Headline
▌BTC breaks through $91,500
The market shows that BTC breaks through $91,500 and is now at $91,503.16, with a 24-hour increase of 1.82%. The market fluctuates greatly, so please do a good job of risk control.
▌Economic Daily publishes an article titled "Will Bitcoin Become a Reserve Asset of the United States?"
The Economic Daily published an article titled "Will Bitcoin Become a Reserve Asset of the United States?". The article states that although the new US government, which is about to take office, has shown great interest in cryptocurrencies, it still needs to pass multiple "gates" to make Bitcoin a real national reserve asset of the United States. From a policy perspective, listing Bitcoin as a strategic reserve asset requires a complex legislative process, involving the coordination and interest balance of multiple regulatory agencies. In addition, traditional US financial institutions, conservative lawmakers, and interest groups that are skeptical of digital assets may collectively oppose it, making it difficult to implement. The surge in Bitcoin prices seems to have given some people hope to reproduce the process from the disintegration of the Bretton Woods system to the establishment of the petrodollar. However, Bitcoin itself is not stable. Once it becomes a strategic reserve asset, it may bring greater challenges to regulators and may also arouse the vigilance of other countries in the world, exacerbating friction in the international financial field. It is still unknown whether the US economy, which has been eroded by high inflation for many days, can withstand its impact.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $90,628.38, with a daily increase or decrease of +1.0%;
ETH's latest transaction price is $3,209.85, with a daily increase or decrease of +4.4%;
BNB's latest transaction price is $619.62, with a daily increase or decrease of +0.2%；
SOL's latest transaction price is 240.25 US dollars, with a daily increase or decrease of +1.6%；
DOGE's latest transaction price is 0.37 yuan, with a daily increase or decrease of +1.7%；
XPR's latest transaction price is 1.13 US dollars, with a daily increase or decrease of +4.3%。
Policy
▌U.S. lawmakers urge the Treasury Department to investigate Tornado Cash and other crypto mixers
Sean Casten, a Democratic congressman from Illinois, joined Stephen Lynch, Brad Sherman, Bill Foster and other lawmakers in sending a letter to the Treasury Department, urging it to investigate illegal financing through cryptocurrency mixing services, especially Tornado Cash. The lawmakers said in the letter: "Despite sanctions, Tornado Cash remains online and continues to function as a decentralized smart contract."
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) designated Tornado Cash as a sanctioned entity in 2022. The group of lawmakers asked the Treasury Department to answer questions about cryptocurrency mixers by December 2, including estimates of Tornado Cash activities since August 2022, whether sanctions have led to an increase in suspicious activity reports, and whether additional sanctions are being considered.
▌Trump Meets with Coinbase CEO to Discuss Personnel Appointments
President-elect Trump will meet with the CEO of cryptocurrency trading platform Coinbase on Monday, according to people familiar with the matter. It is reported that the two will discuss personnel issues for the next administration. Trump and Brian Armstrong's meeting will be the first meeting between the two since Election Day, and Trump is still continuing to appoint cabinet members and other senior positions. Trump, a former skeptic of cryptocurrency, has become a supporter of the industry. At the annual Bitcoin conference earlier this year, Trump said that if he won the presidential election, he would appoint a presidential advisory committee on Bitcoin and cryptocurrency to design transparent regulatory guidance. Since Trump's victory, Armstrong has publicly discussed who should be the next leader of the U.S. Securities and Exchange Commission. Armstrong said he believes Trump's SEC Commissioner Hester Peirce is the "best choice."
▌The U.S. OCC confirmed that IBIT options will be listed and traded on November 19
The Options Clearing Corporation (OCC) said it confirmed that IBIT options will be listed and traded on November 19.
After the U.S. Securities and Exchange Commission approved 11 spot BTC ETFs in January, major companies have been seeking to list and trade options on their spot Bitcoin ETFs. The U.S. Securities and Exchange Commission approved BlackRock's proposal to list and trade its iShares Bitcoin Trust (ticker: IBIT) options on September 20.
▌Bitfinex hacker’s wife Morgan sentenced to 18 months in prison for money laundering
Bitfinex hacker Heather ‘Razzlekhan’ Morgan has been sentenced to 18 months in prison, and her husband Ilya “Dutch” Lichtenstein, the mastermind of the hack, was sentenced to five years last week. The hack resulted in the loss of nearly 120,000 bitcoins (worth about $9 billion at today’s prices) from the Bitfinex exchange. Morgan said at her sentencing hearing on Monday: “I am very sorry and deeply regret the choices I made. I spent my time and energy on bad things instead of good things, and I am ashamed of that.”
The couple was arrested in February 2022, with Lichtenstein eventually admitting to planning the theft and Morgan also pleading guilty to money laundering conspiracy and one count of conspiracy to defraud the United States.
Blockchain Applications
▌Magic Eden announces ME token economics: total supply of 1 billion, more than half will be allocated to the community
Magic Eden announced the token economics of its official token ME, with a total supply of 1 billion. Token distribution will be issued within 4 years, more than half of which will be allocated to the community.
