Weekly Crypto is brought to you by the 25% Club, here is the week of 10/19 in brief.
ETFs recovered more than a billion dollars in 3 sessions, without preventing bitcoin from falling back to around $82,000 at the end of the week. In France, the 10-year borrowing rate crossed 5%, and Moody's took economists on the wrong foot on Friday evening. In Washington, the battle for yields on stablecoins is turning to the advantage of crypto.
Crypto news in brief
▶ Bitcoin ETF: More than a billion dollars in three days, BlackRock and Fidelity in the lead. American funds have erased the withdrawals of the previous week, and October is back in the green. The price increase did not hold: bitcoin fell back below $82,000 on Thursday.
▶ Bitcoin: the Sparkassen open the purchase of cryptos to 50 million Germans. Since October 19, the first customers of German savings banks have been purchasing bitcoin in their banking app. DekaBank provides trading and custody, and full deployment is targeted for the first half of 2027.
▶ Tokenized stocks: the SEC unveils the first 3 candidate platforms, including OKX-ICE and a former boss of FTX. There we find OKXICE, the joint venture of OKX and the parent company of the NYSE, Perpetuals.com, headed by the former boss of FTX Europe, and a discreet TSV LLC. None have yet received the green light from the SEC.
▶ Stablecoins: The $6.6 trillion breach that is panicking banks. In its final rule implementing the GENIUS Act, the OCC has waived the presumption of illegal returns paid by platforms or third parties. American banks fear a leak of their deposits, while PayPal and Coinbase continue to remunerate their clients' stablecoins.
▶ Review of MiCA: the 7 projects that France wants to impose on Europe. The GENIUS Act is spreading to Paris. The French authorities are proposing to regulate the rewards paid by platforms on stablecoins, which are currently banned, and to entrust the certification of DeFi protocols to private actors.
▶ Hyperliquid: 400,000 individuals for $280 million lost. These traders bet on perpetual contracts from mainstream wallets like Phantom or MetaMask. At Phantom, only 21% are in gain, and almost half have already undergone liquidation.
▶ Debt, rates, inflation: how to protect your savings from the French crisis? France borrows more expensively than Italy, and the gap with Germany has not been so wide since the 2011-2012 crisis. Deposits are guaranteed up to 100,000 euros per customer and per bank, but this net is financed by the banks themselves, when the Livret A is guaranteed by a State whose debt is worrying.
▶ Crypto attack in Mont-de-Marsan: a couple tied up, 3 men on the run. Three hooded men forced the door of a sixty-year-old couple in the middle of the night to demand their cryptocurrency, before leaving with a laptop and a phone. Their son, who works in crypto, was placed under police protection.
The news of the week in figures
➤ More than 111 dollars for a barrel of Brent, the highest since May. All economists polled by Reuters expect the Fed to hike rates in December.
➤ 61% of French people believe that they must protect themselves by their own means, according to an Elabe survey conducted after the violence of October 17. Faced with crypto-kidnapping, crypto holders are already doing it.
➤ More than 160 million dollars bet on France via Polymarket, blocked in France since July. Punters saw a 9 out of 10 chance of a deterioration in the French rating before November. Moody’s did not agree with them.
➤ 4%, this is the maximum share of cryptos that Morgan Stanley recommends in its most offensive portfolios. Conservative strategies remain at zero.
Video of the week
The crypto market is holding its ground, the end-of-year targets are becoming clearer. At the start of the week, Cara saw the crypto market revalidate its former resistance of $2.4 trillion in capitalization, excluding stablecoins. For Bitcoin, everything hinged on $83,600, with $90,000 then $100,000 in sight in the event of a recovery. Ethereum saved its support, when altcoins remained fragile against Bitcoin. Bitcoin rose above $83,600 on Wednesday, before falling again the next day.
