Today's news tips:
Musk may support Trump's intervention in the Federal Reserve
FTX sues Binance and its former CEO Changpeng Zhao for $1.8 billion
Binance to List Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT)
A user's operational error caused $25 million in crypto assets to be permanently locked
MicroStrategy's Bitcoin holdings value exceeds $20 billion
CoinShares: Digital asset investment products saw a net inflow of $1.98 billion last week
Deribit Bitcoin Options Open Interest Above $90,000 Exceeds $2.8 Billion
Regulatory News
Powell: I will not resign because of Trump, the president has no legal authority to remove him
According to Jinshi, the Federal Reserve announced a 25 basis point rate cut as scheduled this week, and the target range of the federal funds rate was lowered to 4.5%-4.75%. All 12 FOMC members voted in favor of the rate cut. The policy statement deleted the statement about progress in inflation and greater confidence in achieving the target, emphasizing the focus on the dual risks of employment and inflation. Federal Reserve Chairman Powell said that the pace of interest rate cuts will be accelerated or slowed down according to economic conditions. At present, uncertainty is high and it is not appropriate to provide too much forward-looking guidance, but it will gradually move towards a neutral policy stance. He also said that the election will not have any impact on the Fed's recent policy decisions, and will not resign because of Trump, and the president has no legal authority to remove him. It is reported that Trump's election has caused traders to reduce their bets on the Fed's interest rate cuts next year, and it is expected that there may be a pause after 1-2 interest rate cuts in the first half of 2025.
Later news came out that Musk may support Trump's intervention in the Federal Reserve .
FTX sues Binance and its former CEO Changpeng Zhao for $1.8 billion
According to Bloomberg, FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao, seeking to recover nearly $1.8 billion that it accused Sam Bankman-Fried (SBF) of fraudulently transferring. Binance, Changpeng Zhao and other Binance executives received the funds in a stock buyback agreement reached with FTX co-founder SBF in July 2021. According to legal documents filed by the FTX bankruptcy estate on Sunday, in the transaction, Binance and Changpeng Zhao sold approximately 20% of FTX's international division and 18.4% of its U.S. entity. The documents show that SBF paid for the stock buyback using FTX's exchange token FTT and Binance-branded tokens BNB and BUSD (valued at $1.76 billion at the time). The bankruptcy estate said in the document that FTX and its sister trading company Alameda Research "may have been insolvent from the beginning and were definitely insolvent by early 2021." Therefore, the estate claims that the stock buyback transaction was a fraud. FTX also accused Zhao Changpeng of posting a series of "false, misleading and fraudulent tweets" shortly before FTX's collapse, with the content "maliciously calculated to destroy its competitors." In a tweet posted on November 6, 2022, Zhao Changpeng said Binance intended to sell its FTT tokens, which were worth about $529 million at the time, causing the exchange's withdrawal volume to surge. A Binance spokesperson did not immediately respond to a request for comment.
Shigeru Ishiba re-elected as Japan's Prime Minister
According to Jinshi, the president of the Liberal Democratic Party of Japan, Shigeru Ishiba, defeated Yoshihiko Noda, the leader of the opposition Constitutional Democratic Party, in the final round of the nomination election for the prime minister of the House of Representatives of the Diet and was re-elected as the Prime Minister of Japan. Shigeru Ishiba won 221 votes out of 465 members. Previously, Shigeru Ishiba had won the nomination election for the prime minister of the Senate. It is reported that Shigeru Ishiba previously believed that blockchain and NFT can promote the regional economy. Previously, on October 1 this year, Shigeru Ishiba was elected as the 102nd Prime Minister of Japan. Eight days after taking office, he announced the dissolution of the House of Representatives, setting the fastest record of the dissolution of the House of Representatives after the post-war prime minister's election. On October 27, the new House of Representatives election was voted and counted. As a result, the ruling coalition composed of the Liberal Democratic Party and the Komeito Party lost and failed to obtain more than half of the seats in the new House of Representatives. According to the Japanese Constitution, within 30 days after the House of Representatives election, a special parliament must be convened to hold a nomination election for the prime minister.
