Headline
▌U.S. Senator Cynthia Lummis proposed allowing the Federal Reserve to hold Bitcoin.
U.S. Senator Cynthia Lummis from Wyoming recently mentioned the possibility of transforming Bitcoin into a reserve asset and proposed how to implement this plan, including involving the Federal Reserve.
Lummis stated that she hopes to empower the Federal Reserve to purchase and hold BTC as part of a larger strategic Bitcoin reserve plan to address the national debt issue. I want to hand it over to them. I hope our federal government has a strategic Bitcoin reserve to help support the dollar as the world reserve currency.
▌MicroStrategy's Bitcoin purchases exceed the 2021 bull market levels.
According to the Saylortracker page, MicroStrategy purchased 27,200 BTC on November 10, 2024, at about $74,000 each. MicroStrategy purchased another 51,780 BTC on November 17, and then purchased 55,500 BTC on November 24 at about $97,000 each, setting the record for the largest BTC purchase ever.
During the 2020-2021 bull market, MicroStrategy's largest acquisition occurred on December 21, 2020, when it acquired 29,646 Bitcoins, at a time when Bitcoin traded around $21,000.
Market
As of the time of writing, according to Coingecko data:
BTC's recent transaction price is $94,858.45, with a daily price change of -2.4%;
ETH's recent transaction price is $3,268.93, with a daily price change of -1.9%;
BNB's recent transaction price is $648.19, with a daily price change of -2.2%;
SOL's recent transaction price is $179.51, with a daily price change of -0.5%;
DOGE's recent transaction price is 0.3112 yuan, with a daily price change of -2.2%;
XPR's recent transaction price is $2.19, with a daily price change of -2.1%.
Policy
▌Trump: Bo Hines will become the executive director of the President's Digital Asset Advisory Committee.
According to Tree News, Trump appointed former college football player and Republican House nominee Bo Hines to become the executive director of the President's Digital Asset Advisory Committee.
▌El Salvador strengthens support for Bitcoin: purchasing Bitcoin in violation of the International Monetary Fund agreement.
The El Salvador government has made it clear that it will continue to promote Bitcoin as part of its economic strategy, despite having signed an agreement with the International Monetary Fund to gradually end its Bitcoin operations.
Stacey Herbert, the director of the Bitcoin office in El Salvador, clarified that even after reaching an agreement, the country would continue to purchase Bitcoin at an 'accelerated' pace as part of its strategic Bitcoin reserve strategy. Herbert also explained on social media that Bitcoin will remain legal tender, and the government will continue to sponsor several cryptocurrency-focused educational programs.
▌Pulsechain founder, placed on the wanted list by the European Police Organization for fraud.
Richard Shueler, the founder of Hex, Pulsechain, and Pulsex, has been placed on the European Police Organization's wanted list in Finland for fraud. He is accused of failing to submit corporate tax returns and provide income information. Additionally, he faces charges of assaulting a minor.
Blockchain Applications
▌Sui achieves Bitcoin restaking through SatLayer integration.
The Bitcoin restaking platform SatLayer announced on Wednesday that it will expand the use of Bitcoin in decentralized finance to the fast Layer 1 blockchain Sui launched last year.
SatLayer stated in a statement that because Sui focuses on fast transaction speeds, the integration of SatLayer will allow developers to leverage Bitcoin's $2.1 trillion market size to build DeFi applications aimed at excluding third parties from transactions in areas like trading and lending.
▌Hamster Kombat: Season 2 will build the foundation of HamsterVerse with three games and is launching closed beta testing.
Hamster Kombat announced that Season 2 will start with three games instead of one, which will form the basis of the Hamster Verse. The Hamster Verse is an entertainment ecosystem built around the characters and storylines of Hamster Kombat. All Hamster Verse games will regularly use HMSTR tokens. The team is launching closed beta testing.
Cryptocurrency
▌Vancouver Mayor Ken Sim: Bitcoin is the best-performing asset of the past 16 years.
Vancouver Mayor Ken Sim: Bitcoin is the best-performing asset of the past 16 years. It is better than gold. It cannot be taken by military force. It can make Vancouver a world leader in Bitcoin innovation.
▌Securitize proposed using BlackRock's BUIDL fund as collateral for Frax USD.
The digital liquidity fund (BUIDL) broker Securitize has submitted a proposal to improve Frax by adding BUIDL as supporting collateral for the Frax USD stablecoin.
According to the improved plan, using BUIDL as collateral reserve assets can provide yield opportunities, deeper liquidity, and transfer options, and, with the support of BlackRock, the world's largest asset management company, can reduce counterparty risk.
▌Analyst: Major trading platforms in Europe and the United States will close for Christmas, and a deleveraging trend before Trump's inauguration cannot be ruled out.
Analyst Adam from Greeks.live stated on social media that this Wednesday is Christmas, and major trading platforms in Europe and the United States are all closing, with cryptocurrency funds typically showing outflows this week. Currently, ETFs are the main source of external funds for the crypto market, and fund outflows are significantly increasing pressure on the crypto market compared to previous years, with a strong risk-averse sentiment in the market.
This bull market has not seen significant corrections, and funds are tight during the Christmas holiday. A deleveraging trend before Trump's inauguration cannot be ruled out, and the market sentiment is strongly risk-averse. The options market has nearly $12 billion in options expiring, accounting for over 40% of the current total open interest. Large players and market makers are actively adjusting their positions, and paying attention to the market can occasionally yield good opportunities to pick up bargains. The volatility expectation for this week's Christmas is not large, and the market is more focused on betting on the market trends around Trump's inauguration at the end of January, making it still a good opportunity to buy options.
▌Arthur Hayes deposits 2 million ENA into Bybit, valued at $2.06 million.
According to OnchainLens monitoring, 2 hours ago, Arthur Hayes deposited 2 million ENA into Bybit, valued at $2.06 million, with an average price of $0.97. Previously, he redeemed 9.01 million ENA and deposited $7 million ENA into Binance.
Important Economic Dynamics
▌Father of Keras: The economics of artificial intelligence are about to change drastically.
Renowned AI expert and father of Keras, François Chollet, posted on X, stating that there is something very important to understand about the future: the economics of artificial intelligence are about to change drastically. We will soon enter a world where we can convert testing time calculations into capabilities—marginal costs will become critical for the first time in software history.
Golden Encyclopedia
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the dollar, 1 RLUSD equals 1 dollar. Each RLUSD maintains a 1:1 peg. These collateral assets are either dollar deposits or cash equivalents.
Disclaimer: Golden Finance, as a blockchain information platform, provides articles for informational reference only and does not constitute actual investment advice. Everyone should establish a correct investment philosophy and ensure they are aware of the risks.
