Musk's million-dollar lottery continues, Trump: Let's make America rich again

Headlines

▌Musk's 'million-dollar raffle' allowed to go ahead

Ahead of Tuesday's U.S. presidential election, Musk's campaign to give away a million dollars a day to voters escaped a legal challenge from the Philadelphia district attorney after a Pennsylvania judge refused to block it. Pennsylvania is a key swing state. A Pennsylvania judge rejected a request by the district attorney to stop the contest, which he called an illegal lottery. Musk's lawyers said at a hearing that the winners of the contest were not picked at random. The winners were chosen based on whether they were "suitable" to be public spokespersons for Musk's political action committee, often based on their personal stories. The judge ruled shortly afterwards, without any arguments.

▌Trump: We'll Make America Rich Again

Former U.S. President Trump said our economy is the worst since the Great Depression of 1929, and it will get worse. We'll make America rich again, and most importantly, we'll make America affordable again. Prices are simply too high. I will make deep tax cuts for workers and small businesses. We will not tax tips, overtime pay, or Social Security benefits. To quickly reduce inflation, I will end Harris's energy war on America and lower energy prices. We will cut energy prices in half.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67,791.06, with a daily increase or decrease of -1.4%;

ETH's latest transaction price is $2,396.54, with a daily increase or decrease of -2.4%;

BNB's latest transaction price is $552.04, with a daily increase or decrease of -0.9%;

SOL's latest transaction price is $157.66, with a daily increase or decrease of -2.9%；

DOGE's latest transaction price is 0.1582 yuan, with a daily increase or decrease of +4.7%；

XPR's latest transaction price is 0.5031 US dollars, with a daily increase or decrease of +0.3%。

Policy

▌OpenAI negotiates with regulators to become a for-profit company

OpenAI is reportedly in preliminary discussions with regulators to try to transform the non-profit structure of the $157 billion company into a for-profit enterprise. The company is in preliminary talks with the California Attorney General’s Office about procedures to change its corporate structure, according to two people familiar with the matter. In the process, regulators are likely to scrutinize how OpenAI values ​​a range of highly lucrative intellectual property, such as its ChatGPT.

Blockchain Applications

▌Memecoin Trading Tool Hype Launches “Presidential Memecoin Index”

Hype, a memecoin trading platform based on Solana and Base, has launched the “Presidential Memecoin Index”, enabling traders to track and trade tokens related to the upcoming US election.

Cryptocurrency

▌Bitcoin mining difficulty increased by 6.24% to 101.65 T this morning, setting a new record

CloverPool data shows that the difficulty of Bitcoin mining has been adjusted at block height 868,896 (today 6:28:08), and the mining difficulty has been adjusted by 6.24% to 101.65 T, setting a new record; the current average computing power of the entire network in the past seven days is 721.25 EH/s.

▌Yesterday, BTC had a net outflow of 89.5 million US dollars, and ETH had a net outflow of 31.9 million US dollars

According to Farside Investors monitoring data, the funding data of the US spot Bitcoin ETF and spot Ethereum ETF yesterday (November 4) are as follows:  

Spot Bitcoin ETF: BTC had a net outflow of 89.5 million US dollars, and GBTC had a net outflow of 63.7 million US dollars.  

Spot Ethereum ETF: ETH had a net outflow of 31.9 million US dollars, and ETHE had a net outflow of 10.8 million US dollars.

▌Robinhood, Kraken and others support the new compliant stablecoin USDG

Paxos' compliant stablecoin USDG issued in Singapore has been supported by many crypto companies such as Robinhood, Kraken and Galaxy Digital. The stablecoin complies with Singapore's upcoming stablecoin framework, and the reserve asset income will be distributed to partners based on contribution to promote the application and ecological construction of USDG. Partners such as Anchorage provide USDG in 50 states in the United States, and DBS Bank is responsible for the fund management and custody of its reserves.

