Compiled by: Luan Peng, ChainCatcher
Important Information:
Powell: We are either at or close to a moment of slowing down interest rate cuts.
The Federal Reserve announced a 25 basis points rate cut.
Powell: The Federal Reserve is not allowed to hold Bitcoin and has no intention of seeking to change the law.
MicroStrategy seeks to establish 'smart leverage' or may turn to fixed-income securities to raise funds for purchasing Bitcoin.
The U.S. temporary spending bill incorporates the 'Deploying American Blockchains Act' to promote the development of blockchain technology.
The team of Sun Yuchen is suspected of pressuring to delete CoinDesk's controversial report, and the chair of the media's editorial committee has resigned.
Zhao Changpeng meets with the King of Bhutan and introduces Bitcoin to him.
Binance will support the token swap of Mines of Dalarnia (DAR) and rebrand to Dar Open Network (D).
What important events have occurred in the past 24 hours?
Powell: We are either at or close to a moment of slowing down interest rate cuts.
Federal Reserve Chairman Powell: (In the statement, the addition of terms about adjusting interest rates) 'magnitude and timing' indicates that we are at or close to a moment of slowing down interest rate cuts. The slowdown in rate cuts reflects the rising economic data for this year. I believe policies still have substantial restrictive effects.
As long as the labor market and economy remain robust, caution can be maintained when considering further interest rate cuts. There are still high inflation risks and uncertainties. (Golden Ten)
The Federal Reserve announced a 25 basis points rate cut.
The Federal Reserve concluded its 2024 annual interest rate decision, deciding to cut the benchmark rate by 25 basis points to a range of 4.25%-4.50%, marking the third consecutive rate cut as expected.
In the eight resolutions this year, the Federal Reserve has cumulatively cut interest rates by 100 basis points, including one 50 basis points cut, two 25 basis points cuts, and five times maintaining the rate unchanged. (Golden Ten)
Powell: The Federal Reserve is not allowed to hold Bitcoin and has no intention of seeking to change the law.
According to Golden Ten, Federal Reserve Chairman Powell stated that the Fed has no intention of holding Bitcoin. Powell said at a news conference following the FOMC meeting: 'We are not allowed to hold Bitcoin. This is something for Congress to consider, but we have no intention of seeking to change the law.'
MicroStrategy seeks to establish 'smart leverage' or may turn to fixed-income securities to raise funds for purchasing Bitcoin.
MicroStrategy co-founder and chairman Michael Saylor stated that once the current fundraising plan is exhausted, the company will shift from a leveraged Bitcoin proxy plan to a more focused approach on fixed-income securities to raise funds for purchasing cryptocurrencies.
When asked how he expects to fund future cryptocurrency purchases, Saylor expressed this preference during an interview. So far, MicroStrategy has adopted a combination of new stock and convertible bond sales to fund purchases, which have already yielded returns for shareholders as its stock price has risen to a level convertible to shares.
Saylor stated: "We have $7.2 billion in convertible bonds, but $4 billion of it is essentially equity, traded at exercise prices and call prices, with a delta of about 100%, looking like equity. We want to go back and establish smarter leverage to benefit our common shareholders."
He stated that the company uses regulated exchanges like Coinbase to purchase Bitcoin. MicroStrategy's stock price has risen approximately 500% this year, far exceeding Bitcoin's roughly 150% increase.
Hedge funds have been looking for fixed-income securities to implement convertible arbitrage strategies, buying bonds and shorting stocks, essentially betting on the volatility of the underlying stocks. This demand has driven MicroStrategy to issue $6.2 billion in convertible bonds this year.
The U.S. temporary spending bill incorporates the 'Deploying American Blockchains Act' to promote the development of blockchain technology.
According to Decrypt, U.S. congressional leaders announced a temporary spending bill on Tuesday aimed at avoiding a government shutdown, which included initiatives related to cryptocurrency.
The bill will extend government funding to March 14, 2025, currently including the 'Deploying American Blockchains Act.' The bill will enable the U.S. Department of Commerce to propose policy recommendations and form a government-supported group consisting of industry experts on Capitol Hill.
The bill requires the Department of Commerce to support the United States' leadership in blockchain technology and establish a new 'National Blockchain Deployment Advisory Committee' to assess the application of blockchain technology and tokenization in federal agencies, promoting the United States' leading position in global blockchain technology competitiveness.
