1. Former CFTC Chairman Chris Giancarlo is seen as a strong contender for the title of America's first 'crypto czar,' as the Trump administration views cryptocurrency as an important priority.
2. The Federal Reserve's favored inflation gauge, the core PCE annual rate, rose to 2.8% in October, indicating sticky prices that may influence future rate cut decisions.
The Federal Reserve's favored inflation gauge, the core PCE annual rate, rose to 2.8% in October as expected, indicating that despite a slowdown in price increases, inflation remains sticky. The core PCE annual rate has stayed close to 3% rather than 2%, complicating the decisions the Federal Reserve will soon have to make. In September, in response to signs of economic cooling, the Federal Reserve initiated its first rate cut, starting a cycle of rate reductions. However, progress on inflation has stalled in recent months, making it possible for the Federal Reserve to pause rate cuts at its December or January meetings. - Original
3. U.S. Senator Ted Cruz expressed hope that Texas would become a hub for Bitcoin and cryptocurrencies.
4. Analysts expect crypto investors to exhibit 'early bird' behavior before Trump's inauguration, driving crypto prices up.
Odaily Planet Daily news 21Shares crypto research strategist Matt Mena expects crypto investors to exhibit 'early bird' behavior before Trump's inauguration in January, similar to the situation before the November elections. At that time, investors pushed crypto prices up due to excitement over Trump's eventual victory, and this early activity could generate the momentum needed to break past $100,000. Analysts believe that investors have high expectations for Trump's second term. The incoming president has publicly supported cryptocurrency, suggesting the potential creation of a national Bitcoin reserve, and is reportedly screening candidates for White House positions related to cryptocurrency. - Original
5. Grayscale transferred a total of 1,488 BTC to two unknown addresses, involving funds exceeding $140 million.
About 9 minutes ago, Grayscale transferred a total of 1,488.713 BTC to two unknown addresses, worth over $140 million, including 700.002 BTC from the Grayscale Bitcoin ETF valued at $66.03 million and 788.711 BTC from the Grayscale Bitcoin Mini Trust valued at $74.4 million. - Original
6. A U.S. appeals court ruled that OFAC's sanctions against Tornado Cash exceeded its authority, a decision that could impact cryptocurrency regulation.
The U.S. Fifth Circuit Court of Appeals ruled on Tuesday that the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) approved the cryptocurrency mixer Tornado Cash 'exceeded its authority,' overturning a lower district court's ruling. WalletConnect has launched its first airdrop season and eligibility checker, distributing 50 million of the 1 billion total WCT tokens to over 160,000 users, including builders and contributors. A Brazilian lawmaker has proposed a bill aimed at creating a strategic sovereign Bitcoin reserve, allocating 5% of the country's $372 billion in financial assets to cryptocurrency through a phased acquisition strategy. The following article is adapted from The Block's newsletter (The Daily), which is published on workdays. - Original
7. Musk announces that xAI is about to launch an AI game studio, further expanding its footprint in the tech field.
Musk posted on X platform that xAI is about to launch an AI game studio - Original
8. Celsius Network is making a second payment of $127 million to qualified creditors, increasing the total recovery rate.
According to court documents, Celsius Network is distributing $127 million to qualified creditors in its second payment under bankruptcy proceedings after its collapse in July 2022. The latest distribution raises the total recovery rate to 60.4% of the eligible claims amount, based on an initial payment in January 2024, when approximately 57.65% of eligible claims were paid in liquid crypto assets or cash. The second distribution is primarily composed of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 to match the claim value. Payments cover various creditor categories, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky will start facing a jury trial on January 28, 2025, following a pre-trial meeting on January 16, 2025. - Original
9. Cantor Fitzgerald advises investors to focus on Bitcoin and gold as tools to combat inflation, emphasizing inflation risks.
Cantor Fitzgerald noted in its biweekly macro report released on Tuesday that inflation issues will continue to pose challenges and carry significant upside risks, while recommending investors focus on gold and Bitcoin as potential investments to combat inflation. The report emphasizes that despite the Federal Reserve starting a rate cut cycle in September, the core inflation rate has remained above 2% for four consecutive years, indicating considerable inflationary pressure. Nonetheless, Cantor Fitzgerald predicts that the stock market will rise before the end of the year, but the medium-term outlook for stocks is not optimistic and may prove to be a poor investment choice. Specifically, Cantor Fitzgerald reiterated concerns about upside risks to inflation rates, pointing out that even amid a core inflation rate that continues to exceed 2%, inflation risks remain significant. In the face of this challenge, the financial institution recommends that investors take proactive measures, with gold and Bitcoin seen as effective tools against inflation. Cantor Fitzgerald clearly stated, 'Our view is to buy Bitcoin and gold to address the inflation theme.' To assist investors with similar ideas, the report also lists a series of gold and Bitcoin-related exchange-traded funds (ETFs) that can be further monitored. These Bitcoin ETFs include iShares Bitcoin Trust (IBIT.US), ARK 21Shares Bitcoin ETF (ARKB.US), Grayscale Bitcoin Trust (GBTC.US), CoinShares Valkyrie Bitcoin Fund (BRRR.US), Invesco Galaxy Bitcoin ETF (BTCO.US), VanEck Bitcoin Trust (HODL.US), WisdomTree Bitcoin Fund (BTCW.US), Fidelity Wise Origin Bitcoin Trust (FBTC.US), Bitwise Bitcoin ETP Trust (BITB.US), Franklin Bitcoin ETF (EZBC.US), etc. - Original
10. The Federal Reserve may skip a rate cut in December or January, with the market expecting a 45% chance of rates remaining unchanged.
LPL Financial Chief Economist Jeffrey Roach expects the Federal Reserve to skip a rate cut in December or January, followed by up to four rate cuts in 2025. Analysts at Bank of America expect a rate cut in December but add that, 'given the resilience of economic activity and stubborn inflation, the magnitude of any cut seems likely to be more moderate.' According to data from the CME FedWatch tool, the market estimates about a 45% chance that the Federal Reserve will keep rates unchanged at the upcoming December meeting. A month ago, this probability was 24%. - Original
11. Tether announced it will cease issuing its euro stablecoin EUR₮ due to the complex regulatory environment in the European market.
Tether announced it will stop supporting its euro stablecoin EUR₮ and has ceased processing new minting requests since 2022. This decision is based on the increasingly complex regulatory environment in the European stablecoin market, while Tether will prioritize support for new projects, such as the new stablecoins EURQ and USDQ launched in collaboration with Quantoz Payments, which comply with MiCAR regulations. Tether will also provide efficient compliance support for asset issuance, including stablecoins, through its technology platform Hadron. Existing EUR₮ users must complete redemption by November 27, 2025. - Original
12. The FTX liquidation address transferred approximately 11,400 SOL to Binance, valued at about $2.66 million.
An address marked as FTX liquidator's main wallet has just transferred approximately 11,400 SOL (worth about $2.66 million) to Binance. - Original
13. IntoTheBlock data shows that the net outflow of stablecoins from exchanges reached its highest level since April, with funds likely flowing into the altcoin market.
The net outflow of stablecoins from exchanges reached its highest level since April in November. Analysts point out that, combined with the recent strong price performance of the crypto market, this phenomenon indicates that traders are locking in profits. These outflows are expected to be redeployed into the altcoin market or held as reserve funds waiting to enter during future market corrections. - Original
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