there is a slight divergence regarding control of government branches; Polymarket participants predict Republicans will win the executive branch and Senate, while Democrats are expected to retain the House.

📉 Recent figures from covers and betohio further support Trump's lead, showing him with an implied probability of 63.6% and 62% respectively. This growing gap between popular and electoral forecasts highlights the complexities of the U.S. electoral system. While Harris may lead in popular votes, Trump's advantage in the electoral count reflects a recurring pattern in recent elections.

...bettors are bracing for a close and decisive finish that could shape the nation’s direction.

➡️ Putin's Perspective on the U.S. Dollar: A Balancing Act

🗣 During a recent speech at the Valdai Discussion Club in Sochi, Russian President Vladimir Putin addressed speculation about Russia's relationship with the U.S. dollar. He emphasized that Russia does not intend to abandon the dollar, stating, "We — Russia in any case — do not reject the dollar and do not intend to do this." Putin pointed out that the U.S. has restricted Russia's use of the dollar as a payment instrument.

💬 He criticized U.S. financial authorities for their actions, saying, "In my opinion, this is very foolish from the side of U.S. financial authorities because the entire power of the U.S. to date rests on that, on the dollar." While acknowledging that Russia is exploring new financial mechanisms in response to global economic changes, Putin clarified that these efforts do not aim to directly challenge the dollar's dominance.

🌍 Putin also addressed the idea of a shared currency among BRICS nations, deeming it premature. He stated,

it is early to talk about that and we do not have such objectives in between because in order to talk about a certain common currency, firstly, greater integration of economies should be achieved and, secondly, the quality of economies should be somehow lifted to a certain level so that these are very similar economies, comparably by quality, by the structure.

💵 Highlighting the dollar's global influence, Putin remarked,

The United States received for no apparent reason $12 trillion over the last decade, on account of issuing and giving.

He urged the U.S. to invest part of this financial benefit in addressing environmental issues:

Let you then share these revenues [from the dollar issue] falling out of the sky on you [the U.S.], if you are so concerned of the environmental situation.

🤔 Putin's comments reflect Russia's complex stance on economic independence while acknowledging the enduring impact of the U.S. dollar.

↪️ Robert Kiyosaki's Bitcoin Investment Strategy: When to Stop Buying

💰 Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, recently shared his insights on bitcoin investments and emphasized the importance of discipline over greed. He announced on social media that he will continue to buy bitcoin until its price reaches $100,000, after which he plans to halt further purchases. He stated,

I will keep buying more bitcoin till it passes $100,000. Then I will stop. Not a time to get greedy.

⚠️ Kiyosaki cautioned against impulsive decisions in volatile markets, reminding investors that

hogs get fat … pigs get slaughtered. Don’t be a pig.

This reflects his long-standing approach of disciplined, long-term investing.

💼 Currently, Kiyosaki holds 73 bitcoins and aims to increase his holdings to 100 within a year, irrespective of price fluctuations. He warned against the mindset of waiting for price drops, which he describes as a “poor person” mindset. He believes that true wealth comes from consistently acquiring assets rather than timing the market.

🌟 In addition to cryptocurrency, Kiyosaki invests in gold, silver, and income-producing real estate—all considered tangible assets. He often encourages his followers to exchange fiat currency, which he refers to as “fake money,” for these “real money” investments. Reflecting on past opportunities, he expressed regret for not purchasing bitcoin when it was priced at $10 per coin but advocates for steady action in building a portfolio of valuable assets to achieve financial security.

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🚀 Solidion Technology's Strategic Bitcoin Investment

💰 Solidion Technology has joined the ranks of institutional investors like Microstrategy by investing in bitcoin. The company, known for its advanced battery materials, announced that it will allocate 60% of its surplus cash from operations towards bitcoin purchases. This decision reflects Solidion's long-term belief in bitcoin as a valuable store of wealth.

We believe strongly in bitcoin’s transformative potential for the financial system,

said Vlad Prantsevich, CFO of Solidion Technology. He emphasized that the company views its bitcoin allocation as a secure store of value and a compelling investment. Prantsevich also noted the recent election of a pro-crypto government in the U.S., which has reignited interest in bitcoin.

This pro-bitcoin stance, coupled with the growing number of bitcoin ETFs and the potential for favorable regulations, strengthens bitcoin’s position as a valuable asset for corporate treasuries.

📈 Solidion's commitment to bitcoin is part of a broader strategy to enhance shareholder value. By treating bitcoin as an inflation hedge and a component of a diversified treasury, the company aims to leverage bitcoin's potential for widespread adoption as a reserve asset by nations and corporations.

♾ Brian Armstrong's Bold Proposal: Eliminating Income Taxes in the U.S.