AI
According to the official Weibo account of Voice of the Greater Bay Area, Hong Kong SAR Government Financial Secretary Paul Chan said today that the SAR Government will hold a signing ceremony with the third batch of key enterprise partners tomorrow. A total of 17 key enterprises participated in the signing this time. They are from the Mainland, the United States and Europe, and are engaged in artificial intelligence and big data, life and health technology, financial technology, advanced manufacturing and new energy technology. Ninety percent of them have planned to set up international or regional headquarters in Hong Kong. It is understood that together with the first two batches of key enterprise partners that have signed contracts, a total of more than 60 key enterprise partners are expected to bring HK$42 billion of investment to Hong Kong and create more than 17,000 jobs.
According to Fortune magazine, as the dust settles on the results of the US election, Musk's investment in supporting Trump, which is seen as a gamble by the outside world, has received obvious and immediate returns. It is reported that Musk may try to lobby Trump to abandon his opposition to the Biden administration's electric vehicle tax credit policy and encourage the purchase of electric vehicles. Tesla's stock price rose sharply after Trump delivered his victory speech. Investors expect the Trump administration to stop federal investigations and enforcement actions against Tesla, especially those against its autopilot software. In addition, the relationship between the Federal Aviation Administration and SpaceX is very tense. In September, Musk asked the director of the Federal Aviation Administration, Michael Whitaker, to resign because SpaceX was fined $630,000 for violations in launching rockets. Musk said he plans to set up a Department of Government Efficiency (DOGE) under the Trump administration, and the work plan includes relaxing regulations on its rocket launches. Trump himself has also suggested that Starlink's satellite service be used to provide network connectivity in rural areas as part of the government's future $42 billion broadband investment plan, which is a potential financial benefit for Starlink. Musk, whose generative AI startup xAI has a chatbot that competes with OpenAI’s ChatGPT and other large language models, could intervene to suggest that Trump adopt a more lenient alternative to the Biden administration’s AI executive order. In California, Musk supports controversial safety legislation SB 1047, which would restrict large AI companies, a legislation that has been fiercely opposed by venture capitalists and large developers, citing the potential for catastrophic risks posed by AI.
Project News
Binance to List Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT)
According to the official announcement, Binance will launch Act I: The AI Prophecy (ACT), Peanut the Squirrel (PNUT) at 18:00 (ET on November 11, 2024) and open the following spot trading pairs: ACT/USDT, PNUT/USDT. ACT and PNUT deposit channels are now open; withdrawals are expected to be open at 18:00 (ET on November 12, 2024). Seed tags will be applicable to ACT and PNUT.
Later news, ACT developers: All ACT holdings have been distributed, destroyed or sold . Binance Finance, one-click coin purchase, flash exchange, leverage, and contract listings for ACT and PNUT .
Hedge funds shorting Tesla have lost more than $5 billion since Trump won the US election
According to Jinshi, hedge funds that have been shorting Tesla have lost billions of dollars since Trump won the US election, and Musk's special relationship with the president-elect has hit them. Calculations based on data compiled by S3 Partners found that from election day to the close of last Friday, hedge funds holding Tesla short positions had book losses of at least $5.2 billion.
Stacks founder expects to launch sBTC upgrade in early December
According to The Block, Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, hinted that the next major upgrade of the network is coming soon. Ali pointed out in the X post that the network's upcoming sBTC token may be released as early as next month. Ali wrote: "(Early December) is the target time, sBTC v1 seems to be on track, and there will be more upgrades in January and beyond." Stacks promotes sBTC as a solution to Bitcoin's "write problem", that is, solving the difficulty of writing data directly to the Bitcoin main chain, which is essential for decentralized financial applications. According to Stacks' announcement, Stacks' sBTC will "enable smart contracts to programmatically send sBTC to BTC addresses, where it will be anchored to BTC." Stacks believes that sBTC's novel decentralized two-way anchoring will provide an option that is more in line with Bitcoin's decentralized philosophy, thereby releasing value.
DeltaPrime Protocol was attacked on Arbitrum and Avalanche chains, losing about $4.8 million
According to a PeckShield alert, the decentralized financial platform DeltaPrime was attacked on the Arbitrum and Avalanche blockchains, losing about $4.8 million in crypto assets. It is reported that the attacker has injected about $1.3 million of funds into LFJ (formerly Trader Joe) to provide liquidity and conduct USDC mining on the Stargate platform.
DeltaPrime officially confirmed that its protocol was attacked on the Avalanche and Arbitrum chains, with an initial estimated loss of $4.75 million. The protocol has been suspended on both chains to control risks. DeltaPrime recommends that all users revoke authorization for active contracts to avoid further losses, and stated that user safety is the primary consideration and updates will be provided as soon as possible.
