Headlines
▌Victory Securities: Bitcoin rises slowly and waits for spillover effects
Zhou Lele, deputy chief operating officer of Shengli Securities, pointed out in an analysis that the virtual asset market continued last week's trend with slight fluctuations. Head assets such as Bitcoin and Ethereum are wavering and tangled, but Altcoins with higher odds are recovering and moving out of the downward channel. The over-the-counter Bitcoin ETF inflow last week was about US$3.08 billion, and the Ethereum ETF inflow was about US$5 million; the weak balance in the market was broken, short-term holders gradually increased their holdings, and the recovery phase may begin. The virtual asset shadow stock MicroStrategy hit a new high, and its two-fold long ETF trading volume also gradually expanded. The market is hot for meme coin investment, and the market risk appetite has increased, but compared with the assets themselves, the willingness to trade high-odds derivatives is stronger. Virtual assets may need to wait for the wealth effect of global stock markets to overflow and increase market share.
▌Tesla humanoid robot is said to be remotely controlled
According to foreign media, citing people familiar with the matter, at Tesla's (TSLA.O) "We, Robot" show last week, Tesla remotely controlled its Optimus humanoid robot prototype, and employees in other places were responsible for controlling many interactions between the humanoid machine and attendees. At least one video allegedly from the "We, Robot" event on October 10 showed an Optimus "bartender" admitting that it had "human help." The Optimus prototype can walk through artificial intelligence control without external control.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $66,088.28, with a daily change of +5.4%;
ETH's latest transaction price is $2,631.03, with a daily change of +6.9%;
BNB's latest transaction price is $589.60, with a daily change of +3.3%;
SOL's latest trading price is $157.41, with a daily change of +6.8%;
DOGE's latest transaction price is 0.1168 yuan, with a daily increase or decrease of +5.3%;
XPR recently traded at $0.5477, with a daily change of +3.2%.
policy
▌TD Cowen: US Senator Bill Hagerty’s draft stablecoin bill may become the outline of the 2025 bill
Investment bank TD Cowen said in a report on Monday that U.S. Senator Bill Hagerty’s draft stablecoin legislation could form the outline of a future bill as early as 2025.
"This draft should form the basis of legislation we expect Congress to pass next year," wrote Jaret Seiberg of TD Cowen Washington Research Group. "This is more likely if Trump wins, given Hagerty's close ties to the former president."
Hagerty has reportedly been a potential contender for a seat in Trump’s cabinet if he wins, either in a national security or Treasury role. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over key agencies including the U.S. SEC.
“The key will be to reach bipartisan agreement on regulators overseeing stablecoins. If Trump wins, the prospects for such a bill are even higher,” Seiberg noted in the report.
▌FinCEN accuses TD Bank of failing to report suspicious cryptocurrency activity and faces a fine of more than $3 billion for money laundering
The Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activity from an anonymous group of customers engaged in international cryptocurrency transactions. FinCEN said TD Bank processed more than 2,000 transactions over a nine-month period from a company called “Customer Group C,” which allegedly worked in the sales financing and real estate industries. Customer Group C misrepresented its expected international wire activity to TD Bank, stating that its annual sales would not exceed $1 million. In reality, Customer Group C allegedly conducted more than $1 billion in transactions through TD Bank.
On October 10, TD Bank was fined $3.09 billion for violating the (Bank Secrecy Act) and money laundering, and placed on probation for four years for the same violations, according to the U.S. Department of Justice. The $3.09 billion was called "the largest fine ever imposed under the (Bank Secrecy Act)."
Blockchain Applications
dYdX launches Trump 2024 election prediction market perpetual contract
The dYdX Foundation announced the launch of the Trump 2024 election prediction market perpetual contract, allowing users to trade in a completely decentralized environment. Traders can make long and short moves based on Trump's chances of winning.
Cryptocurrency
▌Galaxy: Harris is friendlier than Biden on cryptocurrency policy, but not as friendly as Trump
According to Galaxy Research, US presidential candidate Kamala Harris is friendlier than current President Biden on cryptocurrency policy, but not as friendly as Trump. Harris promises to improve the regulatory environment of the US crypto industry, but takes a more cautious stance on issues such as taxation, Bitcoin mining and self-custody, while Trump supports Bitcoin mining and promises to protect self-custody rights. Nevertheless, Harris' policies may be more constructive than Biden's.
