Headlines
The U.S. court ruled that the sanctions against Tornado Cash smart contracts are illegal.
According to market news, a U.S. court ruled that the sanctions against Tornado Cash smart contracts are illegal.
MicroStrategy founder Micheal Saylor reiterated that he will not sell BTC.
Famous trader HORSE (@TheFlowHorse) wrote that if MicroStrategy founder Micheal Saylor sells Bitcoin, it would become one of the most successful trades in history, as his Bitcoin investment has so far yielded around $14.9 billion in profits. Additionally, HORSE listed some significant short-selling events in history.
In response, Micheal Saylor stated: I am not selling BTC (I'm not selling).
CZ: There is no attempt to end the Meme frenzy, just encouraging more builders.
CZ posted today on platform X, stating, 'I do not oppose Meme coins, but Meme coins have become 'a bit' strange now. Let's use blockchain technology to build actual applications.'
Some community users stated that even Musk is a supporter of Meme coins, making it very difficult to end this frenzy. In response, CZ said, 'There is no attempt to end anything; everyone has the right to choose what to invest in or hold. Just encourage more builders.
Additionally, some users asked CZ whether the cultural concept of 'Meme' still exists (since both CZ and Vitalik do not like Memes). In response, CZ said, 'We are all old dinosaurs. Well, Vitalik is still young. So only one dinosaur is left.'
The New York Stock Exchange submitted 19b-4 and S-1 documents to the SEC for listing the Bitwise BTCÐ ETF.
The ETF Store president Nate Geraci posted on platform X stating that the New York Stock Exchange (NYSE) submitted 19b-4 and S-1 documents to the SEC to seek the listing of the Bitwise Bitcoin & Ether ETF. This product will hold both spot BTC and ETH, weighted by market capitalization.
Bitwise co-founder Matt Hougan stated, 'Bitcoin and Ethereum are no longer competitors, just as gold and tech stocks are no longer competitors. I believe this ETF will be popular among investors.'
Industry News
CZ: Does not oppose Memes, suggests building actual applications
CZ posted on platform X stating, 'I do not oppose Meme coins, but Meme coins have become 'a bit' strange now. Let's use blockchain technology to build actual applications.'
Report: Of the over 1,500 Meme coins promoted by hundreds of KOLs, two-thirds are 'dead', with declines exceeding 90%.
A report recently released by CoinWire shows that most Meme coins are worthless, and many investors face significant losses. The report selected 377 KOLs who have at least 10,000 followers and often promote Meme coins, compiling a list of 1,567 Meme coins promoted in the past three months.
The report used Dune Analytics to collect price information at the time of initial promotion, current price, and prices after one week, one month, and three months. If the current value of a Meme coin has dropped by 90% or more compared to its initial promotion, it is considered dead.
Results show that '76% of KOLs promoting Meme coins no longer exist. Among the Meme coins they promoted, two-thirds are worthless. This means that many promotional activities driven by KOLs have actually caused losses for investors.'
Bankless co-founder calls Ethereum in Chinese, referring to it as 'money'.
Bankless co-founder Ryan Sean Adams posted on platform X in Chinese, stating, 'Ethereum is money'. Following Meme lord Murad's call for Chinese-speaking Meme coin players to join the Meme coin super cycle, a clear signal for Ethereum is given.
Previously, it was stated that 'when the demand finally arrives, ETH will experience an unprecedented supply shock, and then Ethereum will be in short supply.'
Greeks.live: The BTC options market has seen massive block trades, with cumulative block bullish option trades exceeding $120 million throughout the day.
According to Adam, a macro researcher from Greeks.live, the Bitcoin options market has seen a massive amount of trading, starting at 21:00, with cumulative block trades exceeding 6,000 BTC in value throughout the day. Cumulative bullish option trades have exceeded $120 million. Among them, nearly 5,000 BTC were traded as active buy orders for $92,000 to $100,000 bullish options set to expire on December 27, and this buying activity is still ongoing. Besides the high number of buy orders, the premium of this wave of purchases is significantly higher than usual, about twice the normal premium cost. Analysts believe that whales are taking action.
Project News
The first phase of the Starknet staking program has launched on the mainnet, becoming the first Ethereum L2 to support staking.
According to an official announcement, Starknet has launched the first phase of its staking program on the mainnet, becoming the first Ethereum L2 network to support users earning rewards through staking tokens. Anyone holding STRK in their wallet can stake their tokens as a validator or delegator on Starknet, but in the first phase, validators must stake at least 20,000 STRK and need to run a full node to prepare for future staking phases, which will require further responsibilities and contribute to network maintenance and security. Users holding less than 20,000 STRK can delegate their tokens to validators for staking.
Additionally, Starknet reminds the community that neither StarkWare nor the Starknet foundation will participate in staking activities, so they will not be eligible for any staking rewards. Additionally, all locked tokens cannot participate in staking at this time.
DeFi Technologies subsidiary Valour launched the first Dogecoin ETP in the Nordic region.
