Today's news highlights:
1. Next week's macro outlook: A "data frenzy" is coming as Powell teams up with non-farm payrolls, and expectations for Fed rate cuts may be "doused with cold water."
2. The SEC has filed a lawsuit against Touzi Capital and its CEO, accusing them of fraud in their cryptocurrency mining project, involving over $115 million.
3. 10x Research: Bitcoin's market share has fallen to 56%, XRP may surpass SOL to become the third largest cryptocurrency.
4. Data: The U.S. Bitcoin ETF purchased 71,570 Bitcoins in November.
5. Musk applies for an injunction to prevent OpenAI from transitioning to a for-profit company.
6. Base founder: No plans to launch a token.
7. Arthur Hayes: The bull market can continue, South Korea has postponed virtual asset taxation for two years.
8. No significant Rug Pull incidents occurred in November, with total losses amounting to approximately $203 million across the network.
Regulation & Policy
Next week's macro outlook: A "data frenzy" is coming as Powell teams up with non-farm payrolls, and expectations for Fed rate cuts may be "doused with cold water."
Due to the U.S. Thanksgiving holiday, the market ended this week somewhat sluggishly, with liquidity issues evident on Thursday and Friday, but the U.S. stock market surprisingly closed strong this week, driven by technology and retail stocks, as the S&P index reached new highs and recorded its largest monthly gain since November 2023. Next week's U.S. employment data will dominate the headlines, and here are the key points the market will focus on in the coming week:
Monday 09:45, China's November Caixin Manufacturing PMI
Monday 22:45, U.S. November S&P Global Manufacturing PMI Final
Tuesday 04:15, Federal Reserve Board member Waller speaks
Tuesday 05:30, FOMC permanent voting member and New York Fed President Williams participates in a dialogue hosted by the Queens Chamber of Commerce
Tuesday 23:00, U.S. October JOLTs Job Openings
Wednesday 01:35, Federal Reserve Board member Cook speaks on the labor market and monetary policy
Wednesday 21:15, U.S. November ADP Employment Change
Wednesday 21:45, 2025 FOMC voting member and St. Louis Fed President Bullard speaks
Wednesday 22:45, U.S. November S&P Global PMI Final
Thursday 02:45, Federal Reserve Chairman Powell is invited to an interview at The New York Times DealBook Summit
Thursday 03:00, Federal Reserve releases the Beige Book on economic conditions
Thursday 21:30, U.S. Initial Jobless Claims for the week ending November 30 and October Trade Balance
Friday 00:30, 2024 FOMC voting member and Richmond Fed President Barkin speaks
Friday 22:15, Federal Reserve Board member Bowman speaks. Friday 23:30, 2025 FOMC voting member and Chicago Fed President Goolsbee participates in a fireside chat.
Saturday 01:00, 2024 FOMC voting member and Cleveland Fed President Mester speaks on economic outlook
Saturday 02:00, 2024 FOMC voting member and San Francisco Fed President Daly speaks.
In the coming week, investors will gain a new understanding of the health of the U.S. economy, as the release of a closely watched non-farm payroll report may help investors determine the direction of U.S. interest rates over the next few months. The release of the October job vacancies on Tuesday and the November ADP employment report on Wednesday may also provide clues about the performance of the U.S. labor market. The market expects that the non-farm data to be released next Friday will show an increase of 183,000 jobs. Last month, non-farm payrolls only increased by 12,000, far below expectations. Hurricane Milton caused a large number of workers to lose their jobs in Florida, but now that those issues have been resolved, non-farm payrolls may be higher this week, with some analysts expecting job numbers to reach around 220,000. The unemployment rate is also a key indicator to watch before the Federal Reserve's December meeting. If the unemployment rate rises to 4.2% and job numbers unexpectedly weaken, the likelihood of a Fed rate cut in December could increase, potentially leading to a weaker dollar.
The likelihood of the Fed holding steady in December is 35%, while the likelihood of pausing interest rate cuts in January rises to about 58%. Interestingly, the probability of the Fed not cutting rates at both meetings is also 27%.
The SEC has filed a lawsuit against Touzi Capital and its CEO, accusing them of fraud in their cryptocurrency mining project, involving over $115 million.
