Headlines
XRP's market cap surpassed TotalEnergies, ranking 144th globally.
Infinite Market Cap data shows that XRP's market cap surpassed TotalEnergies, rising 39 spots in global asset rankings, currently ranked 144th. The data indicates that XRP's current market cap is $131.46 billion, with a 24H increase of 19.12% and a weekly increase of 62.37%; TotalEnergies' market cap is $131.29 billion.
Ripple re-locked 1 billion XRP in a custodial wallet early this morning.
According to Whale Alert monitoring, at 2:21 AM today, Ripple re-locked 1 billion XRP in a custodial wallet, valued at approximately $1.546 billion.
Previously reported, Ripple stated that it uses a custodial account system to provide transparency and certainty for the XRP market. The company locks up most of its XRP holdings to ensure it does not oversupply the market and manipulate prices. However, the company also uses XRP in the custodial accounts to invest in and support projects within the Ripple ecosystem. Releasing 1 billion XRP tokens from the custodial accounts each month does not mean all will enter the market. Ripple may choose to sell some to institutions or retail investors, use some for its purposes, or return some to new trusts.
Industry News
MARA Pool produced 820 BTC in November, setting a new high since January.
Leading Bitcoin mining company MARA's MARA Pool mined 820 BTC in November, setting a new high since January.
Network data shows that MARA Pool mined 254 Bitcoin blocks in November (UTC), receiving 793.7 BTC from block subsidies and 26.7 BTC from transaction fees. This is MARA Pool's highest monthly production since January, partly due to lower uptime earlier this year.
In November, the average Bitcoin network hash rate was 731 EH/s, while the block production from MARA Pool indicated an actual hash rate of 42.7 EH/s. This suggests the company installed additional mining machines in November, as its reported operational capacity at the end of October was 40.2 EH/s.
The rebound in Ethereum prices has driven the recovery of the NFT market, with November NFT sales exceeding $562 million.
With the recovery of Ethereum prices, NFT monthly sales in November exceeded $562 million, significantly increasing by 57.8% compared to $356 million in October, with Ethereum network sales exceeding $216 million, increasing by 12% compared to October. However, monthly NFT transaction volumes remain far from the peak in 2024. In March of this year, NFT sales reached an annual high of $1.6 billion. However, it has remained subdued and hit a low of $303 million since September 2021.
CryptoSlam data shows that CryptoPunks led the NFT market in November, with sales exceeding $49 million in 30 days, a 392% increase month-over-month. It recorded 388 sales transactions, a 213% increase from October. Besides CryptoPunks, the Pudgy Penguins series also had an impressive November, with monthly sales skyrocketing 262%, reaching $16 million.
Ethereum Foundation researcher: Ethereum L1 will gradually improve in the future, with significant performance enhancements for L2 in the coming months.
Ethereum Foundation researcher Justin Drake stated that four years ago today, the Ethereum beacon chain was born, with only 500,000 ETH staked in the initial phase. Although it initially did not bring direct benefits to users, it has gradually grown to become one of the most powerful foundations in blockchain history.
Looking ahead, Drake believes Ethereum has the opportunity to become the settlement layer of the value internet. Although the beacon chain is still imperfect, the upgrade path in the coming years will remain challenging, including improving censorship mechanisms and MEV handling, reducing staking deposits, increasing finality speed, intelligent issuance, achieving smartwatch-level full-chain verification, and post-quantum security. Meanwhile, outside of the consensus layer, he hopes to achieve full sharding in the data layer and native Rollups in the execution layer. Drake indicated that many L1 improvements will be gradually released over the coming years, with improvements like post-quantum security possibly requiring a complete redesign. L2 solutions will provide significant performance enhancements in a few months, including fast user experiences, low fees, and unlimited throughput, along with synchronous composability.
BlackRock IBIT holdings have a market value exceeding $48 billion.
BlackRock's official data shows that as of November 27, the market value of IBIT holdings reached $48,035,615,461.69, with a holding of 495,443.6524 BTC.
The on-chain total holdings of the U.S. Bitcoin spot ETF exceed 1.12 million BTC, valued at $108.9 billion.
