First Mover: You Call That a Record? Bitcoin’s November Gains Are 3x Stock Market’s
During a month when a closely tracked gauge of global equities, the MSCI World Index, surged 13% for its best performance on record, bitcoin jumped nearly three times as fast. There were data showing that big cryptocurrency investors known as “whales” might be moving their bitcoin onto exchanges, preparing to take profits – and potentially swamping the market.
Third, the key 2020 investment narrative for bitcoin – that the cryptocurrency can serve as a hedge against inflation and trillion-dollar stimulus packages from governments and central banks, similar to gold – doesn’t seem to be going anywhere. What's Hot
Basis Cash launch brings defunct stablecoin into DeFi era (CoinDesk)
DeFi protcol YearnFinance merges with market coverage provider Cover (CoinDesk)
Industry pros weigh in on rumors that U.S. Treasury department might be considering new regulations for self-hosted wallets (CoinDesk)
Ripple is cashing out a third of stake in surging MoneyGram (CoinDesk)
Timestamps on previously unpublished emails from Satoshi Nakamoto spark fresh debate on Bitcoin inventor's whereabouts (CoinDesk)
Facebook-backed Libra targets January for launch of dollar-pegged stablecoin (Financial Times)
Guggenheim fund proposes in filing to invest up to $500M in bitcoin through Grayscale trust (CoinDesk) (NOTE: Grayscale is a unit of CoinDesk parent Digital Currency Group)
Bilateral Saudi, UAE digital currency experiment shows benefits of distributed ledgers, central banks say (CoinDesk)
Curve Finance votes to distribute nearly $3M in accrued fees to holders of CRV governance tokens (CoinDesk)
Russian bankers tell central-bank official they would gladly serve as intermediaries for a digital ruble, but fear a scenario where the Bank of Russia provides direct individual accounts could spark bank runs (CoinDesk)
New York Times reveals claims of "racist or discriminatory" treatment of employees at cryptocurrency exchange Coinbase (CoinDesk)
Analogs
The latest on the economy and traditional finance
The world is bingeing on debt, and smashing records, with $9.7T issued in 2020 by companies and governments (WSJ)
Black Friday was bust for many stores, better for online (WSJ)
U.S. Congress confronts deadlines on spending, stimulus and Shelton (Bloomberg)
China expands programs allowing residents to buy overseas stocks, as yuan gains in global foreign-exchange markets (South China Morning Post)
Investors pile into risky ETFs during wild market rally (WSJ)
U.S. economic downturn is hitting state and local government budgets, and 2021 could be worse (WSJ)
From San Francisco to Washington, public transit agencies are slashing services, staff as coronavirus (and remote working) keeps ridership low (WSJ)
The CEO of Tokyo's stock exchange is set to resign after an outage in October saw platform go offline for entire day (Reuters)
JPMorgan wants to tap growth from Asia’s second-largest wealth market by doubling the number of private bankers serving Chinese clients from Singapore over two years (Bloomberg)
Measures of Chinese economic activity signal widening recovery (WSJ)
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