Headlines
▌U.S. Senator Cynthia Lummis proposed allowing the Federal Reserve to hold Bitcoin
U.S. Senator Cynthia Lummis of Wyoming recently mentioned the possibility of converting Bitcoin into a reserve asset and proposed how to implement the plan, including involving the Federal Reserve.
Lummis stated that she hopes to empower the Federal Reserve to buy and hold BTC as part of a larger strategic Bitcoin reserve plan to address the national debt issue. I want to hand it over to them. I hope our federal government has a strategic Bitcoin reserve to help support the dollar as the world's reserve currency.
▌MicroStrategy's Bitcoin purchases exceed levels from the 2021 bull market
According to the Saylortracker page, MicroStrategy purchased 27,200 BTC on November 10, 2024, at about $74,000 each. MicroStrategy purchased another 51,780 BTC on November 17, and then on November 24, purchased 55,500 BTC at approximately $97,000 each, setting the record for the largest BTC purchase ever.
During the 2020-2021 bull market, MicroStrategy's largest acquisition was on December 21, 2020, when it purchased 29,646 Bitcoin, with Bitcoin trading around $21,000.
Market
As of press time, according to Coingecko data:
The recent trading price of BTC is $94,858.45, with a daily fluctuation of -2.4%;
The recent trading price of ETH is $3,268.93, with a daily fluctuation of -1.9%;
The recent trading price of BNB is $648.19, with a daily fluctuation of -2.2%;
The recent trading price of SOL is $179.51, with a daily fluctuation of -0.5%;
The recent trading price of DOGE is 0.3112 yuan, with a daily fluctuation of -2.2%;
The recent trading price of XPR is $2.19, with a daily fluctuation of -2.1%.
Policy
▌Trump: Bo Hines will become the executive director of the Presidential Digital Asset Advisory Committee
According to Tree News, Trump has appointed former college football player and Republican House nominee Bo Hines as the executive director of the Presidential Digital Asset Advisory Committee (Crypto Council).
▌El Salvador strengthens its support for Bitcoin: purchasing Bitcoin in violation of the International Monetary Fund agreement
The Salvadoran government has made it clear that it will continue to promote Bitcoin as part of its economic strategy, even though the country has signed an agreement with the International Monetary Fund to gradually end its Bitcoin operations.
Stacey Herbert, director of the Bitcoin office in El Salvador, clarified that even after reaching an agreement, the country will continue to purchase Bitcoin at an 'accelerated' pace as part of its strategic Bitcoin reserve strategy. Herbert also explained on social media that Bitcoin will remain legal tender, and the government will continue to sponsor several cryptocurrency-focused educational programs.
▌Founder of Pulsechain placed on Europol's wanted list in Finland for fraud
Richard Shueler, founder of Hex, Pulsechain, and Pulsex, has been placed on the wanted list by Europol in Finland for fraud. He allegedly failed to submit corporate tax returns and provide income information. Additionally, he faces charges of assaulting a minor.
Blockchain Applications
▌Sui implements Bitcoin re-collateralization through SatLayer
The Bitcoin re-collateralization platform SatLayer announced on Wednesday that it will expand the use of Bitcoin in decentralized finance to the fast layer 1 blockchain Sui launched last year.
SatLayer stated in a statement that due to Sui's focus on fast transaction speeds, the integration of SatLayer will allow developers to leverage Bitcoin's $2.1 trillion market size to build DeFi applications that aim to exclude third parties from transactions in areas such as trading and lending.
▌Hamster Kombat: Season 2 will build the foundation of HamsterVerse with three games and is launching closed beta testing.
Hamster Kombat announces that Season 2 will start with three games instead of one, which will serve as the foundation for Hamster Verse. Hamster Verse is an entertainment ecosystem built around the characters and storylines of Hamster Kombat. All Hamster Verse games will regularly use the HMSTR token. The team is launching closed beta testing.
Cryptocurrency
▌Vancouver Mayor Ken Sim: Bitcoin is the best-performing asset of the past 16 years.
Vancouver Mayor Ken Sim: Bitcoin is the best-performing asset of the past 16 years. It is better than gold. It cannot be seized by military force. It can make Vancouver a world leader in Bitcoin innovation.
▌Securitize proposed using BlackRock's BUIDL fund as collateral for Frax USD
The brokerage firm Securitize of the digital liquidity fund (BUIDL) has submitted a proposal for improvement to Frax, adding BUIDL as collateral for the Frax USD stablecoin.
According to the improvement proposal, using BUIDL as a collateral reserve asset can provide yield opportunities, deeper liquidity, and transfer options, and can reduce counterparty risk due to support from the world's largest asset management company, BlackRock.
▌Analysts: Mainstream trading platforms in Europe and the US will be closed for Christmas, and a deleveraging trend before Trump takes office cannot be ruled out.
Analyst Adam from Greeks.live stated on social media that this Wednesday is Christmas, and major trading platforms in Europe and the US will go on break, with crypto funds typically showing outflows this week. Currently, ETFs are the main source of external funds for the crypto market, and the pressure from fund outflows on the crypto market is significantly higher than in previous years, with strong risk aversion in the market.
This round of the bull market has not seen significant pullbacks yet, and with funds tight during the Christmas holiday, a deleveraging trend before Trump takes office cannot be ruled out. The market has strong risk aversion. There are nearly $12 billion in options expiring in the options market, accounting for more than 40% of the current total positions, and large holders and market makers are actively adjusting their positions. Paying attention to the market can occasionally yield good opportunities for bargains. The expected volatility for this week's Christmas is not large, and the market is more focused on betting on the trend before and after Trump takes office at the end of January. Recently, it is still a good opportunity to buy options.
▌Arthur Hayes deposited 2 million ENA into Bybit, worth $2.06 million
According to OnchainLens monitoring, two hours ago, Arthur Hayes deposited 2 million ENA into Bybit, worth $2.06 million, at an average price of $0.97. Previously, he redeemed 9.01 million ENA and deposited $7 million ENA into Binance.
Important Economic Dynamics
▌Father of Keras: The Economics of Artificial Intelligence is About to Change Completely
Renowned AI expert and father of Keras, François Chollet, posted content on X stating that there is something very important to understand about the future: the economics of artificial intelligence is about to change completely. We will soon enter a world where the ability to convert test time calculations into capability will be critical—marginal costs will become crucial for the first time in software history.
Jinse Encyclopedia
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD equals 1 dollar. Each RLUSD maintains a 1:1 peg. These collateral assets are either US dollar deposits or cash equivalents.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Everyone should establish correct investment concepts and must enhance risk awareness.
