Headlines
▌Paradigm Lianchuang: Stablecoin is the next killer application of cryptocurrency
Matt Huang, co-founder of crypto investment firm Paradigm, said at X, "Stablecoins are the next killer app for cryptocurrency - obvious to everyone in the cryptocurrency industry, but not so obvious to the outside world. Congratulations to Stripe and Bridge."
As previously reported, payment company Stripe has acquired stablecoin platform Bridge for US$1.1 billion, the largest acquisition in the cryptocurrency field.
Bitcoin and Cryptocurrency Political Donations to US Presidential Election Approach $200 Million
According to Bitcoin Magazine, Bitcoin and cryptocurrency political donations for the U.S. presidential election are approaching $200 million.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $67,301.81, with a daily change of -2.6%;
ETH's latest transaction price is $2,666.55, with a daily change of -3.0%;
BNB's latest transaction price is $598.45, with a daily change of -1.3%;
SOL's latest trading price is $166.09, with a daily change of -1.3%;
DOGE's latest transaction price is 0.144 yuan, with a daily increase or decrease of +1.5%;
XPR’s most recent trading price was $0.5449, with a daily change of -0.6%.
policy
▌U.S. CFTC Chairman calls on Congress to advance cryptocurrency and election betting legislation
Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said at the SIFMA annual meeting that Congress is not expected to take action on cryptocurrency legislation in 2024. He called on Congress to pay attention to the regulation of crypto assets and election gambling, emphasizing the importance of these areas.
Behnam noted that while the FIT21 bill has passed the House of Representatives, it has not made further progress in Congress. In addition, the CFTC is in an ongoing legal dispute with the prediction market Kalshi, which has begun offering betting services for the US presidential election. The CFTC is working to overturn the court's ruling and seek to regain regulatory authority in the field.
▌Australian Securities and Investments Commission: Former CEO of cryptocurrency exchange Mine Digital charged with fraud
The Australian Securities and Investments Commission says the former CEO of cryptocurrency exchange Mine Digital has been charged with fraud.
▌The US SEC accused WisdomTree of failing to follow its own ESG market fund investment standards
The U.S. Securities and Exchange Commission (SEC) has charged advisory firm WisdomTree with failing to follow its own ESG market fund investment standards.
Blockchain Applications
▌Kalshi US election prediction market launched with transaction volume exceeding $30 million in just three weeks
Kalshi, which launched its U.S. election prediction market contracts in October after a court ruled in its favor, has seen more than $30 million in trading volume in just three weeks. It still lags behind Polymarket, which had about $40 million in volume in early January to early February, its first month for presidential betting, and recently surpassed $2 billion in volume.
Kalshi Markets sees Republican candidate Donald Trump leading Democratic opponent Kamala Harris by 14 percentage points, and it is understood that these odds must come only from US nationals (and permanent residents) because Kalshi's terms and conditions prohibit foreigners from trading on the platform.
▌LayerZero CEO discloses Across token contract vulnerability and proposes a solution
LayerZero CEO Bryan Pellegrino said that there is a critical issue with the Across Protocol token contract that allows tokens to be withdrawn from any wallet and the account balance to be zeroed. He suggested transferring the ownership of the contract to a new immutable smart contract to prevent over-minting and destruction of tokens.
Cryptocurrency
PAC backed by crypto mining executives runs ads for Republican candidate Ted Cruz
The Bitcoin Voter Project, a political action committee (PAC) backed by crypto mining executives, has run two ads for Republican candidate Ted Cruz.
The PAC, whose members include executives from cryptocurrency mining companies Marathon Digital Holdings, CleanSpark and Riot Platforms, ran ads claiming that Ted Cruz understands "embracing Bitcoin" but did not explicitly mention any of the policies of his opponent Colin Allred.
ETH/BTC ratio drops to lowest point since April 2021
Since the Federal Reserve cut interest rates by 50 basis points in September, Bitcoin has risen 14%, while Ethereum has only risen 12%. Kaiko Research pointed out that weak institutional demand for Ethereum has caused the ETH/BTC ratio to fall to its lowest level since April 2021. Bitcoin has benefited from inflows of funds from exchange-traded funds (ETFs), while Ethereum has underperformed other mainstream cryptocurrencies. In addition, analysts believe that it will be difficult for Ethereum to continue to outperform Bitcoin before there is a significant shift in institutional demand.
▌An ancient whale from 2009 has sold a total of $9.68 million worth of Bitcoin
According to Arkham data, an “ancient whale” who has been mining Bitcoin since its inception recently made a large sell-off.
According to tracking data, the address began mining thousands of BTC just five days after the birth of the first block in 2009. It has now sold a total of $9.68 million worth of BTC, leaving $72.09 million in BTC.
▌Yesterday, BITB had a net outflow of 22.1 million US dollars, and ETHE had a net outflow of 29.6 million US dollars
According to Farside Investors monitoring data, the funding data of the US spot Bitcoin ETF and spot Ethereum ETF yesterday (October 21) are as follows:
Spot Bitcoin ETF: BITB had a net outflow of US$22.1 million, ARKB had a net outflow of US$6.1 million, HODL had a net outflow of US$7.6 million, and GBTC had a net outflow of US$4.8 million.
Spot Ethereum ETF: ETHE had a net outflow of US$29.6 million, and ETHV had a net inflow of US$3.9 million.
Important economic developments
▌Fed's Daly: I haven't seen any reason to stop cutting interest rates
Fed's Daly said that the Fed will continue to adjust its policies to adapt to the economic situation; it is expected that interest rates will continue to be lowered in the future; there is no reason to stop lowering interest rates; monetary policy will definitely remain tight; it does not want to see the labor market deteriorate further; the Fed's recent rate cut was passed only by a narrow margin, and I strongly supported a 50 basis point rate cut at the time.
▌Fed's Schmid: Personally, I prefer to avoid a large interest rate cut
Fed Schmid said that interest rates may be significantly higher than before the new crown epidemic; he called for a cautious, gradual and prudent interest rate reduction strategy; he personally prefers to avoid major interest rate cuts; he "reasonably believes" that inflation will fall to 2%; see The labor market is normalizing, not deteriorating.
▌The probability of the Federal Reserve cutting interest rates by 25BP in November is 86.8%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points by November is 86.8%, the probability of maintaining the current interest rate unchanged is 13.2%, and the probability of cutting interest rates by 50 basis points is 0%. The probability of maintaining the current interest rate unchanged by December is 3.5%, the probability of a cumulative 25 basis point cut is 32.9%, the probability of a cumulative 50 basis point cut is 63.6%, and the probability of a cumulative 75 basis point cut is 0%.
Golden Encyclopedia
What is the original Danks shard?
Sharding is a method of splitting a ledger into smaller parts, called shards. But proto-danksharding is one of the most opaque terms in the crypto world’s vocabulary. The term doesn’t particularly have a guiding meaning. Is proto short for prototype? Is this the same dank from your favorite meme folder? Both assumptions might be fairly reasonable, but both are wrong. First proposed by protolambda and Dankrad Feist, who named the idea after themselves, proto-danksharding is a transaction type that accepts the aforementioned blobs. The solution using blobs is designed to overcome Ethereum’s long-standing problems with high gas fees and low transaction throughput.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
