"Every transaction of 'buying more as prices rise' is essentially not taking place in the trading market, but in trading our self-worth. Increasing our position is not because we have new insights into the market, but because we need greater profits to maintain a grander self-illusion. The market becomes a mirror, and what we are obsessed with is not the profit itself, but that 'unbeatable' version of ourselves in the mirror.\n\nThis is why all advice on trading discipline and systems, while correct, is difficult to truly implement. Because you cannot fix an existential problem with technical solutions. The most ironic thing is: we think we are exchanging money for wealth, but in reality, we are exchanging wealth for an illusory self-identity. From the very beginning of this trade, we were destined to be losers."

On December 12 local time, the European Central Bank announced a 25 basis point interest rate cut, lowering the widely watched deposit facility rate from 3.25% to 3%, in line with general market expectations. This marks the fourth interest rate cut by the European Central Bank this year. Given the weak economic outlook for the Eurozone, political uncertainties within the region, and the possibility of a new round of trade wars with the United States, analysts widely expect the European Central Bank to cut rates by 25 basis points at each monetary policy meeting until September next year, until the deposit facility rate is reduced to 1.5%. However, they do not rule out considering a larger rate cut during periods of economic weakness.

CPI report in line with expectations. The market expects a 96% probability of the Federal Reserve lowering interest rates next week.

The probability of the Federal Reserve lowering interest rates by 25 basis points in December rises to 86%

In November, seasonally adjusted non-farm employment increased by 227,000, the largest increase since March; the unemployment rate is 4.2%, the highest since August.

BTC

The grayscale lists the cryptocurrency assets considered for future addition to its products, totaling 35 currencies divided into 7 sectors:

1. DeFi Sector 7: JUP, ONDO, ENA, CORE, RUNE, PENDLE, AERO;

2. Underlying Infrastructure Sector 6: TIA, PYTH, ATOM, AKT, UMA, NEON;

3. Layer 1 Sector 9: TON, TRX, APT, INJ, ICP, KAS, VET, OM, CELO;

4. Layer 2 Sector 8: OP, ARB, SEI, STRK, POL, MNT, IMX, METIS;

5. DePIN Sector 2: AR, HNT;

6. AI Artificial Intelligence Sector 2: FET, WLD;

7. Meme Sector 1: DOGE.

On December 3rd, according to the Korea Economic Daily, the Financial Services Commission of South Korea plans to release a roadmap for the opening of corporate cryptocurrency trading accounts by the end of December. The first phase will allow non-profit entities such as central government departments, local governments, public institutions, and universities to open real-name accounts. The second phase will permit related businesses, such as cryptocurrency exchanges, to open won accounts, while the opening of accounts for general businesses and financial institutions will be included in mid- to long-term planning.

Cryptocurrency donations previously accepted by institutions such as Seoul National University could not be cashed out due to the inability to open trading accounts. It is reported that the approximately 1 billion won in WEMIX tokens held by Seoul National University will be convertible into cash for school finances under the new policy. Financial authorities stated that this move aims to address issues related to holding cryptocurrencies due to non-active factors such as confiscation or donations, while also promoting the upgrade of related industries.

The most expensive banana in the world

Brother Sun is on fire

TRON founder Justin Sun announced a $30 million investment in the Trump family's cryptocurrency project World Liberty Financial (WLFI), becoming the largest investor in the project. Justin Sun stated that with Trump's support for Bitcoin, the United States is becoming a center for the blockchain industry.

Hong Kong digital bank ZA Bank today announced the launch of cryptocurrency trading services on its app, becoming the first bank in Asia to offer such services to retail customers. Users can buy and sell Bitcoin and Ethereum using Hong Kong dollars and US dollars. The entry threshold for this service is 70 US dollars or 600 Hong Kong dollars, with a commission of 1.99 US dollars or 15 Hong Kong dollars for each transaction, and a platform fee of 1.5% of the transaction amount. ZA Bank will implement promotional policies by the end of June 2025, including waiving commissions and reducing platform fees to 0.8%.

Pennsylvania, USA, has set a new milestone in cryptocurrency by passing the Bitcoin Rights Bill with a vote of 176-26. Bill No. 2481 of the U.S. House of Representatives establishes the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal regulations. The state continues to advance new legislation, proposing strategic Bitcoin reserves.

Breaking news:

💥SEC Gary Gensler will resign on January 20, Forbes predicts former CFTC Chairman Chris Giancarlo is likely to succeed him.

💥The SEC has been asked to withdraw the broker-dealer rule (previously used as a reason to sue ConsenSys).

💥The SEC's negotiations with SOL spot ETF issuers have "made progress"; Bitwise has registered a Solana ETF in Delaware; Cboe has submitted four Solana spot ETF listing applications to the SEC.

👏Solana has broken its previous high, priced at $264, with a market capitalization of $122.35 billion.

💥FTX's restructuring plan is expected to take effect in early January 2025, with user compensation starting in March.

The Japanese government announced the advancement of a new economic stimulus plan, which is expected to be approved by the end of 2024. The plan includes changing the cryptocurrency tax rate from the current "miscellaneous taxes" of up to 55% to a flat 20% tax rate. In addition, the reform proposal also involves increasing the personal tax exemption to about $11,345 and cutting fuel and sales taxes to boost the economy and improve the job market. Japanese Prime Minister Shigeru Ishiba promised to work with all parties to promote the legislation.

On November 21, TRON founder Justin Sun posted on social media, "I am pleased to inform everyone that I have successfully acquired Maurizio Cattelan's iconic work 'Comedian' for $6.2 million. This is not just a piece of art; it represents a cultural phenomenon that connects the worlds of art, memes, and the cryptocurrency community."

"I believe this work will inspire more thoughts and discussions in the future and will become part of history. I am honored to be the proud owner of the banana and look forward to it bringing more inspiration and impact to art lovers around the world."

"Furthermore, in the coming days, I will personally eat this banana as part of this unique artistic experience to commemorate its place in art history and pop culture. Stay tuned!"

The "Starship" conducted its fifth test flight in Texas, successfully catching the booster on the launch pad with a robotic arm during the booster return process for the first time, marking a significant breakthrough for SpaceX in achieving fully reusable rockets. On the 19th, U.S. President-elect Trump watched the test flight alongside SpaceX founder Musk.

The Governor of the Central Bank of the Russian Federation, Nabiullina, stated that if the Russian economy does not experience unexpected shocks in the near future, the Central Bank of Russia will begin to lower the key interest rate in 2025. Nabiullina mentioned that Russia is currently at a turning point, and in the coming months, the pace of loan issuance in Russia will slow down, and Russia's inflation rate will also decelerate.

The Shanghai High People's Court published an article on November 18, explaining a case of a dispute over a virtual currency issuance financing service contract. The court clearly stated that virtual currency, as a virtual commodity, has property value, and that merely holding virtual currency is not illegal.

Michael Saylor stated that Bitcoin is an asset that has no counterparty risk from competitors, nations, companies, creditors, cultures, or currencies. This makes it alpha. Bitcoin is the largest crypto network in the world, with 220 million holders. Bitcoin is becoming the dominant digital currency network. Bitcoin is now the world's recognized, widely held, interesting, and attractive investment asset.
Bitcoin strategic reserves will be the greatest trade of the 21st century.