Today's news tips:
Trump team considers creating first White House cryptocurrency position
Justin Sun buys Cattelan's iconic work (comedian) for $6.2 million
MicroStrategy Increases Zero Coupon Convertible Senior Notes Offering to $2.6 Billion, Part of Net Proceeds to Purchase Bitcoin
Nvidia releases Q3 financial report: revenue reaches $35.1 billion, net profit is $19.31 billion
Sui blockchain appears to be down, no blocks were produced for an hour
Cryptocurrency entertainment gaming platform Monkey Tilt completes $30 million Series A financing, led by Pantera Capital
Data: Total assets of ETFs directly investing in Bitcoin in the United States exceed $100 billion
BTC breaks $97,000, setting a new historical high
Regulatory news
FTX co-founder Gary Wang was sentenced to avoid imprisonment by a US judge
According to Tree News citing Reuters, Sam Bankman-Fried's (SBF) former deputy Gary Wang was sentenced to avoid imprisonment by a US judge for his role in the FTX crypto fraud case.
Trump's team considers establishing the first cryptocurrency position in the White House
According to Bloomberg, the team of elected President Donald Trump is in discussions with the digital asset industry about whether to establish a White House position dedicated to cryptocurrency policy. According to informed sources, this would be the first White House position focused on cryptocurrency, and candidate screening is currently underway. It is still uncertain whether this position will be a senior role or be called 'Crypto Tsar', but industry advocates hope the role can report directly to Trump. Additionally, Trump promised during his campaign to fire current SEC Chairman Gary Gensler, ease regulations on the crypto industry, and establish a presidential crypto advisory committee. Currently, competition for candidates for the committee is fierce.
It is reported that former Coinbase and Binance.US executive Brian Brooks met with Coinbase CEO Brian Armstrong this week to discuss relevant matters. This position may serve as a liaison between Congress, the White House, and federal agencies such as the SEC and CFTC. More personnel discussions are taking place at Trump's private club, Mar-a-Lago.
South Korean financial regulators refuse to approve ETFs investing in crypto companies
According to South Korean Economic TV, South Korean financial regulators not only prohibited the issuance of cryptocurrency ETFs for spot and futures products but also rejected funds investing in crypto companies, including exchanges. The head of an asset management company stated that their proposal to establish a fund investing in crypto companies was rejected by the country's Financial Supervisory Service.
He mentioned that his company is preparing to launch an ETF focused on US cryptocurrency exchanges like Coinbase, but is still awaiting approval from local regulators. Meanwhile, an official from the FSS acknowledged the growing demand for Bitcoin investments but stated that unless there is a change in government policy, regulations will not be relaxed.
South Korean police confirm North Korea's involvement in the 2019 Upbit 58 billion won Ethereum theft case
According to Yonhap News Agency, South Korean police officially confirmed for the first time that the 342,000 Ethereum stolen from South Korean cryptocurrency exchange Upbit in 2019 (then worth 58 billion Korean won, now worth about 1.47 trillion Korean won) was attributed to a North Korean hacker organization.
Police pointed out that North Korea's Reconnaissance General Bureau's 'Lazarus' and 'Andariel' hacker groups were involved in this attack. This conclusion is based on North Korean IP addresses, the flow of encrypted assets, traces of North Korean vocabulary usage, and data obtained from investigations in cooperation with the FBI.
57% of the stolen Ethereum was exchanged for Bitcoin at a price 2.5% below market value through three suspected money laundering platforms established by North Korea, while the remaining assets were dispersed and laundered through 51 overseas exchanges. Police discovered some of the stolen Bitcoins stored at a certain exchange in Switzerland in 2020, and after four years of effort, successfully recovered 4.8 Bitcoins (about 600 million Korean won) in October this year and returned them to Upbit.
Judge approves Celsius to deliver legal documents via NFT airdrop
A bankruptcy judge in the Southern District of New York has approved a Celsius motion allowing legal documents to be served by airdropping NFTs to anonymous defendants' digital asset wallets. Celsius was unable to identify the wallet owners related to fraudulent transfers in its bankruptcy lawsuit and proposed an alternative solution to serve legal documents through NFTs. The airdropped NFTs contain hyperlinks to the relevant legal documents, and FTI Consulting will be responsible for confirming the receipt of the NFTs on-chain and the time they were opened, while monitoring traffic to the access links.
Project dynamics
Phantom ranks in the top five free apps in the US App Store, ranking first in the tools category
The Solana ecosystem crypto wallet Phantom ranks fifth in the free app rankings in the US App Store. It ranks first in the tools category.
Bitwise applies for registration of Solana-related ETF in Delaware, USA
Bitwise has submitted documents to the Delaware Department of State to apply for registration of its first Solana-related ETF.
Coinbase will launch FLOKI based on the Ethereum network
According to an official announcement from Coinbase, Coinbase will support FLOKI (FLOKI), which is based on the Ethereum network (ERC-20 standard). Trading will commence at 1:00 AM Beijing time on November 22 (9:00 AM PT on November 21) or later.
