Mini Program: Daily Cryptocurrency News Summary.
1. The case against Nvidia for allegedly misleading investors on its sales impact in the crypto market will continue to be heard.
The U.S. Supreme Court recently rejected Nvidia's appeal regarding a class action lawsuit from investors who claimed Nvidia misled shareholders about the impact of the cryptocurrency market on its sales. This means the case will continue in lower courts. The case originated from two investor lawsuits in 2018, accusing Nvidia of irresponsible misrepresentation regarding the correlation between revenue growth and cryptocurrency performance. Investors alleged that Nvidia and its executives made materially false statements, downplaying the impact of the volatile cryptocurrency market on its revenue growth and exaggerating its ability to adapt to market changes. Earlier, an appellate court allowed at least part of the merged case to proceed. Notably, in 2022, Nvidia reached a $5.5 million settlement with the SEC for concealing the connection between its success and the volatile cryptocurrency market, without admitting any wrongdoing.
2. Microsoft: Will continue to monitor trends and developments related to cryptocurrencies to guide future decisions.
According to disclosures by Microsoft’s board in regulatory filings, the company rejected a proposal to invest in Bitcoin, citing its diverse investment options and management processes as reasons for not needing to publicly evaluate Bitcoin investments. Microsoft emphasized that the volatility of Bitcoin poses challenges to corporate financial stability, and the company needs stable and predictable investments to safeguard liquidity and operating funds. Microsoft reiterated that its strong financial management mechanisms are aimed at maximizing long-term shareholder interests. Furthermore, Microsoft noted that it has previously considered cryptocurrencies like Bitcoin as one of the options and will continue to monitor trends and developments related to cryptocurrencies to guide future decisions.
3. Hong Kong will accelerate the licensing process for cryptocurrency trading platforms and plans to regulate stablecoins and custody services.
Joseph Chan, the Acting Secretary for Financial Services and the Treasury of Hong Kong, stated that Hong Kong is exploring ways to expedite the licensing process for cryptocurrency trading platforms. The Securities and Futures Commission (SFC) plans to establish a 'consultation group' early next year to support licensed platforms. Since the launch of the cryptocurrency trading platform licensing system in Hong Kong in June 2023, licenses have been granted to platforms such as OSL Exchange, HashKey Exchange, and HKVAX, allowing them to provide trading services to retail investors. Additionally, the government is advancing stablecoin regulation, planning to submit relevant legislation to the Legislative Council within this month, requiring all stablecoin issuers pegged to fiat currencies to apply for a license from the Hong Kong Monetary Authority (HKMA). At the same time, Hong Kong authorities also plan to propose regulatory suggestions for licensing custody services for crypto assets next year to further enhance the regulatory framework for the crypto industry.
4. Robinhood: The cryptocurrency trading volume in November reached $35.2 billion, with a month-on-month growth of over 500%.
According to Globenewire, Robinhood Markets released its operational data for November 2024. As of the end of November, the total number of funded customers on the trading platform was 24.8 million (an increase of about 420,000 from October 2024, and an increase of about 1.5 million from the same period last year); assets under management totaled $195 billion (a month-on-month increase of 22%, and a year-on-year increase of 106%). The nominal trading volume for stocks reached $147.1 billion (a month-on-month increase of 16%, and a year-on-year increase of 178%). The trading volume for options contracts reached 155.5 million (a month-on-month decrease of 2%, and a year-on-year increase of 63%). The nominal trading volume for cryptocurrencies reached $35.2 billion (a month-on-month increase of over 500%, and a year-on-year increase of over 700%). By the end of November, the company's financing balance was $6.8 billion, the total cash balance was $26.5 billion, and total income from securities lending was $23 million.
5. eToro's cryptocurrency trading volume in November increased by over 500% year-on-year.
