Headline

▌The Trump family's crypto project WLFI bought $250,000 ENA four hours ago and exchanged 103 cbBTC for WBTC

According to Onchain Lens monitoring, about four hours ago, the Trump family's crypto project WLFI (World Liberty) spent $250,000 USDC to purchase 231,726 ENA and exchanged 103 cbBTC worth $10.36 million for WBTC. So far this month, it has spent:

-$30 million USDC to purchase 8,105 ETH;

-$10 million USDC to purchase 103 cbBTC (exchanged for WBTC);

-$2 million USDC to purchase 78,387 LINK;

-$1.91 million USDC to purchase 6,137 AAVE;

-$750,000 USDC to purchase 741,687 ENA;

-$250,000 USDC to purchase 134,216 ONDO.

▌The Federal Reserve cuts interest rates by 25 basis points

The Federal Reserve concluded its 2024 annual interest rate decision, deciding to lower the benchmark interest rate by 25 basis points to a range of 4.25%-4.50%, marking the third consecutive rate cut, in line with expectations. In this year's eight decisions, the Federal Reserve has cumulatively reduced rates by 100 basis points, including one 50 basis point cut, two 25 basis point cuts, and five instances of maintaining rates.

Market

As of the time of writing, according to Coingecko data:

The recent trading price of BTC is $100,610, with a daily fluctuation of -5.5%;

The recent trading price of ETH is $3,646.73, with a daily fluctuation of -6.6%;

The recent trading price of BNB is $691.22, with a daily fluctuation of -4.1%;

The recent trading price of SOL is $207.61, with a daily fluctuation of -7.8%;

The recent trading price of DOGE is 0.36 yuan, with a daily fluctuation of -9.1%;

The recent trading price of XPR is $2.33, with a daily fluctuation of -9.7%.

Policy

▌Powell: The Federal Reserve has no intention of holding Bitcoin

Currently, there is an ongoing debate about whether the incoming Trump administration will establish a Bitcoin reserve. Federal Reserve Chairman Powell stated that the Federal Reserve has no intention of holding Bitcoin. Powell said at the press conference after the FOMC meeting: 'We are not allowed to hold Bitcoin.' Regarding the legal issue of holding Bitcoin, Powell stated, 'This is something Congress needs to consider, but we have no intention of seeking a change in the law.'

▌Trump and Musk oppose the spending bill, House Speaker proposes 'Plan B'

According to (The Hill), U.S. House Republican Speaker Johnson is considering a 'Plan B' to fund the government before the Friday shutdown deadline, as Republicans inside and outside Congress, including those from Trump's team, are criticizing his spending plans. Trump earlier also expressed to a Fox News host that he completely opposes the spending bill for the continuing resolution. This aligns with Musk's view, who stated that any legislator supporting the bill should step down. Two informed sources indicated that the alternative Johnson is considering is a 'clean' continuing resolution bill. This would require abandoning additional terms included in the initial 1,500-page spending plan negotiated by congressional leaders, including disaster aid and economic assistance for farmers.

▌U.S. Federal Judge rules Coinbase can delist WBTC

U.S. Federal Judge Araceli Martínez-Olguín ruled to dismiss the request for a temporary restraining order submitted by Hong Kong company BiT Global, allowing Coinbase to continue its plan to delist Wrapped Bitcoin (WBTC) from its platform. The judge found that BiT Global failed to demonstrate that Coinbase's actions would cause it 'imminent and irreparable harm.'

Blockchain applications

▌Arkham announces it will integrate Sui blockchain data

According to the official announcement, Arkham has announced it will integrate Sui blockchain data, including entity/address pages, Arkham dashboards, real-time alerts, visualization tools/trackers, etc. Reportedly, the Sui ecosystem has achieved significant growth in recent months, with a trading volume of approximately $2.93 billion in the past week and a stablecoin value of $300 million on the network.

▌Deutsche Bank launches Layer 2 network based on ZKsync technology

German financial giant Deutsche Bank is developing an Ethereum Layer 2 blockchain network based on ZKsync technology. The project aims to address compliance challenges in regulated finance by improving transaction efficiency and enhancing regulatory compliance.

This development is part of Project Guardian, promoted by the Monetary Authority of Singapore (MAS), and Deutsche Bank's L2 network is named Project Dama 2. The project brings together 24 financial institutions to explore the tokenization of blockchain assets.

