Mini Program: Daily Summary of Cryptocurrency Dynamics.
1. Analysis: The cryptocurrency market is currently mainly cautious and watchful, with this month's options IV significantly higher than long-term options.
According to Adam, a macro researcher at Greeks.live, this week is the U.S. election week, and there is a great deal of uncertainty surrounding the U.S. elections. In the past month, Trump's support has been high, but during the election process, Harris's probability of victory is gradually increasing. The U.S. elections have a significant impact on the entire market, and there is an interest rate meeting on Friday, with the market generally expecting a 25 basis point rate cut. Currently, the cryptocurrency market is mainly cautious and wait-and-see. This week's at-the-money implied volatility (IV) has risen to 80%, and this month's options IV is significantly higher than that of long-term options, suggesting that there may be significant movements in the coming days.
2. Coinbase Chief Legal Officer accuses the FDIC of taking secret actions to suppress the cryptocurrency industry.
Coinbase Chief Legal Officer Paul Grewal accused the Federal Deposit Insurance Corporation (FDIC) of taking secret actions to suppress the cryptocurrency industry. Grewal claimed that documents obtained through the Freedom of Information Act showed a series of so-called suspension letters. In these letters, the FDIC allegedly instructed banks to delay or stop providing services to cryptocurrency companies. He described these letters as a "shameful example of a U.S. government agency attempting to cut off the financial channels of law-abiding American companies," and pointed out that the FDIC unfairly targets legitimate cryptocurrency companies, limiting their access to banking services. Documents shared by Coinbase showed that FDIC officials urged banks to avoid launching or expanding cryptocurrency-related services due to concerns over safety, soundness, and potential consumer risks. In every case, the FDIC asked banks to wait until further review was completed—Coinbase believes this process sets unfair barriers for cryptocurrency companies.
3. The total market capitalization of stablecoins increased by 0.38% over the past week, nearing the highest level since May 2022.
According to DefiLlama data, the total market capitalization of stablecoins grew by 0.38% over the past week, currently at $173.117 billion, close to its highest level since May 2022 (i.e., $173.145 billion on October 6). Among them, the total market capitalization of USDT increased by 0.3%, currently at $120.441 billion, with a market share of 69.62%.
4. He Yi: Binance Launchpool and other token listing airdrop rules are transparent and clear, but FUD will never disappear.
Binance co-founder He Yi stated on the X platform, "If a project does not pass the screening process, no matter how much money or how many percentages of tokens are involved, it cannot be listed on Binance. Projects that have been listed on Binance have clear introductions in the token distribution section; you can analyze the percentages to see if there is any so-called 20%, 15%. The airdrop rules for Binance's Launchpool and other token listings are transparent and clear, but that does not mean that all projects willing to do airdrops can be listed on Binance. If a project party has 20% of tokens they want to cooperate with Binance for an airdrop, they are welcome to collaborate with Binance's Web3 wallet. FUD will never disappear, but it makes us stronger. Gossip is easy to get traffic, and business competition is always full of dark sides; when you understand the rules of how this world operates, you will no longer be easily swayed by rumors, thus gaining the ability to think independently. People like AC, who dare to speak the truth amidst the noise, are the ones truly worthy of respect in the community."
5. Sotheby's Vice President: The BAN token is a project initiated out of personal interest, claiming to profit $1 million is completely untrue.
Michael Bouhanna, Vice President and Head of Digital Art at Sotheby’s, stated that recent rumors about the meme token BAN he created have flooded the internet, leading to widespread misunderstanding and the spread of false information. Bouhanna clarified that the BAN token is a project he initiated personally out of interest on the Pump.Fun platform, completely unrelated to his position at Sotheby's, and Sotheby's has not participated in it. The project was initially launched anonymously, and the rapid growth driven by the community was unexpected, and no promotion or encouragement for others to purchase was conducted. Bouhanna pointed out that the concept of BAN comes from his understanding of the 'Comedian' artwork, making a satirical comment on the meme-driven cryptocurrency market. Additionally, he emphasized that recent rumors claiming he profited $1 million from the project are completely false, that the related wallet does not belong to him, and that the vast majority of the profits are unrealized.
6. Russia's cryptocurrency mining regulations take effect, officially defining mining as a legal activity.
Russia's comprehensive cryptocurrency mining regulations will take effect on November 1, imposing strict energy limits, mandatory registration, and rigorous oversight to reform the industry. The law formally defines mining as a legal activity in Russia, sets operational and safety requirements for miners, and creates a structure for trading digital financial assets on specially approved platforms. Under the new regulations, only registered organizations and individual entrepreneurs can legally engage in cryptocurrency mining. The regulations also establish detailed reporting obligations for miners, requiring them to disclose the total amount of mined digital currencies to the Federal Tax Service (FTS) and provide address identifiers for each transaction.
7. Web3 and cryptocurrency security incidents in October caused $147 million in losses.
According to Crowdfund Insider, Web3 security incidents in October caused total losses of approximately $147 million. According to SlowMist statistics, 28 independent attacks resulted in losses of about $129 million, of which $19.3 million was later recovered. These incidents involved various abuse tactics, including so-called exit scams, account takeovers, and price manipulation. Additionally, the Web3 anti-fraud platform Scam Sniffer recorded 12,058 phishing victims, who lost as much as $18.04 million just last month.
8. Asset management company Strive establishes wealth management department, incorporating Bitcoin into standard portfolio.
