Its another Friday and you’re locked into the HodlFM’s digest.
You know how we do it here: the major news, but short and sweet. Today, we’ll be covering Trump a lot… but more excitingly, we’ve got a new report from PiP World that says lots of us crypto heads are ‘dumbos.’
First, let’s look at the market.
Top Gainers of the Week
- The Sandbox (SAND): Price at $0.6616 with a 7-day gain of 87.24% and a 24-hour trading volume of $833,739,398. It's like everyone suddenly remembered they loved playing in the sand.
- Ethereum Name Service (ENS): Currently priced at $34.59, up by 80.74% in the last week, with a whopping $2,101,964,597 in trading volume over the last 24 hours.
- Stellar (XLM): Price stands at $0.4957, showing a stellar performance with a 76.08% increase over seven days and a 24-hour volume of $1,842,369,406.
Top Losers of the Week
- Popcat (SOL): Price: $1.32, 7d Loss: 18.16%, Volume (24h): $98,605,612; seems like the pop has fizzled out for this feline.
- FLOKI - Price: $0.0002302, 7d Loss: 12.33%, Volume (24h): $295,868,487; even the most loyal dog coin couldn't fetch the gains this week.
- Mog Coin (MOG): Price: $0.052392, 7d Loss: 11.83%, Volume (24h): $26,237,597; proving once again that even in crypto, not every mogul keeps their mog.
We’ve Got a Lot of Dumbos in Crypto
In the crypto community, financial literacy is just above the level where one might accidentally spend Bitcoin on coffee thinking it is a dollar.
According to a recent report released on Nov. 26, the financial literacy in the crypto industry is at a "dangerously low" level, with only about 25% of enthusiasts demonstrating what could be considered 'adequate' knowledge.
That's right, less than a quarter of the crypto crowd could probably explain what a blockchain is without making it sound like a particularly complex type of sandwich.
The report, brought to you by PiP World, underscores that while Bitcoin might be reaching for the stars, many of its investors are still learning to count the change in their pockets.
The study suggests that while whales (the big fish in the crypto sea) have a literacy rate that's pretty much off the charts at 96%, the average Joe or Jane with a crypto wallet might as well be playing darts blindfolded when it comes to making smart investment choices.
Speculative traders, while numerous, only manage a 64% literacy rate, which, frankly, is like knowing enough to be dangerous but not enough to be safe.
So, if you're part of the crypto community, maybe it's time to consider that education might be your best investment.
How Trump's Crypto Crush Could Make El Salvador the Next Big Thing
According to VanEck, an investment firm with its ear to the ground of digital assets, Trump's newfound love for Bitcoin, coupled with his supply chain agenda, might just make El Salvador the U.S.'s new best friend in Central America.
Why? Well, because when you mix Bitcoin enthusiasm with a penchant for "friend-shoring," you get a recipe for an unexpected alliance.
El Salvador to become strategic U.S. partner under Trump administration, says VanEck exec
— CoinNess Global (@CoinnessGL) November 26, 2024
Matthew Sigel, Head of Digital Asset Research at asset manager VanEck, stated on the firm’s official blog that under the pro-crypto U.S. President-elect Donald Trump, who is set to take…
El Salvador has already gone all in on Bitcoin, making it legal tender, and now, with Trump's backing of crypto, the country could see itself as a hub for tech and crypto innovation. Imagine, if you will, El Salvador, once known for its volcanoes, now potentially becoming known as the Silicon Valley of the Southern Hemisphere.
Bitcoin Lands Death Blows on MicroStrategy, Taking Out $30B
Bitcoin has taken another sharp turn, and it's dragged MicroStrategy along with it. MicroStrategy, the company that thought it wise to bet their entire livelihood on Bitcoin, has just experienced what could be described as a financial faceplant, wiping out a cool $30 billion in market cap in just four days.
WOW.
— The Kobeissi Letter (@KobeissiLetter) November 26, 2024
MicroStrategy stock, $MSTR, just fell a MASSIVE -35% from its peak seen on November 21st.
That's ~$30 BILLION of market cap erased in 4 trading days as #Bitcoin fell ~9% from its high.
This is one $MSTR's largest 4-day drops in history.
What just happened?
(a thread)
Despite the drop, retail investors, those daring souls, poured nearly $100 million into MicroStrategy stock last week. Maybe they thought Bitcoin would go up in value again, or maybe it was just FOMO among small investors.
Last week, $MSTR's treasury operations delivered a BTC Yield of 12.3%, providing a net benefit of ~40,738 BTC to our shareholders, or ~5820 BTC per day. At $93.5K per BTC, that would equate to $3.8 billion for the week, or $544 million each day.
— Michael Saylor⚡️ (@saylor) November 27, 2024
After the drop, some analysts worry that MicroStrategy's bet on Bitcoin is more like a high-stakes poker game where everyone realized they are playing with Monopoly money.
Critics like Peter Schiff are having a field day, probably tweeting about how gold would never do such a thing.
Trump Eyes CFTC Over SEC for Bitcoin and Ethereum Markets
The SEC may lose oversight of Bitcoin and Ethereum spot market regulation to the CFTC under the Trump administration. This move aims to weaken the SEC's strict oversight, which frustrated crypto enthusiasts under Gary Gensler.
The Trump administration wants the CFTC to regulate crypto, not the SEC..
— The O Show (Wendyo.eth) (@The_O_Show_) November 28, 2024
The Trump administration is reportedly planning to shift crypto market oversight from the SEC to the CFTC, aiming to replace the SEC's strict enforcement-driven policies with the CFTC's more… pic.twitter.com/9hIdVlUQZc
Bitcoin and Ethereum, together representing over 70% of the crypto market's $3.22 trillion valuation, could see a shift in regulatory approach. The CFTC's lighter regulation may encourage innovation, supporting Trump's goal of making the U.S. a digital currency hub.
However, this transition isn't without its challenges. The CFTC operates on a budget of $400 million, dwarfed by the SEC's $2.4 billion, and with only around 700 staff compared to the SEC's 5,300.
Kataryna Habeliia
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