Headline
▌BTC surpasses $76,000
Market shows that BTC has surpassed $76,000, currently reported at $76,019.99, with a 24-hour increase of 0.39%. The market is volatile, please manage risk accordingly.
▌The Federal Reserve announces a 25 basis point rate cut
The Federal Reserve announced a 25 basis point rate cut, reducing the target range for the federal funds rate to 4.5% to 4.75%. This is the second rate cut by the Federal Reserve this year, in line with market expectations. On September 18 of this year, the Federal Reserve announced a 50 basis point reduction in the target range for the federal funds rate, lowering it to between 4.75% and 5%, officially launching this round of rate cuts.
Market
As of the time of publication, according to Coingecko data:
BTC recent transaction price is $75,955.62, with a daily fluctuation of +0.5%;
ETH recent transaction price is $2,898.38, with a daily fluctuation of +6.7%;
BNB recent transaction price is $598.92, with a daily fluctuation of +1.2%;
SOL recent transaction price is $196.39, with a daily fluctuation of +5.3%;
DOGE recent transaction price is 0.1937 yuan, with a daily fluctuation of -0.7%;
XPR recent transaction price is $0.5549, with a daily fluctuation of +2.5%.
Policy
▌The Trump team is considering naming Robinhood's Chief Legal and Compliance Officer Dan Gallagher as a candidate for chairman of the U.S. Securities and Exchange Commission
The Trump team is considering naming Robinhood's Chief Legal and Compliance Officer Dan Gallagher as a candidate for chairman of the U.S. Securities and Exchange Commission.
▌Two cryptocurrency-supporting Republicans win House seats, but majority control is still pending determination
Two Republican candidates for U.S. House seats defeated their Democratic opponents in the 2024 elections, narrowing the gap for the party to maintain a majority in the House, but control of the majority is still pending determination.
Among them, Republican Jeff Hurd won the House election in Colorado's 3rd congressional district with a vote share of 50.1% (89% of the ballots). Another Republican, Scott Perry, defeated Democrat Janelle Stelson in Pennsylvania's 10th congressional district, successfully winning re-election.
During his term, Scott Perry voted in favor of the Financial Innovation and Technology Act of the 21st Century (referred to as the FIT21 Act), which has received bipartisan support in the House of Representatives and is currently awaiting a vote in the U.S. Senate. According to Jeff Hurd's campaign website, this Republican intends to support "legislation similar to the FIT21 Act" and advocates for "reasonable regulations for advanced technologies such as cryptocurrency."
▌Detroit will become the largest city in the U.S. to accept cryptocurrency for tax payments and other fees
According to an official press release, Detroit will become the largest city in the U.S. to accept cryptocurrency payments. Starting mid-2025, local residents will be able to pay taxes and other municipal fees using cryptocurrency through a secure platform managed by PayPal. Detroit Mayor Mike Duggan stated in a press release, "Detroit is building a tech-friendly environment that empowers residents and entrepreneurs. We are excited to be one of the first major cities in the U.S. to explore blockchain applications for citizens and allow residents to use cryptocurrency as a payment method."
According to the 2020 U.S. Census, Detroit has a population of approximately 630,000, making it the 26th largest city in the U.S. Detroit was once the fourth largest city in the U.S., with a population nearing 2 million in the 1950s. Reports indicate that currently three states in the U.S. (Colorado, Utah, and Louisiana) accept cryptocurrency for state government fee payments.
▌Powell: Will not resign due to Trump
Federal Reserve Chairman Powell was asked at a press conference if he would resign due to Trump's departure, to which he succinctly replied, "No." When asked if the president has the authority to dismiss him, Powell responded, "The law does not allow that." Powell's term as chairman will expire in May 2026, and his term as a member will end in January 2028. Most legal experts indicate that he cannot be dismissed without cause before the end of his term.
Blockchain Applications
▌Coinbase introduces cbBTC to Solana, promoting DeFi development
Coinbase's Bitcoin-backed cbBTC will be introduced to the Solana chain, aiming to boost its DeFi ecosystem. The introduction of cbBTC is expected to fill the gap left by the lack of reliable Bitcoin tokens on Solana since the collapse of FTX, enhancing on-chain liquidity. Data shows that nearly $10 million of cbBTC is currently available for Solana DeFi. Industry insiders believe that the popularity of cbBTC may bring new growth opportunities to Solana DeFi.
Cryptocurrency
▌WonderFi CEO kidnapped, kidnappers demand $1 million ransom
Toronto-based cryptocurrency company WonderFi CEO Dean Skurka was kidnapped and released after paying a $1 million ransom.
Reports indicate that Dean Skurka was kidnapped after being forcibly shoved into a car in downtown Toronto. He was subsequently released after transferring a $1 million ransom. The cryptocurrency executive reportedly stated that he is "safe, and the company's clients' funds and data were not affected." Police stated that the investigation is ongoing, but no further details were disclosed.
