The Daily: MicroStrategy buys record $5.4 billion in bitcoin, Sky Mavis cuts 21% of its workforce and more
2024-11-26

I hope you had a good weekend, folks. In today's newsletter, MicroStrategy buys a record $5.4 billion in bitcoin, crypto game developer Sky Mavis cuts 21% of its workforce, Solana's monthly DEX volume exceeds $100 billion and more.
Meanwhile, U.S. spot Bitcoin ETFs lead a $3.1 billion net weekly inflow record into global crypto investment products. Plus, U.S. customs reportedly halt Bitmain imports amid speculation over sanctions.
Let's get started.
MicroStrategy buys record $5.4 billion in bitcoin
Business intelligence firm and corporate bitcoin holder MicroStrategy purchased another 55,500 BTC for $5.4 billion between Nov. 18 and Nov. 24, according to an 8-K filing with the SEC on Monday.
Axie Infinity game developer Sky Mavis lays off 21% of workforce
Axie Infinity crypto game developer Sky Mavis is laying off 21% of its workforce, affecting about 50 of its 250 global team, amid a "shift in priorities," according to CEO and co-founder Trung Nguyen.
Solana's monthly DEX volume surpasses $100 billion for the first time
Solana's decentralized exchanges surpassed $100 billion in monthly trading volume for the first time, generating a record $109.8 billion in November so far, doubling Ethereum's $55 billion.
Ether gains momentum as capital shifts from bitcoin and derivatives activity increases
Capital is shifting from bitcoin to ether, with derivatives activity signaling strong confidence in ETH's near-term upside, according to analysts at Wintermute and QCP Capital.
Pump.fun live streams are going too far — even for the crypto community's liking
Solana-based memecoin launcher Pump.fun has come under severe scrutiny after reports of users threatening self-harm and violence during promotional live streams if their tokens fail to reach certain price levels.
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