Headlines
▌German government 'sells off' Bitcoin, missing out on $2.03 billion in potential profit
According to Arkham data, the 49,858 BTC previously held by the German government is now worth $4.92 billion. The German government sold its Bitcoin holdings for $2.89 billion in July this year, at an average price of $57,900, missing out on $2.03 billion in potential profit.
▌South Korea's virtual asset platform Delio declared bankrupt, owing $1.75 billion
South Korea's virtual asset deposit platform Delio has been declared bankrupt by the Seoul court. Delio suspended withdrawals last year, owing customers 245 billion won ($1.75 billion). It will initiate a liquidation process, allowing customers to claim until February 21, 2025, with the first creditors' meeting scheduled for March 19. The platform's assets were largely stored in FTX accounts, and after FTX's bankruptcy, they were unable to recover assets to return to customers, affecting about 2,800 customers.
Market Trends
As of the time of writing, according to Coingecko data:
BTC recent transaction price $98,581.17, daily change +0.5%;
ETH recent transaction price $3,339.07, daily change +0.6%;
BNB recent transaction price $638.06, daily change +1.8%;
SOL recent transaction price $255.80, daily change +0.0%;
DOGE recent transaction price $0.4064, daily change +6.1%;
XPR recent transaction price $1.58, daily change +18.3%.
Policy
▌Another member of the US SEC announces early resignation, Republicans will hold the majority in the agency
Democratic member Jaime Lizarraga of the US SEC's five-member commission announced he would resign two years early, leaving two Republicans and one Democrat after Trump's government takes office next year. Lizarraga, a former aide to House Speaker Nancy Pelosi, was appointed to a five-year term at the SEC in 2022; he mentioned his wife's poor health when announcing this decision. The day before, SEC Chairman Gensler announced he would leave the SEC on the day Trump is scheduled to be inaugurated. With Lizarraga's departure, the number of Republicans in the agency will exceed Democrats from the first day of the new government, which may enhance their ability to pursue very different paths on policy issues such as regulating cryptocurrency and pursuing enforcement cases.
▌After Trump's return to the White House, there may only be one Democrat left on the SEC five-member committee
According to Bloomberg, US SEC Commissioner Jaime Lizarraga, who previously served as a congressional aide, has been pushing for reporting requirements for companies on climate risks and data breaches while overseeing Wall Street, plans to resign on January 17. The day before Lizarraga announced this decision, SEC Chairman Gary Gensler stated he planned to leave on January 20. Bloomberg reported that after President Donald Trump's return to the White House, Caroline Crenshaw will be the only Democrat on the five-member SEC, alongside Republicans Hester Peirce and Mark Uyeda. Note: The US Securities and Exchange Commission (SEC) has five members (the core decision-making body), as the president appoints commissioners with Senate approval, and no more than three members can be from the same political party. This five-member structure aims to balance the demands of different stakeholders, including investors, issuers, exchanges, etc. A smaller committee can enhance decision-making efficiency and avoid prolonged discussions.
▌Fox reporter: Trump may choose two Democrats who align more closely with his policies to serve as SEC commissioners
Fox reporter Eleanor Terrett stated on platform X that Democratic SEC Commissioner Jaime Lizarraga will resign on January 17, after Trump's inauguration, only one Democrat Caroline Crenshaw will remain on the commission. This means there will be three vacant seats to fill by January 20. This also means that until these nominees are confirmed, the SEC Republicans will hold a 2-1 majority (Uyeda and Peirce are Republicans, Crenshaw is a Democrat). Trump may choose two Democrats who align more closely with his policies; past precedents have seen minority parties recommend minority candidates to the president, facilitating the confirmation process, but the president is not obligated to adopt this suggestion. Trump could also choose to appoint independents to these positions. The rule is that there cannot be more than three members from the same party as the president on the commission. For example, Jay Clayton, the previous chair during Trump's first term, was an independent.
