Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you through this week's blockchain industry events.
Headlines
▌Bitcoin market value exceeds $1.56 trillion, setting a new record high
Golden Finance reported that according to Coingecko data, as the price of Bitcoin rose above $79,000, its market value also exceeded $1.56 trillion, currently reaching $1,565,097,248,040, setting a new record high. In addition, the total market value of the current cryptocurrency market has risen to $2.84 trillion, a 24-hour increase of 3.1%, with Bitcoin accounting for 55.2% of the market value and Ethereum accounting for 13.5%.
▌Nansen analyst: Trump administration may approve the first Ethereum ETF
Nansen analyst Edward Wilson said that with Trump's victory, it may lead to the birth of the first pledged Ethereum exchange-traded fund (ETF). He said: "Because the regulatory environment may be favorable to cryptocurrencies, we may even see the Trump administration approve the pledged ETH ETF, which will take full advantage of ETH as an asset. If this happens, then ETH will become an exciting asset worthy of attention. In other words, ETH is cool again." (Cointelegraph)
▌Musk's election donation return rate has exceeded 150 times
Musk, who is "all-in for Trump" in the 2024 US election, has seen his wealth soar recently. After Trump successfully ran for the US presidency again on November 5, Musk's Tesla rose 14%, with a market value of over $900 billion. Tesla has risen by more than 30% in the past five days. According to the Bloomberg Billionaires Index, Musk's personal wealth has risen from $262 billion to $290 billion in the past five days, making him the newest richest man in the world. According to public information, Musk donated a total of $177 million in the 2024 US election. In the past five days alone, Musk's donation return rate has reached 158 times.
▌Former US SEC Chairman: Musk should not be prevented from joining the Trump administration
Jay Clayton, former chairman of the U.S. Securities and Exchange Commission, said in an interview with CNBC: "If Elon Musk wants to use his 20% energy to make the United States a better place, we should figure out how to let Musk do that. We should have ethical rules, transparency, etc., but we should not prevent Elon Musk from joining the Trump administration."
▌A whale who spent 5 million USDC betting on Harris's victory has now lost $4.9 million
According to Lookonchain monitoring, a whale who spent 5 million USDC betting on Harris to win the election will lose all his funds. The current loss is about 4.9 million US dollars (-97.7%).
policy
▌UK House of Lords supports digital asset property bill
Members of the UK House of Lords expressed support for the country's Digital Asset Property Bill at its second reading on Wednesday. The House of Lords Grand Committee generally agreed that the bill would provide more clarity on how the legal system treats cryptocurrencies and could mark another step in the UK's efforts to pave the way for the use of cryptocurrencies in the country. The bill was drafted by the Law Commission, an independent statutory body, and introduced in the UK in September. The bill adds a new category of "articles" to the categories that fall under property to help resolve legal disputes involving cryptocurrencies. The bill will not only help judges in criminal proceedings where cryptocurrencies have been stolen due to fraud or hacking, but will also help divide marital property.
▌Trump team considers Robinhood Chief Legal and Compliance Officer Dan Gallagher as a candidate for SEC Chairman
The Trump team is considering Robinhood Chief Legal and Compliance Officer Dan Gallagher as a candidate for Chairman of the U.S. Securities and Exchange Commission.
▌Bernstein: The US SEC and Senate Banking Committee are expected to take a friendly attitude towards cryptocurrencies after Trump takes office
Bernstein said that after Trump takes office, the U.S. SEC and the Senate Banking Committee are expected to take a friendly attitude towards cryptocurrencies, and crypto assets are expected to be re-rated because it is unclear whether these assets qualify as securities. In addition, both stablecoins and market structure bills may make faster progress, which is good for stablecoin issuers such as Circle and Paxos, as well as U.S. cryptocurrency exchanges and brokers/dealers.
Coinbase Chief Legal Officer: I hope the SEC will stop prosecuting cryptocurrencies and start making rules
Paulgrewal.eth, chief legal officer of Coinbase, posted on social media, “I hope the SEC understands what happened in the election. On many, many issues, voters said loudly and clearly that they want change. Cryptocurrency is no exception. Stop suing cryptocurrencies and start talking to cryptocurrencies. Start making rules now, there is no reason to wait any longer.”
