BTC breaks through $99,000, quantum computing may crack lost Bitcoin

Headline

▌BTC breaks through $99,000

The market shows that BTC has broken through $99,000 and is now at $99,004, with a 24-hour increase of 0.43%. The market is volatile, so please do a good job of risk control.

▌Viewpoint: Quantum computing may crack lost Bitcoins and challenge the scarcity narrative

The advancement of quantum computing technology may redefine the traditional concept that Bitcoin "lost coins" cannot be recovered. The article points out that some early-generated and long-abandoned wallets (such as Satoshi Nakamoto's wallet) may be at risk due to quantum computing breaking through old encryption technology because their owners cannot migrate their keys to more secure encryption algorithms. This may put some bitcoins that were thought to be permanently lost back into circulation, thereby changing the scarcity narrative. Although Bitcoin developers are able to protect active wallets through protocol upgrades and the network is adaptable enough to cope with the challenges of the quantum era, old wallets may be more likely to become targets of future attacks, posing a new test for Bitcoin network security.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $99,827.48, with a daily increase or decrease of +1.3%;

ETH's latest transaction price is $3,510.85, with a daily increase or decrease of +0.7%;

BNB's latest transaction price is $704.62, with a daily increase or decrease of +0.1%；

SOL's latest transaction price is 198.70 US dollars, with a daily increase or decrease of +1.0%；

DOGE's latest transaction price is 0.3375 yuan, with a daily increase or decrease of +0.4%；

XPR's latest transaction price is 2.31 US dollars, with a daily increase or decrease of -0.1%.

Policy

▌Viewpoint: Trump's Bitcoin Reserve Plan May Become a Watershed in the Cryptocurrency Market

Trump publicly supports the Bitcoin Reserve Plan, pushing the US government to hoard Bitcoin as a strategic asset. The plan has been supported by politicians including Porter and Loomis, and has attracted bipartisan attention. Trump's support has given political momentum to this once marginalized concept and has become a watershed moment in the cryptocurrency market. California Democratic Congressman and Wyoming Republican Senator proposed to include Bitcoin in the US reserve assets, relying in part on the US gold reserves. However, critics believe that this may strengthen the US financial dominance and challenge the decentralized concept of Bitcoin. Nevertheless, supporters believe that this move will help deal with the debt crisis and promote global financial innovation.

▌Hashgraph Group Obtains Fund Management License in Abu Dhabi, to Launch $100 Million Web3 Fund

Swiss-based Hashgraph Group has obtained a fund management license from Abu Dhabi Global Market (ADGM) in the United Arab Emirates. The license obtained by Hashgraph Ventures Manager, a subsidiary of Hashgraph Group, allows it to launch a $100 million Web3 venture capital fund from Abu Dhabi Global Market (ADGM).  

Hashgraph Group will contribute $20 million, or 20% of the fund, as seed capital. The fund will focus on investing in startups and established companies within the Hedera ecosystem. The fund will prioritize strategic investments in companies in the Web3 and deep tech sectors (developing artificial intelligence (AI), blockchain, robotics, and quantum computing solutions). Qualified projects will have the opportunity to participate in the Hashgraph Association's Startup Studio program.

Blockchain Applications

▌Solana Chain Agridex Completes First Coffee Transaction, May Promote the Tokenization of Agricultural Assets

The Agridex platform on the Solana chain completed its first coffee transaction, with the British brand Tiki Tonga exporting coffee to South Africa, and paying in South African rands in British pounds, with a transaction fee of only 0.5%, lower than the traditional cross-border fees of 5% to 7%. Agridex also supports instant settlement of a variety of agricultural products, including livestock, wine and olive oil.

Cryptocurrency

▌Pump Science: Token Economics Design Completed

Pump Science posted on the X platform that the token economics design has been completed, including: 5% of the future token supply will be distributed to previous token holders (when migrating); now hold more PS tokens (RIF, URO), and you can get new tokens later; as long as there are new products launched, this will continue (forever).  

In addition, Pump Science said that BIO Protocol will airdrop BIO to URO and RIF holders, waiting for governance approval to connect BIO to Solana, and more airdrops are under consideration.

