Article reposted from: PA Daily
Today's news highlights:
The Federal Reserve cut interest rates by 25 basis points as expected
281 pro-crypto candidates were elected to Congress, of which 263 entered the House of Representatives, and 18 entered the Senate.
MakerDAO votes to maintain its rebranded name 'Sky'
Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees
Ethereum Foundation releases 2024 report: 99.45% of $788.7 million in crypto asset reserves are ETH
Bitcoin spot ETF saw a total net inflow of $1.376 billion yesterday, setting a new single-day net inflow record
Zhao Changpeng revealed that he had received offers to sell his stake in Binance: 'I have not acted yet but am willing to review every offer.'
49,000 BTC options and 295,000 ETH options expire today, with a total nominal value of $4.56 billion
Regulatory news
The Federal Reserve cut interest rates by 25 basis points as expected.
The Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut, in line with market expectations. This decision was unanimously approved, with the policy statement largely unchanged, continuing to emphasize close monitoring of risks to dual objectives, but removing the phrase 'more confident that inflation is sustainably moving towards the target.' No clear signals were given regarding future rate cuts, nor was there any commentary on the outcome of the U.S. election.
Powell: There are no plans to bring inflation below 2%, and he will not resign because of Trump.
The Federal Reserve's balance sheet has fallen below $7 trillion
281 pro-crypto candidates were elected to Congress, of which 263 entered the House of Representatives, and 18 entered the Senate.
According to statistics from the 'Stand With Crypto Alliance', a total of 281 pro-crypto candidates were elected to Congress, of which 263 entered the House of Representatives, and 18 entered the Senate. Coinbase Chief Policy Officer Faryar Shirzad stated on social media X that the influence of 'crypto voters' has significantly increased, marking the crypto industry's bipartisan support.
House of Lords supports digital asset property bill
According to CoinDesk, a member of the UK's House of Lords expressed support for the country's digital asset property bill during the second reading meeting on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies, and could mark another step for the UK in paving the way for the use of cryptocurrencies in the country. The bill was drafted by the independent statutory authority's legal committee and launched in the UK in September. It adds a new 'item' category to the property classification to help resolve legal disputes involving cryptocurrencies. The bill will assist judges in criminal cases where cryptocurrencies are stolen due to fraud or hacking, and will also help in the division of marital property.
A massive cross-regional underground money laundering criminal network involving virtual currency transactions has been dismantled, with the case amounting to as much as 38 billion yuan.
According to the Poster News, on November 6, police in Leshan, Sichuan disclosed a case of illegal operation, where a massive cross-regional underground money laundering criminal network involving virtual currency transactions was dismantled, with the case amounting to over 38 billion yuan across 13 provinces. Recently, the Leshan Intermediate Court made a ruling, with three defendants sentenced to imprisonment for illegal operation and issuing false VAT invoices, ranging from two years and six months to thirteen years and six months. It is reported that the case involved virtual currency transactions and cross-border fund transfers, with about 20 million pieces of complex funding operation information. According to the police in charge of the case, 37 cases have been filed nationwide, and 176 criminal suspects have been arrested, successfully dismantling this massive cross-regional underground money laundering criminal network. Currently, investigations and trials regarding related cases are ongoing in various locations. The main perpetrator of this case was sentenced to thirteen years and six months in prison by the Leshan Intermediate Court.
Project updates
MakerDAO votes to maintain its rebranded name 'Sky'
According to The Block, MakerDAO voted to maintain its rebranded name 'Sky'. This move is part of the founder Rune Christensen's 'Endgame' plan, aimed at launching new types of stablecoins and establishing 'subDAOs' to build crypto applications and infrastructure. Despite some community members expressing doubts about the brand shift of the decentralized protocol, only four major entities among about 20 voting entities controlled nearly 80% of the voting rights, all of which supported the retention of the Sky brand.
As part of the Endgame plan, Sky plans to launch multiple new stablecoins, including the decentralized PureDAI and the regulated NewStable, and will be launched on Solana and Ethereum L2 Base. Additionally, the project will integrate Aave, launch the SkyLink cross-chain bridge, and venture into asset tokenization.
Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees.
According to the announcement from the Detroit City Finance Office, Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees, expected to launch this payment option by mid-2025. Through a secure platform provided in cooperation with PayPal, Detroit residents will be able to pay municipal fees using cryptocurrencies.
According to the 2020 U.S. Census, Detroit has about 630,000 residents, making it the 26th largest city in the U.S., whereas it was the fourth largest city in the 1950s with a population close to 2 million. Currently, only three states in the U.S. (Colorado, Utah, and Louisiana) allow the use of cryptocurrencies for state-level payments. In addition, while Miami and New York City show strong interest in cryptocurrencies, they have not opened payment options. There are currently two cities in the U.S. accepting crypto payments: Williston in North Dakota and Miami Lakes in Florida.
CEO of Canadian crypto company WonderFi was kidnapped and released after paying a ransom of $1 million.
