Author | Wu Talks Blockchain
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Top 10 news this week
1. Trump elected as the 47th President of the United States link
Donald Trump has effectively been elected as the 47th President of the United States on Wednesday. With a victory in Wisconsin, Trump secured the 270 electoral votes needed to win the presidency.
CCTV-2 (China Central Television Finance Channel) Economic Information Broadcast reported, "Bitcoin price surged to a historic high, reaching $75,000, with an increase of over 8%." The report also stated: Trump had previously promised to make the United States the world capital of Bitcoin and cryptocurrency and to establish a strategic Bitcoin reserve. Rune Christensen, founder of Sky (formerly MakerDAO), stated on social media that Trump's victory will drive a true and sustained revival of DeFi, and the possibility of increasing the number of users by 10 times will greatly increase as DeFi benefits the most from reduced regulatory uncertainty in the U.S. compared to other aspects of the crypto field.
2. Trump's team considers Dan Gallagher, Chief Legal and Compliance Officer of Robinhood, as a candidate for SEC Chairman link
On Friday, Reuters reported that Trump's transition team is considering nominating Robinhood's Chief Legal Officer Dan Gallagher to be the chairman of the U.S. Securities and Exchange Commission (SEC). Gallagher previously served as a Republican SEC commissioner (2011–2015) and is known for supporting financial innovation and market liberalization, particularly for his lenient stance on cryptocurrency regulation. He advocates for classifying cryptocurrency as an independent asset class rather than strictly categorizing it as securities. In addition to Gallagher, Trump's transition team is also considering former SEC commissioners Paul Atkins and Robert Stebbins, who previously served as SEC General Counsel. Cryptocurrency supporter Hester Peirce is another strong candidate, but she has stated that she is not willing to take on the role. The team is expected to submit a list of candidates to the president-elect in the coming weeks.
3. The Federal Reserve announces interest rate decision (upper limit) of 4.75%, cutting rates by 25bps link
The Federal Reserve announces interest rate decision (upper limit) of 4.75%, expected 4.75%, previous value 5.0%. According to the Federal Reserve's statement, the labor market conditions have generally eased since the beginning of the year, with the unemployment rate rising but still at a low level. Inflation has made progress towards the committee's 2% target but remains slightly above target. The balance sheet reduction will remain unchanged. Committee members unanimously agreed on this interest rate decision. Powell stated at the press conference that high inflation has significantly eased, the labor market remains robust, and there is strong confidence that inflation will continue to decline to 2%. Powell also stated, "Elections in the short term will not affect our policy decisions." "We do not guess, speculate, or assume" what policies will be implemented. In response to the removal of the wording about being "more confident" in inflation from the Federal Reserve's statement, Powell indicated that the change in the statement was not intended to provide forward guidance. The current rate cuts aim to see a neutral rate, and once achieved, may appropriately slow down. When asked by reporters if he would agree to resign if requested by the president, Powell stated he would not resign.
4. On November 7, total net inflow for Bitcoin spot ETFs reached $1.376 billion, a new daily high link
On Thursday, total net inflow for Bitcoin spot ETFs reached $1.376 billion. On Thursday, Grayscale's ETF GBTC had a net inflow of $7.309 million for the day, with a historical net outflow of $20.188 billion. Grayscale's Bitcoin mini trust ETF BTC had a net inflow of $20.378 million for the day, with a historical total net inflow of $542 million. The Bitcoin spot ETF with the highest net inflow on Thursday was BlackRock's ETF IBIT, with a net inflow of $1.12 billion, setting a new daily net inflow record. The second highest was Fidelity's ETF FBTC, with a net inflow of $191 million.
5. Detroit will become the largest city in the U.S. to accept cryptocurrency for tax payments link
Officials in Detroit announced on Thursday that the city will become the largest city in the U.S. to accept cryptocurrency payments. Residents will be able to pay taxes and other city fees using cryptocurrency through a secure platform managed by PayPal. Financial officer Nikhil Patel stated that this option will be launched in mid-2025, along with further improvements to city payment services. This is part of a larger strategy for the city of Detroit aimed at exploring innovative technologies that can enhance public services, strengthen citizen engagement, and promote economic growth. Currently, three states in the U.S. (Colorado, Utah, and Louisiana) accept cryptocurrency as a method of payment for state government fees.