Dune data shows that as of December 1, the on-chain total holdings of the U.S. Bitcoin spot ETF surpassed 1.12 million BTC (approximately 1.128 million BTC), accounting for 5.7% of the current BTC supply; the on-chain holdings are valued at $108.9 billion.
In November, there were over 30 attacks in the cryptocurrency sector, resulting in approximately $85.53 million in losses, with about $25.2 million recovered.
According to statistics from Shield, in November 2024, there were over 30 hacking incidents in the cryptocurrency sector, causing approximately $85.53 million in losses, of which about $25.2 million was recovered.
The top 5 hacking incidents are as follows: - Thala: $25.5 million (recovered $25.2 million + $300,000 bug bounty); - DEXX: $21 million; - Gifto: $12 million; - PolterFinance: $8.7 million; - DeltaPrime: $4.75 million.
Former CFTC Chairman: The SEC is likely to abandon the lawsuit against Ripple.
Former CFTC Chairman Chris Giancarlo discussed the highly publicized SEC lawsuit against Ripple regarding XRP in an interview this week.
The SEC charged Ripple with issuing XRP in violation of securities laws, with the federal court ruling that some issuances qualify as securities while others do not. Giancarlo believes the SEC should reconsider its approach, especially given recent legal outcomes and the potentially changing regulatory environment.
When asked if the SEC would abandon the Ripple lawsuit, Giancarlo stated: 'I think they should... I bet they will.'
Project News
Nansen CEO: Currently ranked 9th among STRK staking validators.
Nansen CEO Alex Svanevik stated that Nansen currently ranks 9th among STRK staking validators. According to relevant data, the current total amount of STRK staked has reached 76,123,003.743 coins, accounting for 3.37% of the total circulating supply, with Nansen's staked amount reaching 804,994.064 STRK, accounting for 1.05% among all staking validators.
Publicly traded company Hyperscale Data: Bitcoin mining output of 640 BTC so far this year.
Nasdaq-listed company Hyperscale Data announced that as of November 26, 2024, the company's Bitcoin mining business has produced a total of 640 BTC, with approximately 380 BTC mined in Michigan and the remaining approximately 260 BTC from previously hosted mining machines by Core Scientific, Inc.
In addition, the company revealed that it is currently attempting to transform into a pure AI data center.
ENS domain registration in November saw an increase of 8,664, hitting a new low since April 2021.
Dune data shows that in November, the number of new domain registrations for Ethereum Name Service (ENS) was 8,664, hitting a new low since April 2021.
Furthermore, the total number of active domain names currently stands at 1,811,983, with the number of independent ENS user addresses reaching 875,047, and the number of name sets reaching 899,849.
The head of the Base protocol praised Hyperliquid and reiterated that there is currently no plan to issue tokens for Base.
Base protocol head Jesse Pollak stated: 'Hyperliquid shows that it's good to build a product that people love before injecting pricing complexity.'
We see the same thing happening on Base—starting without tokens allows us to focus on solving real problems, which means we must genuinely strive for it every day.
It should be clear: Hyperliquid is not the only data point in this regard. In fact, the entire history of startups points to this. Without a doubt, the most important thing is to build a world-class product that people love. That's it.
To reiterate: We have no plans to launch a Base network token. We are focused on building. We want to solve real problems and help people build better. I would appreciate your feedback on areas where we can improve.
Jito founder: Jito generated 9.2 million SOL for validators and stakers in November, with the new version v2 expected to be released early next year.
Jito founder buffalu stated: 'The Jito Labs Block Engine team has been advancing development work, focusing on reliability and performance.'
- Reduce reliance on centralized databases; - Better and faster network retries; - Improved performance of load balancers; - Enhanced auction logic leading to lower latency and more transactions.
Investment and Financing
Amber Group's subsidiary Amber DWM has reached a final merger agreement with Nasdaq-listed company iClick.
Nasdaq-listed company iClick Interactive Asia Group Limited announced it has signed a final agreement and merger plan with Overlord Merger Sub Ltd. (Merger Sub). Merger Sub is an exempt company from the Cayman Islands and is a direct wholly-owned subsidiary of iClick and Amber DWM Holding Limited (Amber DWM).
