Headlines
▌BTC breaks through $99,000
Market data shows that BTC has broken through $99,000, currently reported at $99,004, with a 24-hour increase of 0.43%. Market volatility is significant, please exercise good risk control.
▌Opinion: Quantum computing may crack lost bitcoins, challenging the narrative of scarcity
Advancements in quantum computing technology may redefine the traditional notion of "lost coins" in Bitcoin that cannot be recovered. The article notes that some early-generated and long-abandoned wallets (such as Satoshi Nakamoto's wallet) may be at risk due to their owners' inability to migrate keys to more secure encryption algorithms, potentially facing risks from quantum computing breakthroughs over old encryption technologies. This could allow some bitcoins considered permanently lost to re-enter circulation, thereby altering the narrative of scarcity. Although Bitcoin developers can protect active wallets through protocol upgrades, the network's adaptability is sufficient to meet the challenges of the quantum era, older wallets may become easier targets for future attacks, posing new challenges to Bitcoin network security.
Market
As of the time of writing, according to Coingecko data:
The recent transaction price of BTC is $99,827.48, with a daily fluctuation of +1.3%;
The recent transaction price of ETH is $3,510.85, with a daily fluctuation of +0.7%;
The recent transaction price of BNB is $704.62, with a daily fluctuation of +0.1%;
The recent transaction price of SOL is $198.70, with a daily fluctuation of +1.0%;
The recent transaction price of DOGE is 0.3375 yuan, with a daily fluctuation of +0.4%;
The recent transaction price of XPR is $2.31, with a daily fluctuation of -0.1%.
Policy
▌Opinion: Trump's Bitcoin reserve plan may become a watershed moment in the cryptocurrency market
Trump publicly supports the Bitcoin reserve plan, advocating that the US government hoard Bitcoin as a strategic asset. This plan has received support from political figures including Porter and Lummis and has drawn bipartisan interest. Trump's endorsement has given this previously marginalized concept political momentum and made it a watershed moment in the cryptocurrency market. California Democratic Representative and Wyoming Republican Senator have proposed incorporating Bitcoin into US reserve assets, partially relying on the US gold reserves. However, critics argue that this could reinforce the US's financial dominance and challenge the decentralized nature of Bitcoin. Nevertheless, supporters believe this move could help address the debt crisis and promote global financial innovation.
▌Hashgraph Group has obtained a fund management license in Abu Dhabi and will launch a $100 million Web3 fund
The Switzerland-based Hashgraph Group has obtained a fund management license from the Abu Dhabi Global Market (ADGM). The license obtained by Hashgraph Group's Hashgraph Ventures Manager allows it to launch a $100 million Web3 venture capital fund from the Abu Dhabi Global Market (ADGM).
Hashgraph Group will invest $20 million, or 20% of the fund, as seed capital. The fund will focus on investing in startups and established companies within the Hedera ecosystem. The fund will prioritize strategic investments in companies in the Web3 and deep tech sectors (developing solutions in artificial intelligence (AI), blockchain, robotics, and quantum computing). Eligible projects will have the opportunity to participate in Hashgraph Association's startup studio program.
Blockchain Applications
▌The Agridex platform on the Solana chain has completed its first coffee transaction, potentially driving a wave of agricultural asset tokenization
The Agridex platform on the Solana chain has completed its first coffee transaction, exporting coffee from the UK brand Tiki Tonga to South Africa, settling in South African Rand for British Pounds, with a transaction fee of only 0.5%, lower than the traditional 5% to 7% cross-border fees. Agridex also supports instant settlement for various agricultural products, including livestock, wine, and olive oil.
Cryptocurrency
▌Pump Science: Tokenomics design has been completed
Pump Science posted on the X platform that the tokenomics design has been completed, including: 5% of the future token supply will be allocated to previous token holders (at the time of migration); holders of more PS tokens (RIF, URO) will be eligible to receive new tokens; this will continue as long as new products are launched (forever).
In addition, Pump Science stated that the BIO Protocol will airdrop BIO to holders of URO and RIF, awaiting governance approval to connect BIO to Solana, with more airdrops under consideration.
