👻 Did Tether just ghost Europe?
Plus: Scammer by night, hero by day
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GM. Peel back the day with the Daily Squeeze - no canned news, just freshly plucked updates from the crypto vine.
👋 Tether will no longer support its euro-pegged stablecoin, EURT.
🍋 News drops: blockchain security expert was allegedly involved in memecoin scams, Vancouver might become a Bitcoin-friendly city + more
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🍍 Market flavor today
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| Crypto Market Cap: $3.37T -0.51% (24H) | ||||
| Name | Price | 24H | 7D | |
|---|---|---|---|---|
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Bitcoin BTC | $95,167.24 | -1.18% | -3.07% |
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Ethereum ETH | $3,571.91 | -0.58% | 6.56% |
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Solana SOL | $235.48 | -1.58% | -7.46% |
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BNB BNB | $658.34 | 3.31% | 5.58% |
| Prices as of 15:00 EST. Click here to see live data. |
Crypto's flexing those muscles again 💪 The Fear and Greed Index ticked up a notch to 77 in the "Greed" zone, while Bitcoin strutted past $97K yesterday.
On the economic front, the Fed's go-to inflation gauge - the PCE price index - rose by 0.2% this month, bringing the annual rate to 2.3%.
Despite the increase, CME's FedWatch tool shows that 70% of traders expect a 25 bps rate cut in December, which could boost appetite for riskier assets like crypto. Edward Jones analyst Brock Weimer also forecasts a likely rate cut next month but sees the Fed easing up on further reductions in 2025.
And speaking of interest in riskier assets - Bitcoin ETFs had $103M in inflows yesterday after two days of net outflows.
Galaxy Digital's head of research, Alex Thorn, says that while we might hit a few bumps along the way, Bitcoin's long-term momentum looks strong: we've got increasing adoption from institutions, corporations, and even nation-states, plus a new US administration that's expected to be very pro-Bitcoin.
Adding to the optimistic sentiment, Pantera Capital's Dan Morehead dropped a reminder that it's not too late yet. He likens buying Bitcoin now to discovering gold back in the Iron Age - 95% of financial wealth has yet to tap into blockchain, so this revolutionary transformation is still in the beginning stages. Morehead forecasts that Bitcoin could skyrocket to around $740K by April 2028, potentially becoming a $15T asset.
Keep an eye on the market. However, if you're celebrating Thanksgiving, spend some time with your loved ones, not the charts. And I dare you not to bring up crypto at the table. Or go for it; you might just convince your nocoiner uncle to join the game 🦃
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🎤 Tether drops the mic
Every European knows that May is the time of year when you and your friends gather 'round a TV, become music critics, and pretend to love your neighboring countries while praying they'll give your country those sweet douze points.
To all my American readers who are hella confused rn - this is the magic of the Eurovision Song Contest. Never heard of it? Yeah, that's because y'all weren't invited.
Sure, the name is Eurovision, so your exclusion makes sense. That said, Australia's got an invite... Europe, explain yourselves.
But don't y'all worry - Tether's here for your revenge arc. They said, "Oh, the US can't sit with you? Well, you can say goodbye to that vision of a digital euro."
Yeah, Tether will no longer support its euro-pegged stablecoin, EURT. Users now have until November 27, 2025, to redeem their holdings.
But you know what's here to stay? The MVP of stablecoins, pegged by good ol' Murrican dollars - USDT, baby 😎 How's that for a taste of your own medicine?
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All jokes aside, Tether doesn't really care about Eurovision (prolly), so why are they dropping EURT? One word: MiCA.
These new EU crypto regulations will be in force by the end of this year, and they're quite strict on stablecoin issuers. Pretty much a comply or GTFO kinda attitude.
And Tether isn't here for it right now - they're waiting for a risk-averse framework that actually supports innovation and protects users.
In the meantime, they'll focus on other initiatives. Tether invested in the Dutch stablecoin issuer Quantoz, which will launch MiCA-compliant stablecoins like EURQ and USDQ through Tether's tokenization platform, Hadron.
Takeaway: solid douze points go to Tether for the plot twist. And Europe should actually consider including the US in Eurovision - imagine a small town girl from Latvia singing right after Beyoncé. Would be quite iconic. Just sayin'.
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🍋 News drops
🦹 A blockchain security expert and ex-Fortnite pro, Serpent, is accused of pulling off memecoin scams worth $3.5M. The wild part? This guy's been dropping warnings on X about how scammers target newbies in crypto. Never let 'em know your next move.
🚨 DeSci platform Pump Science had the private keys tied to its Pump.fun profile accidentally leaked on GitHub. A hacker used the keys to launch fake tokens using that profile; the team warned users to stay away from those.
⏸ XT.com hit the pause button on coin withdrawals after a security breach led to a loss of $1.7M in crypto. They've assured users that their funds are safe, saying they've got reserves 1.5x bigger than user holdings to cover any unexpected drama.
🇨🇦 Vancouver's Mayor Ken Sim is pushing the city to add Bitcoin to its balance sheet. He plans to bring forward a motion titled "Preserving the city's purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city."
💸 Russia's trying to cash in on the crypto hype as Bitcoin hits record highs against the ruble. The government just got its upper house of parliament to pass a new law treating crypto as property, slapping a 13%–15% income tax on gains from crypto sales.
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🧃 Sip of celebration
Explore Bybit's birthday event with the latest BitDegree Mission, "#Super6Bybit: Celebrating Bybit's 6th Birthday":
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Btw, BitDegree's $100K Bitcoin surprise is still happening. You didn't forget, did you? Stay ready 🤫
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🍌 Juicy memes
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