DeFi Technologies subsidiary Valour launched the traded product Valour Dogecoin (DOGE) ETP on the Spotlight Stock Market in Sweden, the first Dogecoin ETP launched in the Nordic region.
Movement Network Foundation announced MoveDrop, airdropping 10% of tokens to the community.
Movement Network Foundation announced the MoveDrop airdrop plan, aimed at rewarding early users and community members of Movement. MoveDrop will distribute 1,000,000,000 $MOVE (10% of the total supply) to the community, qualifying users include: Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated communities, and Movement testnet builders.
Users can access the MoveDrop website and register, with a deadline of December 2, 2024, at 2 PM UTC. After the TGE (Token Generation Event), users can check their MoveDrop eligibility and claim airdrops. Failure to register on time will result in the loss of MoveDrop claim eligibility.
Users can choose to claim $MOVE on the Ethereum mainnet, or wait until after the Movement Network mainnet (coming soon) to claim $MOVE, which will generate a 1.25x reward multiplier. The Movement Network Foundation also stated it plans to distribute more $MOVE tokens in future events.
Previously, the Movement Network Foundation announced the economic model of the $MOVE token, with a total supply of 10 billion tokens and an initial circulation of about 22%. Of these, 60% of the tokens will be allocated to the community, including the ecosystem and community (40%), initial claims (10%), and the foundation (10%). The remaining portion will be allocated to early contributors (17.5%) and early investors (22.5%).
Binance will launch Thena (THE) and start the HODLer Airdrops campaign.
According to the official announcement, Binance will launch Thena (THE) on November 27, 2024, at 10:00 (UTC), opening trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY. At the same time, Binance will launch the HODLer Airdrops campaign, where users who subscribe BNB to SimpleEarn Flexible or Locked products between November 6, 2024, 00:00 and November 13, 2024, 23:59 (UTC) will receive THE airdrop. The THE HODLer Airdrops page is expected to go live within 12 hours, and the new tokens will be distributed to users' spot wallets one hour before trading starts.
pump.fun transferred 99,999 SOL to Kraken, worth $22.74 million.
According to Onchain Lens monitoring, pump.fun transferred 99,999 SOL to Kraken, worth $22.74 million. So far, they have deposited 893,242 SOL at an average price of $164.
Investment and Financing
Schuman Financial completed a $7.36 million seed round financing, led by RockawayX.
Stablecoin issuer Schuman Financial completed a $7.36 million seed round in September, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund, and Bankless Ventures. Additionally, Schuman Financial launched the EURØP euro stablecoin compliant with MiCA standards.
Schuman Financial has become the first European company to obtain a stablecoin issuer license in France. The company is building an ecosystem around EURØP, including SEPA integration, banking channels, and custodial collaborations with global banks such as Société Générale. (The Block)
Talus Network completed a $6 million strategic round of financing at a valuation of $150 million, led by Polychain Capital.
Talus Network announced the completion of a $6 million strategic round of financing at a valuation of $150 million, led by Polychain Capital, with participation from Animoca, Geek Cartel, Foresight Ventures, Echo, and a group of angel investors. Talus Network is a high-throughput blockchain protocol designed specifically for decentralized AI agents, with a total financing amount of $9 million to date. (TheBlock)
Regulatory Trends
Foreign media: The Trump administration is considering having the CFTC lead the regulation of digital assets.
The incoming Trump administration hopes to expand the CFTC's powers, granting it regulatory authority over a significant portion of the digital asset market.
Insiders say that with Trump's administration and the increasing influence of the crypto industry in Republican politics, the CFTC's duties may soon expand to regulate the crypto spot market (such as Bitcoin and Ethereum) seen as commodities and the exchanges facilitating their trading.
Core members of Trump's team believe that regulatory relaxation is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technology.
Former CFTC chairman Chris Giancarlo stated, 'With sufficient funding and the right leadership, I believe the CFTC can start regulating digital commodities on the first day of Trump's presidency.' (FOX Business)
The Federal Reserve is considering lowering the reverse repurchase rate by 5 basis points as a technical adjustment.
Federal Reserve meeting minutes show that the Federal Reserve is considering lowering the reverse repurchase rate by 5 basis points as a technical adjustment. Some participants indicated that it may be appropriate to consider resetting the overnight reverse repurchase rate to the bottom of the federal funds rate target range in the future.
Voices of Influencers
Trader Eugene: This is the most challenging bull market altcoin season I have ever experienced, still watching
Trader Eugene Ng Ah Sio posted on X stating, 'I think this is the most challenging bull market altcoin season I have ever experienced. Capital flows do not mean much to me, and it is difficult to predict the extent of the changes.
At this time, I would usually call for an appropriate altcoin rotation of most popular cryptocurrencies in CT, but now I am less certain. Currently observing and waiting while preserving capital.
CryptoQuant founder: Retail Bitcoin investors have not yet fallen into FOMO.
CryptoQuant founder and CEO Ki Young Ju posted on platform X, stating that retail Bitcoin investors have not yet fallen into FOMO. Ki Young Ju shared a trading frequency activity chart of retail investors in the spot and futures markets, showing a gentle growth without significant fluctuations.