▌Bitcoin hits a record high against BlackRock US Treasury ETF

According to Van Straten data, Bitcoin hit a record high against BlackRock US Treasury ETF. Last week, as BTC approached its all-time high of more than $73,000 set in March, its trading price hit 800 times the value of BlackRock's iShares 20+ Year Treasury Bond ETF (TLT). This figure is higher than the 466 times when BTC last peaked in November 2021.  

BlackRock's Long-Term US Treasury ETF (TLT) has fallen 8% so far this year, while Bitcoin has risen 55%. Van Straten analysts said the lack of incentives for price appreciation may be the reason, with TLT total assets of $60 billion. Relative performance may indicate that investors may be shifting part of their portfolios from long-term U.S. Treasuries to Bitcoin.

▌Medical device company Semler Scientific once again increased its holdings of 47 BTC

Medical device company Semler Scientific (SMLR) announced its Q3 earnings report, and the company has purchased 47 bitcoins at a price of $3 million since disclosing the purchase at the end of August. As of November 4, the company held 1,058 bitcoins at a total cost of $71 million. Based on Bitcoin's current price of $67,500, these 1,058 tokens are worth approximately $71.4 million.  

Semler Scientific Chairman Eric Semler said: "We are seizing the opportunity to maximize shareholder value by increasing our holdings of Bitcoin. We plan to continue to purchase Bitcoin with cash from operations and cash proceeds from the sale of ATM projects. In addition, we are exploring other financing opportunities so that we can purchase more Bitcoin."

▌The UK's first pension fund will invest 3% of its assets directly in Bitcoin

The UK's first pension fund has invested 3% of its assets directly in Bitcoin with the assistance of consulting firm Cartwright, rather than through indirect methods such as ETFs. This decision was made after in-depth discussions with the fund trustees, focusing on ESG factors and security, and the private keys are jointly managed by five independent institutions. Cartwright also plans to launch a Bitcoin employee benefit program that allows companies to pay Bitcoin directly to employees' wallets, and several companies have expressed interest.

Important Economic Dynamics

▌Viewpoint: Inflation has not fallen sharply, and the Fed may adjust its inflation view

Analysts expect the U.S. to cut interest rates by 25 basis points this week, but Nelson, chief economist at the Bank of America Policy Institute, said the Fed may provide some clues that its views on inflation are changing. Nelson wrote that the Fed's previous policy statement said that "the committee's confidence in inflation's continued progress toward 2% has increased," but given that the 12-month weighted average core CPI and PCE inflation data have not fallen sharply since the summer, it is difficult for Fed officials to reiterate that their confidence has improved further. Nelson said Powell may use his remarks to open the door for the Fed to pause interest rate cuts at its last meeting in December this year.

▌The three major U.S. stock indexes closed down collectively, and most large-scale technology stocks fell

The three major U.S. stock indexes closed down collectively, with the Dow Jones Industrial Average down 0.61%, the Nasdaq down 0.33%, and the S&P 500 down 0.28%. Most large-scale technology stocks fell, with Tesla and Intel down more than 2%, Google, Amazon, and Meta down more than 1%, and Apple, Netflix, and Microsoft down slightly; Nvidia rose slightly, with a market value of 3.34 trillion U.S. dollars, approaching Apple, and once again became the world's most valuable company during the session. Trump concept stocks rose sharply, with Trump Media Technology Group up more than 12%.

Golden Encyclopedia

▌Aptos What is blockchain?

Aptos aims to be a fast, scalable, and reliable blockchain that supports decentralized applications (DApps) and is designed to accelerate the development of Web3. Avery Ching and Mo Shaikh launched the Aptos blockchain on October 12, 2022. It is designed for high throughput and low latency, which means it can process approximately 160,000 transactions per second and verify them in less than 1 second on average. Aptos technology natively integrates the Move language to provide these fast and secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything you need to "build your big idea" and even combines artificial intelligence to make Web3 easy for novices and experts.

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.