Headline
▌OpenAI fully opens the o1 model API, with costs reduced by 60%.
In the early hours of the 18th, OpenAI launched the 9th day of technical sharing live broadcast, officially releasing the API for the o1 model, and significantly upgrading the real-time API to support WebRTC. The o1 model's API has reduced cognitive costs by 60% compared to the previous preview version, and comes with advanced visual features; the audio cost for GPT-4o has decreased by 60%, while the price of the mini version has dropped tenfold. OpenAI also released a brand new preference fine-tuning method, allowing large models to better grasp user preference styles through direct preference optimization algorithms.
▌Ripple officially launched the stablecoin RLUSD.
Ripple has officially launched the stablecoin RLUSD.
Market
As of press time, according to data from Coingecko:
BTC's recent trading price is $106,109, with a daily fluctuation of +0.2%;
ETH's recent trading price is $3,888.84, with a daily fluctuation of -2.2%;
BNB's recent trading price is $718.84, with a daily fluctuation of +0.1%;
SOL's recent trading price is $224.18, with a daily fluctuation of +4.0%;
DOGE's recent trading price is $0.3947, with a daily fluctuation of -1.3%;
XPR's recent trading price is $2.57, with a daily fluctuation of +4.0%.
Policy
▌Over the past week, crypto advocates sent tens of thousands of emails to the U.S. Senate opposing the renomination of SEC Commissioner Crenshaw.
Over the past week, tens of thousands of emails from crypto advocates flooded into the U.S. Senate, urging them to oppose the vote for the renomination of SEC Commissioner Caroline Crenshaw.
According to a statement released on Tuesday, 52,000 supporters of the nonprofit Standwith Crypto sent approximately 107,000 emails to U.S. Senators. This situation occurred about a week after the U.S. Senate Banking Committee canceled the vote on the renomination of SEC Democrat Commissioner Caroline Crenshaw for the second time.
▌The Ohio House of Representatives in the U.S. submitted a bill to establish a strategic Bitcoin reserve.
The Ohio House of Representatives in the U.S. submitted a bill to establish a strategic Bitcoin reserve for the state.
▌Fox reporter: Incoming crypto czar David Sacks will meet with lawmakers on Capitol Hill this week.
According to Fox Business reporter Eleanor Terrett's post on platform X, incoming crypto and AI czar David Sacks will meet with lawmakers on Capitol Hill this week, and Speaker Mike Johnson expressed his anticipation to meet with Sacks and Kash Patel, the FBI director nominated by Trump.
▌Fox reporter: The Democrats could again propose the nomination of SEC Commissioner Crenshaw, but it will be up to Trump to decide.
According to Fox Business reporter Eleanor Terrett's post on platform X, after the Senate Banking Committee abandoned the push to renominate anti-crypto SEC Commissioner Caroline Crenshaw, Crenshaw remains on the committee and can serve until her successor is confirmed or until Congress recesses next year.
According to congressional procedures, the minority party (in this case, the Democrats) typically recommends candidates to fill the minority party seats on the committee. The president can choose to heed their advice but is not obligated to do so. Therefore, Democrats may again propose Crenshaw's nomination at the request of Elizabeth Warren, but whether to renominate her will be up to Donald Trump himself.
▌U.S. Treasury: Has taken action to shut down a North Korean cryptocurrency money laundering network.
The U.S. Treasury announced on Tuesday that it has taken action to shut down a North Korean cryptocurrency money laundering network that has laundered millions of dollars for a global crypto crime organization in North Korea.
According to a press release from the U.S. Treasury's Office of Foreign Assets Control (OFAC), a shell company based in the UAE named Green Alpine Trading, LLC, was found to be converting cryptocurrency into cash to fund North Korea. The U.S. government's sanctions office has blacklisted this company.
Blockchain Applications
▌U.S. compliance HR tech service provider Remote collaborates with Stripe to launch USDC payment service.
U.S. compliance HR tech service provider Remote announced a partnership with Stripe, allowing U.S. companies using their services to pay contract employees in USDC across 69 countries. This feature first supports Coinbase's L2 blockchain Base and is available for U.S. clients, allowing contract employees to receive payments in USDC simply by selecting a new withdrawal method and adding their Base network wallet address, while their employers settle in U.S. dollars.
Cryptocurrency
▌Bloomberg analysts predict a wave of crypto ETFs next year, with XRP and SOL possibly following LTC and HBAR ETFs.
Bloomberg senior ETF analyst Eric Balchunas stated on platform X: "We expect a wave of cryptocurrency ETFs next year, although they won't all appear at once. The first likely to come is a BTC+ETH combination ETF, followed by Litecoin (because it is a fork of BTC, i.e., a commodity), then HBAR (because it is not classified as a security), followed by XRP and Solana (which are classified as securities in pending litigation)."
▌Analysis: If Bitcoin rises to $138,000, MicroStrategy's market cap will exceed that of Starbucks and Nike.
If Bitcoin rises to $138,000, MicroStrategy's market cap will exceed that of Starbucks and Nike.