▌Analysis: Bitcoin derivatives data suggests prices could break $105,000

According to Cointelegraph's analysis, Bitcoin recently rose 6.5% to break $98,000, but failed to break through key resistance. Derivatives market data shows that Bitcoin maintains a neutral to bullish stance, indicating that price fluctuations have not significantly affected market sentiment. This supports the possibility of Bitcoin's continued rise above $105,000.

▌Report: Cryptocurrency OTC trading volume has grown rapidly in recent months, and election results have become an important driving force

Several crypto trading companies recently reported that over-the-counter (OTC) trading volume has grown rapidly in recent months, with election results becoming an important driving force. "OTC trading is extremely active right now, with volumes surging as prices rise," said Tim Ogilvie, head of institutional business at Kraken exchange. He revealed that Kraken's OTC trading volume has increased significantly by 220% year-on-year, and other trading firms have reported similar growth. Jake Ostrovskis, an OTC trader at market maker Wintermute, noted that the market was relatively quiet in the middle of the year, but as the election approached, prices rose and market participants began to actively prepare for the election results. Similarly, Embert Lin, a trader at market maker GSR, said that the company's trading volume has increased significantly since the election. As the prices of Bitcoin, Ethereum and altcoins rise, projects and investors have become significantly more motivated to manage funds and risks at these prices, while also looking for new opportunities to gain exposure to other crypto assets besides BTC and ETH. A trader at an OTC trading firm privately revealed that recent trading volumes have easily reached the peak of the cryptocurrency market's enthusiasm in 2021. In addition, Brett Reeves, head of Go Network at cryptocurrency custody company BitGo, pointed out that the election results were the main driver of the recent surge in trading volume, with two-thirds of the trading volume generated within three months after the election results were announced.

▌An Ethereum ICO whale deposited 4,160 ETH, about $14.5 million, to Kraken 3 hours ago

According to Spot On Chain monitoring, 3 hours ago, an Ethereum ICO whale deposited 4,160 ETH (about $14.5 million) to Kraken. It is worth noting that the whale received 20,000 ETH (worth $6,200 at the time) in the genesis block in July 2015, pledged it for rewards, and often sold it at peak times. It still holds about 7,043 ETH (US$24.6 million).

Important Economic Dynamics

▌US Media: Democrats Don't Like Trump, But They Are Looking Forward to Biden Leaving Office

According to the U.S. Capitol Hill, U.S. President Biden is preparing to leave the White House in a low-key manner. His public appearances after the election have attracted little media attention. In contrast, Trump has occupied most of the public's attention even before his second inauguration. Republicans said Biden's absence from major moments was expected. However, Democrats have taken little action to support their party leader, but instead expressed their expectation for Biden to leave office, even if they don't like who will take office next. Some Democrats said they didn't mind Trump stealing the spotlight in the last month, noting that his behavior was not inappropriate and that he looked more restrained than he did eight years ago. Some sources said that Biden's pardon of his son made Democrats "disgusted" and "completely" annoyed with the "entire Biden world." This is how many Democrats already feel about Biden, who believe Biden should choose not to run for re-election or should withdraw from the 2024 campaign early. Ivan Zapien, a former official of the Democratic National Committee, said: "Failure is not fun... I wouldn't say it's Biden fatigue, it's more like a feeling of 'well, too bad, get ready for the next (election)'."

▌The probability of the Federal Reserve keeping interest rates unchanged in January next year is 91.4%

According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in January next year is 91.4%, and the probability of a 25 basis point rate cut is 8.6%. The probability of maintaining the current interest rate unchanged by March next year is 52.1%, the probability of a cumulative 25 basis point rate cut is 44.2%, and the probability of a cumulative 50 basis point rate cut is 3.7%.

Golden Encyclopedia

▌What is Ripple Labs' RLUSD stablecoin?

RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equivalent to 1 US dollar. Each RLUSD maintains a 1:1 peg. These collateral assets are either US dollar deposits or cash equivalents.

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 concept and be sure to increase risk awareness.