Headline
▌Gemini Trust agrees to pay $5 million to settle CFTC charges
Gemini Trust, led by Cameron and Tyler Winklevoss, agreed to pay $5 million to settle a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) due to misleading statements made to regulators. In the 'proposed consent order' signed by both parties on Monday, the company agreed to settle but neither admits nor denies the allegations in the agency's complaint.
The CFTC sued Gemini in June 2022 for making 'false or misleading statements of material fact'. The agency stated that Gemini made these statements to the CFTC during the period from around July 2017 to December 2017, when the company was undergoing an evaluation of Bitcoin futures contracts. The agency indicated in 2022 that Gemini allegedly made these statements regarding whether the proposed Bitcoin futures contracts were 'susceptible to manipulation'.
▌Nvidia surpasses Apple to become the world's largest company by market capitalization
Golden Finance reports, according to CompaniesMarketCap data, that Nvidia has surpassed Apple to become the world's largest company by market capitalization.
Data shows that Nvidia's market capitalization is approximately $3.72 trillion, while Apple's market capitalization is about $3.719 trillion.
Market
As of the time of writing, according to Coingecko data:
The recent transaction price of BTC is $102,047, with a daily fluctuation of +3.5%;
The recent transaction price of ETH is $3,678.16, with a daily fluctuation of +1.1%;
The recent transaction price of BNB is $729.31, with a daily fluctuation of +2.8%;
The recent transaction price of SOL is $217.88, with a daily fluctuation of +2.1%;
The recent transaction price of DOGE is $0.3869, with a daily fluctuation of +1.4%;
The recent transaction price of XPR is $2.41, with a daily fluctuation of +0.4%.
Policy
▌US court documents show that the number of victims in the Do Kwon case may exceed one million
According to Cointelegraph, the prosecutors responsible for overseeing the criminal case of Terraform Labs co-founder Do Kwon estimate that after the collapse of the Terra ecosystem, Do Kwon may have caused over one million victims worldwide. On January 6, the acting US attorney Daniel Gitner submitted a document to the court notifying about the procedures for informing Kwon's victims of their rights in the criminal case. According to the US attorney, the government will establish a website regarding the public procedures for Kwon's case, as other methods of providing rights protection for victims are 'impractical'.
Gitner stated: 'Given the massive volume of trades in Terraform cryptocurrencies and the nature of these trades (many of which were conducted on foreign exchanges through digital asset wallets or cryptocurrency trading accounts without personal identifying information), it is difficult to precisely quantify the number of Kwon's victims. However, the government estimates that the number of victims in this case exceeds hundreds of thousands of individuals and entities, and may total over one million.'
▌A US judge rejected Trump's request to delay the ruling process for his 'hush money' case
On January 6 local time, Judge Juan Merchan of the New York State Supreme Court rejected President Trump’s request to delay the ruling process for his 'hush money' criminal case. It is reported that Trump’s lawyers may continue to appeal to the New York appellate court.
Earlier on the 6th, Trump's lawyers appealed the ruling in his 'hush money' criminal case, requesting the judge to postpone the ruling process scheduled for this week. A 12-member jury ruled on May 30, 2024, that Trump falsified business records in connection with a $130,000 'hush money' payment to a pornographic film actress to conceal it during the 2016 US presidential election, and found him guilty of 34 criminal charges under New York state law.
▌The US Congress officially certifies Trump as president, with Vance elected as the next vice president
US Vice President Harris announced on January 6 local time during the joint session of Congress that the members of both the House and Senate officially certified the electoral vote count for the 2024 US presidential election, confirming Trump received 312 electoral votes and was elected the next president, while Vance was elected the next vice president. (CCTV News)
▌Canadian Prime Minister Trudeau announces resignation as Liberal Party leader
Canadian Prime Minister Trudeau delivered a speech on January 6 local time, announcing his resignation as leader of the Liberal Party. Trudeau will continue to serve as Prime Minister of Canada until the Liberal Party elects a new leader, who will replace him as Prime Minister. Additionally, on the morning of the 6th, Trudeau met with Governor General Mary Simon, requesting an extension of the parliamentary recess until March 24.
