Headlines
▌Paradigm co-founder: Stablecoins are the next killer application for cryptocurrency.
Matt Huang, co-founder of the cryptocurrency investment firm Paradigm, stated on X, 'Stablecoins are the next killer application for cryptocurrency — obvious for everyone in the cryptocurrency industry, but less so for outsiders. Congratulations to Stripe and Bridge.'
Earlier reports indicate that payment company Stripe has acquired stablecoin platform Bridge for $1.1 billion, marking the largest acquisition in the cryptocurrency space.
▌Political donations in Bitcoin and cryptocurrency for the U.S. presidential election approach $200 million.
According to Bitcoin Magazine, political donations in Bitcoin and cryptocurrency for the U.S. presidential election approach $200 million.
Market
As of press time, according to Coingecko data:
BTC recent transaction price $67,301.81, daily change -2.6%;
ETH recent transaction price $2,666.55, daily change -3.0%;
BNB recent transaction price $598.45, daily change -1.3%;
SOL recent transaction price $166.09, daily change -1.3%;
DOGE recent transaction price $0.144, daily change +1.5%;
XPR recent transaction price $0.5449, daily change -0.6%.
Policy
▌CFTC Chair urges Congress to advance cryptocurrency and election betting legislation.
Rostin Behnam, Chair of the U.S. Commodity Futures Trading Commission (CFTC), stated at the SIFMA annual meeting that he expects Congress to take no action on cryptocurrency legislation in 2024. He called for Congress to focus on regulating crypto assets and election betting, emphasizing the importance of these areas.
Behnam pointed out that although the FIT21 bill has passed in the House, it has not made further progress in Congress. Additionally, the legal dispute between the CFTC and prediction market Kalshi continues, with Kalshi now offering betting services for the U.S. presidential election. The CFTC is working to overturn the court ruling and seek to regain regulatory authority in the field.
▌Australian Securities and Investments Commission: Former CEO of cryptocurrency exchange Mine Digital charged with fraud.
The Australian Securities and Investments Commission stated that the former CEO of cryptocurrency exchange Mine Digital has been charged with fraud.
▌U.S. SEC charges WisdomTree for failing to adhere to its own ESG market fund investment standards.
The U.S. Securities and Exchange Commission (SEC) charged the advisory firm WisdomTree with failing to adhere to its own ESG market fund investment standards.
Blockchain Applications
▌Kalshi U.S. election prediction market launched just three weeks ago with trading volume exceeding $30 million.
Kalshi launched the U.S. election prediction market contracts in October after receiving a favorable court ruling, with trading volume exceeding $30 million in just three weeks. It still lags behind Polymarket, which had about $40 million in trading volume from early January to early February (the first month of its presidential betting), and recently surpassed $2 billion in trading volume.
Kalshi's market indicates that Republican candidate Donald Trump leads Democratic opponent Kamala Harris by 14 points, reportedly these odds must come only from U.S. citizens (and permanent residents) as Kalshi's terms and conditions prohibit foreigners from trading on the platform.
▌LayerZero CEO discloses vulnerability in Across token contract and proposes solutions.
LayerZero CEO Bryan Pellegrino indicated that a key issue exists in the Across Protocol token contract, allowing tokens to be withdrawn from any wallet and zeroing out account balances. He suggested transferring contract ownership to an immutable new smart contract to prevent over-minting and token destruction.
Cryptocurrency
▌PAC supported by cryptocurrency mining executives aired ads for Republican candidate Ted Cruz.
The political action committee (PAC) Bitcoin Voter Project, supported by cryptocurrency mining executives, aired two ads for Republican candidate Ted Cruz.
Members of this PAC include executives from cryptocurrency mining companies Marathon Digital Holdings, CleanSpark, and Riot Platforms, with ads claiming Ted Cruz understands 'embracing Bitcoin,' but not explicitly mentioning any policies of his opponent Colin Allred.
▌ETH/BTC ratio falls to its lowest point since April 2021.
Since the Federal Reserve cut interest rates by 50 basis points in September, Bitcoin has risen 14%, while Ethereum has only increased by 12%. Kaiko Research points out that weak institutional demand for Ethereum has led the ETH/BTC ratio to fall to its lowest since April 2021. Bitcoin benefits from inflows into exchange-traded funds (ETFs), while Ethereum's performance lags behind other mainstream cryptocurrencies. Furthermore, analysts believe that Ethereum will struggle to consistently outperform Bitcoin until there is a significant shift in institutional demand.
▌A 'ancient whale' from 2009 has sold Bitcoin worth $9.68 million.
According to Arkham data, an 'ancient whale' who started mining Bitcoin at its inception recently made a large sell-off.
According to tracking data, this address began mining thousands of BTC just five days after the first block was created in 2009, having sold BTC worth $9.68 million, with $72.09 million of BTC remaining.
▌Yesterday, BITB net outflow was $22.1 million, ETHE net outflow was $29.6 million.
According to monitoring data from Farside Investors, the funding data for the U.S. spot Bitcoin ETF and spot Ethereum ETF yesterday (October 21) is as follows:
Spot Bitcoin ETF: BITB net outflow $22.1 million, ARKB net outflow $6.1 million, HODL net outflow $7.6 million, GBTC net outflow $4.8 million.
Spot Ethereum ETF: ETHE net outflow $29.6 million, ETHV net inflow $3.9 million.
Important Economic Dynamics
▌Federal Reserve's Daly: No reason yet to stop cutting interest rates.
Federal Reserve's Daly stated that the Fed will continue to adjust policy to adapt to economic conditions; expects further rate cuts in the future; sees no reason yet to stop cutting rates; monetary policy is certainly still tight; does not wish to see further deterioration in the labor market; the recent rate cut by the Fed barely passed, and I strongly supported a 50 basis point cut at that time.
▌Fed's Schmid: Personally inclined to avoid large rate cuts.
Fed's Schmid stated that interest rates may be significantly higher than pre-COVID levels; called for a cautious, gradual, and prudent rate-cutting strategy; personally inclined to avoid large rate cuts; 'reasonably confident' inflation will drop to 2%; sees the labor market normalizing rather than deteriorating.
▌Probability of a 25BP rate cut by the Fed in November is 86.8%.
According to CME's 'FedWatch', the probability of the Fed cutting by 25 basis points by November is 86.8%, the probability of maintaining the current rate is 13.2%, and the probability of a 50 basis point cut is 0%. The probability of maintaining the current rate by December is 3.5%, the cumulative probability of a 25 basis point cut is 32.9%, the cumulative probability of a 50 basis point cut is 63.6%, and the cumulative probability of a 75 basis point cut is 0%.
Golden Encyclopedia
▌What is dynamic re-sharding?
Dynamic re-sharding is a relatively new term, referred to as the 'Holy Grail of Sharding' by the marketing team of Near Protocol, but it also creates a new vocabulary that is not immediately understandable. It occurs when the network adjusts the number of shards based on load. An overloaded shard can split into two, while two underutilized shards can merge into one.
Disclaimer: Golden Finance, as a blockchain information platform, publishes articles only for informational reference and not as actual investment advice. Everyone should establish a correct investment concept and be sure to raise risk awareness.
