Gates donates $50 million to Harris, SEC chairman congratulates Bitcoin on its 16th anniversary

Headline

▌New York Times: Bill Gates has donated $50 million to Harris

According to the New York Times, Microsoft co-founder Bill Gates privately stated that he has donated $50 million to US Vice President Harris.

▌US SEC Chairman congratulates the 16th anniversary of the release of the Bitcoin white paper

In an interview broadcast by Bloomberg Businessweek on October 22, US Securities and Exchange Commission Chairman Gary Gensler congratulated the 16th anniversary of the release of the Bitcoin white paper with "sweet sixteen" (the BTC white paper was released on October 31, 2008), but Gensler also said that the SEC will continue its practice of considering the risks of digital assets to investors and "enforcement supervision."  

Gensler said: "For ninety years, we have benefited from strong laws enacted by Congress and rules established by agencies, which have helped promote market development, protect investors, promote capital formation and the development of the middle market, and we will continue to do so.

Market

As of press time, according to Coingecko data:

BTC recently traded at $67,361.01, with a daily increase or decrease of +0.1%;

ETH recently traded at $2,621.84, with a daily increase or decrease of -1.7%；

BNB's latest transaction price is 593.38 US dollars, and its daily increase or decrease is -0.8%；

SOL's latest transaction price is 167.39 US dollars, and its daily increase or decrease is +0.7%；

DOGE's latest transaction price is 0.1397 yuan, and its daily increase or decrease is -2.9%；

XPR's latest transaction price is 0.5333 US dollars, and its daily increase or decrease is -2.0%。

Policy

▌U.S. Congressman French Hill is optimistic about the passage of the 2024 crypto bill

U.S. Congressman French Hill said he remains optimistic that the crypto market structure bill and stablecoin legislation will be reviewed by the end of 2024. Hill pointed out in a discussion at the Washington DC Fintech Week that the two bills may be promoted in the "lame duck period" after the November election. In addition, he emphasized that if they cannot be passed this year, these bills will become a priority in 2025. Currently, the House of Representatives has passed the FIT 21 bill, which gives the Commodity Futures Trading Commission the power to regulate digital commodities.

▌ECB Governing Councillor Rehn: Europe's weak economic growth could further reduce inflation

ECB Governing Councillor Rehn said inflation rates across the eurozone are steadily returning to the 2% target, but weak economic growth poses the risk of further price declines. "The eurozone's anti-inflation process is on track," Rehn said. "The growth outlook has weakened significantly over the past few months, which could also increase pressure for inflation to fall further." He believes that rate cuts are still continuing, but he would not reveal how fast or how far they need to fall. Rehn said that since our interest rates are still in a restrictive range, the direction of interest rate changes is clear. He also said that the speed and scope of rate cuts will depend on the inflation outlook, the dynamics of potential inflation, and the strength of monetary policy transmission.

Blockchain Applications

▌Magic Eden Adds Support for BeraChain and ApeChain

NFT platform Magic Eden has added BeraChain and ApeChain as its eighth and ninth supported blockchains, respectively. The move brings Magic Eden closer to its goal of supporting 10 blockchains by the end of the year, and a spokesperson for Magic Eden said the company has set its sights on EVM-compatible Layer1 network Monad.

Cryptocurrency

▌Bitcoin Mining Difficulty and Total Network Computing Power Both Hit All-Time Highs

According to data from the blockchain browser Mempool, Bitcoin mining difficulty increased by 3.94% to a record high of 95.67 T, and the difficulty adjustment occurred at block height 866880 (around 2 a.m. Beijing time on August 23).  

According to The Block's data dashboard, the seven-day moving average of Bitcoin's total network computing power also hit a record high of 723.6 EH/s, breaking 700 EH/s for the first time.

▌Analysts expect market volatility to increase after Bitcoin ETF options are approved

The U.S. Securities and Exchange Commission (SEC) approved options trading for multiple Bitcoin spot ETFs, and analysts expect this to increase Bitcoin's market volatility. Kbit CEO Ed Tolson believes that retail investors will use Bitcoin ETF options for speculation, which may amplify price fluctuations. Galaxy Digital's Michael Harvey pointed out that although volatility may rise in the short term, long-term volatility may weaken as institutions adopt income strategies. The SEC also set a cap of 25,000 contracts on option positions to reduce the risk of market manipulation.

▌Aurum Equity Partners Launches $1 Billion Tokenized Fund

Aurum Equity Partners announced the launch of a $1 billion tokenized fund focused on building data centers in the United States, UAE, Saudi Arabia, India and Europe. The fund uses Zoniqx's asset tokenization technology and the XRP Ledger blockchain, and aims to attract more investors through tokenization, including small investors who cannot participate in large infrastructure investments.

▌Crypto Concept Stock Beyond to Lay Off 20% of Staff, Chief Product Officer Fired Without Cause

Crypto Concept Stock Beyond Inc. will lay off approximately 20% of its staff, and the layoffs are expected to be implemented mainly in the fourth quarter. The company's Chief Product Officer (CPO) Robinson was fired without cause, effective October 22, 2024.

▌Miner BitFuFu acquires a physical mining facility in Ethiopia

Cloud bitcoin miner BitFuFu has acquired its first physical mining facility. The company said the acquisition of an 80 megawatt (MW) facility in Ethiopia is the beginning of its infrastructure diversification. The value of the transaction has not been disclosed.

Important Economic Dynamics

▌Federal Reserve Overnight Reverse Repo Use Falls to Lowest Since 2021

Demand for the Federal Reserve's overnight reverse repurchase agreements fell to its lowest level in nearly three and a half years on Tuesday. According to the New York Fed, about 60 participants deposited about $238 billion at the Fed through overnight reverse repurchases, the lowest level since May 2021. The amount was $261 billion in the previous trading day.

Golden Encyclopedia

▌What is dynamic resharding

Dynamic resharding is a relatively new term that the marketing team of Near Protocol calls the "holy grail of sharding," but it also creates a new vocabulary that is not immediately understandable. Based on the concept of blockchain sharding, resharding occurs when the network adjusts the number of shards based on load. An overloaded shard can become two shards, and two underutilized shards can become one.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.