Every week, Amdax summarizes what's happening in the crypto market for you. Want to learn more? Click through for further insights. 

This newsletter is a co-production with our partner Bitcoin Alpha.

Market Update 

Stay informed in three steps:

• US employment numbers come out positive
  Last Friday, new data was released. The number of job openings exceeded expectations. Job growth was higher than anticipated, and weekly unemployment claims remain historically low. Both the stock and crypto markets reacted positively to the data.
• The market does not expect a second large rate cut
  The first rate cut by the US Federal Reserve was a significant one at 50 basis points, and the expectation was that this trend would continue. However, with the economic data suggesting that a US recession is becoming increasingly unlikely, expectations for another large rate cut have been adjusted to 25 basis points.
• The fourth quarter is not yet written off
  While most 'analysts' on X have written off the fourth quarter after a disappointing first week, this is far from the truth. Bitcoin has been hovering around the previous cycle's record highs for more than six months, and the lack of clear direction is making investors impatient and uncertain. Bitcoin remains in a bull market, and favorable macroeconomic winds should give it the necessary push in the coming months.

News Overview

Signal out of the noise:

• HBO claims to reveal Satoshi Nakamoto in a new documentary
  Or so the creators claim. In a new documentary titled "Money Electric: The Bitcoin Mystery," the TV channel says it reveals the identity of bitcoin's founder. Although previous attempts to uncover Satoshi’s identity have failed, curiosity remains high. Many experts believe that Satoshi's identity is best left a mystery, but the search for new clues keeps the intrigue alive.
• 13 of the 25 best-performing ETFs in 2024 are linked to bitcoin or ether
  So far, 525 new ETFs have launched this year. According to Nate Geraci, co-founder of the ETF Institute, 13 of them are directly connected to bitcoin (BTC) and ether (ETH). The top 4 spots are entirely dominated by spot bitcoin ETFs. BlackRock (IBIT) leads the pack with more than $21 billion in inflows, while Fidelity (FBTC) follows closely with nearly $10 billion.
• SWIFT to test digital asset transactions in 2025
  SWIFT will conduct these tests with banks in North America, Europe, and Asia. This initiative aims to show how traditional currencies and digital assets, such as Central Bank Digital Currencies (CBDCs) and tokenized assets, can coexist and work together within a unified system. SWIFT has previously conducted experiments with Chainlink and Ethereum’s Sepolia test network. The company believes SWIFT could become a crucial bridge between traditional financial systems and blockchain networks.
• Coinbase prepares to remove non-MiCA-compliant stablecoins
  By the end of 2024, the exchange will remove stablecoins that do not comply with European MiCA regulations, potentially including Tether’s USDT. Other companies are expected to follow suit. Tether CEO Paolo Ardoino has cryptically hinted that the company is working on a solution for the European market, though the details of this solution remain unknown.
• United Arab Emirates (UAE) exempts crypto transactions from VAT
  This applies retroactively to all transactions since January 1, 2018. The 5% VAT exemption brings the crypto sector in line with traditional financial services, which have long been exempt from VAT. This is an important step for the UAE in further legalizing digital assets.

Amdax’s take:
Employment and inflation data are crucial economic indicators for the Federal Reserve's monetary policy. To achieve the desired soft landing, inflation must decrease, and unemployment should not rise. The positive employment figures contribute to achieving this goal and suggest that the US economy is not weakening.