▌Polymarket whale bets on Trump making a fortune, 86% of users lose money
During the recent U.S. election, the prediction market platform Polymarket saw a surge in trading volume, with nearly $2.5 billion in October and exceeding $1.2 billion in November. While a few "whale" users profited handsomely from betting on Trump's victory, data shows that 86% of Polymarket users actually lost money. Among approximately 371,000 user wallets, only 4,004 realized profits exceeding $1,000. Some users attempted to gain from potential token airdrops through high-frequency trading, but many ended up with losses. Additionally, Polymarket is facing compliance investigations in France and may face bans.
▌Jack Dorsey's Square will increase investment in Bitcoin mining and shut down its previous 'Web5' project
Twitter co-founder Jack Dorsey's payment company Block (SQ) plans to refocus on building equipment for Bitcoin (BTC) miners and its self-custody cryptocurrency wallet, with some funding coming from abandoning the creation of a new decentralized internet called 'Web5' (founded in June 2022) and reducing investment in the music streaming app Tidal.
This decision was announced in the same week that Trump won the U.S. presidential election, where he promised to provide a more cryptocurrency-friendly environment for the United States, with Bitcoin mining being one of the industries he pledged to support during his campaign.
In addition to a letter to shareholders, Block also released its third-quarter financial results on Thursday. According to FactSet data, the company's revenue was $5.98 billion, below Wall Street analysts' average expectation of $6.24 billion. Subsequently, the company's stock price fell by as much as 10%.
▌Galaxy Digital signs agreement to convert its 800 megawatt mining capacity into high-performance computing
New York-based Galaxy Digital stated in its Q3 earnings report that it has signed a non-binding term sheet with an unnamed U.S. hyperscale company to convert all of its 800 megawatts (MW) of power capacity into high-performance computing (HPC). Hyperscale companies are large data centers that specialize in providing massive computing power.
This move comes at a time when Bitcoin halving has led to profit declines for the company and the entire mining industry. Galaxy's Helios mining facility in western Texas has been approved for a power generation capacity of 800MW, of which 200MW is currently operational. According to the statement, the facility has an additional 1.7 gigawatts (GW) of power generation capacity under study, awaiting potential permits. Galaxy stated that despite a 11% increase in total hash rate or mining capacity due to halving, increased mining difficulty, and seasonal operational reductions, mining revenue still decreased by 23% compared to the previous quarter.
Important Economic Developments
▌Federal Reserve's balance sheet falls below $7 trillion
The total size of the Federal Reserve's balance sheet has fallen below $7 trillion for the first time since August 2020, indicating that the Federal Reserve has conducted about $2 trillion in balance sheet reduction during this round. The Federal Reserve previously stated in its latest announcement that it would maintain the scale of balance sheet reduction, which includes monthly reductions of $25 billion in Treasury bonds and $35 billion in MBS.
▌Hong Kong Monetary Authority cuts rates by 25 basis points
The Hong Kong Monetary Authority has lowered the benchmark interest rate by 25 basis points to 5%, following the Federal Reserve's announcement of a 25 basis point rate cut early in the morning.
▌The total asset size of U.S. money market funds has risen to $6.59 trillion, setting a record high
The total asset size of U.S. money market funds has reached a record high, as investors continue to flock to such assets seeking relatively high returns with the Federal Reserve entering a rate cut cycle. Data released by the Investment Company Institute (ICI) shows that approximately $79.5 billion flowed into U.S. money market funds in the week ending November 6, raising the total asset size to $6.59 trillion. The influx of funds comes just before the Federal Reserve's decision on Thursday, where it cut rates by 25 basis points as expected.
▌Institution: Powell provided little new guidance on rate cuts
Jackson Garton, co-CIO of Makena Capital Management, stated that Powell remained silent on providing new forward guidance during his press conference and made no comments regarding changes to the economic outlook summary. Short-term U.S. Treasury yields showed little change during Powell's remarks. Garton still believes that the Federal Reserve may choose to cut rates in December, but is uncertain. He stated, "I believe the possibility of continuing to cut rates by 25 basis points at the next meeting is over 50%, but I'm not 100% certain."
Golden Encyclopedia
▌What is 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, meaning it can handle approximately 160,000 transactions per second and validate them in under one second on average. Aptos technology natively integrates the Move language to provide these fast, secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything needed to "build your big ideas," even incorporating artificial intelligence, making it easy for both beginners and experts to use Web3.
Disclaimer: Golden Finance, as a blockchain information platform, provides articles for informational reference only and does not serve as actual investment advice. Everyone should establish correct investment concepts and ensure to enhance risk awareness.