Amber DWM is a digital wealth management subsidiary of Amber Group, branded as 'Amber Premium', serving institutions and high-net-worth clients.
According to the merger agreement, Merger Sub will merge with Amber DWM, which will continue as a surviving entity and become a wholly-owned subsidiary of the company. Amber DWM's shareholders will exchange all issued and outstanding shares of Amber DWM for newly issued Class A and Class B common stock of the company, and the transaction is not subject to registration requirements under the Securities Act of 1933.
Stablecoin issuance protocol usdx.money completed a $45 million financing, reaching a valuation of $275 million.
The synthetic stablecoin issuance protocol usdx.money announced last Friday that it has successfully completed its latest round of financing, bringing the project's valuation to $275 million. This round raised approximately $45 million, with major investors including NGC, BAI Capital, Generative Ventures, UOB Venture Management, among others, with some investors providing funds through warrants. The project's existing supporters include Dragonfly Capital and Jeneration Capital.
usdx.money aims to build next-generation stablecoin infrastructure, with USDX as its first stablecoin product. After completing the financing, usdx.money will further accelerate its ecological layout and promote the applications of stablecoins USDX and sUSDX in multiple fields.
Regulatory Trends
The Financial Services Agency of Japan recommends relaxing reserve requirements for trust banks issuing stablecoins and implementing travel rules.
The Financial Services Agency of Japan (FSA) recently presented some ideas regarding cryptocurrencies and stablecoins to the Financial System Council's Payment Services Working Group, mentioning its unwillingness to allow banks other than trust banks to issue stablecoins. For stablecoins issued by trust banks, the FSA hopes to relax the current requirement that all assets must be held in the form of bank demand deposits. However, the FSA also hopes to implement travel rules, requiring KYC for transfers of stablecoins issued by trust banks.
Japan passed stablecoin legislation in 2022, supporting banks, licensed remittance companies, and trust companies to issue stablecoins. As part of its working group's presentation, the Financial Services Agency distinguished between stablecoins issued on permissioned blockchains and those on public blockchains. It expressed satisfaction with the existence of these three types of stablecoins on permissioned chains but was cautious about allowing licensed deposit institutions to issue stablecoins on non-permissioned chains.
The Financial Services Agency of Japan proposed light legislation for non-exchange cryptocurrency intermediary institutions.
Japan is considering new light legislation for cryptocurrency intermediary institutions that are not cryptocurrency exchanges. Recently, the Financial Services Agency (FSA) has put forth its ideas to the Financial System Council's Payment Services Working Group.
Japan introduced legislation in 2017 for cryptocurrency asset trading service providers (CAESP), covering the buying and selling of cryptocurrencies, acting as brokers, managing funds related to these services, or providing custody. However, many so-called introducers who do not operate cryptocurrency exchanges do not consider themselves as CAESP.
As a result, the Financial Services Agency is considering proposals to require them to register as intermediaries. Introducers are obligated to provide information to users, will face advertising restrictions, and may incur liability for damages if problems arise. The FSA is also considering how to handle damage compensation. Current regulations for other financial service intermediaries not belonging to larger groups require providing collateral to cover potential damages. If the intermediary is affiliated with a cryptocurrency exchange, damage compensation may be borne by the exchange.
The Russian Ministry of Industry and Trade has requested to extend the timeline for the rollout of the digital ruble by two years.
The Russian Ministry of Industry and Trade has requested to extend the timeline for the rollout of the digital ruble by two years, similar to the timeline given to small retailers. In October, the Central Bank of Russia announced the timeline for introducing the digital ruble, which is part of a bill submitted to the State Duma. The large-scale rollout date is set for July 1, 2025. By then, the largest banks and retailers must support the central bank digital currency (CBDC).
The July 1 deadline applies to retailers with a turnover exceeding 30 million rubles ($274,000). Retailers with revenues between 20 million and 30 million rubles can receive an additional year, and small companies can receive an additional two years. The Ministry noted that there are currently no rules for the operation and functioning of the digital ruble, so retailers do not have enough time to prepare and adjust their point-of-sale software. Trade organizations agree with this view. The Retail Companies Association (ACORT) stated in a letter: 'We believe it is necessary to avoid setting specific deadlines for the legislative launch of the system at the trade level and to specify at least a two-year transition period, during which companies will carry out the necessary work.'
