Headline
▌The New York Times: Bill Gates has donated $50 million to Harris
According to The New York Times, Microsoft co-founder Bill Gates privately stated that he has donated $50 million to U.S. Vice President Harris.
▌SEC Chair congratulates the 16th anniversary of the Bitcoin white paper release
In an interview aired on Bloomberg Businessweek on October 22, SEC Chair Gary Gensler congratulated the 16th anniversary of the Bitcoin white paper release with "sweet sixteen" (the BTC white paper was released on October 31, 2008), but Gensler also stated that the SEC will continue its consideration of the risks of digital assets to investors and its approach to "enforcement regulation."
Gensler stated: "For ninety years, we have benefited from strong laws enacted by Congress and rules set by various agencies that help promote market development, protect investors, and facilitate capital formation and the development of intermediary markets, and we will continue to do so."
Market
As of the time of writing, according to Coingecko data:
BTC's recent transaction price is $67,361.01, with a daily fluctuation of +0.1%;
ETH's recent transaction price is $2,621.84, with a daily fluctuation of -1.7%;
BNB's recent transaction price is $593.38, with a daily fluctuation of -0.8%;
SOL's recent transaction price is $167.39, with a daily fluctuation of +0.7%;
DOGE's recent transaction price is 0.1397 yuan, with a daily fluctuation of -2.9%;
XPR's recent transaction price is $0.5333, with a daily fluctuation of -2.0%.
Policy
▌U.S. Congressman French Hill optimistic about the passage of the 2024 cryptocurrency bill
U.S. Congressman French Hill remains optimistic that the cryptocurrency market structure bill and stablecoin legislation will be reviewed before the end of 2024. Hill pointed out in discussions during Washington DC Fintech Week that these two bills may gain traction during the "lame duck" period after the November elections. Additionally, he emphasized that if passed this year, these bills will become priorities for 2025. Currently, the House has passed the FIT 21 bill, granting the Commodity Futures Trading Commission the authority to regulate digital commodities.
▌European Central Bank Governing Council Member Lane: Weak economic growth in Europe may further lower inflation
European Central Bank Governing Council Member Lane stated that inflation rates across the Eurozone are steadily returning to the 2% target, but weak economic growth poses risks of further price declines. Lane said, "The anti-inflation process in the Eurozone is on track. The growth outlook has significantly weakened in recent months, which may also increase the pressure for inflation to decline further." He believes that rate cuts are still ongoing, but he would not disclose how fast or how far rates need to be cut. Lane noted that since our rates remain in a restrictive range, the direction of rate changes is clear. He also stated that the pace and extent of rate cuts will depend on the inflation outlook, dynamics of potential inflation, and the strength of monetary policy transmission.
Blockchain applications
▌Magic Eden adds support for BeraChain and ApeChain
The NFT platform Magic Eden has added BeraChain and ApeChain as its eighth and ninth supported blockchains, respectively. This move brings Magic Eden closer to its goal of supporting 10 blockchains by the end of the year. A spokesperson for Magic Eden stated that the company is also looking at EVM-compatible Layer 1 network Monad.
Cryptocurrency
▌Bitcoin mining difficulty and total network hash rate both hit record highs
According to data from the blockchain explorer Mempool, Bitcoin mining difficulty increased by 3.94%, reaching a record high of 95.67 T. The difficulty adjustment occurred at block height 866880 (around 2 AM Beijing time on August 23).
According to The Block's data dashboard, the seven-day moving average of Bitcoin's total network hash rate also set a historical high of 723.6 EH/s, marking the first time it has surpassed 700 EH/s.
▌Analysts expect increased market volatility following the approval of Bitcoin ETF options
The U.S. Securities and Exchange Commission (SEC) has approved options trading for multiple Bitcoin spot ETFs, and analysts expect this will increase market volatility for Bitcoin. Kbit CEO Ed Tolson believes retail investors will use Bitcoin ETF options for speculation, potentially amplifying price fluctuations. Meanwhile, Galaxy Digital's Michael Harvey pointed out that although volatility may rise in the short term, it could diminish in the long term as institutional adoption of yield strategies occurs. The SEC has also set a limit of 25,000 contracts for options positions to reduce the risk of market manipulation.
▌Aurum Equity Partners launches a $1 billion tokenized fund
Aurum Equity Partners announced the launch of a $1 billion tokenized fund focused on establishing data centers in the U.S., UAE, Saudi Arabia, India, and Europe. The fund leverages Zoniqx's asset tokenization technology and the XRP Ledger blockchain, aiming to attract more investors through tokenization, including smaller investors who cannot participate in large infrastructure investments.
▌Cryptocurrency concept stock Beyond will cut 20% of its workforce; CPO dismissed without cause
Cryptocurrency concept stock Beyond Inc. will lay off about 20% of its workforce, with layoffs expected to be primarily implemented in the fourth quarter. The company's Chief Product Officer (CPO) Robinson was terminated without cause, effective October 22, 2024.
▌Miner BitFuFu acquires a physical mining facility in Ethiopia
Cloud Bitcoin miner BitFuFu has acquired its first physical mining facility. The company stated that the acquisition of an 80-megawatt (MW) facility in Ethiopia marks the beginning of its infrastructure diversification. The transaction value has not been disclosed.
Important economic dynamics
▌Federal Reserve overnight reverse repo usage drops to its lowest since 2021
Demand for the Federal Reserve's overnight reverse repurchase agreements fell to near a three-and-a-half-year low on Tuesday. According to the New York Fed, approximately 60 participants deposited about $238 billion with the Fed through overnight reverse repos, the lowest level since May 2021. The amount from the previous trading day was $261 billion.
Golden Encyclopedia
▌What is dynamic re-sharding
Dynamic re-sharding is a relatively new term that the marketing team of Near Protocol refers to as the "holy grail of sharding," but it also creates a new vocabulary that is not immediately understood. Based on the concept of blockchain sharding, re-sharding occurs when the number of shards is adjusted based on network load. Overloaded shards can split into two shards, while two underutilized shards can merge into one.
Disclaimer: Golden Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Please establish a correct investment concept and raise risk awareness.