The board of Hoth Therapeutics, a US-listed company, approved the purchase of $1 million in Bitcoin as reserve assets
The board of Acurx Pharmaceuticals, a US-listed company, approved the purchase of $1 million in Bitcoin as reserve assets
MicroStrategy increases the issuance scale of zero-coupon convertible senior notes to $2.6 billion, with part of the net proceeds used to purchase Bitcoin
According to MicroStrategy's official announcement, MicroStrategy announced the pricing of its $2.6 billion zero-coupon convertible senior notes due in 2029, which is an increase from the previously announced $1.75 billion total principal amount of notes. The issuance is expected to be completed on November 21, 2024, but must meet customary closing conditions.
The initial conversion rate for the notes is 1.4872 shares of MicroStrategy Class A common stock for each $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $672.40 per share. The initial conversion price represents a premium of approximately 55% over the volume-weighted average price of MicroStrategy Class A common stock during the period from 1:30 PM to 4:00 PM Eastern Standard Time on November 19, 2024 (approximately $433.7997). The conversion rate will adjust based on the occurrence of certain events.
MicroStrategy estimates that net proceeds from the sale of these notes, after deducting discounts and commissions for initial purchasers and estimated issuance costs payable by MicroStrategy, will be approximately $2.58 billion (approximately $2.97 billion if initial purchasers fully exercise their option to purchase additional notes). MicroStrategy intends to use the net proceeds from this offering to purchase more Bitcoin and for general corporate purposes.
DWF Labs launches a $20 million 'Meme Fund' to support innovative Meme coin projects
According to Finance Feeds, DWF Labs announced a $20 million 'Meme Fund' to support innovative Meme coin projects across multiple blockchains. The 'Meme Fund' is now accepting proposals from Meme coin projects seeking investment and guidance.
DCG establishes a new subsidiary Yuma, aimed at supporting and promoting the development of the Bittensor network
Digital Currency Group (DCG) announces the establishment of a new subsidiary Yuma, aimed at supporting and promoting the development of the Bittensor network. DCG founder and CEO Barry Silbert will also serve as CEO of Yuma, further promoting the integration of DCG in the fields of crypto and AI. Yuma will provide capital, infrastructure, and technical support to startups and large enterprises to help them develop and deploy innovative projects on the Bittensor network.
Justin Sun acquired Cattelan's iconic piece (Comedian) for $6.2 million
Tron founder Justin Sun announces the successful acquisition of Maurizio Cattelan's iconic piece (Comedian) for $6.2 million. Justin Sun stated that this piece is a cultural phenomenon connecting art, online culture, and the crypto community, and he believes it will spark more discussions and become part of history. He also plans to eat the banana in the coming days as part of a unique artistic experience, paying tribute to its significant position in art history and pop culture.
NVIDIA reports Q3 earnings: revenue reaches $35.1 billion, net profit is $19.31 billion
NVIDIA (NVDA.O) announced its Q3 fiscal year 2025 earnings, with revenue reaching $35.1 billion, a 94% year-over-year increase, exceeding market expectations of $33 billion; net profit was $19.31 billion, far exceeding the expected $16.93 billion. Additionally, third-quarter gaming business revenue was $3.3 billion, and data center business revenue was $30.8 billion, up 112% year-over-year.
NVIDIA expects Q4 revenue of $37.5 billion, slightly above market expectations, but some investors' expectations were not met, leading to a post-earnings drop of 5% in US stock prices. CEO Jensen Huang stated that AI is driving global demand for computing, production of the Blackwell system is fully accelerating, and deliveries in Q4 will exceed expectations. The company expects gross margins to exceed 70% by 2025. Nonetheless, some analysts believe there is uncertainty in its revenue outlook, especially if Blackwell demand exceeds supply.
21Shares improves its Ethereum ETP by introducing staking functionality, and the trading code changes to 'ETHC'
According to Beincrypto, asset management company 21Shares announced significant improvements to its Ethereum Core ETP, now including staking functionality. Following this upgrade, the product has been renamed Ethereum Core Staking ETP to better reflect its expanded functionality. The revamped product's trading code is ETHC and can be traded on major exchanges in Europe, including the Swiss Stock Exchange, Deutsche Börse Xetra, and Euronext Amsterdam.
The company stated that this move aims to make it easier for institutional and retail investors across Europe to access Ethereum staking. It provides a novel way to earn returns from Ethereum's staking mechanism while maintaining a low-cost structure. The Ethereum Core Staking ETP is backed by physical Ethereum, with a management fee of 0.21%.
Stripe launches B2B payment functionality via stablecoins
Stripe CEO Patrick Collison stated on platform X that Stripe has launched B2B payment functionality via stablecoins. The company's employee @BackseatVC explained that users can now create and send invoices that can be paid using stablecoins on Stripe; when Stripe launched the 'pay with cryptocurrency' feature last month, one of the strongest user demands was to improve the B2B payment experience; with the support of the invoicing feature, this demand has now been met.