Sun Yuchen's team is suspected of pressuring to delete CoinDesk's controversial report, and the chair of the media's editorial committee has resigned.
According to Fortune, Sun Yuchen's team pressured his new owner Bullish to delete articles due to dissatisfaction with CoinDesk's reporting. The article detailed Sun Yuchen's purchase of an artwork banana for $6.2 million and consumption of it, while mentioning his legal disputes with the U.S. Securities and Exchange Commission and controversies regarding the Tron blockchain. After the article was deleted, CoinDesk's editorial team expressed concerns about independence.
Bullish acquired CoinDesk last year for $75 million and promised it would operate as an independent subsidiary. However, this incident has intensified tensions between the media and its owner. CoinDesk editorial committee chair Matt Murray has resigned, while Bullish has not commented on the incident.
Zhao Changpeng meets with the King of Bhutan and introduces Bitcoin to him.
Binance co-founder Zhao Changpeng posted a photo of his meeting with the King of Bhutan on the X platform, captioned: 'Inspiring conversation.'
Additionally, in response to the question in the comments section, "Did you introduce Bitcoin to them?" Zhao Changpeng replied, "Of course."
Binance will support the token swap of Mines of Dalarnia (DAR) and rebrand to Dar Open Network (D)
Binance will support the token swap of Mines of Dalarnia (DAR) and rebrand to Dar Open Network (D).
Binance will stop trading and delist all existing DAR spot trading pairs (DAR/USDT and DAR/TRY) at 11:00 AM on January 6, 2025 (UTC+8) and will automatically cancel all open orders. Binance will open D/USDT and D/TRY spot trading at 4:00 PM on January 9, 2025 (UTC+8).
The wealth growth of Bitcoin investors far exceeds that of blue-chip stock investors; Bitcoin has created 14,000 new millionaires after reaching new highs.
According to the latest research from NFT Evening, after Bitcoin broke $100,000, it created 14,211 new millionaires and four new billionaires. The report showed that Bitcoin investors become millionaires at a rate 22 times faster than stock investors.
The research also compared the returns of Bitcoin and blue-chip stocks from an investment of $4,000 in 2010. More than a decade later, Bitcoin investors' assets had appreciated to $1 million, while blue-chip stock investors' assets had only grown to $45,000. An investor who put $30,500 into Bitcoin at the beginning of 2011 became a billionaire in about 12.7 years, with a return rate of 32,787 times. Meanwhile, blue-chip stock investors' assets only grew to $950,000 during the same period, far less than the returns of Bitcoin investors.
Research has found that Bitcoin's returns far exceed those of America's top stocks; between 2010 and 2020, Bitcoin's growth was 76,378 times the returns of Apple during the same period, with returns of 148,978 times, 66,330 times, and 9,103 times compared to Microsoft, Amazon, and Tesla respectively.
Binance.US plans to resume its USD services in early 2025.
According to Decrypt, Binance.US plans to resume USD services in early 2025 after the exchange paused fiat trading last year due to regulatory pressure.
Interim CEO Norman Reed stated in a statement: 'While I cannot yet confirm a release date, I want to be clear that this is not a question of whether, but when.'
Binance survey: The number of Memecoins holders exceeds that of Bitcoin.
According to a user survey conducted by cryptocurrency exchange Binance, the number of Memecoins holders exceeds that of Bitcoin.
The survey showed that 16% of respondents reported holding meme coins, making it the most held cryptocurrency among respondents. Bitcoin (BTC) ranks second, with 14.44% of participants stating they hold Bitcoin in their wallets. The survey covered over 27,000 users from Asia, Australia, Europe, Africa, and Latin America.
UBS: Economic data will continue to dominate the Fed's future rate decisions.
UBS stated that the Fed's next interest rate moves will be guided by economic data. Although major global markets reacted negatively to the Fed's rate cut cycle changes next year, the Fed will continue to monitor economic conditions and various data before taking any action.
UBS stated: "We believe the Federal Reserve still relies on data, and future economic indicators will continue to play a crucial role in determining the Fed's next steps." Key indicators such as the Fed's preferred inflation measure, the PCE inflation, will play a crucial role in formulating central bank policies, with data to be released this Friday. However, UBS expects inflation to slow in the coming months, which could impact the Fed's policy outlook. Additionally, employment data will remain an important factor as the Fed assesses the strength of the labor market and the resilience of the overall economy. (Golden Ten)
Lawyers say Yoon Suk-yeol does not agree with the charges of rebellion.
