Bitcoin Breaks $30K 📈

GM. This is Degen Scoop. It’s Monday, here’s the scoop:

• Bitcoin Breaks $30K 📈

• Maker Achieves $200M in Annual Revenue 🤑

• FBI Charges $30M Crypto Laundering Business 💱

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Bitcoin Blows Past $30K, A First Since August

Bitcoin managed to surpass the $30,000 threshold in an overnight pump, a level not seen since earlier in the summer. The current trading price for Bitcoin hovers just under $30,500, reflecting a 5%+ increase over the weekend. This uptick in Bitcoin's price coincides with a series of refilings and amendments by major financial players, indicating intensified competition in the race for a spot Bitcoin ETF. The potential approval of a spot Bitcoin ETF is eagerly awaited.

Noteworthy amendments have been made by significant players in the finance industry, with BlackRock and Fidelity refining their ETF filings. The race for a Bitcoin ETF also involves Grayscale, which has secured key court victories in its efforts to convert its Grayscale Bitcoin Trust Fund (GBTC) into a Bitcoin ETF. Analysts predict that a Bitcoin ETF approval could happen in the coming months, with JP Morgan suggesting it is "most likely" before January 10, and Bloomberg Intelligence estimating a 90% chance of approval in January. Should an ETF be passed, it’ll be just in time for the next halving in April.

Maker Sets All Time High Revenue of $200M, Propelled by High Interest Rates

Maker’s annualized revenue reached a new record high of $203M, surpassing the previous peak of $172.3M in May 2021. Additionally, the supply of DAI, hit a new yearly high of $5.6 billion. Maker generates revenue through user fees for borrowing DAI and fees from liquidation of borrowing positions. The surge in revenue is attributed to increased deposits of tokenized real-world assets (RWAs) for minting DAI and higher yields for DAI holders.

MakerDAO's RWA deposits have exceeded $3 billion, constituting 42.7% of the protocol's total deposits of $7.54 billion. The increased yields for DAI holders through DSR have contributed to high demand for DAI. The DSR generates yields for DAI holders from protocol fees, and the DAI deposited into Spark Protocol is represented as sDAI, constituting 31.3% of DAI's total supply; the supply has done a 5x since August as holders earn 5% APR from DSR deposits.

Group Gets Charged By FBI For Running $30M Token to Cash Laundering Business

The FBI has charged six individuals for allegedly running an illegal $30 million money-transmitting operation using crypto. The accused operated without the necessary money transmitting license in New York. The scheme involved using the darknet to convert bitcoin and other cryptocurrencies into cash. The co-conspirator allegedly made around $30 million over three years through cash-to-crypto exchanges. The filing includes photographic and video surveillance evidence, showing the defendants engaging in the illegal activity.

The U.S. Magistrate judge granted conditional release to at least one of the named individuals, Naineshkumar Patel. Law enforcement arrested an individual on Feb. 7, 2023, who had been mailing cash packages on behalf of the co-conspirator. The arrested individual later cooperated with law enforcement for eight months, participating in around 80 controlled cash pickups totaling approximately $15 million.

Notable NFT Sales Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.