Headline
▌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 Vice President Harris.
▌SEC Chair congratulates the 16th anniversary of the Bitcoin white paper
In an interview aired on Bloomberg Businessweek on October 22, SEC Chairman Gary Gensler celebrated the 16th anniversary of the Bitcoin white paper with the phrase '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 posed by 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 established by various agencies, which have helped promote market development, protect investors, foster 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, 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 is optimistic about the passage of the 2024 cryptocurrency bill
U.S. Congressman French Hill expressed optimism that the cryptocurrency market structure bill and stablecoin legislation will be reviewed before the end of 2024. Hill noted during a discussion at D.C. Fintech Week that these bills could advance during the 'lame duck' period after the November elections. Additionally, he emphasized that if they are not passed this year, they will become priority issues for 2025. The House has already passed the FIT 21 bill, granting the Commodity Futures Trading Commission the authority to regulate digital commodities.
▌ECB Board Member Lane: Weak economic growth in Europe may further reduce inflation
ECB Board Member Lane stated that the inflation rate across the Eurozone is steadily returning to the target level of 2%, but weak economic growth poses risks for further price declines. Lane said, 'The anti-inflation process in the Eurozone is on track. The growth outlook has clearly weakened in recent months, which may also increase the pressure for inflation to decline further.' He believes that interest rate cuts are ongoing, but he would not disclose how quickly or how far they need to drop. Lane stated that since our interest rates remain in a restrictive range, the direction of interest rate changes is clear. He also noted that the speed and extent of rate cuts will depend on inflation outlooks, dynamics of potential inflation, and the strength of monetary policy transmission.
Blockchain Applications
▌Magic Eden adds support for BeraChain and ApeChain
NFT platform Magic Eden has added BeraChain and ApeChain as its eighth and ninth supported blockchains. This move brings Magic Eden closer to its goal of supporting ten blockchains by the end of the year. A spokesperson for Magic Eden stated that the company is looking towards EVM-compatible Layer 1 network Monad.
Cryptocurrency
▌Bitcoin mining difficulty and total network hash rate hit all-time 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 reached a historical high of 723.6 EH/s, marking the first time it has exceeded 700 EH/s.
▌Analysts expect market volatility to increase following the approval of Bitcoin ETF options
The U.S. Securities and Exchange Commission (SEC) has approved options trading for multiple Bitcoin spot ETFs, with analysts expecting this to increase Bitcoin's market volatility. Kbit CEO Ed Tolson believes retail investors will use Bitcoin ETF options for speculation, potentially amplifying price fluctuations. Galaxy Digital's Michael Harvey noted that while volatility may rise in the short term, long-term volatility could weaken as institutional adoption increases. The SEC also set a cap of 25,000 contracts on 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 utilizes Zoniqx's asset tokenization technology and XRP Ledger blockchain, aiming to attract more investors through tokenization, including small investors who cannot participate in large infrastructure investments.
▌Cryptocurrency concept stock Beyond will lay off 20%, and the Chief Product Officer has been terminated without cause
Cryptocurrency concept stock Beyond Inc. will lay off approximately 20%, with layoffs expected to primarily take place 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
▌Fed's overnight reverse repo usage falls to the lowest level since 2021
Demand for the Fed's overnight reverse repo agreement fell close to the lowest level in three and a half years on Tuesday. According to the New York Fed, about 60 participants deposited approximately $238 billion with the Fed through overnight reverse repos, the lowest level since May 2021. The previous trading day's amount was $261 billion.
Golden Encyclopedia
▌What is dynamic re-sharding?
Dynamic re-sharding is a relatively new term, referred to by the Near Protocol marketing team as the 'Holy Grail of Sharding,' but it also creates a new vocabulary that is not immediately understood. Re-sharding occurs based on the concept of blockchain sharding when the network adjusts the number of shards based on load. Overloaded shards can split into two, 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 be sure to enhance risk awareness.