Among them, initial ME claims for TGE: 12.5%; community and ecosystem: 37.7%; contributors: 26.2%; strategic participants: 23.6%.
ME will be distributed within 4 years, when all ME will be fully circulated, most of which will be allocated to the community. To ensure that the community and the protocol are protected from security issues, a 5-member security committee will be appointed to oversee a multi-signature wallet capable of performing emergency and delayed non-emergency actions. The ME Foundation will serve as the manager of ME.
Crypto
▌Wall Street giants are buying MicroStrategy shares
MicroStrategy's institutional holders jumped from 667 to 738, with a reported total value of $15.3 billion, according to 13f.info.
The world's second-largest asset manager Vanguard Group and Capital International Investors each bought nearly 16 million shares of MicroStrategy in the third quarter, with both companies' MSTR holdings increasing by about 1,000%.
Investment banking giant Morgan Stanley bought 8 million shares, a 500% surge from quarter to quarter. Goldman Sachs and Bank of America bought smaller amounts (696,000 and 766,00 shares, respectively), but this was another purchase after large purchases in the previous quarter. Meanwhile, State Street and Susquehanna also bought 5.3 million shares of MSTR.
It is worth noting that these holdings are relatively insignificant compared to the large holdings of these companies. For example, Vanguard holds 800 million shares of Amazon.
▌Bitcoin mining difficulty increased by 0.63% to 102.29 T this morning, setting a new record
CloverPool data shows that Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 870,912 (4:42:12 today), and the mining difficulty increased by 0.63% to 102.29 T, setting a new record; the average computing power of the entire network in the past seven days is 738.3 EH/s.
▌Two addresses holding 20 BTC each were activated after 11 years of dormancy, with both floating profits exceeding $1.82 million
According to the on-chain data tracking service Whale Alert, at around 6:39:24 Beijing time, two addresses holding 20 BTC each (US$1,828,988) were activated after 11 years of dormancy. These BTC were only worth US$4,586 in 2013, with floating profits exceeding US$1.82 million.
▌Genius Group, a listed company, bought 110 bitcoins for US$10 million to establish a bitcoin reserve
Genius Group Limited (NYSE: GNS), a listed company, announced today that it has purchased 110 bitcoins for US$10 million, at an average price of US$90,932 per bitcoin. This purchase marks the company's official establishment of a bitcoin reserve.
It is reported that the purchase follows the company's announcement of a "Bitcoin First" strategy on November 12, which pledged to hold 90% or more of existing and future reserves in Bitcoin, with an initial target of $120 million in Bitcoin. Today's purchase is the first of the company's ongoing purchases to achieve its goals.
Important Economic Dynamics
▌The three major U.S. stock indexes closed mixed
The three major U.S. stock indexes closed mixed, with the Nasdaq up 0.6%, the S&P 500 up 0.39%, and the Dow down 0.13%. Most large technology stocks rose, with Tesla up more than 5%, Intel and Netflix up more than 2%, Google, Apple and others up more than 1%, Meta and Microsoft up slightly; Nvidia fell more than 1%, and Amazon fell slightly. Trump Media Technology rose more than 16%, and the U.S. stock BKKT soared more than 162%. Trump's social media company is reportedly in advanced talks to acquire Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange.
▌San Francisco Fed report: U.S. labor market is still adding inflationary pressure
The tight U.S. labor market is still adding inflationary pressure, although to a lesser extent than in 2022 and 2023, according to a research report released by the San Francisco Fed on Monday. "Over the past two years, the decline in demand for labor has pushed down inflation by nearly 0.75 percentage points," wrote San Francisco Fed economists Regis Barnichon and Adam Hale Shapiro: "However, as of September 2024, high demand still contributes 0.3 to 0.4 percentage points to inflation." The San Francisco Fed's research shows that the job market remains a source of inflation. Powell estimated that the inflation rate in October was 2.3% according to the Fed's target measure and 2.8% according to the measure excluding food and energy used by the Fed to measure core inflation pressure.
▌The probability of the Fed cutting interest rates by 25 basis points in December is 54.8%
According to CME's "Fed Watch", the probability of the Fed maintaining the current interest rate unchanged by December is 45.2%, and the probability of a cumulative interest rate cut of 25 basis points is 54.8%. The probability of maintaining the current interest rate unchanged by January next year is 29.8%, the probability of a cumulative interest rate cut of 25 basis points is 51.5%, and the probability of a cumulative interest rate cut of 50 basis points is 18.7%.
Golden Encyclopedia
▌What is Dogwifhat (WIF)?
Launch in November 2023, Dogwifhat is a Solana-based memecoin featuring a Shiba Inu wearing a pink knitted hat. Rather than positioning itself as a symbol of progress or a vision for the future, WIF has kept it simple, embracing its meme identity without any grand ambitions. Even the code “WIF” is misspelled with “with,” a typical meme form that highlights the fun nature of the token.
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.
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