Blockchain Applications
▌Animoca Brands co-founder: Memecoins are expected to launch their own L1 or L2
Animoca Brands co-founder Yat Siu stated in an interview that the crypto industry is at a turning point, similar to the turning point he observed when the internet first transformed business in the 1990s. The first part of the mass adoption of cryptocurrency by 2025 is stablecoin adoption, and the next step is to expand memecoins more widely across the entire blockchain ecosystem.
Yat Siu stated: 'I expect memecoins to launch their own L1 or L2. They are no longer just tokens; they are building communities and ecosystems. Memecoins are essentially cultural symbols. They are attracting attention and constructing narratives that resonate with people beyond financial speculation.'
Cryptocurrency
▌Nasdaq applies to raise the position limit for BlackRock's Bitcoin spot ETF from 25,000 to 250,000 shares
According to a public regulatory document, Nasdaq has submitted an application to the US Securities and Exchange Commission (SEC) to raise the position limit for BlackRock's spot Bitcoin ETF (IBIT) from 25,000 shares to 250,000 shares. It should be noted that this application still requires SEC approval to take effect; the position limit refers to the maximum shares that a single investor or institution can hold in this ETF.
The head of Bitwise Alpha Strategies stated: 'Considering the increasing trading volume of the ETF, it is reasonable to raise the position limit to at least 400,000 shares. The requests from Nasdaq and BlackRock are justifiable and supported by facts.'
▌MicroStrategy has purchased Bitcoin for nine consecutive weeks, with a total holding value of approximately $44.3 billion
MicroStrategy Inc. purchased $101 million in Bitcoin, previously announcing plans to use perpetual preferred stock, common stock, and debt to buy more cryptocurrency. The enterprise software company based in Tysons Corner, Virginia, has purchased Bitcoin for nine consecutive weeks, with co-founder and chairman Michael Saylor aiming to advance its Bitcoin holding strategy. The company holds approximately $44.3 billion in Bitcoin. According to documents from the US Securities and Exchange Commission, MicroStrategy purchased 1,070 Bitcoins at an average price of around $94,000 on December 30 and 31. The company stated on Friday that it plans to raise up to $2 billion in the first quarter through the issuance of one or more perpetual preferred stocks. The preferred stock issuance is part of a broader plan to raise $42 billion in capital through public equity and convertible debt offerings by 2027.
▌JPMorgan: Inflation and geopolitical risks may support the demand for gold and Bitcoin in the long term
JPMorgan noted in a research report that the so-called 'devaluation trades' flooding into gold and Bitcoin as investors prepare for ongoing geopolitical uncertainty will 'continue to exist'.
The bank stated that as investors increasingly seek tools to hedge against geopolitical risks and inflation, gold and Bitcoin 'seem to have structurally become more important components in investors' portfolios', citing 'record capital inflows into the cryptocurrency market in 2024.'
JPMorgan stated that 'devaluation trades' refer to the growing demand for gold and Bitcoin due to various factors (including 'structurally higher geopolitical uncertainty since 2022, persistent high uncertainty about long-term inflation prospects, and concerns over 'debt devaluation' caused by sustained high government deficits in major economies', among others).
▌CryptoQuant analyst: This bull market is likely to reach a cyclical peak in Q1 of 2025 or at the latest Q2
CryptoQuant analyst Crypto Dan stated in an article on January 6 that the bull market that began in January 2023 is likely to reach a cyclical peak in the first quarter of 2025 or at the latest in the second quarter. The article stated: 'With a large influx of new investments and additional funds from existing investors, we can reasonably expect that the market is currently in the later stages of this cycle.'
The post states: 'Therefore, the expectation of a significant rise in Bitcoin and altcoins remains worth looking forward to. Nevertheless, from a conservative perspective and considering risk management, it is still advised to act cautiously.'
