Daily Summary, November 7

Cryptocurrency and Blockchain
* The stablecoin deUSD collapsed to $0.06 after it was revealed that the majority of its collateral was linked to the problematic project Stream Finance.
* The crypto wallet Trust Wallet launched a P2P-service, allowing users to buy cryptocurrency from each other without intermediaries with payment in the local currency.
* The company Circle printed about 1 billion stablecoins USDC over the last 24 hours.
* The president of Ripple stated that the company does NOT have plans or timelines for conducting an IPO.

Major Business and Investments
* The banking giant JPMorgan owns 5.3 million shares of the Bitcoin-ETF from BlackRock worth $343 million, which is 64% more than the previous reporting period.
* The shareholders of Tesla approved a compensation package for Elon Musk of nearly $1 trillion.
* Large companies faced the reality that mass layoffs for the sake of AI implementation did not work, and business is beginning to return the laid-off employees back.

Regulation and Funds
* Kazakhstan will create a national crypto reserve fund with a volume of up to $1 billion, partially at the expense of confiscated assets.
* The company Nvidia and Kazakhstan signed a memorandum on the supply of advanced chips for AI worth up to $2 billion.

Analytics and Markets
* The MVRV indicator of Bitcoin fell to 1.8 (a minimum since April), which historically signals the reaching of a local bottom. Analysts point to support in the area of $99,000.

Incidents and Events
* The well-known crypto-scammer Roman Novak and his wife Anna were probably killed.
* The co-founder of BitMEX Arthur Hayes launched a giveaway of 10 ZEC (~$6000) on Twitter, suggesting to come up with the most witty ending for the phrase “Sam Bankman-Fried, CZ, and Arthur Hayes walk into a…”.