Headline
▌Victory Securities: Bitcoin rises slowly and waits for spillover effect
Victory Securities Deputy Chief Operating Officer Zhou Lele published an analysis pointing out that the virtual asset market continued last week's trend and fluctuated slightly. Head assets such as Bitcoin and Ethereum were swaying and entangled, but Altcoins with higher odds were recovering and moving out of the downward channel. The over-the-counter Bitcoin ETF inflow last week was about US$3.08 billion, and the Ethereum ETF inflow was about US$5 million; the weak balance in the market was broken, short-term holders gradually increased their holdings, and the recovery phase may begin. Virtual asset shadow stock MicroStrategy hit a new high, and its double-long ETF trading volume also gradually expanded. The market is hot for meme coin investment, and the market risk appetite has increased, but compared with the assets themselves, the willingness to trade high-odds derivatives is stronger. Virtual assets may need to wait for the wealth effect of global stock markets to spill over and increase market share.
▌Tesla humanoid robot is said to be remotely controlled
According to foreign media citing people familiar with the matter, at the "We, Robot" (We, Robot) show held by Tesla (TSLA.O) last week, Tesla remotely controlled its Optimus humanoid robot prototype, and employees in other places were responsible for controlling many interactions between the humanoid machine and attendees. At least one video allegedly from the "We, Robot" event on October 10 showed an Optimus "bartender" admitting that it had "human help." The Optimus prototype can walk through artificial intelligence control without external control.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $66,088.28, with a daily increase or decrease of +5.4%;
ETH's latest transaction price is $2,631.03, with a daily increase or decrease of +6.9%;
BNB's latest transaction price is $589.60, with a daily increase or decrease of +3.3%；
SOL's latest transaction price is 157.41 US dollars, with a daily increase or decrease of +6.8%；
DOGE's latest transaction price is 0.1168 yuan, with a daily increase or decrease of +5.3%；
XPR's latest transaction price is 0.5477 US dollars, with a daily increase or decrease of +3.2%。
Policy
▌TD Cowen: U.S. Senator Bill Hagerty's draft stablecoin bill may become the outline of a 2025 bill
U.S. Senator Bill Hagerty's draft stablecoin legislation may become the outline of a future bill in 2025, investment bank TD Cowen said in a report on Monday.
"This draft should form the basis of legislation we expect Congress to pass next year," wrote Jaret Seiberg of TD Cowen Washington Research Group. "This is more likely if Trump wins, as Hagerty has a close relationship with the former president."
Hagerty could reportedly become a potential contender for a Trump cabinet position if Trump wins, either in a national security position or a Treasury position. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over major agencies including the U.S. SEC.
Seiberg noted in the report: "The key will be to reach bipartisan agreement on the issue of regulators regulating stablecoins. If Trump wins, the bill's prospects are even higher."
▌FinCEN accuses TD Bank of failing to report suspicious cryptocurrency activity and faces more than $3 billion in money laundering fines
The Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activity from an anonymous group of customers engaged in international cryptocurrency transactions. FinCEN said TDBank processed more than 2,000 transactions from a company called "Customer Group C" (allegedly engaged in sales financing and real estate industries) in nine months. Customer Group C falsely reported its expected international wire transfer activity to TD Bank, saying that its annual sales would not exceed $1 million. In fact, Customer Group C allegedly conducted more than $1 billion in transactions through TD Bank.
On October 10, TD Bank was fined $3.09 billion for violating the Bank Secrecy Act and money laundering, and was placed on four years of surveillance for the same violations, according to the U.S. Department of Justice. The $3.09 billion was called "the largest fine ever imposed under the Bank Secrecy Act."
Blockchain Applications
▌dYdX Launches Trump 2024 Election Prediction Market Perpetual Contract
The dYdX Foundation announced the launch of Trump 2024 Election Prediction Market Perpetual Contract, allowing users to trade in a fully decentralized environment. Traders can trade long and short based on Trump's chances of winning.
Cryptocurrency
▌Galaxy: Harris is friendlier than Biden on cryptocurrency policy, but not as friendly as Trump
According to analysis by Galaxy Research, US presidential candidate Kamala Harris is friendlier than incumbent President Biden on cryptocurrency policy, but not as friendly as Trump. Harris promises to improve the regulatory environment for the US crypto industry, but takes a more cautious stance on issues such as taxation, Bitcoin mining and self-custody, while Trump supports Bitcoin mining and promises to protect self-custody rights. Nevertheless, Harris's policies may be more constructive than Biden's.