According to The Block, asset management company Strive Enterprises, co-founded by former presidential candidate and current Trump representative Vivek Ramaswamy, announced the establishment of a wealth management business. The firm aims to integrate Bitcoin into the 'standard investment portfolio of Americans' to hedge against unsustainable global debt levels, rising fixed income yields, long-term inflation pressures, ongoing geopolitical stresses, and potential restrictive monetary controls. Prior to this announcement, Strive had just completed a $30 million Series B funding round, led by Cantor Fitzgerald, which funds Tether, and whose CEO Howard Lutnick is an active advocate for Bitcoin. If Donald Trump is re-elected, Lutnick will also serve as co-chair of the transition team.
9. JPMorgan: The 'animal spirits' indicator of meme and AI-related tokens outperforms the overall cryptocurrency market.
JPMorgan analyst Nikolaos Panigirtzoglou noted in a report this Monday that the spot Bitcoin ETF attracted $1.3 billion in new investor funds in the first two days of this week, bringing total inflows for October to $4.4 billion, making it the third-largest month of net inflows since the launch of the spot Bitcoin ETF in January. In another measure of retail investor 'animal spirits,' meme stocks and AI-related tokens also outperformed the overall cryptocurrency market. The concept of 'animal spirits' was introduced by economist Keynes, emphasizing the impact of investor sentiment and psychological factors on the market, suggesting that stock markets are driven by investor confidence and expectations. When investor confidence is strong, the stock market typically performs well; when sentiment is low, the market may decline.
10. Lu Lei, Vice President of the People's Bank of China: Satoshi Nakamoto is highly respected in the field of monetary economics predictions and practices.
According to the Digital Currency Research Society, Lu Lei, Vice President of the People's Bank of China, stated in the preface he wrote for 'Monetary Theory' that if central banks can issue currency without limits, then currency is likely to be replaced by other general equivalents—such as digital assets and stablecoins that are currently experiencing upward fluctuations in market value. Will this really happen? As someone who has long worked in research at central banks, my instinctive thought is that a pressing issue facing major developed economies is 'saving central banks from central bankers.' Although this idea is by no means the current central bank digital currency (CBDC), as I believe CBDCs do not change the institutional implications of currency increments, is there a digital currency that can both overcome the shocks of various digital assets, achieve the effect of stablecoins, and maintain the existence of sovereign currencies (solving the issue of monetary unity but fiscal decentralization in the euro)? The increasing expense of specific assets (such as digital assets) leads them to their opposite, lacking the liquidity necessary to serve as general equivalents (i.e., being collected rather than circulated, which is the fate of precious metals exiting currency). In the field of monetary economics predictions and practices, there are two highly respected figures—Robert Mundell, who recently passed away, and the still unknown Satoshi Nakamoto. The former consistently held the view that exchange costs are redundant transaction costs, experiencing the practice of the single currency area theory in the eurozone, but it is difficult to realize the utopia of dollarization. The latter has watched as the Bitcoin he created evolved into an extremely expensive digital asset, currently, the energy expended to mine the last 2 million coins each year is enough for over a hundred million people to use for more than a year. According to marginal cost pricing, the closer Bitcoin approaches being an asset, the further it is from being a widely circulated currency. So, what might world currency (or world currency system) look like in the digital age? Currently, digital assets are following the old path of the gold standard, and the stablecoin concept is merely a practical proposition of the 'soft version' of the optimal currency area theory, our thoughts may not be more brilliant than the 1945 White Plan. Simply because in the digital age, old wine is labeled with new labels.
11. Investor Naval: Most cryptocurrency projects will fail because the founding teams become wealthy too early.
Investor Naval stated on X: Most cryptocurrency projects will fail because the founding teams become wealthy too early, and you cannot recruit new members. In response, Multicoin founder Kyle commented that yes, the best founders are not entirely financially driven. It is reported that Naval is a well-known angel investor in Silicon Valley, having invested in famous tech companies like Twitter and Uber, and he is also a successful entrepreneur who founded the equity crowdfunding platform AngelList.
12. Circle co-founder of dollar-pegged stablecoin USDC: Intends to establish a business in Hong Kong and consider applying for a license.
According to Hong Kong media reports, Hong Kong plans to submit a regulatory framework for stablecoin issuers to the Legislative Council within this year. Jeremy Allaire, co-founder and CEO of Circle, the issuer of the world's second-largest stablecoin USDC, stated that Hong Kong is an important market for USDC and intends to hire more employees and establish a business in Hong Kong, waiting for the new stablecoin regulations to be released and considering applying for a license after understanding the regulations. Additionally, Chen Qinqi, Vice President of Circle Asia Pacific, stated that Hong Kong has significant advantages in developing stablecoins, including the capability for same-day USD settlement, being the largest financial market in the Asia-Pacific region, and having backing from the mainland market, believing that Hong Kong has the opportunity to develop into an international stablecoin center, and is confident that the Hong Kong version of stablecoin will have considerable market demand.
13. Trader: Bitcoin will fluctuate 10% up or down based on the U.S. elections.
In a post on November 4, anonymous trader Daan Crypto Trades told his 389,000 followers on X that the weekly closing price of Bitcoin does not appear to be 'the cleanest,' but he stated that this would not have much impact given the upcoming elections. Instead, he predicts that Bitcoin is likely to experience 'at least a 10% fluctuation, depending on who ultimately wins the election this week.'
The article is forwarded from: Jin Ten Data.