▌Sui TVL has exceeded $2 billion, setting a new record
On January 7, news came that the public chain Sui announced on platform X that its total locked value (TVL) has exceeded $2 billion, setting a new historical high, achieving the milestone of $1 billion in just three months. Sui stated that the recently announced and launched stablecoins, wallets, and lending protocols have spurred Sui's growth. Industry giants such as Grayscale, VanEck, and Franklin Templeton have also contributed to Sui's momentum.
▌CryptoQuant CEO: This Bitcoin bull market may create the longest cycle
According to the latest tweet from CryptoQuant CEO Ki Young Ju, this Bitcoin bull market cycle may be the longest ever. The increasing inflow of funds is steadily driving market development, and there is still much potential value to be explored in the future.
▌Coinbase: DYP V2 token is not supported for now; the migration bridge will close at 7 PM on January 8
Coinbase Assets stated that all DYP holders on Coinbase need to take action: Dypius (DYP) is migrating to DYP V2. The migration bridge will close at 6 AM ET on January 8, 2025 (7 PM Beijing time). Coinbase will not support DVP V2 and will suspend trading of Dypius (DYP) around 2 PM ET on January 17, 2025 (3 AM on January 18). All customers wishing to convert to DYP V2 must complete the conversion before the deadline at 6 AM ET on January 8.
Currently, the platform has no plans to support DYP V2 tokens. If users still hold DYP and wish to convert to DYP V2, they need to use the official DYP migration portal and a compatible self-custody wallet (such as Coinbase Wallet) for the conversion.
Coinbase.com (both simple and advanced trading), Coinbase Exchange, and Coinbase Prime will suspend DYP trading, and the DYP order book has currently been switched to limit order mode. Limit orders can be placed and canceled, and matching may occur.
Important Economic Dynamics
▌The yield on 30-year US Treasuries hit a 14-month high, influenced by reports of Trump’s tariffs and expansion pressures
On Monday, the yield on 30-year US Treasuries briefly rose by 5 basis points to around 4.86%, marking the highest level since November 2023, as investors began to experience the potential turmoil that Trump's presidency could bring to financial markets in the coming months. The expansion pressure in the bond market has had a certain impact on the market, with weak demand for the first batch of Treasury bonds issued this week. Concerns that Trump's policies may drive up inflation have put pressure on US Treasuries in recent weeks. After the Washington Post reported that Trump's aides were considering narrowing the scope of the tariff plan, the dollar fell on Monday, and Treasuries regained some ground, as the market believed this move would alleviate inflation concerns. However, the market quickly reversed after Trump's denial. PGIM's co-CIO Gregory Peters stated in a television interview, 'There are a large number of bonds in the market, with a steady supply. Coupled with the possibility that inflation may be more persistent or rebound, these factors are putting pressure on the bond market.'
▌The US dollar index fell 0.63% on the 6th
The dollar index, which measures the dollar against six major currencies, fell 0.63% that day, closing at 108.263 at the end of trading. As of the end of trading in New York, 1 euro exchanged for 1.0388 dollars, up from 1.0301 dollars the previous trading day; 1 pound exchanged for 1.2513 dollars, up from 1.2428 dollars the previous trading day. 1 dollar exchanged for 157.54 yen, up from 157.21 yen the previous trading day; 1 dollar exchanged for 0.9045 Swiss francs, down from 0.9091 Swiss francs the previous trading day; 1 dollar exchanged for 1.4337 Canadian dollars, down from 1.4449 Canadian dollars the previous trading day; 1 dollar exchanged for 11.0528 Swedish kronor, down from 11.1083 Swedish kronor the previous trading day.
Golden Encyclopedia
▌What is a compressed NFT?
CNFT is a relatively new non-fungible token that utilizes state compression technology to store data more efficiently on Solana. Unlike traditional NFTs that store all token metadata directly on-chain or via external links (like IPFS), cNFT uses Merkle trees to optimize data storage.
Disclaimer: Golden Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Please establish correct investment concepts and be sure to enhance risk awareness.