💡 Brian Armstrong, the CEO of Coinbase, has put forth a radical proposal to overhaul the U.S. tax system by eliminating individual income taxes and shifting the tax reporting responsibilities to businesses. He expressed his views on the social media platform X, stating,

Honestly, getting rid of individual income tax entirely would be ideal, shifting tax reporting burden to businesses instead.

🌟 Armstrong criticized the complexity of the current tax code, which spans about 150,000 pages and is often difficult for even experts to navigate. He remarked,

It’s kind of crazy that we ask every adult in the U.S. to figure out how to pay their taxes – the tax code is ~150k pages long and no single person fully understands it.

He suggested that it would be more efficient to transfer this burden to the largest companies rather than requiring 200 million adults to manage a complicated accounting task each year.

📈 This perspective aligns with concerns raised by the Department of Government Efficiency (DOGE), which noted on X that the U.S. tax code has expanded significantly since 1955, growing from under 1.5 million words to over 16 million words today. This increasing complexity forces Americans to spend a staggering 6.5 billion hours annually on tax preparation and filing. President-elect Donald Trump recently announced the establishment of DOGE, appointing Elon Musk and Vivek Ramaswamy as co-leaders, with the goal of streamlining federal operations and reducing waste.

⚖️ Armstrong's proposal has ignited a debate about its potential benefits and drawbacks. While some advocate for the simplification of tax compliance, others raise concerns about fairness and economic equity. Nevertheless, the growing dissatisfaction with the U.S. tax system highlights the pressing need to address its inefficiencies.

⚡️ Solana ETF Filings: A New Dawn for Cryptocurrency Regulations

🚀 Recent developments regarding Solana (SOL) spot exchange-traded funds (ETFs) have ignited optimism within the cryptocurrency investment community. According to Fox Business journalist Eleanor Terrett, discussions between the U.S. Securities and Exchange Commission (SEC) staff and potential issuers are progressing. The SEC is reportedly engaging with S-1 applications, indicating that 19b-4 filings—essential for listing these funds—could be submitted soon by exchanges representing the issuers.

💎 Asset management firms such as Vaneck, 21shares, and Canary Funds have already filed S-1s for a Solana ETF, with Bitwise also planning to file. Exchanges like the Chicago Board Options Exchange (CBOE) would submit 19b-4 forms on behalf of these issuers. Once the SEC acknowledges these filings, it has 240 days to approve or deny them. However, previous 19b-4 filings from Vaneck and 21shares were withdrawn in August, reflecting hesitation under SEC Chair Gary Gensler’s leadership.

🔄 Recent engagement from SEC staff and a potential shift in regulatory sentiment due to an anticipated pro-crypto administration have increased optimism among issuers. Many now believe there is a realistic chance of a Solana ETF receiving approval by 2025, indicating a possible change in the agency’s stance towards cryptocurrency products.

📈 In January, the SEC approved 11 spot bitcoin ETFs, followed by the green light for spot ethereum ETFs in July, further integrating digital assets into mainstream finance. Recently, asset managers like Bitwise and 21shares have filed for spot XRP ETFs. However, the SEC’s ongoing appeal against a 2023 court ruling that XRP is not a security adds uncertainty to the approval prospects of XRP ETFs.

🔄 Speculation is growing that SEC Chair Gensler may resign following President-elect Donald Trump’s victory, as Trump has pledged to replace Gensler upon taking office. A leadership change could signal a shift towards more crypto-friendly policies at the SEC, potentially easing regulatory pressures on the cryptocurrency industry.

🌍 Latam Insights: Crypto and Economic News from Latin America

🟢 This week in Latam Insights: Max Keiser proposes a strategy for El Salvador to increase its bitcoin reserves, Argentine President Javier Milei meets with President-Elect Trump, and the World project gains traction in Argentina.

Should El Salvador — once they sign the Bitcoin Bank already passed by Congress — issue a similar security to buy more bitcoin collateralized by the country’s $600M stack of BTC?

💰 Max Keiser, personal cryptocurrency advisor to President Nayib Bukele, suggests that El Salvador could emulate Microstrategy’s approach by issuing debt to acquire more bitcoin without using its own funds. This proposal comes in light of Trump's recent electoral victory and the potential for a strategic bitcoin reserve.

🤝 In a significant diplomatic move, President Milei became the first leader to meet Trump post-election at Mar-a-Lago. Their private meeting, which included discussions with investors, highlighted Milei's support for Trump's policies and their implications for Argentina and the U.S.

🌟 Meanwhile, the World project, previously known as Worldcoin, is experiencing a surge in Argentina with over 2.2 million registered users. Citizens are drawn to the project’s offer of WLD tokens in exchange for their biometric data. However, this popularity has attracted regulatory scrutiny, resulting in a $200,000 fine for violations of National Consumer Defense Law.