The Block
Quick Take Residents of a Norwegian town have been trying to get rid of a nearby Bitcoin mining facility for years amid noise complaints — with its operations eventually halted last week. What the residents perhaps didn’t foresee, however, was their bills spiking 20% as the local power company seeks to recover lost revenue.
Bitcoin’s inability to break out past the $60,000 mark — coupled with gold reaching an all-time high — reflects a propensity for risk aversion in the market, according to Bitfinex analysts.The price of gold climbed to a fresh all-time high on Monday, as rising bets for a 50 basis-point Fed rate cut this week act as a tailwind on the safe-haven asset.
Quick Take Ledger is partnering self-custody wallet provider Exodus on a new crypto swap aggregator called XO Swap.
Quick Take Global crypto investment products rebounded with $436 million in net inflows last week led by Bitcoin, according to CoinShares. However, Ethereum-based funds continued to struggle, experiencing weekly net outflows of $19 million.
With the rate cycle heading dovish and a new crypto cycle underway, DeFi lending markets are waking up, according to analysts at Bernstein.DeFi yields could rise above 5% and beat U.S. dollar money market funds, reigniting crypto credit markets and adding fuel to digital asset prices, the analysts said.
Quick Take Bitcoin fell 2.7% over the past 24 hours to change hands at around $58,551. Ether slid 5.38% over the same time frame. The timing coincides with reports of another assassination attempt on former U.S. President Donald Trump. Additionally, many analysts are predicting an interest rate cut announcement this week.
Quick Take The crypto project teased by former President Trump and his family has added Sandy Peng, co-founder of Ethereum Layer 2 network Scroll, as an advisor. The project is set to launch on Monday following months of teasing from the Trumps.
Quick Take The CFTC, as part of its appeal in its case against prediction markets Kalshi offering election prediction contracts to U.S. citizens, argued that prediction markets are vulnerable to manipulation in a filing on Saturday. “A pharmacy does not get to dispense cocaine just because it is sold on the black market,” the CFTC stated in response to Kalshi’s argument that Polymarket and other unregulated exchanges offer the contracts already.
Quick Take An NFT trader has shared an early look at Opensea’s upcoming redesigned platform, which includes an ‘XP’ points system with retroactive rewards for early traders, a redesigned interface, and more. The points system hints at a possible token drop from OpenSea, which is set to launch the redesigned marketplace in December, though no such token has been confirmed.