It is reported that the real-time monitoring system of Web3 security and analysis company FuzzLand was the first tool to detect the attack. It also stated that DeltaPrime was attacked due to improper input validation.
Industry insiders: Bitcoin price may rise to $100,000 when Trump takes office in January 2025
According to CNBC, Fadi Aboualfa, head of research at cryptocurrency custody company Copper.co, believes that the price of Bitcoin could reach $100,000 by the time Trump takes office as president on January 20, 2025, adding that these increases "come against the backdrop of a weak dollar, which is different from today's environment of a strong dollar." Given that Bitcoin exchange-traded funds currently hold about 1.1 million bitcoins, momentum in the coming months may be positive. In addition, Jag Kooner, head of derivatives at cryptocurrency exchange Bitfinex, said that although it is difficult to predict the price of Bitcoin, the goal of reaching $100,000 in a few months "doesn't seem too far-fetched," adding: "Given the bullish momentum, coupled with the fact that the economy has avoided a recession, we expect Bitcoin to have limited downside now. This (the $100,000 target) looks very reasonable."
EF Core Researcher: A proposal to redesign the Ethereum consensus layer will be announced tomorrow
Justin Drake, a core researcher at the Ethereum Foundation (EF), said in a post on X: "Tomorrow at 5 pm (local time), I will announce a major plan on the Devcon main stage. For a year, I have been thinking about what a redesigned Ethereum consensus layer would look like. My goal is to come up with a reliable strategy to launch an ambitious and exciting beacon link map within a reasonable time frame. After months of brewing with researchers and consensus developers, I am finally ready to publicly put forward my proposal. It is still too early, and if this new approach to solving the consensus layer roadmap can reach a preliminary consensus, your participation is crucial."
Former PIMCO and Millennium execs launch crypto consultancy x2B
According to Bloomberg, former executives of Millennium Management LLC and Pacific Investment Management Company (Pimco) are developing consulting businesses in the digital asset field. Benoit Bosc, who worked as a portfolio manager at Millennium, and Michael Bressler, who was recently an executive vice president at Pimco, left in October and August, respectively, to start a digital asset consulting company x2B. The company will launch in November and currently has 10 clients. The company will charge fees based on the future mix of tokens and cash for the project. The company will provide consulting services to crypto projects including fundraising, token issuance, financial management and market making arrangements. Bosc previously served as the general manager of the United States at digital asset market maker GSR, while Bressler served as the global head of sales at the company for a year and a half. "Few people understand the complex dynamics of token issuance at the intersection of advanced traditional finance and digital finance," Bressler said in an interview. Bosc said the industry would benefit from "more professional and transparent practices," adding that x2B plans to push "the various market participants and service providers involved in these issuances to take more responsibility."
WalletConnect: WCT claiming and staking will be launched on November 26
Web3 communication protocol WalletConnect said on the X platform that WCT token claiming and staking will be launched on November 26. Earlier in September, it was reported that WalletConnect launched its native token WCT, 18.5% of which will be allocated to the first quarter airdrop.
According to Crowdfund Insider, Circle reported that the company has issued more than $2 billion worth of USDC in the past few weeks, exploring how the combination of artificial intelligence and blockchain technology will change people's understanding of work and finance, especially through the use of "autonomous" payments. Circle introduced a concept that enables artificial intelligence agents to operate and trade independently using USDC. By adding financial functions, these agents can handle tasks "completely independently." Circle studied how to combine advanced artificial intelligence with secure automatic payments and blockchain technology to create this system, and used the Circle developer platform for payment processing. In addition, it has built a sample application to "demonstrate the autonomous system", encouraging users to use this template to build their own projects and provide feedback.
According to Coindesk, ENS Labs, the company behind the Ethereum Name Service (ENS), is advancing plans to launch its own Layer2 network. Katherine Wu, COO of ENS Labs, revealed that the new network, called Namechain, will go live at the end of next year. It will use zero-knowledge rollups, an expansion technology that speeds up blockchain transactions and reduces execution costs by compressing the amount of data published on the chain. "This technology allows Namechain to process and execute transactions outside the main Ethereum network, while still inheriting the full security of Ethereum, but at a fraction of the cost," ENS Labs said in a press release on Monday. The new network will leverage the infrastructure of existing zero-knowledge chains that are compatible with the Ethereum Virtual Machine, and the team is in the final stages of choosing which zkEVM to use.