According to CBC (Canadian Broadcasting Corporation), Dean Skurka, CEO of Canadian crypto company WonderFi, was kidnapped and released after paying a ransom of $1 million. The incident occurred in downtown Toronto, where Skurka was forcibly taken into a vehicle and detained, and was released only after the ransom was paid electronically. Skurka stated that he is currently safe, and the funds and data of the company's clients were not affected.
The police have launched an investigation but have not disclosed further details. In recent years, executives in the crypto industry have frequently become targets of crime. In July of this year, a Bitcoin holder was kidnapped and killed after being robbed, losing three Bitcoins. WonderFi claimed last year to own shares in nearly half of the regulated cryptocurrency exchanges in Canada.
Jito Labs achieved $78.92 million in monthly fee revenue in October, surpassing Lido and Uniswap.
According to The Block, Jito Labs achieved $78.92 million in monthly fee revenue in October, doubling the previous record of $39.45 million set in May. This growth has positioned Jito Labs as the leading fee generator in the DeFi space, surpassing Lido and Uniswap.
Jito Labs' revenue was particularly significant on October 24, with a single-day tip income reaching $6.14 million, highlighting the growing demand for MEV (maximum extractable value) services on the Solana chain. Jito Labs attributes its success to its MEV infrastructure, including the Jito-Solana validating client and block engine, which effectively extract value from on-chain trading activities. Additionally, the JitoSOL staking tokens further broadened revenue sources, combining staking rewards with MEV extraction earnings.
The rise of Jito Labs signifies a potential shift in fee models in the DeFi space towards MEV optimization, but its sustainability may depend on high transaction volumes on Solana, especially those driven by memecoins.
Coinbase: cbBTC has been launched on the Solana blockchain
Coinbase announces that its first SPL token cbBTC issued on the Solana chain is officially launched. cbBTC is a token pegged 1:1 to Bitcoin (BTC), backed by BTC assets held by Coinbase.
Upbit will launch trading for Drift (DRIFT) in KRW, BTC, and USDT markets
South Korean digital asset exchange Upbit announces support for trading the new digital asset Drift (DRIFT). DRIFT will be supported through the Solana network and launched in KRW, BTC, and USDT markets. The recharge opening time is within 3 hours after the announcement, and trading support is expected to start at 18:00 on November 8 (Korean time). Users must confirm the correct network when recharging; recharges and withdrawals on other networks will not be supported.
Ethereum Foundation releases 2024 report: 99.45% of $788.7 million in crypto asset reserves are ETH
The Ethereum Foundation (EF) released its 2024 report, emphasizing its core values, including long-term thinking, decentralization, and value protection. The report shows that EF's expenditure reached $134.9 million in 2023, with 37.2% used for internal operations, 35.2% supporting the development of new institutions, and 25.7% invested in L1 development. EF holds $970 million in assets and implements a conservative financial strategy to cope with market fluctuations. The report also introduced ecosystem organizations funded by EF, including the Nomic Foundation, L2BEAT, and 0xPARC, among others. Additionally, EF has implemented a conflict of interest policy to ensure its actions align with the long-term interests of the Ethereum ecosystem.
EF's $970.2 million asset reserve includes $788.7 million in crypto assets and $181.5 million in non-crypto investments and assets. 99.45% of the crypto holdings are in ETH. These ETH account for 0.26% of the total ETH supply as of October 31, 2024.
Coinbase International will launch Raydium perpetual futures contracts
Coinbase International announced on the X platform that Coinbase International and Coinbase Advanced will add support for Raydium perpetual futures contracts, with the RAY-PERP market expected to open on or after 17:30 Beijing time on November 14, 2024.
A fake app impersonating Curve Finance has reappeared in the Apple App Store, attracting a large number of downloads
According to Cointelegraph, a fake application impersonating the DeFi platform Curve Finance has appeared in the Apple App Store for the third time this year, once again targeting unsuspecting users. Despite previous warnings and removals, the application continues to appear on the App Store, attracting a large number of downloads and ranking among the top in the financial category in various regions. The app masquerades as a legitimate tool built for token swapping and liquidity staking in the store, leading to numerous reports of financial losses and security issues in user comments. Babu Lal, co-founder of Indian cybersecurity company Frautect, stated that they have 'identified, reported, and removed' over 6,500 fake public applications, most of which 'belong to the financial category.' Despite numerous user reports, warnings from security experts, and even the removal of these applications, deceptive applications continue to emerge, putting users at risk of exploitation. Lal stated that the current situation is 'new tactics appear every day,' and if security measures are not improved, the situation will continue to escalate.
Zhao Changpeng revealed that he had received offers to sell his stake in Binance: 'I have not acted yet but am willing to review every offer.'
According to Bloomberg, after making an appearance in Dubai, just the day before Trump's victory in the U.S. presidential election, which led to a surge in cryptocurrency prices, Zhao Changpeng, whose estimated net worth is nearly $53 billion, reflected on his forced departure from Binance and his four-month prison experience during an interview. During that time, he passed the time by exercising, writing, and discussing cryptocurrencies with fellow inmates. Zhao Changpeng stated, 'I don't think I want to go back to being the CEO of Binance; I have led the company for seven years. I enjoy this job. Although it is demanding, I believe that chapter is over.' Furthermore, Zhao Changpeng mentioned that he even received offers to sell his stake in the exchange—these shares constitute the bulk of his personal net worth, but he declined to disclose who the buyers are or the price. Zhao Changpeng added, 'I'm not saying I will hold on to these shares forever. I am happy to review every offer, but so far I have not done anything. But you know, I am just an ordinary shareholder now.'