Arthur Hayes: South Korea has postponed virtual asset taxation for two years, allowing the bull market to continue.
Arthur Hayes cited Korean media reports: 'The bull market can continue as South Korea's capital gains tax is postponed for another two years.'
Reports indicate that Park Chan-dae, the representative of the Democratic Party of Korea, stated today, 'We have decided to agree to postpone the taxation of virtual assets for two years.' Park announced this news at a press conference held in the National Assembly in Yeouido, Seoul, stating, 'After in-depth discussions on postponing the taxation of virtual assets, I believe it is now time to further reform the virtual asset tax.' Regarding the budget-related bill designated by National Assembly Speaker Yoo Won-sik, Park stated, 'The government proposed 13 bills, of which 8 have no issues between the ruling and opposition parties and will be passed. He added, 'Tomorrow's plenary session will handle and pass five bills. We will further discuss and decide on the handling direction today.' He emphasized, 'Some bills need to be rejected; I plan to reject the inheritance tax and gift tax bills.'
Voices of Individuals
Solana co-founder: We need national XRP reserves.
Solana co-founder toly stated on X: 'We need a national XRP reserve.'
Bitwise CEO: Participants should change their zero-sum mindset in a bull market and instead 'make the cake bigger.'
Bitwise CEO Hunter Horsley stated: 'Now is the time to cultivate an abundance mindset in the cryptocurrency sector. The bear market has bred a zero-sum mentality, where one party profits by taking share from others as the cake shrinks. But as of November this year, the total cryptocurrency market cap has surpassed the previous high of $3 trillion in November 2021.
The market is entering a period of an increasingly larger cake, and now is the time to shift our mindset. The winning mentality for this stage is to encourage maximizing the cake, increasing participation, treating participants well, and supporting teams to maximize their potential and strengths. If all of this happens, you will do very well. I am excited about restoring growth and prosperity.
Cathie Wood: Looking forward to a regulatory relaxation era for cryptocurrencies and digital assets after Trump's presidency.
Cathie Wood, founder and CEO of Ark Investment Management LLC, expressed her welcome for the era of regulatory relaxation following Trump's presidency, especially in technology, cryptocurrency, and digital assets.
'The U.S. has almost lost its footing in the cryptocurrency field,' Wood stated, citing 'overregulation' and the concerns of outgoing SEC Chairman Gary Gensler about the industry. Wood noted on a program last Sunday that crypto and AI are among the technological platforms that the U.S. must 'seize and navigate' to 'lead the way, just as we did in the internet space. Changes in the regulatory framework, with a focus on crypto and AI, will be very meaningful.'
Michael Saylor: It's a good suggestion for the younger generation to invest their savings in Bitcoin.
Bitcoin supporter and Stanford math PhD Fred Krueger stated: 'The advice for the younger generation is to focus all their energy on artificial intelligence and invest their savings in Bitcoin.' In response, MicroStrategy founder Michael Saylor remarked: 'That's a good suggestion.'
CZ shares management insights: Small decisions, big meetings; big decisions, small meetings.
CZ stated on X: 'Small decisions, big meetings; big decisions, small meetings.'
US Senator Lummis: It is very important to protect Bitcoin and those holding BTC in personal wallets.
U.S. Senator Cynthia Lummis stated: 'It is very important to protect Bitcoin and those holding BTC in personal wallets... We do not want to see this asset controlled by the government, as it is a great virtue.'
Gemini co-founder: The Fed, OCC, and FDIC's covert crackdown on the crypto industry is 10 times worse than the SEC's.
Gemini co-founder Cameron Winklevoss stated on X: 'The SEC's war on cryptocurrency is evil, but at least it's largely open. In contrast, the coordinated efforts of the Fed, OCC, and FDIC to eliminate cryptocurrency banking are conducted covertly under the cover of the Patriot Act and other federal privileges. So you can expect their actions to be 10 times worse than the SEC. It's time to unveil the veil that allows federal banking regulators to do this and persecute their political enemies.'
