1. The crypto market experienced significant volatility after Trump was re-elected as President of the United States, with investor sentiment soaring and market concerns regarding the impact of his policies on cryptocurrencies.
2. The Federal Reserve announced a 25 basis point reduction in the federal funds rate to 4.5%~4.75%, in line with market expectations, and discussions about the possibility of further rate cuts in the future have sparked market discussions.
The Federal Reserve announced a 25 basis point reduction in the federal funds rate to 4.5%~4.75%, in line with expectations. - Original
3. A French whale profited approximately $78.7 million by betting on Trump's victory in the U.S. elections, and French authorities are considering banning the decentralized prediction platform.
A French whale betting on Trump's victory has made a paper profit of $47.8 million. This 'whale' is a French billionaire who previously worked as a trader in several banks, and this summer he began using his mathematical expertise to analyze U.S. polls. On August 3, he started withdrawing USDC from Kraken to bet on Polymarket. He stated that his bet is essentially a wager on the accuracy of polling data. He believes polls overstate Harris's support and fail to account for the 'shy Trump voter effect.' He explained that Trump supporters either do not want to tell pollsters that they support the former president or are simply unwilling to participate in polls. He commissioned a large polling organization to conduct surveys using neighbor polling and traditional polling methods. These polls showed that when respondents were asked who their neighbors would vote for, Harris's support decreased by several percentage points compared to direct questioning. Therefore, starting from October 2, he created three more accounts (Theo4, PrincessCaro, and Michie) to continue increasing his bets on Trump. Between October 2 and November 5, he withdrew a total of 42 million USDC from Kraken to bet on Trump's victory in the election, ultimately realizing a paper profit of $47.8 million. - Original
4. Federal Reserve Chair Powell stated that it is not the right time for extensive forward guidance, despite having confidence in rate cuts, as economic prospects still present uncertainties.
The Federal Reserve's policy statement indicates that economic activity continues to expand steadily. Since the beginning of the year, the labor market conditions have generally eased, with unemployment rising but remaining low. Inflation is gradually approaching the Committee's 2% target but remains slightly above the target level. The Committee aims to maximize employment and achieve a long-term 2% inflation rate. The Committee assesses that the risks to achieving employment and inflation targets are broadly balanced. Economic prospects still present uncertainties, and the Committee is closely monitoring the risks to its dual objectives. To support its goals, the Committee decided to reduce the target range for the federal funds rate by 25 basis points to 4.5% to 4.75%. When considering further adjustments to the federal funds rate target range, the Committee will carefully evaluate new data, changes in economic prospects, and the balance of risks. The Committee will also continue to reduce the size of its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. The Committee is firmly committed to supporting maximum employment and restoring inflation to the 2% target. - Original
5. Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes, marking a further expansion of cryptocurrency applications in public services.
Detroit will become the largest city in the U.S. to accept cryptocurrency payments. Three states in the U.S.—Colorado, Utah, and Louisiana—accept cryptocurrencies as state payments. - Original
6. Two crypto-friendly Republicans won in the U.S. House elections, potentially ushering in the most pro-crypto Congress.
Odaily Planet Daily reported that in the 2024 U.S. elections, Republican candidates Jeff Hurd and Scott Perry defeated their Democratic opponents in Colorado's 3rd congressional district and Pennsylvania's 10th congressional district, narrowing the gap for the Republican Party to maintain a majority in the House of Representatives. Hurd and Perry both support the FIT21 bill, which has received bipartisan support in the House and is awaiting a Senate vote. Both have been labeled as 'strong supporters' by the 'Stand With Crypto' political initiative. Although the Republican Party controls the White House and the Senate, the majority party in the House of Representatives is still undecided. According to 'Stand With Crypto', the next Congress will be the 'most pro-crypto' in history. - Original
7. Jack Dorsey's Square plans to increase investment in Bitcoin mining while shutting down the decentralized 'Web5' project.
Jack Dorsey's payment company Block (SQ) plans to refocus on building devices for Bitcoin (BTC) miners and its self-custody crypto wallet, partially funded by abandoning the creation of a new decentralized internet called 'Web5' and reducing investments in the music streaming app Tidal. - Original
8. The UK House of Lords supports the digital asset property bill, aimed at paving the legal way for cryptocurrency use in the country.
Members of the House of Lords in the UK expressed support for the country's digital asset property bill during the second reading session on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step for the UK in paving the way for cryptocurrency use in the country. The bill was drafted by the independent statutory body Law Commission and launched in the UK in September. The bill adds a new category of 'items' within the category of property to help resolve legal disputes involving cryptocurrencies. This bill will not only assist judges in criminal proceedings where cryptocurrencies are stolen due to fraud or hacking but will also help divide marital property. - Original
9. Bank of America stated that the October non-farm data is weak, expecting the Federal Reserve to cut rates by 25 basis points in November and December.