Cryptocurrency

▌Avalanche may carry out a Christmas airdrop for users who vote on Retro9000

The Avalanche Foundation announced on X that it will conduct a RETRODROP event and attach an icon resembling an airdrop, stating, 'A Christmas surprise will be prepared for those who vote on Retro9000.'

Earlier news reported that Avalanche announced plans to launch a $40 million funding program Retro9000 aimed at rewarding developers building on Avalanche9000.

▌Kelp DAO announces KERNEL token economics, with 20% of the total token supply allocated for airdrops

The re-staking project Kelp DAO announced on the X platform the KERNEL token economics, with 20% allocated for airdrops; 35% for future community rewards. 5% for ecosystem and partners. 20% for private sale. 20% for team and advisors. Additionally, 20% of the tokens are allocated for three airdrop seasons.

▌Placeholder partner: Market correction after the Federal Reserve FOMC meeting, avoid overtrading

Placeholder partner Chris Burniske stated on X: 'If you feel frustrated that you couldn't sell before the market correction after the Federal Reserve FOMC meeting, please understand that you actually have no significant advantage in predicting market reactions. Consider this experience as an opportunity to slow down. Avoid overtrading. In the long run, as long as you are patient, you will be fine.'

▌JPMorgan: Trump's victory opens a new era for U.S. crypto, the choice of CFTC chairman will be particularly important

JPMorgan (JPM) stated in a report on Wednesday that Donald Trump's victory in the November presidential election has opened a new era for cryptocurrency in the U.S., noting that the total market value of cryptocurrencies has increased by about 65% since his election.

Analysts led by Kenneth Worthington wrote: 'The new government not only brings a crypto-friendly sentiment but also shows enthusiasm for promoting this asset class; the nomination of the Commodity Futures Trading Commission (CFTC) chairman is a missing piece in the government’s support for the cryptocurrency agenda. This position is important because it could play a significant role in regulating Bitcoin (BTC) and Ether (ETH).'

Important Economic Dynamics

▌Analysts: Concerns about the Federal Reserve resuming rate hikes may be premature

Analyst Jersey noted that some are concerned that the new U.S. government's policies may trigger inflation, leading to the Federal Reserve raising interest rates before the end of 2025, but this may be somewhat premature, as the implementation of new policies takes a long time. However, considering the next step may be rate hikes, which seemed unlikely four months ago, the yield curve may steepen. However, such actions may not happen until we get more data.

▌Hong Kong Monetary Authority cuts interest rates by 25 basis points

The Hong Kong Monetary Authority has lowered the benchmark interest rate by 25 basis points to 4.75%, following the Federal Reserve's announcement of a 25 basis point rate cut earlier.

▌Trump and Vance issue a joint statement calling on Congress to start discussing the debt ceiling issue now

Incoming U.S. President Trump and Vice President-elect Vance issued a joint statement on X, stating, 'Raising the debt ceiling is not a good thing, but we prefer to do it during Biden's term.' 'If Democrats are unwilling to cooperate on the debt ceiling issue now, who would think they would cooperate in June when we are in power? Let's have this debate now,' Trump and Vance said in the statement. Trump and Vance also called on Congress to 'pass a streamlined spending bill to prevent U.S. Senate Majority Leader Schumer and the Democrats from doing as they please.'

Golden Encyclopedia

▌What is Rollup?

Rollup is a way to process transactions on Layer 2 protocols, freeing up valuable space on the base layer. Rollups fold transactions on the second layer one by one, sometimes folding dozens of times, then rolling them together and sending the data back to Layer 1. There are mainly two types of Rollup, optimistic and zero-knowledge (ZK) proofs. Optimistic Rollup is a relatively clear term. This means the Rollup operates on an 'optimistic' approach, assuming transactions are valid unless proven otherwise by a validator. They only check the validity of transactions in case of disputes. ZK Rollup proves transactions without revealing any transaction data. Thus, it is called 'zero-knowledge.' ZK Rollups provide instant finality, as cryptographic proofs guarantee data validity. In many ways, Rollup is to your standard blockchain transaction what Calzone is to a regular slice of pizza. By rolling up, you can fit more in.

Disclaimer: Golden Finance, as a blockchain information platform, publishes articles for informational reference only and should not be considered as actual investment advice. Everyone should establish correct investment concepts and raise risk awareness.