The United States will impose some sanctions on Iran. U.S. stocks and cryptocurrencies fell collectively

Headline

▌4E: The situation in the Middle East escalates, and US stocks and cryptocurrencies fall collectively

On October 2, Iran launched a missile attack on Israel on Tuesday, which further escalated tensions in the Middle East and triggered cautious sentiment in global markets. US stocks and crypto markets fell accordingly. The three major US stock indexes closed down collectively, with the Dow Jones Industrial Average down 0.41%, the S&P 500 down 0.93%, and the Nasdaq down 1.53%. Technology stocks became the worst performing sector; the crypto market fell sharply, Bitcoin almost fell below $60,000, and is now quoted at $61,523, with a 24-hour drop of 2.75%. Ethereum fell 5.11%, and market sentiment returned to panic. Data shows that Bitcoin fell by about 4% in the first two days of October, in sharp contrast to the average increase of 20% in October in history; in terms of commodities, safe-haven asset gold is favored, and the December gold futures price on the New York Stock Exchange rose by 1.16%. The market's concerns about crude oil supply have intensified, and the international crude oil price has risen by more than 4%. The escalation of tensions in the Middle East has led to a rapid increase in market panic, risky assets have been sold off, and market volatility has increased. eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indexes, bulk gold, and foreign exchange. It recently launched a USDT stablecoin wealth management product with an annualized yield of 5.5%, providing investors with potential hedging options. 4E reminds you to pay attention to market volatility risks and allocate assets reasonably.

▌US President Biden: Some sanctions will be imposed on Iran

US President Biden: Some sanctions will be imposed on Iran.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $61,018.64, with a daily increase or decrease of -0.4%;

ETH's latest transaction price is $2,377.33, with a daily increase or decrease of -3.7%;

BNB's latest transaction price is $545.49, with a daily increase or decrease of -1.1%;

SOL's latest transaction price is $149.02, with a daily increase or decrease of -4.4%；

DOGE's latest transaction price is 0.1055 yuan, with a daily increase or decrease of -2.2%；

XPR's latest transaction price is 0.5294 US dollars, with a daily increase or decrease of -12.6%。

Policy

▌British Finance Minister is promoting the issuance of digital gilts based on blockchain

On October 2, British Finance Minister Tulip Siddiq is pushing the UK to start issuing "digital gilts" on the blockchain. However, the Debt Management Office (DMO), the Treasury's executive body responsible for issuing and managing government bonds, opposed the move, according to a former minister and several department officials familiar with the discussions. Officials said Siddiq was determined to move forward to combat the risk of Britain being "left behind" by its global peers.

▌Bank of Russia: Digital ruble issuance will not trigger inflation

The Bank of Russia recently explained that the Russian central bank's digital ruble CBDC will not change the way the country manages monetary policy. The bank said in a draft outlining the central bank's policy direction for 2025-2027 that the central bank will continue to use the same tools to target inflation even after the launch of the digital ruble.

Blockchain Applications

▌Several blockchain companies were hacked after hiring North Korean IT employees

North Korean IT workers successfully infiltrated more than a dozen blockchain companies by forging identities. Several companies were hacked after hiring North Korean IT employees. These employees successfully passed interviews and background checks using fake identities and even demonstrated real work experience. Affected companies include Injective, Fantom, Sushi, Yearn Finance, etc. Hiring North Korean employees not only violates the laws of many countries, but also brings cybersecurity risks. Many companies have been hacked after hiring North Korean IT personnel. According to the United Nations report, North Korean IT workers generate up to $600 million in revenue each year.

▌Worldcoin Foundation launches new continuous funding program to simplify innovation support process

The Worldcoin Foundation announced the launch of a new funding program to simplify the application process and support global innovators to submit proposals at any time. The new program focuses on World ID applications, digital identity solutions, user growth plans, governance innovations, and developer tool improvements. The move is intended to promote decentralization, enhance user experience, and promote widespread adoption of Worldcoin technology.

▌Christie’s to Provide Blockchain Certificates of Ownership for Photographic Collections

Christie’s will provide blockchain-based digital certificates of ownership for each lot at the “Focus on Reality: Photographs from the Collection of Ambassador Trevor Trainor” auction at Rockefeller Center in New York. The auction involves 130 works, and the certificates of ownership will be minted by Kresus on the Ethereum Layer 2 blockchain Base developed by Coinbase. Christie’s first dabbled in blockchain technology in 2021, when it auctioned Beeple’s “Everyday” series for $69 million.