According to DL News, Yoni Assia, CEO of online brokerage eToro, stated on Tuesday that the platform's cryptocurrency trading volume in November soared over 500% compared to the same period in 2023, reflecting bullish sentiment among retail investors. Assia mentioned in an interview during Abu Dhabi Finance Week: 'Whenever there is a historical high, we see a significant increase in customer engagement.' In September this year, the company settled with the U.S. Securities and Exchange Commission (SEC) for $1.5 million, and Assia stated that this settlement does not hinder the company's potential to relist assets in the U.S. again—especially if the incoming Trump administration relaxes cryptocurrency enforcement, which is widely expected. Previously, on December 6, it was reported that eToro had commissioned Goldman Sachs to assist the company in listing as early as the second quarter.
6. Eric Trump views Bitcoin as a hedge tool for real estate investors.
According to Bitcoin Magazine, Eric Trump, the son of Donald Trump, shared his views on Bitcoin during an interview at the 'Bitcoin Middle East and North Africa Conference' in Abu Dhabi. Eric Trump emphasized the transformative potential of Bitcoin, comparing it to real estate (the cornerstone of his family business) and highlighting Bitcoin's unique advantages as a hedge tool for traditional investors. Eric Trump explained his family's deep ties to real estate, stating he has 'walked construction sites his entire life,' but he recognizes the limitations of physical assets, such as poor liquidity and the inability to adapt to global market changes. Eric Trump pointed out: 'If I have a hotel, I can spend five years building it, and if I want to sell that hotel, it might take me two years to sell it.' He acknowledged that real estate has many benefits, including leverage and tax advantages, but also pointed out its significant downsides: poor liquidity. Trump sees Bitcoin as a revolutionary alternative. He asked, 'What is a better hedge tool than real estate with instant liquidity?' Besides the technological advantages, Eric Trump also emphasized Bitcoin's role in democratizing access to wealth accumulation opportunities. While real estate investments typically require significant capital and expertise, Bitcoin provides an entry point for those who may not have substantial resources. Eric Trump stated, '99% of people cannot build or buy a house. They cannot build a 70 or 80-story building on Fifth Avenue in New York. The entry costs are too high.' However, Bitcoin is not only an easily accessible asset but has historically outperformed most real estate investments. Earlier reports indicated that Eric Trump predicted Bitcoin would reach $1 million.
7. Chen Haolian: The Hong Kong Monetary Authority does not rule out individual investments involving crypto assets, but the related proportion is very small.
According to a press release from the Hong Kong government, during today's Legislative Council meeting, Legislator Wu Jiezhuang asked Acting Secretary for Financial Services and the Treasury Chen Haolian whether the Hong Kong government would consider incorporating digital assets and cryptocurrencies into its fiscal reserves and whether it would consider using the foreign exchange fund to continuously purchase and hold them long-term. He also inquired if the government assesses and studies the impact of foreign countries designating Bitcoin as a strategic reserve asset on the financial security of China and Hong Kong (such as whether it would long-term pressure the Hong Kong dollar system and the economic situation of Hong Kong), what the related impacts would be, and what measures the government would take in response, including whether it would leverage Hong Kong's first-mover advantage and unique resources in the cryptocurrency field to make strategic deployments to contribute to national financial security. Chen Haolian responded that the Hong Kong foreign exchange fund invests in a globally diversified range of asset classes and markets to diversify risk and enhance long-term returns. Although crypto assets are not the target assets for the foreign exchange fund's investments, the external investment managers of the Monetary Authority also invest in globally diversified asset classes and markets. In different periods of investment operations, there is no exclusion of individual investments involving crypto assets, but the related proportion is very small. Additionally, Chen Haolian revealed that the Hong Kong SFC announced multiple measures to promote the development of virtual assets in Hong Kong in October this year, including a fast-track licensing process for virtual asset trading platforms and establishing a consultation group for licensed platforms. This consultation group is expected to launch early next year.