▌Santiment: Market gradually optimistic after BTC breaks through $66,000
According to Santiment on the X platform, as Bitcoin rose at the beginning of this week and once jumped above $66,000, traders are looking for opportunities in the GameFi and Memecoin fields. The discussion rate between these altcoin sectors shows a continued increase in interest levels. Historically, this indicates that the crowd's view on the market has gradually become optimistic. Considering that the market has risen for 5 consecutive weeks, it is expected that mild FOMO will continue to exist, and more speculative assets will trigger more and more discussions until a pullback injects fear into the crowd's narrative again.
▌Bitfinex: Bitcoin selling pressure eases, market trends remain to be seen
Bitfinex Alpha analysis report shows that last week, Bitcoin prices fell by more than 11% from a high of $66,587 at the end of September to a low of $58,943 on October 10 under the influence of a large amount of selling in the spot market. At present, the selling pressure has eased and the price of Bitcoin has rebounded rapidly. On-chain indicators show that the actual price of short-term holders (about $63,000) is a key resistance level. If Bitcoin can break through this level, it may indicate further bullish momentum; otherwise, it may retest lower support levels, close to $59,000 or even $55,000. In addition, the Mt. Gox trustee has extended the repayment period for creditors to October 31, 2025, easing market concerns that Bitcoin may suffer a sell-off.
▌Trader Eugene: I hope Bitcoin will rise slowly in October and rush to $100,000 after Trump is elected
Trader Eugene Ng Ah Sio posted on social media, "In an ideal world, this is what I would like to see: a slow rise for the rest of October, allowing Trump to enter the White House, and then Bitcoin rushes to $100,000."
Important Economic Dynamics
▌Federal Reserve Kashkari: Generative AI has real potential
Federal Reserve Kashkari said that generative artificial intelligence, after two years of development, seems to have real potential.
▌The probability of the Fed cutting interest rates by 25BP in November is 87.7%, and the probability of not cutting interest rates is 12.3%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points by November is 87.7%, and the probability of maintaining the current interest rate is 12.3%. The probability of a cumulative interest rate cut of 25 basis points by December is 19.7%, the probability of a cumulative interest rate cut of 50 basis points is 79.1%, and the probability of a cumulative interest rate cut of 75 basis points is 0%.
▌Fed Kashkari: US inflation will fall further
Fed Kashkari said that the Fed has made great progress on inflation and the labor market is strong; there is a lot of evidence that US inflation will fall further.
▌Fed Kashkari: Bitcoin is still useless
Fed Kashkari said that Bitcoin has been around for more than a decade, but it is still useless.
Kashkari has publicly expressed doubts about cryptocurrencies many times, believing that Bitcoin and other cryptocurrencies are mainly used for speculation and illegal activities and lack intrinsic value.
▌The three major U.S. stock indexes closed up
The three major U.S. stock indexes closed up, with the Nasdaq up 0.87%, the S&P 500 up 0.77%, and the Dow up 0.47%. Among them, the S&P 500 and the Dow both hit new historical highs, and the Nasdaq hit a new high in about three months. Most large technology stocks rose, Nvidia rose more than 2%, setting a record closing high; Apple and Google rose more than 1%, Microsoft, Tesla, and Meta rose slightly; Netflix fell more than 1%, and Amazon fell slightly. Trump concept stocks rose sharply, and Trump Media Technology Group rose more than 18%.
▌Federal Reserve Board Member Waller: The Fed should be more cautious in cutting interest rates than at the September meeting
Federal Reserve Board Member Waller said that the Fed should be more cautious in cutting interest rates than at the September meeting. The basic expectation is to gradually reduce the policy interest rate over the next year. The current policy interest rate is at a restrictive level; if the economy develops as expected, the policy can be adjusted to a neutral position at a "steady pace."
Golden Encyclopedia
▌What is Proto-Danks Sharding
Sharding is a method of splitting a ledger into smaller parts, called shards. But proto-danksharding is one of the most opaque terms in the crypto world's vocabulary. The term doesn't particularly have a guiding meaning. Is proto short for prototype? Is this the same dank in your favorite meme folder? Both assumptions may be quite reasonable, but both are wrong. First proposed by protolambda and Dankrad Feist, who named the idea after themselves, proto-danksharding is a transaction type that accepts the above blobs. The solution using blobs is designed to overcome Ethereum's long-standing problems of high gas fees and low transaction throughput.
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.
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