▌French regulators launch review of crypto prediction platform Polymarket
France's National Gaming Authority (ANJ) is reviewing the operations of cryptocurrency-based prediction market platform Polymarket to determine whether it complies with local rules after a surge in user demand during the U.S. presidential election. "We are aware of the site and are currently checking its operations and compliance with French gambling regulations," an ANJ spokesperson said on Thursday. ANJ is expected to ban French users from accessing Polymarket, crypto news outlet The Big Whale reported late Wednesday. Earlier, Polymarket confirmed that an anonymous trader was French who placed large bets on the platform in favor of Trump winning the election. Calculations show that the trader, who uses the username Fredi9999, is expected to receive about $48 million in betting profits across four accounts. According to the government website, operating any new gambling market must be authorized by ANJ in advance.
Blockchain Applications
▌Robinhood, Kraken and others support new compliant stablecoin USDG
Paxos's compliant stablecoin USDG issued in Singapore has been supported by many crypto companies such as Robinhood, Kraken and Galaxy Digital. The stablecoin complies with Singapore's upcoming stablecoin framework, and the reserve asset income will be distributed to partners based on their contributions to promote the application and ecological construction of USDG. Partners such as Anchorage provide USDG in 50 states in the United States, and DBS Bank is responsible for the fund management and custody of its reserves.
▌Stacks Co-Founder: Established a new entity Bitcoin L2 Labs and received $20 million in financing
On November 8, Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, posted on the X platform: "We have established a new Stacks entity 'Bitcoin L2 Labs', which has received $20 million in financing and focuses on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as Chief Technology Officer and lead the development of Stacks core and SBTC." According to the Bitcoin L2 Labs official website, with approximately $20 million in funding support, assistance from the Stacks Foundation, and collaboration with various working groups, Bitcoin L2 Labs is building an exclusive base for Stacks core development. Bitcoin L2 Labs will adopt a product-driven approach that enables the ecosystem to launch key features faster and regularly update the progress of core development.
▌Ethereum Foundation launches Mekong, the first short-term Pectra testnet
The Ethereum Foundation said that after a scope assessment of the Pectra fork, a successful interoperability event, and four development networks, the first short-term Pectra testnet Mekong is now launched. The Mekong testnet contains all EIP proposals that will be used for the Ethereum Pectra fork. These changes include user experience (UX) improvements implemented through EIP-7702, pledge changes implemented through EIP-7251, deposit and withdrawal mechanism changes implemented through EIP-6110/EIP-7002, etc.
▌Chen Maobo: The Hong Kong Monetary Authority and Saudi PIF set up a US$1 billion fund to invest in financial technology and other fields
Hong Kong Financial Secretary Paul Chan Mo-po released his diary, in which he said that the visit to Riyadh, Saudi Arabia, last week was fruitful. The Hong Kong Monetary Authority and the Saudi Arabian Public Investment Fund (PIF) signed a memorandum to jointly establish a US$1 billion investment fund, which will invest in the business of Hong Kong and Guangdong-Hong Kong-Macao Greater Bay Area companies in the fields of manufacturing, renewable energy, financial technology and healthcare in Saudi Arabia. In addition, a financial technology company from Hong Kong Cyberport signed a business agreement with a local partner.
▌Solidity 2.0 developer Vlayer completes $10 million pre-seed round of financing
Vlayer, a crypto startup developing Solidity 2.0, has completed a $10 million pre-seed round of financing, with participation from a16z Crypto Startup Accelerator (CSX), Credo Ventures, BlockTower Capital, etc. According to reports, Vlayer is a crypto startup developing a verifiable data infrastructure, calling it Solidity 2.0. Its goal is to enable developers to verify and integrate real-world data in Ethereum smart contracts.
Cryptocurrency
▌DOGE's market value surpasses XRP to become the seventh largest cryptocurrency by market value
According to the latest data from Coingecko, DOGE has risen by nearly 30% in the past 24 hours and is now trading at $0.2104. Its market value has exceeded $30.8 billion and reached $30,854,898,813, surpassing XRP ($30,369,732,147) to become the seventh largest cryptocurrency by market value.