BlockBeats news, on November 7, Bank of America stated that the weakness of the October non-farm data is sufficient for the Federal Reserve to cut rates by 25 basis points in both November and December. Powell may emphasize the stability of the economy and the return to inflation targets. Trump's return to the White House may lead the Federal Reserve to be more cautious in the future. - Original
10. Michael Novogratz's Galaxy plan will transform Bitcoin mining into artificial intelligence computing to cope with industry competition.
The fiercely competitive Bitcoin (BTC) mining industry presents miners with a clear choice: pivot to artificial intelligence (AI) computing or suffer losses. Michael Novogratz's Galaxy Digital (GLXY.TO) is the latest company to join the exit queue. - Original
11. Coinbase introduces Bitcoin to Solana, sparking expectations for a surge in Solana-based DeFi.
Nearly two years ago, the collapse of FTX created a Bitcoin-sized hole in decentralized finance based on Solana, which has yet to be truly filled — possibly until now. - Original
12. Zhao Changpeng revealed that he received an offer to sell Binance's controlling stake but has not decided whether to sell.
Just a day after the surge in cryptocurrency prices due to Trump's victory in the U.S. presidential election, and on the eve of Zhao Changpeng's estimated net worth approaching $53 billion, Zhao Changpeng reflected on his forced departure from Binance and his four-month prison experience, during which he passed time by exercising, writing, and discussing cryptocurrency with fellow inmates. Zhao Changpeng stated: 'I feel I don’t want to go back to being the CEO of Binance. I have led the company for seven years. I really enjoyed this job. Although it was demanding, I think that chapter is over.' Additionally, Zhao Changpeng revealed that he even received an offer to sell his controlling stake in the exchange—these stakes constitute a significant portion of his personal net worth, but he declined to disclose who the buyer is or the price. Zhao Changpeng added: 'I’m not saying I will hold these stakes forever; I’m happy to review any offers, but so far, I haven’t done anything. But you know, I’m just a regular shareholder now.' Now, Zhao Changpeng describes himself as a passive investor in the cryptocurrency space. He has the Binance logo tattooed on his arm and claims his 'criminal identity' has not prevented people from doing business with him. Moreover, Zhao Changpeng declined to comment on the U.S. election but expressed satisfaction with the direction of X (formerly Twitter). Zhao Changpeng stated: 'I think after Musk took over, Twitter's pace of development has increased significantly, it introduced new features, and the rate of change has accelerated a lot. I’m not too concerned about the fluctuations in investment value. We are long-term investors.' - Original
13. Notable tech expert Vinay Gupta plans to promote crypto policies to the Trump team and may relocate his blockchain company to the U.S.
Odaily Planet Daily reported that Vinay Gupta, a technical expert who helped coordinate the launch of Ethereum, is seeking to promote rational crypto policies to President-elect Donald Trump's transition team. Additionally, inspired by Trump's overwhelming victory on election day, Gupta is considering relocating himself and his blockchain company Mattereum's team from the UK to the U.S. He added, 'We plan to move personnel (including myself) to Washington, D.C. soon to assist with the U.S. crypto transformation.' Part of Gupta's plan includes replicating some of the policies he helped develop in the UK, including a recently proposed parliamentary bill that attempts to formally define crypto assets as property and successfully pushed for the recognition of smart contracts as 'real contracts' by the UK. - Original
14. French regulators are reviewing Polymarket to assess its compliance with local gambling regulations.
BlockBeats news, on November 7, the French National Gambling Authority (ANJ) is reviewing the operations of the cryptocurrency-based prediction market platform Polymarket to determine its compliance with local regulations, following a surge in user demand during the U.S. presidential election. An ANJ spokesperson stated on Thursday: 'We are aware of this website and are currently examining its operations and whether it complies with French gambling regulations.' According to crypto news media The Big Whale later on Wednesday, ANJ is expected to prohibit French users from accessing Polymarket. Previously, Polymarket confirmed that an anonymous trader, who is French, made large bets on the platform supporting Trump to win the election. Calculations show that this trader, using the username Fredi9999, is expected to earn about $48 million in betting profits across four accounts. According to government website regulations, operating any new gambling market must first obtain ANJ's authorization. - Original
The above is a selection of hot topics from the last 24 hours. For faster news, please download AICoin (aicoin.com).
