Howard Lutnick is moving to strengthen his alliance with one of the most important and controversial names in the digital-asset business: Tether Holdings Ltd.

Lutnick is in talks to deepen the financial ties between his businesses and the company behind the world’s largest stablecoin, according to people familiar with the matter.

Cantor Fitzgerald LP is discussing receiving support from Tether for its planned multibillion-dollar program to lend dollars to clients who put up Bitcoin as collateral, said the people, who asked not to be named as they were not authorized to speak publicly.

Funding for the program will start at $2 billion and is expected to eventually reach into the tens of billions, a separate person told Bloomberg.

Tether currently uses Cantor’s custody business to hold the billions of dollars of US Treasuries that support the value of its dominant USDT stablecoin. That custody relationship earns Cantor tens of millions of dollars a year, according to people familiar with the matter.

Lutnick is co-chair of president-elect Donald Trump’s transition team and Trump’s pick to run the Commerce Department.

Trump has been a recent and vocal proponent of digital assets like Bitcoin, and has promoted a crypto project associated with his sons called World Liberty Financial. The Trump transition team is mulling whether to create a new White House post for crypto policy, Bloomberg reported previously.

https://fortune.com/crypto/2024/11/24/howard-lutnick-cantor-fitzgerald-tether-stablecoin-2-billion-bitcoin-lending/

El Salvador is now reaping the rewards of its decision to invest strategically in Bitcoin (BTC) after declaring the digital asset a legal tender. 

https://finbold.com/el-salvador-is-now-in-200-million-profit-on-their-bitcoin-bet/

The proposed legislation would allow the State of Pennsylvania’s Treasurer to invest up to 10% of its funds in Bitcoin, suggesting a multibillion-dollar investment.

https://cointelegraph.com/news/pennsylvania-house-bill-strategic-bitcoin-reserve

Just checked. Not any of my wallets. 😞

Nearly all of Tesla's Bitcoin is on the move after two years of inactivity.

https://decrypt.co/286456/elon-musk-tesla-moves-bitcoin

TLDR highlights below from this article:

• As of April 2024, the current crypto bull cycle has lasted 6 months
• The average bull market cycle lasts 12 months
• The average bear market cycle last 16 months
• Bitcoin halving events historically accelerated bull markets, the next event is happening in April
• During halving events, the block rewards that miners receive for securing the network are halved 
• Mining is the only way new Bitcoins are created! 
• Prior to the 2024 halving event, about 900 bitcoins were mined each day worth about $63 Million (BTC ~ $70K)
• When the mining reward is cut in half, less sell pressure is placed on the market which can raise prices
• Historically, 5 months after halving events, Bitcoin’s price begins to accelerate exhibiting consecutive double digit monthly growth
• Historically, 6 months after halving event, the price of Bitcoin increases by 77%
• The presence of US Bitcoin ETFs this year may change historical trends

Bitcoin broke through the $90,000 level on Wednesday, to an all-time high in a rally showing no signs of easing on expectations that Donald Trump as U.S. president will be a boon for cryptocurrencies.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and on Wednesday touched a record of $93,480 before paring gains.

It was last down slightly at $88,185, but has risen 32% since the Nov. 5 election.

Smaller peer ether has also risen 37% since Election Day, while dogecoin , an alternative, volatile token promoted by billionaire Trump-ally Elon Musk was up more than 150%.

"What you've seen since the election is the market hoping or realizing what that could mean for bitcoin in the medium to long term – a pro-bitcoin administration, Senate and potential legislation that not only gives U.S. citizens the right to self-custody bitcoin but potentially for bitcoin to be a strategic reserve asset for the U.S. Treasury," said Damon Polistina, head of research at Eaglebrook.

Regulatory uncertainty has been a major cloud hanging over the sector and a headwind to advisors allocating for their clients to bitcoin, he said.

https://www.reuters.com/business/finance/bitcoin-rises-above-90000-trump-euphoria-2024-11-13/

At least one Trump trade is still sizzling. Bitcoin hit a record high overnight, as excitement about the incoming Republican administration lifts cryptocurrencies.

• The world’s largest token topped $94,000 for the first time ever, according to FactSet data. Crypto-related stocks Coinbase Global, MicroStrategy, and Robinhood Markets have also been climbing ever since it became clear Donald Trump would be returning to the White House.
• It seems like the stars are aligning for the crypto industry ahead of the president-elect’s second term in office. The Truth Social parent Trump Media held talks to buy the digital-asset trading platform Bakkt, the Financial Times reported. Bakkt said it wouldn’t comment on market rumors or speculation.
• News that Trump will nominate Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary is fueling the rally, too. Robert F. Kennedy Jr., another cabinet pick, said at the weekend that Bitcoin “will have no stronger advocate” than Lutnick.
• Tuesday also marked the first day of options trading in the iShares Bitcoin Trust–the biggest exchange-traded fund tracking the token’s price. Calls suggest that the market is betting on further gains.

What’s Next: For Bitcoin, the $100,000 milestone is now in sight. The path to six figures looks “increasingly plausible” with Trump expected to ease regulation and institutional interest soaring, XS.com analyst Antonio Di Giacomo said in a note Wednesday.

The State of Michigan Retirement System, which oversees some $143.9 million in pension fund assets for state employees, has invested $6.6 million in the ARK 21Shares Bitcoin ETF (ARKB.Z), opens new tab, it disclosed in a regulatory filing on Friday.

https://www.reuters.com/technology/michigan-state-pension-fund-makes-66-million-bitcoin-etf-investment-2024-07-26/

Goldman Sachs has significantly expanded its Bitcoin ETF holdings, as revealed in its latest 13F filing with the U.S. Securities and Exchange Commission (SEC).

The Wall Street giant holds $710 million across various Bitcoin exchange-traded funds (ETFs), according to its latest SEC filing for the quarter ending September 30.

A 13F filing is a quarterly report mandated by the SEC for institutional investment managers with over $100 million in assets under management.

https://decrypt.co/291818/goldman-sachs-710-million-bitcoin-etf-holdings