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CoinDesk reports a surge in demand for cryptocurrency derivatives, particularly on the decentralized finance (DeFi) platform Derive, which has seen its total value locked (TVL) exceed $100 million. This growth aligns with record trading volumes and active traders, with Derive also reaching an all-time high in notional volume of $369 million and 5,416 monthly active trades. The platform offers a range of products, including options, perpetuals, and margin trading.

In the options market, a notable whale implemented a covered call strategy, selling BTC call options and collecting over $1.6 million in premiums. This strategy allows the whale to profit if Bitcoin remains below $105,000 by March, while protecting against losses if prices exceed $130,000.

Additionally, traders are engaging in DeFi carry trades using sUSDe, a reward-bearing token, as collateral to borrow USDC at lower rates, benefiting from the spread between sUSDe's high yield and borrowing costs. This highlights the growing complexity and attractiveness of options and structured products in the crypto market.

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A new post came from Tesla CEO Elon Musk, who has influenced the market and the relevant cryptocurrency with his posts and statements. At this point, Elon Musk shared the image of the popular memecoin PEPE

Elon Musk, known for his support of Dogecoin (DOGE), shared a quote and an image about PEPE on X, which includes the phrase “Make a funny Pepe meme about making Pepe memes.” After this sharing, the PEPE price moved upwards.

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In 2022, the Federal Deposit Insurance Corp. (FDIC) halted or prevented numerous U.S. banks from engaging in crypto banking activities, as revealed by internal communications obtained through a lawsuit by Coinbase. The documents show that the FDIC explicitly instructed banks to pause all crypto-related activities until further notice, citing the need for compliance clarity.

Coinbase's Chief Legal Officer, Paul Grewal, argued that these letters provide concrete evidence of a systematic effort by the FDIC to restrict banking services for the legal crypto industry. He emphasized that the letters confirm the existence of a coordinated plan to deny these services, countering claims that it was merely conspiracy or speculation.

The FDIC communications indicated uncertainty about the regulatory requirements needed to approve crypto activities, leaving banks in limbo. Although the FDIC, along with the Federal Reserve and the Office of the Comptroller of the Currency, has issued broad cautionary guidelines regarding crypto, no formal regulations have been established.

The FDIC did not comment on the release of these letters. Grewal plans to seek the removal of redactions to clarify the institutions involved and their proposed services. This issue has been referred to as "Operation Chokepoint 2.0," reminiscent of a previous government initiative targeting controversial businesses. The topic emerged in a recent congressional hearing, where crypto leaders expressed concerns about being cut off from financial services, even as federally chartered banks like Anchorage Digital faced similar challenges.

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Amazon shareholders are advocating for the company to diversify its reserves by investing in bitcoin (BTC) to combat inflation and enhance shareholder value. A proposal from the National Center for Public Policy Research (NCPPR) argues that while bitcoin is volatile, including it in Amazon's balance sheet could help maximize long-term shareholder returns without excessive risk. The proposal suggests that Amazon should consider holding at least 5% of its assets in bitcoin.

Bitcoin has experienced significant growth, rising 134% this year and surpassing the $100,000 mark, outperforming traditional assets like gold and the S&P 500. In contrast, MicroStrategy, a major bitcoin holder, has seen its shares increase by over 500%. The proposal cites MicroStrategy's success and the adoption of bitcoin by companies like Tesla and Block, emphasizing Amazon's fiduciary duty to look beyond short-term asset volatility.

As of the end of the third quarter, Amazon's total assets stood at $585 billion, with $88 billion in cash and marketable securities. The NCPPR argues that this asset mix does not sufficiently protect shareholder value. A similar proposal was recently submitted by Microsoft shareholders, who are set to vote on the matter on December 10.

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Solana's memecoin platform Pump .fun has blocked access to U.K. crypto traders, citing "laws and regulations" after the Financial Conduct Authority (FCA) warned that the platform might be offering financial services without permission. This geoblock was implemented three days after the FCA's warning. Since its launch earlier this year, Pump .fun has become a leading launchpad for memecoins on the Solana blockchain, generating over $250 million for its founders and spawning successful tokens like PNUT and WIF.

In response to the ban, memecoin traders began creating joke cryptocurrencies to mock the situation, though none had gained traction at the time of reporting.

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President-elect Donald Trump has appointed David Sacks as the White House's AI and Crypto Czar, announcing the decision in a post on TruthSocial. Sacks will guide policies in artificial intelligence and cryptocurrency, aiming to establish the U.S. as a global leader in these fields. He is a limited partner at MultiCoin Capital and co-founder of Craft Ventures, which has invested in companies like BitGo and Bitwise.

Following the announcement, the dYdX token surged over 30%, reflecting Sacks' influence as an early investor in the decentralized exchange. Trump emphasized that Sacks will also focus on protecting free speech online and developing a legal framework to provide clarity for the cryptocurrency industry.

Sacks, a former COO of PayPal and a member of the "PayPal Mafia," joins the administration as Trump also named former SEC Commissioner Paul Atkins to lead the securities regulator. Atkins is involved with The Digital Chamber, an industry lobbying group.

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Spot BTC ETFs in the U.S. saw $533 million in net inflows on Wednesday, with BlackRock's IBIT crossing $50 billion in net assets for the first time. Bitcoin has gained 50% in the past 30 days due to increased institutional demand, rising ETF inflows, improved sentiment, and optimism around the upcoming U.S. presidency. Traders expect the bullish momentum to continue, as Bitcoin's small market cap compared to other assets could attract more institutional investment.

However, some analysts warn of a potential market top and price correction to around $90,000. Bitcoin's surge past $100,000 represents a pivotal moment for the cryptocurrency industry, with a favorable regulatory environment in the U.S. likely to drive further institutional adoption.

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