▌US SEC Chair candidate Teresa calls to 'Make Cryptocurrency Great Again'
Teresa Goody Guillen, a former SEC official, crypto lawyer, and partner at Baker Hostetler, calls to 'Make Cryptocurrency Great Again'. Previously, insiders revealed that Trump's team is considering appointing Teresa Goody Guillen as SEC Chair.
▌Trump has chosen Scott Bessent to be the next US Treasury Secretary
Forbes reporter Eleanor Terrett posted on platform X that Trump has chosen Scott Bessent, former fund manager for George Soros, to be the next US Treasury Secretary.
Blockchain applications
▌The US CFTC has approved the use of blockchain technology to manage collateral for the derivatives market
According to a report released by the US Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee on November 21, the CFTC has approved the use of blockchain technology to manage the trading collateral in the US derivatives market. The report states that blockchain technology (including distributed ledgers and tokenization) can address long-standing challenges in traditional derivatives exchanges and expand the types of assets available for collateral trading.
Cryptocurrency
▌Mara Holdings: Acquired 5,771 BTC through convertible note issuance
Bitcoin mining company Mara Holdings stated on platform X that through 0% convertible notes issuance, it has acquired 5,771 BTC so far at an average price of $95,554 per coin. Mara Holdings holds about 33,875 BTC, currently valued at $3.4 billion (based on a spot BTC price of $99,000). Previously reported, Mara Holdings completed a $1 billion issuance of convertible preferred notes, maturing on March 1, 2030.
▌143,012 ETH transferred from an unknown wallet to Coinbase, valued over $473 million
According to on-chain data tracking service Whale Alert, around 7:05 AM Beijing time, 143,012 ETH ($473,934,082) were transferred from an unknown wallet to Coinbase.
▌Former Coatue Management executive co-founds new venture capital firm to raise $500 million
According to Bloomberg, citing insiders, Michael Gilroy, former fintech chief of cryptocurrency-friendly investment firm Coatue Management, is co-founding a new venture capital firm. Gilroy is partnering with technology investor Gokul Rajaram, a current board member of cryptocurrency exchange Coinbase, to raise up to $500 million for the firm's first fund. The two are discussing fundraising matters with anchor investors, but the fundraising will not officially start until 2025. Although Gilroy and Rajaram have not yet named their new company, reports indicate that it will focus on investing in early-stage fintech and software companies in the United States.
Important Economic Developments
▌US stock indices collectively closed higher, with Tesla reaching a new high since April 2022
US stock indices collectively closed higher, with the Dow up 0.97%, gaining 1.96% for the week; the S&P 500 index rose 0.35%, gaining 1.68% for the week; the Nasdaq rose 0.16%, gaining 1.73% for the week. Large tech stocks had mixed results, with Tesla up nearly 4%, Microsoft up 1%, and Apple, Netflix, and Intel slightly up; Nvidia fell over 3%, Google fell over 1%, and Amazon and Meta dipped slightly. Among them, Tesla reached a new high since April 2022, with a total market value of $1.13 trillion; Netflix continued to set new highs for five consecutive trading days.
▌Federal Reserve: Stablecoin assets have grown significantly since the April report
According to the Federal Reserve, stablecoin assets have grown significantly since the April report. The sustainability of US debt poses a top financial stability risk. Hedge fund leverage reaches its highest level since 2013 or near that level.
Golden Encyclopedia
▌What is Dogwifhat (WIF)?
Dogwifhat, launched in November 2023, is a Solana-based memecoin featuring a Shiba Inu wearing a pink knitted hat. WIF does not position itself as a symbol of progress or a vision for the future; instead, it maintains simplicity and embraces its meme identity without any grand ambitions. Even the code 'WIF' is a misspelling of 'with', which is typical of meme forms, highlighting the fun aspect of the token.
Disclaimer: As a blockchain information platform, Jinse Finance provides articles for informational reference only and does not constitute actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.
