Weekly Crypto is brought to you by the 25% Club, here is the week of 09/28 in brief.
On Friday, Bitcoin touched $87,000 before falling again overnight. The ECB wants to extend the ban on stablecoin yield to lending, borrowing and staking, a project that directly targets DeFi. And in Paris, insuring the state debt against default had not been so expensive in years.
Crypto news in brief
Bitcoin: Bets on the Fed melt, the peak at $87,000 does not hold. The American economy only created 29,000 jobs in September, compared to 90,000 expected. Bitcoin hit $87,000 immediately, without breaking its September peak. Before dropping back below 84,000 overnight.
15 institutions surveyed by Bitwise: none sold their crypto. These sovereign wealth funds, pension funds and family offices devote between 0.5% and 13% of their assets to crypto, and none cite falling prices as a reason to sell. Many add market-neutral strategies, which do not depend on the direction of the market.
“A multi-trillion dollar asset class”: SEC gives in on custody of cryptos. American financial advisors could hold their clients' cryptos themselves. Each transaction would then require the agreement of at least two people. The SEC is moving forward without Congress, where the CLARITY Act remains blocked.
Crypto: Morgan Stanley opens a laboratory to test DeFi and stablecoins. The bank, whose wealth management oversees $8 trillion, studies stablecoins, tokenization and DeFi in a dedicated cell. No in-house stablecoin or DeFi product for its customers has yet been announced.
Crypto: Aave attacks the ECB over the ban on the yield of stablecoins. While a Wall Street bank is testing DeFi, the ECB and the European Banking Authority want to restrict access to it in Europe. They ask to extend the ban on yield to lending, borrowing and staking, and to regulate the way in which approved platforms direct their customers to the protocols. None of this will come into force without a vote by the European Parliament and the Council.
Netherlands: bitcoin could remain taxed on its unrealized gains. The Dutch government proposes to tax stocks and bonds only on sale from 2028. Cryptos do not appear anywhere in its plan. According to the first analyzes published in the Netherlands, crypto would be taxed each year at 36% on its latent gains between 2028 and 2030.
CDS France: insuring French debt is becoming more and more expensive. 5-year CDS, insurance against payment default, hit 81 basis points on Friday, the highest in years. France is even borrowing more expensively than Italy at 10 years, with the approach of a 2027 budget that investors consider fragile.
Bitget: The $388 million hack had started three weeks earlier. According to security company SlowMist, the attacker entered on August 31 through an unknown flaw in a third-party security product. His tool transmitted false orders presented as valid to the withdrawal system, without needing private keys.
The news of the week in figures
67% of wealthy people hold crypto, but only 4.7% have actually integrated it into their wealth management, according to a Nexo survey of 1,000 wealthy investors.
$429 million in revenue for Hyperliquid between January and mid-September, topping the CoinGecko ranking of crypto projects.
69% of individual accounts lose money on Polymarket, for a total of $339 million in losses.
90 banks support Roughrider Coin, the state of North Dakota's stablecoin launched on Solana.
Video of the week
Bitcoin holds its support, altcoins push harder. On Wednesday, Cara saw Bitcoin consolidating above its highs from May and early September. Old resistances that can serve as support in the event of a pullback. The altcoins/Bitcoin index that it follows has broken a trend line established since 2021, without however confirming a generalized altseason. Ethereum is holding up against Bitcoin and Solana is showing a strong setup. Two days later, Bitcoin touched $87,000.
