gm friends —

This week saw Bitcoin briefly surge past $69K before pulling back, reminding us all that a crypto bull is always just around the corner.

Meanwhile, Stripe made waves by acquiring stablecoin platform Bridge, showing that big players are continuing to double down on crypto. So without further ado, let’s dive in!

News Stories

Markets &Macro

• Bitcoin surges past $69,000, then retreats amid market volatility [The Street] Bitcoin briefly surged to over $69,000 on Monday before correcting to $67,510, driven by macroeconomic factors like optimism around the 2024 U.S. elections and Donald Trump’s potential return. The rally led to profit-taking and triggered technical resistance at the $69,000 mark, causing a healthy market correction. Bitcoin futures open interest also hit a record $40.5 billion, intensifying volatility. Analysts view the dip as part of crypto's natural fluctuations, noting strong support at $66,500 and a bullish long-term outlook if Bitcoin can push past the $70,000 threshold.
  

  

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• Republican Sweep in U.S. Election Would be the Most Bullish Outcome for Coinbase and the Crypto Market: Citi [CoinDesk] Citi analysts say a Republican sweep in the upcoming U.S. election would significantly benefit Coinbase and the crypto sector, with pro-crypto policies and leaders likely advancing faster under GOP control. While a divided Congress would still provide some bullish momentum, a Kamala Harris presidency would introduce uncertainty, especially with potential Senate confirmation challenges and unclear crypto policy goals. Citi maintained a buy rating on Coinbase but revised its price target from $345 to $275 amid market dynamics.

Institutions, Regulation, & Politics

• Stripe in $1.1B Acquisition Deal for Stablecoin Platform Bridge [CoinDesk] Payments giant Stripe has finalized a $1.1 billion acquisition of Bridge, a stablecoin platform founded by former Square and Coinbase employees Zach Abrams and Sean Yu. The deal, first revealed by TechCrunch founder Michael Arrington, was later confirmed by both companies. Bridge, which raised $54 million in prior funding, counts SpaceX and Coinbase among its clients and aims to become a blockchain version of Stripe. This acquisition aligns with Stripe’s efforts to expand its crypto capabilities, particularly through Circle's USDC stablecoin.

  

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• Coinbase CEO, Elon Musk Back Pro-Crypto Senate Challenger Against Elizabeth Warren [Bitcoin.com] Coinbase CEO Brian Armstrong and Tesla CEO Elon Musk have thrown their support behind pro-crypto candidate John Deaton, who is challenging Elizabeth Warren for her Senate seat. Armstrong criticized Warren for her opposition to digital currencies, accusing her of supporting SEC Chair Gary Gensler's anti-crypto stance. Musk echoed Armstrong's sentiment, signaling agreement in a post on X. Deaton, a vocal crypto advocate, has positioned himself as a defender of financial autonomy in contrast to Warren’s regulatory approach, gaining traction within the crypto community.

Crypto Products & Onchain Events

• Mode Network Introduces veMODE and Season 3 Incentives [Mode Blog] Mode, an Ethereum Layer-2 focused on AI x DeFi, is launching veMODE, a vote escrow model to manage ecosystem incentives. This upgrade enables stakers to earn rewards and vote on incentive distribution among protocols. Season 3 will run for three months with six voting epochs, offering $2 million in OP rewards. Unlike traditional locking mechanisms, veMODE’s

  system rewards long-term staking with increased voting power over time. Protocols can compete for votes through bribe markets, while future plans include autonomous agents for voting. Mode aims to build a sustainable governance model, transitioning from OP grants to a smart treasury for funding.

  

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• Scroll Airdrop Farmers Gripe Over Ethereum Layer-2 Token Launch [Decrypt] Scroll, an Ethereum layer-2 network, launched its SCR token in an eagerly awaited airdrop, distributing 5.5% of the token supply to early users. However, many recipients expressed frustration over small rewards, flooding Crypto Twitter with complaints. Of the 55 million tokens distributed, 40 million were allocated to active participants, with additional tokens given as bonuses. Some users labeled the airdrop as "one of the worst," with SCR’s price dropping 16% to $1.17 post-launch. Scroll, which aims to enhance Ethereum’s scalability, joins other layer-2 networks facing similar challenges with airdrop farming and token volatility.

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