GM,

Welcome to this week's Phenom Weekly Update, where the crypto landscape is is never boring:

• Coinbase Re-enters India: After a hiatus since 2022, Coinbase has received regulatory approval to operate in India, signaling a shift in the country's stance on digital currencies.

• Stablecoin Legislation in Focus: The U.S. House Financial Services Committee held hearings on integrating stablecoins into U.S. law, with discussions on balancing innovation with regulation.

• Clearstream's Crypto Custody Services: Deutsche Boerse's Clearstream is set to offer Bitcoin and Ether custody services to institutional clients, reflecting growing institutional interest in cryptocurrencies.

• Trump's Strategic Crypto Reserve: President Trump signed an executive order to establish a U.S. strategic cryptocurrency reserve, aiming to bolster America's position in the crypto industry.

• Bitcoin Price Volatility: Bitcoin experienced a significant drop to a four-month low of $76,867, influenced by economic uncertainties and recent geopolitical tensions.

  This weeks been a roller coaster of price action with crypto dumping. It feels gut wrenching but if you zoom out the industry looks better poised for growth than anytime in its history. Scroll on for more crypto news, memes and interesting takes from X and YouTube.

READING CORNER

A collection of longer form content we are consuming this week 

Chamath w/ a long tail take on equities

NEWS

Quick Hitters from the week

1. Ether Whale Averts $340M Liquidation with Timely Deposits
   An Ethereum whale successfully avoided a massive $340 million liquidation by making a series of last-minute deposits, highlighting the high stakes and rapid decision-making inherent in large-scale crypto investments. 🔗 Read more

2. THORChain Faces Challenges as Decentralization Meets Illicit Activity
   THORChain, a decentralized liquidity protocol, is at a crossroads as it grapples with the implications of its technology being potentially used for illicit activities, raising questions about the balance between decentralization and regulatory compliance. 🔗 Read more

3. White House: No Plans for Another Crypto Summit Soon
   The White House has announced that there are currently no plans to host another large-scale cryptocurrency summit, indicating a potential shift in focus or a pause in high-level crypto-related discussions. 🔗 Read more

4. Ethereum Foundation Denies Involvement in Maker Liquidation Rumors
   The Ethereum Foundation has refuted claims that it was involved in a significant Maker liquidation event, clarifying that the wallet in question is not under its control. 🔗 Read more

5. Senator Lummis Reintroduces Bill for Strategic Bitcoin Reserve
   Senator Cynthia Lummis has reintroduced legislation proposing the establishment of a strategic Bitcoin reserve for the United States, aiming to bolster the nation's financial resilience and embrace digital asset innovation. 🔗 Read more

6. Dogecoin Sheds Post-Election Gains Amid Market Downturn
   Dogecoin, the popular meme-based cryptocurrency, has experienced a significant decline, erasing gains made following the recent election and reflecting broader market volatility affecting digital assets. 🔗 Read more

7. Cathie Wood’s ARK Invest Buys More Coinbase Shares Amid Market Drop
   ARK Invest has acquired another 64,358 shares of Coinbase, worth approximately $11.53 million, as the firm doubles down on its confidence in the exchange despite recent market volatility. 🔗 Read more

8. Bitwise CIO Predicts Bitcoin Could Hit $50 Trillion Market Cap
   Bitwise’s Chief Investment Officer believes Bitcoin’s market cap could surge to $50 trillion, driven by institutional adoption and changing macroeconomic conditions. 🔗 Read more

9. SEC to Stop Forcing Crypto Firms to Register as Trading Systems
   The SEC plans to halt its requirement for crypto firms to register as trading systems, signaling a shift in regulatory stance that could ease pressure on the industry. 🔗 Read more

10. Trump Executive Order to End Biden-Era Crypto Debanking Policies
    Trump is set to sign an executive order reversing Biden-era policies that restricted banks from working with crypto businesses, aiming to boost financial innovation. 🔗 Read more

11. Kraken Eyes IPO as Early as Q1 2026
    Crypto exchange Kraken is preparing for a potential initial public offering, with plans to go public as soon as early 2026. 🔗 Read more

12. Coinbase to Hire 1,000 U.S. Employees as Crypto Market Rebounds
    Coinbase CEO Brian Armstrong announced plans to expand its U.S. workforce by 1,000 employees, reflecting renewed optimism in the American crypto market. 🔗 Read more

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

Calm down everyone

Sonic (formerly FTM) has been getting a lot of mindshare. If you are interested in investing in Sonic this article is playbook for how Sonic works

Philosophy take from a crypto og

We all love rollercoasters right??

MEMES

For the (crypto) Culture

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