6. AC accuses Coinbase of demanding huge listing fees link
Simon, CEO of Moonrock Capital, stated that he recently learned of a leading project that raised nearly nine figures in funding. After wasting more than a year with Binance on due diligence, they finally received an invitation to list. Binance asked them to provide 15% of the total token supply. Coinbase CEO Brian stated that Coinbase's listing is free. However, Andre Cronje rebutted that Binance did not charge them any fees for listing, while Coinbase requested $300 million, $50 million, and $30 million, with the most recent request being $60 million (suspected to refer to the Fantom FTM token). He Yi stated that if a project does not pass the screening process, no matter how much money or what percentage of tokens, it cannot be listed on Binance. Not all projects willing to cooperate on airdrops can list on Binance; if you have 20% of tokens that you want to collaborate with Binance for an airdrop, you are welcome to work with Binance's Web3 wallet.
7. Kraken, Paxos, Robinhood and others announce the launch of the Global Dollar Network link
Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood announce the launch of the Global Dollar Network. This network aims to accelerate the adoption of global stablecoins through an open platform, promote innovation, and reward qualified enterprise participants. The new stablecoin USDG is issued by Paxos in Singapore and operates on the Ethereum blockchain. USDG received approval from the Monetary Authority of Singapore (MAS) in July this year and is fully compliant with the stablecoin regulatory framework established by MAS in August 2023.
8. Circle co-founder: intends to hire more employees and establish a business in Hong Kong link
Circle co-founder and CEO Jeremy Allaire stated that Hong Kong is an important market for USDC, and the company intends to hire more employees and establish a business in Hong Kong. They are currently waiting for the new stablecoin regulations in Hong Kong to be issued and will consider applying for a license after understanding the regulations. Additionally, Circle's Vice President for Asia Pacific, Chen Qinqi, stated that Hong Kong has significant advantages in developing stablecoins, including the ability to achieve same-day U.S. dollar settlements, and it is the largest capital market in the Asia Pacific region. He believes that there will be considerable market demand for a Hong Kong-version stablecoin.
9. Tether CEO: There are no plans to establish an official blockchain link
Tether CEO Paolo Ardoino tweeted that he has heard rumors about Tether Chain again, and Tether currently has no plans to build an official blockchain. There are only some independent L2 solutions working to support using USDt as fuel fees. One of the main reasons Tether will not launch its own blockchain for now is that neutrality is very important. "Unstoppable TogETHER" is our motto, and we prefer to collaborate with other companies and communities rather than try to centralize everything.
10. Ethereum Foundation 2024 Report: 99.45% of crypto holdings are in ETH, with asset reserves of approximately $970.2 million link
The Ethereum Foundation has released its 2024 report. The report shows that as of October 31, 2024, the EF (Ethereum Foundation) has asset reserves of approximately $970.2 million, of which $788.7 million is in crypto assets and $181.5 million is in non-crypto investments and assets. The majority of crypto holdings (99.45%) are held in the form of ETH. These ETH account for 0.26% of the total ETH supply as of October 31, 2024. The goal of EF's asset reserves is to provide funding support for important public goods in the Ethereum ecosystem over the coming years. To achieve this, conservative financial management policies must be followed to ensure sufficient resources even during prolonged market downturns. This requires regular sales of ETH to ensure reserves are adequate for the coming years and to increase fiat reserves as planned during bull markets to fund expenditures during bear markets.
Key financing events
Pond raises $7.5 million to build a decentralized AI model ecosystem link
L1 blockchain Cytonic announces completion of $8.3 million seed round financing link
Blockchain startup VLayer completes $10 million pre-seed round financing link
Solana's re-staking project Fragmetric announces completion of Builders round financing link
Blockchain game developer Delabs Games completes strategic financing, with TON Ventures participating link
Blockchain content verification platform OpenOrigins announces completion of $4.5 million seed round financing link
For more industry financing events, please refer to crypto-fundraising.info.