According to DL News, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Touzi Capital and its CEO Eng Taing, accusing them of conducting a fraudulent offering of unregistered securities exceeding $115 million. It is reported that Eng Taing falsely marketed the project as a "stable and predictable" high-yield savings account investment, whereas these investments were "highly speculative and illiquid." The SEC alleges that the defendants misappropriated investor funds for personal purposes and continued soliciting investors even after the business began to collapse. According to the lawsuit disclosure, from 2021 to early 2023, the defendants raised approximately $118 million through misleading promotions of cryptocurrency mining and debt restructuring projects, including $95 million for the crypto mining project and $23 million for the debt restructuring project, involving over 1,500 investors nationwide.
Arthur Hayes: The bull market can continue, South Korea has postponed virtual asset taxation for two years.
Regarding the news that South Korea has postponed virtual asset taxation for two years, Arthur Hayes stated: The bull market can continue, as South Korea has delayed capital gains tax for another two years.
Project updates
Former Facebook executive: Politicians have killed the Diem/Libra stablecoin project.
According to Theblock, a former Facebook executive revealed that the company's stablecoin and blockchain project (originally called Libra, later renamed Diem) ultimately ended, leading many employees to leave for other blockchain projects. The project was sold to Silvergate Bank in January 2022, which later abandoned the project and wrote off its investment a year later. According to the project's former lead and former Coinbase board member David Marcus, the behind-the-scenes political machinations were the root cause of the project's failure, which he described in a lengthy post on X as "100% political murder." "There was no legal or regulatory angle for the government or regulatory agencies to kill the project. It was 100% political assassination—executed through intimidation of controlled banking institutions."
David Marcus stated that despite "...two years of continuous work and reforms to appease lawmakers and regulators," which received limited support from some members of the Federal Reserve Board, including Chairman Jay Powell, the project's political prospects still face strong resistance from Treasury Secretary Janet Yellen, who warned Powell not to proceed with the project due to concerns about political backlash during a biweekly meeting.
10x Research: Bitcoin's market share has fallen to 56%, XRP may surpass SOL to become the third largest cryptocurrency.
10x Research notes in its market analysis that the cryptocurrency market cap has soared to $3.43 trillion, while Bitcoin's dominance has dropped from 60% to 56%. A higher overall market cap along with a declining Bitcoin dominance is often seen as a sign of altcoin season. In cryptocurrencies, market theory tends to be self-fulfilling as beliefs drive momentum. Since November 17, Solana (SOL) has remained relatively stable, while other major altcoins have performed excellently. Ethereum (ETH) has risen nearly +18%, and Ripple (XRP) has surged +70%. The market cap gap between Solana and Ripple is now only $6 billion, indicating a potential "turnaround" in the coming days, with Ripple potentially becoming the third most valuable cryptocurrency.
Sonic Labs (formerly Fantom) launches Testnet 2.0 Blaze
Sonic Labs launches the upgraded Testnet 2.0 Blaze in preparation for mainnet launch. Previously, it was reported that Fantom has now been renamed to Sonic Labs, with plans to launch a new EVM chain, Sonic, by the end of the year.
Musk applies for an injunction to prevent OpenAI from transitioning to a for-profit company.
According to NetEase News, Musk's lawyers have filed for a preliminary injunction against OpenAI, several of its co-founders, and its investors and close collaborator Microsoft to prevent OpenAI and other defendants from engaging in anti-competitive behavior as claimed by Musk's lawyers.
The motion for the injunction was submitted to the U.S. District Court for the Northern District of California late last Friday, accusing OpenAI, its CEO Sam Altman, President Greg Brockman, Microsoft, LinkedIn co-founder and former OpenAI board member Reid Hoffman, and former OpenAI board member and Microsoft Vice President Dee Templeton of engaging in various illegal activities and attempting to stop these activities. The allegations include:
Prevent investors from supporting OpenAI's competitors, such as Musk's own AI company xAI.
Benefiting from "improperly acquired competitive sensitive information" through OpenAI's relationship with Microsoft.
Transform OpenAI's governance structure into a for-profit entity and "transfer any significant assets, including intellectual property owned, held, or controlled by OpenAI, its subsidiaries, or affiliates."
Causing OpenAI to engage in business with any organization that has "significant economic interests."
Musk's lawyer claims that if the injunction is not granted, it will cause "irreparable harm."
Base founder: No plans to launch a token.
Base founder Jesse Pollak stated on platform X that the Hyperliquid project shows that it's a good idea to build a beloved product before adding price complexity. Additionally, the Base network has no plans to launch a token. The team is focused on building and hopes to solve real problems to enable better development.