According to CCTV International News, the impeached South Korean President Yoon Suk-yeol's legal advisor, Seok Dong-hyun, stated to the media that if there is anything he needs to clarify during the Constitutional Court's review of Yoon Suk-yeol's impeachment case, Yoon is willing to explain himself. Seok Dong-hyun stated that Yoon Suk-yeol has never considered instigating a coup, so he cannot agree with the charge of 'rebellion.'
CryptoQuant CEO: The Korean won and other domestic assets are completely unattractive, and I am considering whether I should leave South Korea.
CryptoQuant CEO Ki Young Ju stated on social media: 'The Korean won and other domestic assets are completely unattractive. The government fails to realize this and is blindly maintaining prices, leading to a soaring exchange rate. The USDT traded on Upbit has already reached an IMF crisis-level exchange rate.
Personally, I believe there is a massive outflow of national wealth occurring. Many wealthy individuals I know are leaving South Korea. The outflow of national wealth reflects the report card of the country's cognitive abilities, doesn't it?” He further pointed out: “The government should not forcibly retain capital fleeing overseas but should think about how to encourage capital to return voluntarily.
We need to nurture industries, provide incentives for investors, and open up business opportunities. I hope to stop this unnecessary regulation. I don't know who can make such changes due to my limited understanding of domestic politics. As a South Korean company, I have persisted for 7 years, but now I am also considering whether I should leave South Korea. It is really frustrating.
Binance Alpha announces the third batch of projects, including RIF, TERMINUS, etc.
According to official news, Binance Alpha announced the third batch of projects, which are:
BNB Chain: FROG, AICell, CGPT, MONKY
Ethereum: TERMINUS
Solana: GRIFFAIN, RIF, URO
Base: CLANKER, LUNAI
What are the notable articles worth reading in the past 24 hours?
Chris Dixon's latest viewpoint: By 2025, blockchain will further 'decentralize' the AI-driven internet.
By 2025, blockchain alternatives will offer more choices, open-source innovations, and community control options. They will carry the 'sacred fire' of an open internet. Cryptocurrencies will begin to reclaim power from large tech companies and return it to the users.
Framework co-founder predicts 2025: The Federal Reserve will continue to cut interest rates, and ETH ETF funds will continue to flow in.
The altcoin market will welcome a sustained alt season.
The crypto landscape under the Trump administration.
The day of Trump's official inauguration is getting closer. He has also nominated members of his new cabinet whom he is optimistic about. There is no doubt that Trump and some of his nominated cabinet members are crypto-friendly figures.
Thanks to the crypto-friendly policies of the Trump administration, combined with the U.S. interest rate cuts, the cryptocurrency industry has officially welcomed a bull market.
For example, with projects closely associated with the Trump family, WLIF has continued to buy tokens like AAVE, LINK, and ENA, all of which have seen significant increases.
The upcoming market has also become very clear. As U.S. regulation of cryptocurrencies gradually clarifies, DeFi-related projects will become one of the main lines of the upcoming bull market. The Trump family's continued investment in DeFi projects is also a manifestation of this trend.
In policy terms, the (21st Century Financial Innovation and Technology Act) is highly likely to pass. Once the bill passes, it will clearly define when cryptocurrencies are considered commodities or securities. If the bill specifies that certain tokens are deemed decentralized and functional, they will be considered digital goods and exempt from SEC regulation, which will encourage DeFi projects to evolve in a more decentralized direction. Additionally, the bill requires the SEC and CFTC to study the development of DeFi and assess its impact on traditional financial markets and potential regulatory strategies, which will attract more DeFi projects to 'return' to the U.S. and promote the prosperity and development of the DeFi market.
It is precisely because of the regulatory changes in the U.S. that DeFi has become an important narrative in this bull market.
What projects are Trump and his related projects, including his cabinet members, backing? What direction does this indicate for future cryptocurrency development?
Meme Popularity List
According to market data from GMGN, a tracking and analysis platform for meme tokens, as of December 19, 19:30:
The top five trending Ethereum tokens in the past 24 hours are: PEPU, PATRIOT, LINK, PEPE, AGZRO.
The top five trending Solana tokens in the past 24 hours are: ERROR, GOBLIN, NOJEETS, UFD, PENGU.
The top five trending Base tokens in the past 24 hours are: VIRTUAL, PEPE, BRETT, MIGGLES, CATOF.