▌Santiment: After BTC broke through $66,000, the market gradually became optimistic
According to Santiment on the X platform, as Bitcoin rallied earlier this week and briefly jumped above $66,000, traders were looking for opportunities in the GameFi and Memecoin sectors. The discussion rate between these altcoin sectors shows a continued rise in interest levels. Historically, this has shown that the crowd's view on the market is gradually becoming optimistic. Considering that the market has risen for 5 consecutive weeks, it is expected that mild FOMO will continue, and more speculative assets will attract more and more discussions until a pullback injects fear into the crowd's narrative again.
▌Bitfinex: Bitcoin selling pressure eases, market trends remain to be seen
Bitfinex Alpha analysis shows that last week, the price of Bitcoin fell by more than 11% from a high of $66,587 at the end of September to a low of $58,943 on October 10, under the influence of a large sell-off in the spot market. At present, the selling pressure has eased and the price of Bitcoin has rebounded rapidly. On-chain indicators show that the actual price of short-term holders (about $63,000) is a key resistance level. If Bitcoin can break through this level, it may indicate further bullish momentum; otherwise, it may retest lower support levels, close to $59,000 or even $55,000. In addition, the Mt.Gox trustee has extended the repayment period for creditors to October 31, 2025, alleviating market concerns that Bitcoin may be sold off.
▌Trader Eugene: I hope Bitcoin will rise slowly in October and rush to $100,000 after Trump is elected
Trader Eugene Ng Ah Sio said in a social media post, "In an ideal world, this is what I would like to see: a slow rise for the rest of October, Trump entering the White House, and then Bitcoin rushing to $100,000."
Important economic developments
▌Fed Kashkari: Generative AI has real potential
Fed's Kashkari said generative AI, after two years of development, appears to have real potential.
▌The probability of the Fed cutting interest rates by 25BP in November is 87.7%, and the probability of not cutting interest rates is 12.3%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points by November is 87.7%, and the probability of maintaining the current interest rate is 12.3%. The probability of a cumulative 25 basis point cut by December is 19.7%, the probability of a cumulative 50 basis point cut is 79.1%, and the probability of a cumulative 75 basis point cut is 0%.
▌Fed Kashkari: US inflation will fall further
Federal Reserve Chairman Kashkari said the Fed has made great progress on inflation and the labor market is strong; there is a lot of evidence that US inflation will fall further.
▌Fed Kashkari: Bitcoin is still useless
Fed's Kashkari says Bitcoin has been around for more than a decade, but it's still useless.
Kashkari has publicly expressed his doubts about cryptocurrencies on many occasions, believing that Bitcoin and other cryptocurrencies are mainly used for speculation and illegal activities and lack intrinsic value.
▌The three major U.S. stock indexes closed higher
The three major U.S. stock indexes closed higher, with the Nasdaq up 0.87%, the S&P 500 up 0.77%, and the Dow up 0.47%. Among them, the S&P 500 and the Dow both hit new all-time highs, and the Nasdaq hit a new high in about three months. Most large technology stocks rose, with Nvidia up more than 2%, setting a new all-time closing high; Apple and Google rose more than 1%, while Microsoft, Tesla, and Meta rose slightly; Netflix fell more than 1%, and Amazon fell slightly. Trump concept stocks rose sharply, with Trump Media Technology Group rising more than 18%.
▌Fed Board member Waller: The Fed should be more cautious in cutting interest rates than at the September meeting
Fed Governor Waller said the Fed should be more cautious in cutting interest rates than at the September meeting. The basic expectation is to gradually reduce the policy rate over the next year. The current policy rate is at a restrictive level; if the economy develops as expected, the policy can be adjusted to a neutral position at a "steady pace".
Golden Encyclopedia
What is the original Danks shard?
Sharding is a method of splitting a ledger into smaller parts, called shards. But proto-danksharding is one of the most opaque terms in the crypto world’s vocabulary. The term doesn’t particularly have a guiding meaning. Is proto short for prototype? Is this the same dank from your favorite meme folder? Both assumptions might be fairly reasonable, but both are wrong. First proposed by protolambda and Dankrad Feist, who named the idea after themselves, proto-danksharding is a transaction type that accepts the aforementioned blobs. The solution using blobs is designed to overcome Ethereum’s long-standing problems with high gas fees and low transaction throughput.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