▌Arbitrum becomes the first Layer 2 network on the Uniswap protocol to exceed $200 billion in transaction volume

Uniswap officially announced on the X platform that Arbitrum has just become the first Layer 2 network on the Uniswap protocol to exceed $200 billion in swap transaction volume.

Cryptocurrency

▌BTC breaks through $61,000

The market shows that BTC has broken through $61,000 and is now at $61,027.49, with a 24-hour drop of 0.12%. The market is volatile, so please do a good job of risk control.

▌BNB Chain releases Q3 hackathon winners

BNB Chain announced that the 2024 Q3 hackathon received a total of 186 excellent entries, and 10 outstanding projects advanced to the demonstration phase to compete for the top three and $50,000 in prize money. The top 3 include: First place: distributed proof node network zkGraph ($15,000); Second place: BNB Greenfield ecological project Siren ($10,000); Third place: decentralized leasing project CryptoBed ($5,000).

▌Japan will evaluate cryptocurrency regulations and is expected to create conditions for the launch of cryptocurrency ETFs

According to foreign media reports, Japan plans to evaluate the effectiveness of its cryptocurrency regulations. This review will be conducted in the next few months and may pave the way for the country to launch cryptocurrency exchange-traded funds (ETFs). An official from the Financial Services Agency (FSA) of Japan said the review will measure whether the country's current approach to cryptocurrency regulation under the Payment Services Act (PSA) is sufficient. The PSA was originally enacted in 2009, and Japanese lawmakers have amended the PSA several times to address the changes in the financial services landscape triggered by the emergence of digital currencies. The bill recognizes Bitcoin (BTC) and other cryptocurrencies as legal property. It also requires cryptocurrency exchanges to register and comply with the country's anti-money laundering (AML) and counter-terrorism financing (CFT) obligations.

▌SEC Director Who Led Crypto Crackdown to Leave

Gurbir S. Grewal, Director of the U.S. Securities and Exchange Commission's Enforcement Division, will leave after 21 years in office. Deputy Director of the Division Sanjay Wadhwa will serve as interim Acting Director, and Chief Counsel Sam Waldon will serve as Acting Deputy Director. Gurbir S. Grewal, who served as Director of Enforcement under Gensler for three years, will officially step down on October 11. As the chief policeman of the security regulator, Gurbir S. Grewal has filed enforcement actions against several of the most prominent U.S. cryptocurrency companies, including Coinbase, Kraken and Ripple Labs, as well as countless international entities such as Binance. During Gurbir S. Grewal's tenure, the agency approved more than 100 enforcement actions against cryptocurrency companies.

Important Economic Dynamics

▌The probability of the Federal Reserve cutting interest rates by 25BP in November is 62.8%

According to CME's "Fed Watch": The probability of the Federal Reserve cutting interest rates by 25 basis points by November is 62.8%, and the probability of a 50 basis point cut is 37.2%. The probability of a cumulative rate cut of 50 basis points by December is 36.8%, the probability of a cumulative rate cut of 75 basis points is 47.8%; the probability of a cumulative rate cut of 100 basis points is 15.7%.

▌JPMorgan Chase's latest research report: A-shares rebound strongly driven by a decline in short selling ratios, an increase in margin trading, and investor excitement

JPMorgan Chase's latest September research report on A-shares shows that the Political Bureau meeting unexpectedly called for strong policies to stimulate a strong rebound in A-shares. This round of rebound has three major drivers: a decline in short selling ratios, an increase in margin trading, and investor excitement. Specifically, as of September 30, the Hong Kong market's short buying ratio fell from 21.8% on September 16 to 10.2%; the proportion of margin trading in A-shares in total trading volume rose from 7.4% on September 20 to 10.5% on September 27. JPMorgan Chase believes that the excitement of retail investors, as evidenced by the surge in new account openings, may narrow global funds' exposure to Chinese stocks. JPMorgan Chase also predicted that A-share ETFs would see a net inflow of 59.3 billion yuan (about $8.5 billion) from September 23 to 27. JPMorgan Chase pointed out that the sustainability of the A-share rebound lies in the strength of fiscal policy, macro data, and earnings revisions.

Golden Encyclopedia

▌What is Algorithm of Thought (AoT)?

Algorithm of Thought (AoT) is a breakthrough approach in the field of artificial intelligence (AI) that revolutionizes the way AI models think and reason. Developed by Microsoft Research, AoT introduces a new paradigm for large language models (LLMs) to enhance reasoning capabilities to solve complex problems. It aims to combine the best of both worlds: a nuanced and intuitive understanding of the human thought process with the structured and systematic nature of the algorithmic approach.

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