October 27, 2022

The biggest crypto news and ideas of the day

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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter:

In this newsletter: Dogecoin soared as Elon Musk's Twitter deal nears completion, billionaire Susquehanna International quant trader donated record $1.9 million in bitcoin to a political campaign and U.K. stablecoin rules were approved by lawmaker committee.
The Takeaway: Last-minute Halloween costume ideas for broke crypto traders.

– D.K.

Today's must-reads

Top Shelf

Dogecoin Soars as Elon Musk's Twitter Deal Nears Completion: Popular meme coin dogecoin (DOGE) was up nearly 16% over the past 24 hours as Elon Musk's $44 billion Twitter deal is supposed to close on Friday.

DOGE has more than tripled in price in the last seven days, most recently trading at slightly over 7 cents.

Billionaire Quant Trader Donated a Record $1.9M of Bitcoin to a Super PAC: Jeffrey Yass, co-founder of trading giant Susquehanna International Group, gave 100 bitcoin, worth more than $1.9 million, to a crypto-supporting super PAC. This is the largest political donation in crypto recorded by the Federal Election Commission.

David McIntosh, president of Club for Growth Action, which is linked to the Crypto Freedom PAC, said the organization backs pro-crypto candidates.

UK Stablecoin Rules Approved by Lawmaker Committee: U.K. lawmakers agreed on new rules for stablecoins on Thursday. This comes as the government plans to discuss further crypto regulations and a digital pound in the coming weeks.

The bill also gives the U.K. Treasury powers to extend the regulatory net beyond stablecoins, if Parliament consents.

– Xinyi Luo

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Putting the news into perspective

The Takeaway

(DALL-E / CoinDesk)

Halloween Costumes for Broke Crypto Traders

Halloween is fast approaching, and if you're like me you've put off coming up with a costume idea. Fear not! CoinDesk's D.K. has you covered with a list of crypto-themed outfits you can put together with stuff lying around your house. Consider going as Caitlin Long-Dead or Sexy Charles Hockinson. Read the full list here.

This week, CoinDesk delves deep into all sides of crypto trading, from practical strategies to how traders stay sane amid market turmoil. We explore what moves markets and what motivates traders. Stay tuned for a mix of features, TV interviews, op-eds, and research.

4 Questions That Will Determine the Future of Retail Trading

Crypto is resistant to neat classifications like securities, commodities and cash – and that will likely continue as the industry expands into new business lines.

Midwits, Wassies and HODLers: The Memes That Define Crypto Trading

In the crypto trading world, memes have become something of a universal language.

Overheard on CoinDesk TV...

Sound Bites

"The whole metaverse is evolving…it's unstoppable."

– Best selling author Deepak Chopra, on CoinDesk TV's "First Mover"

The news in a sentence

Headlines

Most Crypto Scams on BNB Chain, Solidus Labs Says | Coinbase Says Reddit's Success Highlights the Potential for NFTs | Kazakhstan to Test National Digital Currency on BNB Chain, Binance CEO Zhao Says | Crypto Predictions Site Polymarket Foresees Republicans Winning Both Senate and House | Vietnam's Prime Minister Says Country Needs to Regulate Crypto | Facebook Parent Meta Misses Revenue Estimates for Metaverse Division in Q3, Expects Losses to Grow in 2023

What others are writing

Off-Chain Signals

Sam Bankman-Fried: "We're working on our stablecoin" (TheBigWhale)
Hong Kong Plans to Legalize Retail Crypto Trading to Become Hub (Bloomberg - paywalled)
How Binance CEO and aides plotted to dodge regulators in U.S. and UK (Reuters - paywalled)
Christensen Under Fire After MakerDAO Members Vote for His Reorganization Plan (The Defiant)