SOL becomes the fourth largest cryptocurrency by market capitalization, maintains bullish stance on gold

Headlines

▌SOL's market value surpasses BNB to become the fourth largest cryptocurrency by market value

According to the latest data from CoinGecko, SOL has risen by nearly 6% in the past 24 hours and is now at $199.24. Its market value is nearly $94 billion, reaching $93,946,886,618, surpassing BNB ($87,804,310,919) to become the fourth largest cryptocurrency by market value.

▌Institutions: Maintain a bullish stance on gold

Gold futures prices fell and will close lower this week. Ole Hansen, head of commodity strategy at Saxo Bank, said that precious metals such as gold had a strong rebound on the eve of the US election. However, gold prices fell sharply after a simultaneous surge in the dollar and yields forced gold prices lower. Even so, Hansen believes that there is no reason to change the bullish stance on precious metals. In the worst case scenario, the pullback in the past week was a healthy response to weeks of buying focused on the US election. He added that gold will be supported by the following three aspects: the continued deterioration of the US debt situation as President-elect Trump increases unfunded spending, central banks buy more gold reserves, and tariffs spark inflation concerns.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $76,482.81, with a daily increase or decrease of +0.6%;

ETH's latest transaction price is $2,986.50, with a daily increase or decrease of +2.6%;

BNB's latest transaction price is $608.21, with a daily increase or decrease of +0.7%；

SOL's latest transaction price is 199.74 US dollars, and its intraday increase or decrease is +0.3%；

DOGE's latest transaction price is 0.2022 yuan, and its intraday increase or decrease is +4.1%；

XPR's latest transaction price is 0.5516 US dollars, and its intraday increase or decrease is -0.7%.

Policy

▌The U.S. Department of Justice accuses Iran of plotting to assassinate Trump before the U.S. election, but Iran has not yet responded

The U.S. Department of Justice announced a criminal complaint on November 8, local time, accusing Iran of plotting to assassinate former U.S. President and Republican presidential candidate Trump before this week's U.S. presidential election. The Justice Department said that an Iranian official instructed a contact to develop a plan to monitor and ultimately kill Trump in September last year. The plan was thwarted by the FBI and failed. Iran has not yet responded.

During his tenure, Scott Perry voted in favor of the 21st Century Financial Innovation and Technology Act (FIT21 Act), which has received support from both parties in the House of Representatives and is currently awaiting a vote in the U.S. Senate. According to Jeff Hurd's campaign website, the Republican intends to support "legislation similar to the FIT21 Act" and favors "reasonable regulation of advanced technologies such as cryptocurrencies."

▌Market News: The Trump Administration is Ready to Relax Regulation of the FDIC to a Certain Degree

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), resigned in May this year in the face of an investigation into the agency's toxic workplace culture. But Gruenberg said he would continue to serve until a successor is appointed and confirmed. The Trump administration is ready to relax regulation of the FDIC to a certain extent, and the agency has stepped up its scrutiny of banks after the regional banking crisis broke out in 2023. For example, the agency has said it will take stricter scrutiny of bank transactions of a certain size. The Trump administration's top priority is to get rid of SEC Chairman Gary Gensler, who he has said he will fire on his first day in office. One of the candidates Trump allies are considering to replace Gensler is Dan Gallagher, Robinhood's chief legal officer and a former SEC commissioner. Others include J. Christopher Giancarlo, a senior adviser at law firm Willkie Farr & Gallagher and a former chairman of the Commodity Futures Trading Commission, and Dalia Blass, a partner at law firm Sullivan & Cromwell.

Blockchain Applications

▌200th Ethereum ACDE Meeting: The team plans to phase out Pectra Devnet 4 soon

Christine Kim, vice president of research at Galaxy, summarized the 200th Ethereum Core Developer Executive (ACDE) conference call. This week, developers shared the latest on Pectra Devnet and the next steps for PeerDAS Devnet. Short-term solutions to Ethereum’s historical growth issues and the removal of EIP 7610 from Pectra were also discussed. In addition, the team plans to phase out Pectra Devnet 4 soon.

▌Stacks co-founder: Established a new entity Bitcoin L2 Labs and obtained $20 million in financing

Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, posted on the X platform: "We have established a new Stacks entity 'Bitcoin L2 Labs', obtained $20 million in financing, and focused on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as CTO and lead the development of Stacks core and SBTC." According to the official website of Bitcoin L2 Labs, with approximately $20 million in funding support, assistance from the Stacks Foundation, and collaboration with various working groups, Bitcoin L2 Labs is building an exclusive base for Stacks core development. Bitcoin L2 Labs will adopt a product-driven approach to enable the ecosystem to launch key features faster and regularly update the progress of core development.