MicroStrategy holds 439,000 BTC, making it the largest corporate holder of Bitcoin, surpassing Marathon Digital's 40,435 BTC holding by 985%. Analysts say monitoring the price of BTC can directly predict MSTR's market cap potential. According to MicroStrategy's net asset value (NAV) worksheet, its fully diluted market cap is $114 billion, while the derived MSTR NAV is about $40 billion. For every $1,000 increase in BTC, MSTR's market cap increases by about $440 million. Thus, if Bitcoin rises 11% to $118,810, MicroStrategy's market cap will surpass Starbucks' valuation. If BTC rises 32% to $140,000, MSTR's market cap will exceed Nike's. The condition for exceeding Nike's market cap is that MicroStrategy does not increase its current BTC holdings.
▌Babylon co-founder: Staking will determine Bitcoin's position in the global digital economy.
Fisher Yu, co-founder of the Babylon project, wrote that staking will determine Bitcoin's position in the global digital economy next year. In addition to benefiting retail investors by allowing them to earn passive rewards from their held BTC, Bitcoin staking also provides an attractive opportunity for businesses and governments, with global governments holding about 2.2% of the Bitcoin supply as of August 2024.
The article states that the tremendous opportunities brought by Bitcoin staking are expected to transform Bitcoin from a store of value and medium of exchange into an active asset, further incentivizing broader participation in decentralized systems and digital assets. Bitcoin staking may just be the beginning of Bitcoin as an innovative foundation. In 2025, we may see the emergence of other native use cases that will continue to solidify Bitcoin's position as a foundational asset in the global financial ecosystem.
▌Coinbase delisted wBTC due to the unacceptable risks posed by Justin Sun.
According to CoinDesk, Coinbase (COIN.O) announced that it will delist wBTC due to the 'unacceptable risks' posed by Justin Sun. Last week, the issuer of wBTC, BiT Global, filed a broad lawsuit accusing Coinbase of improperly favoring its competitor cbBTC. However, in a 25-page response, Coinbase stated that this decision was related to the involvement of crypto billionaire and Tron blockchain founder Justin Sun, who has also been accused of fraud and market manipulation in the U.S. According to Coinbase's documents, Justin Sun is linked to wBTC through a partnership announced in August. Coinbase stated, 'Given Justin Sun's involvement, Coinbase and many other companies in the industry have serious doubts about whether BiT can be a reliable manager.'
▌BlackRock released a 3-minute educational video on Bitcoin.
BlackRock released a 3-minute educational video explaining what Bitcoin is, stating in the video: "Bitcoin is an emerging currency alternative, and time will tell us the extent of its widespread adoption."
▌For the first time since the beginning of 2023, the BTC-EUR market share has exceeded BTC-JPY.
Since the beginning of 2023, the BTC-EUR market share has surpassed BTC-JPY for the first time, and by trading volume, it is now the third largest BTC-fiat currency pair. The increase in BTC-EUR trading volume indicates a growing interest among European investors in Bitcoin. This may be the result of various factors working together, including the economic situation in the Eurozone, changes in regulatory policies, and increased awareness of digital assets among European investors.
Important Economic Dynamics
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 95.4%.
According to CME's 'FedWatch', the probability that the Federal Reserve will maintain current interest rates until December is 4.6%, while the cumulative probability of a 25 basis point cut is 95.4%. The probability of maintaining current rates until January next year is 3.8%, while the cumulative probability of a 25 basis point cut is 79.9%, and the cumulative probability of a 50 basis point cut is 16.3%.
▌U.S. stock markets closed lower, with the Dow Jones experiencing its longest consecutive decline in nearly half a century.
All three major U.S. stock indices closed lower, with the Nasdaq down 0.32%, the S&P 500 down 0.39%, and the Dow down 0.61%. Among them, the Dow recorded a nine-day consecutive decline, marking the longest streak since February 1978. Most large tech stocks fell, with Intel and Nvidia down more than 1%, while Netflix, Google, Amazon, and Meta saw slight declines; Tesla rose more than 3%, and Apple and Microsoft saw slight increases. Nvidia entered the correction range; both Tesla and Apple continued to reach new highs.
Golden Encyclopedia
▌What is Rollup?
Rollup is a way of processing transactions on Layer 2 protocols that can free up valuable space on the base layer. Rollup folds transactions on the second layer one by one, sometimes folding them dozens of times, then rolls them together and sends the data back to Layer 1. There are mainly two types of Rollup, optimistic and zero-knowledge (ZK) proofs. Optimistic Rollup is a fairly straightforward term. This means that Rollup operates on an 'optimistic' basis, assuming transactions are valid unless a validator proves otherwise. They only check the validity of transactions when there is a dispute. ZK Rollup proves transactions without revealing any transaction data, hence the term 'zero-knowledge.' ZK Rollup provides instant finality as cryptographic proof ensures data validity. In many ways, Rollup is to your standard blockchain transaction what a Calzone is to a regular slice of pizza. By rolling up, you can pack in more.
Disclaimer: Golden Finance, as a blockchain information platform, provides articles for informational reference only and does not constitute actual investment advice. Everyone should establish the correct investment concept and be sure to enhance risk awareness.