Now, Zhao Changpeng claims to be a passive investor in the cryptocurrency field, with the Binance logo tattooed on his arm. He asserts that his 'criminal identity' has not prevented people from doing business with him. In addition, Zhao Changpeng declined to comment on the U.S. election but expressed satisfaction with the direction of X (formerly Twitter). Zhao Changpeng stated, 'I believe that since Musk took over, Twitter has developed much faster; it has launched new features, and the pace of change has increased significantly. I am not too worried about the fluctuations in investment value. We are long-term investors.'
Nethermind launches Ethereum Layer 2 network called 'Surge Rollup'
According to The Block, Ethereum client Nethermind has launched a new Ethereum Layer 2 solution, Surge Rollup, focusing on performance. In addition, according to Nethermind's official website, Surge Rollup is an ULTRABASED rollup with gigabit speed, built on the Taiko stack, designed for developers, builders, and autonomous agents; launching as the second phase, prioritizing activity, censorship resistance, security, and permissionless features; sorted by Ethereum validators rather than centralized sorters; using ETH as gas, with no need for any native tokens, points, or airdrops; providing Ethereum performance through the Nethermind client.
Financing news
AI company focused on crypto, Pond, completes $7.5 million seed round funding, led by Archetype.
According to The Block, the AI startup focused on cryptocurrency, Pond, raised $7.5 million in seed funding, led by Archetype, with other investors including PAKA, Web3.com Ventures, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors. Pond aims to build a decentralized AI model layer to provide AI support for blockchain.
Important data
Pump.fun transferred 78,000 SOL to Kraken 8 hours ago
According to on-chain analyst Yujin's monitoring, the price increase has accelerated the selling frequency of pump.fun, which has continued to transfer 78,000 SOL ($15.13M) to Kraken 8 hours ago. Pump.fun has so far gained a total of 1.153 million SOL in fee income. The amount sold is 823,400 SOL ($133.81M), with an average price of $162.
Paradigm transferred 6.938 million LDO to Coinbase Prime 2 hours ago
According to on-chain analyst Yujin's monitoring, Paradigm transferred another 6.938 million LDO to Coinbase Prime 2 hours ago, worth approximately $9.23 million. So far, 15.118 million of the 70 million LDO purchased from the Lido treasury by Paradigm have been transferred to Coinbase Prime at an average price of $1.36.
A suspected Paradigm Capital wallet deposited 6.939 million LDO into Coinbase Prime 5 hours ago
According to The Data Nerd's monitoring, 5 hours ago, a suspected wallet belonging to Paradigm Capital deposited 6.939 million LDO into Coinbase Prime, approximately $9.23 million. The day before, that wallet received 61.82 million LDO from Paradigm Capital's main wallet, approximately $85.31 million.
Bitcoin spot ETF saw a total net inflow of $1.376 billion yesterday, setting a new single-day net inflow record
According to SoSoValue data, yesterday (November 7, Eastern Time), the total net inflow of Bitcoin spot ETFs reached $1.376 billion, setting a new single-day net inflow record. Among them, BlackRock's Bitcoin ETF IBIT had a single-day net inflow of $1.12 billion, accounting for 81.4% of the total inflow for the day, and refreshed its single-day net inflow record, bringing its historical total net inflow to $27.181 billion. Grayscale's ETF GBTC had a single-day net inflow of $7.309 million, and Grayscale Bitcoin Mini Trust ETF BTC had a single-day net inflow of $20.378 million. Additionally, Fidelity's ETF FBTC had a single-day net inflow of $191 million, bringing its historical total net inflow to $10.728 billion.
As of publication, the total net asset value of Bitcoin spot ETFs is $78.5 billion, accounting for 5.19% of the total market value of Bitcoin, with cumulative historical net inflows reaching $25.495 billion.
Data: The total net inflow of Ethereum spot ETFs yesterday reached $79.7401 million, setting the third-highest record in history.
49,000 BTC options and 295,000 ETH options expire today, with a total nominal value of $4.56 billion
Greeks.live macro analyst Adam stated on the X platform that the options market is witnessing concentrated expirations of BTC and ETH options today. Data shows that 49,000 BTC options are expiring, with a Put Call Ratio of 0.72 and a maximum pain point of $69,000, with a nominal value of $3.7 billion; for ETH options, the expiration quantity reaches 295,000, with a Put Call Ratio of 0.65 and a maximum pain point of $2,500, with a nominal value of $860 million.
Adam analyzed that following Trump's victory, Bitcoin surged significantly this week, breaking through $75,000 to set a new historical high, which also led Ethereum to rebound to $2,900. Options expiring today account for 15% of the total positions, but the maximum pain point remains unaffected. Influenced by the election, the implied volatility (IV) of short-term options has significantly decreased, with optimistic market sentiment, and the trend in the fourth quarter may continue to be strong.
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