▌Detroit will become the largest city in the United States to accept cryptocurrency for payment of taxes and fees
According to an official press release, Detroit will become the largest city in the United States to accept cryptocurrency payments. Starting in mid-2025, local residents can use cryptocurrency to pay taxes and other municipal fees through a secure platform managed by PayPal. Detroit Mayor Mike Duggan said in a press release: "Detroit is building a technology-friendly environment that empowers residents and entrepreneurs. We are excited to be one of the first major American cities to explore blockchain citizen applications and allow residents to use cryptocurrency as a payment method." According to the 2020 U.S. Census, Detroit has a population of approximately 630,000 and is the 26th most populous city in the United States. Detroit was once the fourth most populous city in the United States, with a population of nearly 2 million in the 1950s. According to reports, three U.S. states (Colorado, Utah and Louisiana) currently accept cryptocurrency as a payment method for state government fees.
▌SOL market value surpasses BNB to become the fourth largest cryptocurrency by market value
According to the latest data from CoinGecko, SOL has risen by nearly 6% in the past 24 hours and is now trading at $199.24. Its market value is nearly $94 billion, reaching $93,946,886,618, surpassing BNB ($87,804,310,919) to become the fourth largest cryptocurrency by market value.
▌Total market value of cryptocurrencies exceeds $2.8 trillion
According to Coingecko data, the total market value of cryptocurrencies has exceeded 2.8 trillion US dollars, and is currently 2.841 trillion US dollars, with a 24-hour increase of 3%. In addition, BTC has a market share of 55% and ETH has a market share of 13.6%.
▌Trump's second son: Our family loves cryptocurrency and thanks the community for supporting WLFI
On November 1, Eric Trump, the second son of Trump and current executive vice president of the Trump Group, wrote that his family loves cryptocurrency and thanks the community for its strong support for World Liberty Financial. He is looking forward to the future!
Important economic developments
▌Fitch: The "real number" of non-farm employment in October may be 119,000
Fitch said one way to try to see through the volatility in US employment is to add the Bureau of Labor Statistics (BLS) estimated strike impact (44,000) to October's employment growth data and then take the three-month moving average, which gives a figure of 119,000, a slowdown from the average of 207,000 per month in the first half of the year, but far from a sharp decline. Given the broader evidence of continued consumer power, the Fed is unlikely to attach great importance to the overall 12,000 figure.
▌Institution: Maintain a bullish stance on gold
Gold futures fell and are set to close lower this week. Ole Hansen, head of commodity strategy at Saxo Bank, said precious metals such as gold had a strong rebound in the run-up to the U.S. election. However, gold prices fell sharply after a simultaneous surge in the dollar and yields forced gold prices lower. Even so, Hansen believes there is no reason to change his bullish stance on precious metals. In the worst case scenario, the pullback in the past week was a healthy response to weeks of buying focused on the U.S. election. He added that gold will be supported by three factors: the continued deterioration of the U.S. debt situation as President-elect Trump increases unfunded spending, central banks buy more gold reserves, and tariffs spark inflation concerns.
▌Barclays: The Fed is expected to cut interest rates only twice in 2025, each time by 25 basis points
Barclays said it expects the Fed to cut rates just twice, by 25 basis points each, in 2025, compared with three cuts previously forecast. The Bank of England is expected to keep interest rates unchanged at its December meeting, compared with a previous forecast of a rate cut.
▌Fed Kashkari: Strong economy may mean fewer rate cuts
Neel Kashkari, president of the Minneapolis Federal Reserve, said in an interview with the media on Saturday that this matter (rate cut) is really not too dependent on the short-term plan between Congress and the new administration-it is actually about productivity and economic growth. If this growth can continue and our economy becomes more efficient structurally, then this tells me that we may not cut interest rates that much.
▌The Bank of England cut interest rates by 25 basis points to 4.75%, in line with market expectations
The Bank of England cut interest rates by 25 basis points to 4.75%, in line with market expectations. The Bank of England said that 8 members voted in favor of a 25 basis point rate cut, and 1 member voted to keep it unchanged.