According to The Block, a cryptocurrency user sent $25 million worth of Renzo re-collateralized Ethereum tokens to the wrong "Secure Module" address instead of the correct "Secure Wallet" address due to an operational error, which may cause the funds to be permanently locked. The user urgently sought help on the social platform and promised to pay about $2.5 million (10% of the current price) as a reward if a hacker or white hat can successfully retrieve the funds.
Renzo is a liquidity re-staking platform focused on Ethereum and Solana. Currently, the funds cannot be withdrawn unless the Renzo team upgrades the contract and adds the corresponding rescue function. DefiLlama founder 0xngmi said that unless Renzo helps, users' funds cannot be recovered. As of press time, Renzo has not yet made a public response to the matter.
Financing News
TAC Completes $6.5 Million Funding and Will Provide EVM In-App Access for TON and Telegram Users
According to The Block, TAC, a TON network expansion project, has completed a $6.5 million seed round of financing, led by Hack VC and Symbolic Capital, with participation from Primitive, Paper Ventures, Karatage, Animoca Ventures, etc. TAC will provide seamless access to Solidity applications for TON and Telegram users, and plans to launch a testnet this week, with the mainnet expected to be launched in the first quarter of 2025. TAC aims to connect Ethereum developers and the TON blockchain ecosystem to simplify the development process on TON. The financing will be used for marketing, developer relations and technology research and development.
Important data
MicroStrategy's Bitcoin holdings value exceeds $20 billion
According to Saylortracker data, the market value of MicroStrategy's Bitcoin investment portfolio has exceeded US$20 billion. Data shows that MicroStrategy's Bitcoin holdings are 252,220 BTC, with a current market value of approximately US$20,065,432,317.38.
Later news came out that MicroStrategy founder Michael Saylor hinted that he might continue to increase his holdings of BTC .
CoinShares: Digital asset investment products saw a net inflow of $1.98 billion last week
According to the latest weekly data from CoinShares, digital asset investment products have received $1.98 billion in inflows since the U.S. election, pushing global assets under management (AuM) to a record high of $116 billion, with net inflows recorded for five consecutive weeks. Regional inflows were mainly concentrated in the United States ($1.95 billion), with Switzerland and Germany also receiving $23 million and $20 million, respectively.
Bitcoin performed strongly, attracting $1.8 billion in inflows, bringing the total inflow to $9 billion since the Fed's first rate cut in September, affected by the macro environment and political changes in the U.S. Ethereum received $157 million in inflows last week, the largest inflow since the ETF was listed in July, indicating that market sentiment has improved.
In addition, other mainstream tokens such as Solana (US$3.9 million), Uniswap (US$1 million) and Tron (US$500,000) also received certain inflows, and blockchain-related stock funds inflows reached US$61 million.
Data: Hong Kong virtual asset ETF today's trading volume is about HK$128 million
SOL market value exceeds 100 billion US dollars
Market information shows that the market value of SOL has exceeded 100 billion US dollars, currently reaching 100,198,590,966 US dollars. In addition, the market also shows that the price of SOL has risen to 212.44 US dollars, with a 24-hour increase of 6.95%.
According to Onchain Lens, 6 days ago, the Mt. Gox wallet transferred 32,371 BTC (worth $2.19 billion at the time) to an unknown wallet. Just 20 minutes ago, the wallet transferred 27,871.3 BTC (currently worth $2.24 billion) to another unknown wallet and transferred 2,500 BTC (worth $200.95 million) back to the Mt. Gox wallet. This may indicate the beginning of another repayment.
Deribit Bitcoin Options Open Interest Above $90,000 Exceeds $2.8 Billion
According to CNBC, on the crypto derivatives exchange Deribit, the total value of open interest in Bitcoin options contracts with an exercise price above $90,000 has increased to more than $2.8 billion. Vetle Lunde, research director at K33 Research, said that the options market is generally optimistic about Bitcoin's continued rise, with call options trading at higher prices than put options, and the number of open interest in out-of-the-money call options has increased.
BTC breaks through $82,000, up 3.06% on the day
The OKX market data shows that BTC has just broken through $82,000 and is currently trading at $82,125.60 per coin, with a daily increase of 3.06%.