▌Analysis: Bitcoin derivatives data suggests the price may break through $105,000
According to Cointelegraph's analysis, Bitcoin recently rose by 6.5%, breaking through $98,000 but failed to breach key resistance levels. Derivatives market data indicates that Bitcoin remains neutral to bullish, suggesting that price fluctuations have not significantly affected market sentiment. This supports the possibility of Bitcoin continuing to rise above $105,000.
▌Report: Cryptocurrency OTC trading volume has surged in recent months, with election results being an important driving force
Several cryptocurrency trading firms have recently reported a rapid growth in OTC trading volume in recent months, with election results being an important driving force. Tim Ogilvie, head of institutional business at Kraken exchange, stated: "OTC trading is currently exceptionally active, with trading volumes surging along with prices." He revealed that Kraken's OTC trading volume has increased by 220% year-on-year, with other trading firms reporting similar growth.
Jake Ostrovskis, an OTC trader at market maker Wintermute, pointed out that the market was relatively calm at mid-year, but as the elections approached, prices rose, and market participants began actively preparing for the election results. Similarly, Embert Lin, a trader at market maker GSR, noted that company trading volumes have significantly increased since the election. With the rise in prices of Bitcoin, Ethereum, and altcoins, projects and investors are significantly more active in managing funds and risks at these price levels, while also seeking new opportunities beyond BTC and ETH.
A trader from an OTC firm privately revealed that recent trading volumes have easily reached levels seen during the peak of the cryptocurrency market in 2021. Additionally, Brett Reeves, head of Go Network at cryptocurrency custody firm BitGo, noted that election results have been the main driver of the recent surge in trading volume, with two-thirds of the trading volume generated within three months after the election results were announced.
▌An Ethereum ICO whale deposited 4,160 ETH, approximately $14.5 million, into Kraken 3 hours ago
According to Spot On Chain monitoring, 3 hours ago, an Ethereum ICO whale deposited 4,160 ETH (approximately $14.5 million) into Kraken. Notably, this whale obtained 20,000 ETH (worth $6,200 at the time) in July 2015 from the genesis block, staking it for rewards, and frequently sells during peaks, still holding about 7,043 ETH ($24.6 million).
Important Economic Dynamics
▌US media: Democrats dislike Trump, but they are very much looking forward to Biden's departure
According to The Hill, US President Biden is preparing to leave the White House quietly. His public appearances since the election have barely caught the media's attention. In contrast, Trump has dominated much of the public's attention even before his second inauguration. Republicans have stated that Biden's absence at significant moments was to be expected. However, Democrats have not taken any action to support their party leader but have expressed expectations for Biden's departure, even if they do not like the person who will take over. Some Democrats have indicated that they do not mind Trump stealing the limelight in the last month, noting that his behavior has not been inappropriate and appears more restrained than eight years ago. Some sources have indicated that Biden's pardon of his son has left Democrats feeling "disgusted" and "thoroughly" annoyed with the "whole Biden world." This reflects the feelings many Democrats have toward Biden, believing he should choose not to run for re-election or should withdraw from the 2024 race earlier. Former Democratic National Committee official Ivan Zapien stated: "Failure is not fun... I wouldn't say it's Biden fatigue; it feels more like a 'well, too bad, let's get ready for the next (election).'"
▌The probability of the Federal Reserve maintaining interest rates unchanged in January next year is 91.4%
According to CME's "FedWatch", the probability of the Federal Reserve maintaining interest rates unchanged in January next year is 91.4%, with an 8.6% probability of a 25 basis point rate cut. The probability of maintaining the current rate unchanged by March next year is 52.1%, with a cumulative probability of a 25 basis point rate cut at 44.2% and a cumulative probability of a 50 basis point rate cut at 3.7%.
Golden Encyclopedia
▌What is the RLUSD stablecoin from Ripple Labs?
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 transactions and trading. As a stablecoin pegged to the US dollar, 1 RLUSD equals 1 dollar. Each RLUSD maintains a 1:1 peg. The collateral assets are either US dollar deposits or cash equivalents.
Disclaimer: As a blockchain information platform, Jinse Finance's published articles are for informational reference only and should not be construed as actual investment advice. Please establish correct investment concepts and be sure to enhance risk awareness.
