The Block
Quick Take Bitcoin turned 16 years old on Thursday. Former President Donald Trump criticized fellow presidential candidate Kamala Harris for her “war on crypto.”
Quick Take Florida’s Chief Financial Officer Jimmy Patronis said the state holds about $800 million in “crypto-related” investments. Earlier this week, Patronis said in a letter that Florida should direct “a portion of state retirement system monies into cryptocurrency.”
Quick Take Benchmark analyst Mark Palmer credits MicroStrategy’s premium stock valuation — currently 2.7x its net asset value — to its unique compounding strategy. MicroStrategy now aims to accumulate a total of 412,220 bitcoins by the end of 2025.
Quick Take The company said that the SEC sent a Wells notice shortly after its first meeting with the SEC. Immutable said it believes the SEC’s claims could involve the listing and private sales in 2021 of IMX, but said the Wells notice included sparse details.
Quick Take Top stablecoin provider Tether said it generated $2.5 billion in profit during the third quarter, according to its latest attestation report. Through the first nine months of the year, Tether also said it has registered $7.7 billion in profit.
Quick Take Layer-1 network ZetaChain experienced network suspension of over six hours that started Thursday night. The network identified the issue as a “consensus failure” stemming from a recent update. While the mainnet is back producing blocks, the same issue led ZetaChain’s testnet to halt.
Quick Take Coinbase’s stock closed down 15.3% on Thursday, marking its worst day since July 2022. The decline came a day after the company released weaker-than-expected earnings in the third quarter.
Quick Take Centralized crypto lender Nexo has resumed UK client onboarding following a series of upgrades to meet the compliance requirements of the country’s financial regulator. Changes include cool-off periods, specialized risk warnings and dedicated support.
Analysts expect bitcoin to experience a brief boost following the Fed’s mid-September rate decision but anticipate a subsequent price correction as recession fears escalate.
Quick Take Bernstein analysts highlighted blockchain’s role in preventing censorship and pursuing truth amid AI-generated content abundance. The analysts’ comments follow a series of censorship rows including Telegram CEO Pavel Durov’s arrest in France, X’s dispute with Brazil and U.S. election fact-checking.
