The Breakdown First Five - Friday, November 22, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

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5. Waiting for $100K

Bitcoin came tantalizingly close to $100,000 overnight as the entire space waits for the final push. Just a 0.5% move will put Bitcoin over the top as of time of writing. In just sixteen years, Bitcoin has gone from being worth nothing to one of the largest asset classes in the world. The psychological barrier is broken, who knows what’s next. 

4. Schwab CEO “feels silly”

Incoming Charles Schwab CEO Rick Wurster said “I have not bought crypto, and now I feel silly.” The trading platform and bank has allowed customers to trade Bitcoin proxies like equities and the Bitcoin ETFs, but has dragged its feet on setting up direct crypto purchases. Wurster said he would like to offer crypto, but the company has been waiting on a change in the regulatory environment. That change is now here. 

3. FTX Payouts in March

The FTX estate has updated its timeline for customers payouts with initial checks expected to be sent in March. Arrangements with distribution agents are currently underway and are expected to be finalized next month, allowing for dates to be finalized. Customers are expected to receive between 129% and 146% of their claims in fiat terms, with many still frustrated to miss out on crypto denominated gains. The final amount to be repaid is yet to be determined.

2. MSTR 25% Crash

Microstrategy closed $3B in debt funding as the stock plummeted 25%. The best performing stock of the year saw $20B in market cap vaporized, resetting it to levels not seen since Tuesday. It feels as though Saylor’s wild ride is just getting started. He enters next week with the money cannons primed for a big week of buying. Microstrategy is now a fifth of the way through their 3-year, $42B fundraising plan in under a month. 

1. Gensler Resigns

It’s over. Gary Gensler has formally resigned. The SEC Chair will leave office on January 20th. He said it was the “honor of a lifetime” to work with SEC staff. After more than three long years, the industry can finally look forward to more reasonable leadership at the agency.