Cryptocurrency

▌The Trump administration may approve the first pledged Ethereum ETF

Nansen analyst Edward Wilson said that with Trump's victory, it may lead to the birth of the first pledged Ethereum exchange-traded fund (ETF). He said: "Because the regulatory environment may be favorable to cryptocurrencies, we may even see the Trump administration approve the pledged ETH ETF, which will take full advantage of ETH as an asset. If this happens, then ETH will become an exciting asset worthy of attention. In other words, ETH is cool again."

▌I am not the final decision maker on the Binance listing process

Binance co-founder He Yi is at X The platform posted: "I am not the final decision maker on the listing process. Some people even asked whether there is a process for futures listing. There is no application entry for futures listing. The listing fee of Binance Futures is 0. Listing on Binance Futures does not guarantee spot listing."

▌Ethereum's market value exceeds Bank of America, and the global asset market value ranking rises to 35th

Data shows that Ethereum's current market value is $354.7 billion, surpassing the market value of companies such as Bank of America and Netflix, and ranking 35th in the global asset market value ranking.

The decision was announced in the same week that Trump won the US presidential election, promising to provide a more friendly cryptocurrency environment in the United States. Bitcoin mining is an industry he promised to support during his campaign.  

In addition to the letter to shareholders, Block also announced its third-quarter financial results on Thursday. According to FactSet data, the company's revenue was $5.98 billion, lower than the average expectation of $6.24 billion by Wall Street analysts. Since then, the company's stock price has fallen by 10%.

▌SentinelLabs: North Korean hacker BlueNoroff uses new malware to attack cryptocurrency companies

According to a report by SentinelLabs, North Korean hacker BlueNoroff is using new malware to attack cryptocurrency companies. The malware operation nicknamed "Hidden Risk" is spread through PDF files through multiple stages, using false news headlines and encryption market research to attract users to download. The malware package contains multiple functions designed to provide hackers with a backdoor to remotely access the victim's computer and steal sensitive information, including private keys for digital asset wallets and platforms. According to cybersecurity company Recorded Future, North Korean hacker groups have stolen about $3 billion since 2017.

▌German MP Joana Cotar: If the United States uses BTC as a strategic reserve, European countries will all have FOMO

According to Bitcoin Magazine, German MP Joana Cotar said, "If the United States buys Bitcoin as a strategic reserve, then I think all European countries will have FOMO."

Important Economic Dynamics

▌The three major U.S. stock indexes all hit record highs

The three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 0.59% and a cumulative increase of 4.61% this week; the S&P 500 up 0.38% and a cumulative increase of 4.66% this week; and the Nasdaq up 0.09% and a cumulative increase of 5.74% this week; all hit record highs. Among them, the Dow Jones and S&P 500 both recorded their largest weekly gains since November 2023, and the Nasdaq recorded its largest weekly gain in two months. Tesla rose by more than 8%, and this week's cumulative increase was more than 29%, the largest weekly gain since January 2023, and its total market value returned to $1 trillion; Google fell by more than 1%, while Intel, Nvidia, Apple, Microsoft, Netflix, Amazon, and Meta fell slightly.

▌Barclays: The Federal Reserve is expected to cut interest rates only twice in 2025, each time by 25 basis points

Barclays said it expects the Federal Reserve to cut interest rates only twice in 2025, each time by 25 basis points, compared with a previous forecast of three rate cuts. The Bank of England is expected to keep interest rates unchanged at its December meeting, compared with a previous forecast of a rate cut.

▌At the opening of the US stock market, Trump Media Technology Group rose 1.8%, and Coinbase rose 1.54%

At the opening of the US stock market, the Dow Jones Industrial Average rose 0.2%, the S&P 500 rose 0.1%, and the Nasdaq fell 0.07%. Trump Media Technology Group (DJT.O) rose 1.8%, Coinbase rose 1.54%, and MicroStrategy rose 1.29%.

▌The S&P 500 index stood above 6,000 points for the first time

The S&P 500 index stood above 6,000 points for the first time, with a cumulative increase of more than 25% this year.

Golden Encyclopedia

▌What is the Aptos Blockchain?

Aptos aims to be a fast, scalable and reliable blockchain that supports decentralized applications (DApps) and aims to accelerate the development of Web3. Avery Ching and Mo Shaikh launched the Aptos Blockchain on October 12, 2022. It is designed to achieve 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. The 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 the correct investment concept and be sure to increase risk awareness.