Morning Minute | Crypto Is Winning

TylerD's Market Summary

🔔 Crypto's Big Day

How does that old phrase go?

"First they ignore you, then they laugh at you, then they fight you, then you win."

Well, it feels like crypto is finally reaching the "then you win" stage.

What Happened?

Yesterday included a slew of incredibly bullish headlines for the broader crypto space.

Here's a quick run down of the biggest headlines from just yesterday (links in the bulleted section below):

• Schwab to enter spot crypto markets, CEO says he "feels silly" for not doing it sooner
• Donald Trump's "Crypto Council" expected to set up Bitcoin Strategic Reserve
• Gary Gensler announced his resignation coming Jan 20, 2025
• MicroStrategy completed a $3B offering for more BTC
• Bitwise, VanEck, & 21Shares filed for Solana ETFs
• Truth Social's parent filed a trademark for a crypto payment service called TruthFi
• Mastercard partnered with JP Morgan to bring B2B cross-border payments to the blockchain
• FTX expects to have a reorganization plan effective by Jan 2025, which paves the way for distributions

Oh, and Bitcoin hit a new ATH at $99,000 and Solana hit a new ATH at $262.

You could say it was a good day.

Why It Matters

I think the most telling of all of these headlines was the news out of Schwab, the $7T financial giant.

Their incoming CEO Rick Wurster is promising that the company will enter the spot crypto markets as the U.S. regulations become more clear in the near future, as they face rising competition from competitors like Robinhood.

The administration change and move away from the anti-crypto Biden administration has clearly already had massive impacts across the space.

This quote from Wurster is perhaps the most impactful:

“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it. I have not bought crypto, and now I feel silly.”

People who have remained sidelined through all of the crypto bull runs now feel silly.

You can feel the sentiment - it's palpable. The Lindy effect is kicking in as prices soar higher.

Crypto is winning.

Now it's time to run up the score.

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $11.9M on the day; Bitcoin was next with $4.8M, and then Solana with $3.9M
• ETH NFT leaders were mixed; Punks +5% at 38 ETH, Pudgy -1% at 11.5 ETH, BAYC -2% at 12.7, Milady +9% at 6.2
• Primera (+120%) and Broadside (+30%) led notable top movers
• BTC NFT leaders were mostly red; Bitcoin Puppets -5% at 0.14 BTC, NodeMonkes -1% at 0.12 BTC, OMB -3% at 0.13, Quantum Cats -4% at 0.18
• The Runes leaders were mostly green; DOG +5% at $760M mc, PUPS even at $265M, BDC +2% at $132M, CYPHER -20% at $28M
• Runes swaps went live on Magic Eden, allowing traders to go directly from BTC to desired Rune (and vice versa)
• Zereborn NFTs led action on Solana jumping 18% to a 9 SOL floor after the Zerebro team announced new NFT-gated access to the Zerebro chat bot

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are green with Solana leading; BTC +1% at $98,900, ETH +6% at $3,340, SOL +7% at $258; FTT (+29%), XRP (+29%), OP (+25%) and XLM (+23%) were top alt movers
• Memecoin majors are mostly red; DOGE -1% at $0.384, SHIBA -1%, PEPE -3%, BONK -6%, WIF -4%, POPCAT -7%; FARTCOIN and ZEREBRO were notable winners, each up 50%
• Schwab's CEO announced Schwab will be entering spot crypto markets, saying he "feels silly" for not being in crypto already
• Donald Trump's "Crypto Council" is expected to set up a Bitcoin Strategic Reserve
• Gary Gensler announced he will be resigning on Jan 20, 2025 
• MicroStrategy completed a $3B senior note offering to raise money for Bitcoin
• Several finance giants filed for Solana ETFs including Bitwise, VanEck, 21Shares and more
• The parent company of Truth Social filed a trademark for a crypto payment service called TruthFi
• Mastercard has partnered with JP Morgan to bring B2B cross-border payments to the blockchain
• FTX expects to have a reorganization plan effective by Jan 2025, which paves the way for distributions

🚀 Memecoin Movers 

• $KACY (+59000% to $60M market cap, SOL)
• $LIVE (+10000% to $11M market cap, SOL)
• $CHILLFAM (+10000% to $12M market cap, SOL)
• $OPAI (+200% to $26M market cap, SOL)
• $BULLY (+120% to $130M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Primera (120%, 2.1 ETH Floor)
• Broadside (25%, 0.05 ETH floor)
• CEDEN (25%, 0.12 ETH)
• Synthetic Dreams (27%, 2 ETH)
• L3E7 (18%, 1.9 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of mints and events to start the week.

The REKT launch this am is the highlight of the day, already live and trading at a $50M marketcap. That means anyone that bought rekt drinks earned about a 3-4x on their purchase.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• REKT (5:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Ripcache x Christies (2:00 p.m. ET)
• BTC Machine - Satorians (4:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.