8. The founder of Interactive Brokers suggests people allocate 2% to 3% of their net worth to Bitcoin.
According to Bloomberg, Thomas Peterffy, the billionaire founder of the retail brokerage Interactive Brokers Group Inc., stated that despite Bitcoin's volatility, investors should hold a certain amount of Bitcoin, but limit their positions. He said, 'I recommend that people allocate 2% to 3% of their net worth to Bitcoin. For example, we do not allow anyone to invest more than 10% of their assets in Bitcoin because I think that would be very dangerous.' He expressed that he is 'a little afraid' due to the price volatility of cryptocurrencies. He said, 'It has no intrinsic value. Its only value is equivalent to paper currency dollars, which is worthless. I think anyone without Bitcoin should own some Bitcoin, but not too much.' It is reported that in 2021, Interactive Brokers launched cryptocurrency trading, allowing users to trade Bitcoin, Ethereum, Litecoin, and BCH on the platform through a partnership with crypto brokerage Paxos Trust Co. According to Bloomberg's Billionaires Index, Thomas Peterffy's net worth is approximately $53 billion.
9. BlackRock and Fidelity ETFs purchased $500 million worth of ETH in the past two days.
According to The Block, data from Arkham, a crypto data tracking platform, shows that ETFs under financial giants BlackRock and Fidelity purchased $500 million worth of Ethereum in the past two days. These two companies mainly made purchases through the cryptocurrency exchange Coinbase or its institutional crypto service platform, Coinbase Prime. According to The Block's data dashboard, BlackRock's ETHA and Fidelity's FETH are among the top-ranked Ethereum spot ETFs, leading in historical inflows of funds on November 30. On December 10, trading volumes for ETHA and FETH reached $372.4 million and $103.7 million, respectively.
10. The SEC is seeking public comments on the listing of the Bitwise Bitcoin and Ethereum ETFs on the NYSE Arca.
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) is seeking public comments on the listing of the Bitwise Bitcoin and Ethereum ETFs on the NYSE Arca, according to a public document. The Bitwise Bitcoin and Ethereum ETF is a proposed spot cryptocurrency index fund consisting of BTC and ETH, aimed at 'allowing investors to balance their investments in the two largest crypto assets in an easily accessible manner.' On November 26, Bitwise and the NYSE Arca submitted an application to the SEC to list the ETF, and the SEC is now advancing the application to the next stage by soliciting industry opinions.
11. Riot Platforms completed a $525 million note issuance to fund the purchase of Bitcoin.
According to Cryptoslate, Bitcoin mining company Riot Platforms submitted documents to the SEC on December 11, showing that it successfully completed a $525 million issuance of senior notes. These notes, which mature in 2030, have an interest rate of 0.75% and were privately issued to institutional investors. The terms of the notes stipulate that starting in 2029, investors have the right to convert them into Riot's common stock, and under specific conditions outlined in the issuance terms, investors may also convert early. The proceeds will primarily be used to advance the company's Bitcoin acquisition strategy and further expand its holdings. Before this strategic move, Riot had spent $68.45 million purchasing 705 Bitcoins. With this latest investment, the total amount of Bitcoin held by the company has now reached 12,000, valued at approximately $1.2 billion based on current market prices. This makes Riot the second-largest publicly traded company in terms of Bitcoin holdings, just behind Marathon Digital, which holds over 40,000 Bitcoins.
12. The Vancouver City Council passed a motion to 'become a Bitcoin-friendly city and explore its potential municipal uses.'
According to Bloomberg, Vancouver, Canada, has passed a policy that could introduce Bitcoin into its municipal finances—partly influenced by the return of Donald Trump as President of the United States. On Wednesday, the Vancouver City Council passed a motion to become a 'Bitcoin-friendly city' and explore potential municipal uses for Bitcoin. Vancouver Mayor Ken Sim stated in a phone interview before the council vote on Tuesday: 'I have wanted to do this for a while. But I think the public is not yet prepared for this discussion.' Sim indicated that he decided to speak more openly about cryptocurrencies because 'suddenly, with what is happening in the U.S., many other countries, provinces, and states are also saying they want to take similar actions. And we want to be at the forefront of this trend.' Since announcing the policy at the end of November, Sim has publicly expressed his strong belief in Bitcoin, calling it 'the greatest invention in human history' and asserting that the value of traditional fiat currencies will 'go to zero.' He believes that the 'potential' value of Bitcoin is only a small fraction of its future value, although he emphasized that he is not qualified to provide investment advice.
Article republished from: Jinshi Data.