Previously reported, Stripe launched the 'Pay with Crypto' feature in the US, supporting stablecoins including USDC and USDP.
Binance contracts will launch SLERF and SCRT 1-75x USDT perpetual contracts
According to an official announcement, Binance contract platform will launch SLERFUSDT and SCRTUSDT perpetual contracts on November 21, 2024, at 19:30 (UTC+8), with a maximum leverage of up to 75 times.
Sui blockchain suspected to be down, has not produced blocks for 1 hour
Suiscan data shows that the Sui blockchain is suspected to be down, with no blocks produced for 1 hour.
Financing news
Crypto entertainment platform Monkey Tilt completed a $30 million Series A funding round, led by Pantera Capital
According to PR Newswire, the crypto entertainment platform Monkey Tilt announced the completion of a $30 million Series A funding round, which ended this summer, led by Pantera Capital, with participation from Polychain Capital, PokerGo, Hack VC, Dream Ventures, Accomplice, Mirana, and Josh Hannah. This latest funding round brings the total funding amount to over $50 million.
It was introduced that Monkey Tilt will launch in early 2024, integrating prediction games, sports, poker, and cryptocurrency into one platform. Monkey Tilt plans to launch a new gamified cryptocurrency trading product in the first quarter of next year.
The crypto wallet Deblock, created by former Revolut and Ledger executives, completed approximately $16.8 million in seed funding
According to Sifted, based on documents submitted to the UK Companies House this month, the crypto wallet Deblock, created by former Revolut and Ledger executives, has completed an additional £13.3 million (approximately $16.8 million) in seed funding. Another document from October shows that Headline, Hoxton, 20VC, and Chalfen are the main investors in this funding round. Sifted previously reported that this startup quietly raised €12 million last year. It is reported that in August 2022, former Revolut cryptocurrency head Jean Meyer, payment head Aaron Beck, and former Ledger engineering head Mario Eguiliuz co-founded Deblock. Later that year, the startup poached Adriana Restrepo, the chief operating officer of Revolut's European banking business, to become its fourth founder. Deblock CEO Jean Meyer declined to comment on this funding round. According to its website, the Deblock app is currently only available in France, where it is regulated by electronic money institutions and digital asset service providers.
Important data
The total net inflow of US Bitcoin spot ETFs yesterday was $837 million, with an ETF net asset ratio of 5.38%
Data: The trading volume of Hong Kong virtual asset ETFs today is approximately 221 million HKD
MicroStrategy's Bitcoin holdings currently show a floating profit of over $14.7 billion
A trader missed out on $10 million by selling the CHILLGUY token too early
A trader once used 1 SOL (about $205) to purchase 33.95 million $CHILLGUY tokens, which are now worth over $10 million. However, the trader sold all tokens when the price rose to 1.6 SOL (about $349), missing out on subsequent massive gains.
Data: The total assets of Bitcoin ETFs directly invested in the US exceed $100 billion
According to Jin10 News, the total assets of Bitcoin ETFs directly invested in the US have exceeded $100 billion, after Bitcoin set a historical high of $97,000, aiming for the $100,000 mark. Twelve Bitcoin ETFs, including BlackRock and Fidelity Investments, reached this milestone within ten months after debuting in January, becoming one of the most successful fund categories ever launched. Institutional data shows that as Bitcoin reached record highs, Bitcoin ETFs recorded a net inflow of $773 million on Wednesday.
The ETH/BTC price ratio has dropped to 0.032, the lowest level since March 2021
According to The Block, the ETH/BTC price ratio has dropped to 0.032, the lowest level since March 2021.
The total market capitalization of stablecoins has surpassed $190 billion, with USDT accounting for approximately 68.5%
CoinGecko data shows that the total market capitalization of stablecoins has surpassed $190 billion, reaching $190.9 billion. Among them, Tether (USDT) has a market value of $130.7 billion, accounting for approximately 68.5%. USDC has a market value of $38 billion, followed by USDS at approximately $5.2 billion, Ethena USDe at approximately $3.586 billion, and Dai at approximately $3.4 billion.
MicroStrategy surged 10.05% yesterday, with trading volume second only to NVIDIA
Tradingview data shows that NVIDIA (NVDA) had a trading volume multiplied by price (trading amount) of $45.2 billion yesterday (US time), a slight drop of 0.76%; MicroStrategy (MSTR) had a trading volume multiplied by price (trading amount) of $33.27 billion yesterday, a big rise of 10.05%.
BTC breaks $97,000, setting a new historical high
PANews reported on November 21 that according to OKX market data, BTC broke through $97,000 at noon, reaching as high as $97,850, setting a new historical high. As of 18:32, Bitcoin's price is reported at $97,560, with a daily increase of 3.01%.
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