Vitalik: Disagrees with the government efficiency department (DOGE) being overly focused on handling small expenses.
In response to the government efficiency department (DOGE) regarding small expenses, Vitalik expressed disagreement with the way the government efficiency department handles such matters. He believes that the examples listed are only a small part of all expenditures. If the government's goal is to avoid looking terrible on Twitter due to mistakes, then many valuable opportunities will be missed, while larger-scale issues that are actually more wasteful will continue to exist because they appear acceptable. Small public funds should be handled in a venture capital-like manner, as the goal is to ensure capturing opportunities that can bring 1,000 times returns. Careful attention should be focused on large-scale affairs.
Important data
Data: The U.S. Bitcoin ETF purchased 71,570 Bitcoins in November.
According to HODL15Capital, the U.S. Bitcoin ETF purchased 71,570 Bitcoins in November; in terms of dollar value, November was a record month for inflows into the U.S. Bitcoin ETF.
Michael Saylor: 60 publicly traded companies have issued stocks to purchase Bitcoin.
MicroStrategy founder Michael Saylor stated on platform X that there are currently 60 publicly traded companies issuing stocks to buy Bitcoin. These 60 companies have a total Bitcoin holding of 522,565. Additionally, HODL15Capital data shows that currently, 12 publicly traded Bitcoin mining companies do not hold Bitcoin on their balance sheets.
OKLink security monthly report: No significant Rug Pull incidents occurred in November, with total losses amounting to approximately $203 million across the network.
OKLink released the November 2024 security monthly report, stating that the total losses from on-chain security incidents amounted to approximately $203 million. Losses from phishing scams account for 64.80% of the total losses, totaling approximately $131 million, but no significant Rug Pull incidents occurred, with REKT incident losses accounting for 22.06%, totaling approximately $45 million.
On November 13, a user copied an incorrect address from contaminated transaction history, resulting in a loss of $129 million, which was returned by the attacker an hour later. On November 15, the v1 liquidity pool contract of the Aptos ecosystem project Thala was attacked due to a security vulnerability, causing a loss of $25.5 million, after which Thala negotiated with the attacker to recover all user assets through a $300,000 bounty.
OKLink reminds everyone to carefully verify the receiving address when performing on-chain operations, as users have suffered losses exceeding $100 million due to copying incorrect addresses from contaminated transaction records. It is crucial to verify the recipient's address carefully before performing on-chain operations and not to get into the habit of directly copying addresses from transaction records or chat records. Additionally, learn to use Web3 on-chain tools to avoid risks; OKLink provides tools for on-chain address queries, token authorization checks, and large transfer monitoring to easily ensure on-chain security and stay informed about market movements, thereby alleviating on-chain anxiety.
500 million XRP unlocked from unknown wallet custody, worth over $970 million.
According to Whale Alert monitoring, approximately 1 hour ago, 500 million XRP were unlocked from unknown wallet custody in two transactions, worth over $970 million.
HYPE breaks $9, market cap exceeds $3 billion, continuing to set new highs.
Market data shows that HYPE has broken through $9, continuing to set new highs, currently reported at $9.24, with a 24-hour increase of 33.9%, and a current market cap exceeding $3 billion at $3,086,086,670, with an FDV of $9,241,678,903 and a trading volume of $361,549,000 in the past 24 hours.
Two whales sold UNI and LINK for profits of $1.15 million and $3.06 million, respectively.
According to Lookonchain monitoring, two whales today took profits on UNI and LINK.
0x2B4F sold 135,150 UNI ($1.71 million), profiting $1.15 million.
0x6049 sold 363,814 LINK ($6.88 million), profiting $3.06 million.
A trader invested 1 SOL in Mundi and now profits exceed $435,000.
According to Lookonchain monitoring, a trader invested 1 SOL ($169) in Mundi, and now profits exceed $435,000, with a return rate of 2,580 times. Ban launched on October 25 and quickly surpassed a market cap of $60 million within two days. However, this trader chose not to buy Ban but instead bought the meme token Mundi, which was created earlier than Ban. At that time, Mundi's market cap was only $85,000. He invested 1 SOL ($169) to buy 19.79 million Mundi and held it. Four days ago, he began cashing out, selling 18.19 million Mundi for 1,428 SOL ($336,900), leaving 1.6 million Mundi ($99,000).
