Headlines
▌Financial services company Cantor Fitzgerald: MicroStrategy will be added to the Nasdaq 100 index next month
Bitcoin News posted on platform X that financial services company Cantor Fitzgerald believes MicroStrategy will be added to the Nasdaq 100 index next month.
▌Bitcoin's market dominance has risen to 57%
According to The Block, Bitcoin's market share has reached a high of 57% this year to date, reflecting the growing share of Bitcoin in the total cryptocurrency market capitalization.
The Block analysts noted that during the last cycle, Bitcoin's dominance fell to 39%, coinciding with the DeFi boom and subsequent altcoin rebound. The current 57% dominance, combined with Bitcoin's strong price, may indicate that the market is at the beginning of this cycle, and BTC is entering a price discovery phase.
Market
As of the time of publication, according to Coingecko data:
BTC recent transaction price is $98,407.67, with a daily change of +4.3%;
ETH recent transaction price is $3,360.91, with a daily change of +9.4%;
BNB recent transaction price is $622.76, with a daily change of +2.7%;
SOL recent transaction price is $256.79, with a daily change of +8.8%;
DOGE recent transaction price is 0.3863 yuan, with a daily change of +1.7%;
XPR recent transaction price is $1.26, with a daily change of +14.0%.
Policy
▌Cboe submits applications for four Solana spot ETFs to the SEC
Bloomberg senior ETF analyst James Seyffart posted on social media that "Cboe has just submitted applications for four Solana spot ETFs to the SEC, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject the aforementioned applications, the final deadline will be around early August next year."
▌Sources: Former SEC Commissioner Paul Atkins is likely to succeed Gary Gensler as chair
According to insiders, former SEC Commissioner Paul Atkins is currently viewed as a leading candidate to replace Gary Gensler as SEC chair. The previous leading candidate, Robinhood's general counsel Dan Gallagher, has largely withdrawn from the competition. Atkins is widely supported in the business and cryptocurrency industries for his free-market-oriented regulatory style and his support for cryptocurrencies. At the same time, Gensler's decision not to seek another term as SEC chair has been praised by the business community. Reports indicate that the selection has not been finalized and may still change.
▌Companies like Circle and Ripple are competing for the cryptocurrency advisory committee seat promised by Trump
According to Reuters, a series of cryptocurrency companies, including Circle, Ripple, Kraken, Coinbase, a16z, and Paradigm, are competing for the cryptocurrency advisory committee seat promised by President-elect Donald Trump, seeking a voice in the U.S. policy reforms he plans.
Trump promised to establish a new committee during a Bitcoin conference in Nashville in July as part of a cryptocurrency-friendly government. Insiders say his transition team is discussing how to organize and staff it, and which companies should be included.
▌DOGE leader Musk hints that he is watching the SEC
Incoming President Trump's new co-director of the "Department of Government Efficiency" (DOGE) seems to be focusing on the efficiency of the U.S. Securities and Exchange Commission (SEC). Minutes after SEC Chair Gensler announced on X that he would resign on January 20 next year, Musk responded on X: "Does the SEC really only work one day a month in the office?" Musk has had a long-standing feud with the SEC. In 2018, the tech billionaire agreed to pay a $20 million fine and stepped down as Tesla chairman to settle a securities fraud investigation stemming from a tweet suggesting he had secured funding to take Tesla private. He was also investigated by the SEC for disclosing stock purchases prior to acquiring Twitter and mocked the agency as the "Committee on Short-Seller Enrichment."
▌Trump's "cryptocurrency advisory committee" will establish the previously promised Bitcoin reserves
According to Reuters, Trump's "cryptocurrency advisory committee" is expected to establish the promised Bitcoin reserves.
Two sources indicated that this cryptocurrency advisory committee may fall under the White House National Economic Council (responsible for coordinating and implementing presidential economic policies) or an independent White House agency.
According to them and other industry insiders, the committee is expected to provide policy advice on digital assets, collaborate with Congress to advance cryptocurrency legislation, establish the Bitcoin reserves promised by Trump, and coordinate among various agencies including the SEC, the Commodity Futures Trading Commission (CFTC), and the Treasury Department. One insider also indicated that the committee may include enforcement representatives and former policymakers.
▌SEC Chair Gary Gensler will resign on January 20 next year
SEC Chair Gary Gensler announced he will resign on January 20 next year.
Gary Gensler stated: "The SEC is a remarkable institution. Its staff and commissioners are mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that markets serve investors and issuers. Its staff are true public servants, and it has been my honor in my lifetime to represent ordinary Americans and ensure that our capital markets remain world-leading. I thank President Biden for entrusting me with this significant responsibility. The SEC has accomplished our mission and has fearlessly enforced the law."
Blockchain applications
▌The metaverse industry is "tempting" as many places eagerly layout
From live streaming to storm scenes, immersive broadcasting takes you through the experience; intelligent agents "see through" everything, and logistics innovation is within reach; VR exhibition halls let you cross reality, creating a new trend in exhibitions... all of this is linked to a hot term "metaverse." In recent years, the metaverse has become a new hotspot in the digital economy, with institutions predicting that by 2030, China's metaverse market scale is expected to reach 850 billion yuan. According to incomplete statistics, more than 150 metaverse-related policy documents have been released at the national and provincial levels so far. These policies not only provide strong policy support for the development of the metaverse industry but also stimulate enthusiasm for actively laying out the metaverse industry in various regions. Beijing, Shandong Province, Henan Province, and other places have introduced relevant policies successively to promote the innovative development of the metaverse industry. At the same time, various regions have built a number of metaverse industrial parks and innovation platforms based on their own advantages and unique resources. (Shanghai Securities Journal)
Cryptocurrency
▌Charles Schwab president: will consider offering spot crypto trading once regulations change
Rick Wurster, President of Charles Schwab, stated in an interview with Bloomberg Radio on Thursday that the company will consider offering spot cryptocurrency trading once U.S. regulations allow it, and this is more likely to happen after Donald Trump takes office as president.
Rick Wurster stated: "When the regulatory environment changes, we will enter the spot cryptocurrency field, and we do expect that to happen, and we are preparing for that possibility."
He also stated: "Cryptocurrencies have indeed attracted a lot of attention, and many have made a lot of money from them. I have never bought cryptocurrencies, and now I feel foolish." Wurster added that he does not plan to invest in cryptocurrencies for the time being, but he supports Charles Schwab clients who wish to invest in the field.
▌Trump Media Technology Group may be considering launching a cryptocurrency payment service named Truth Fi
According to the New York Times, Trump Media Technology Group has submitted a trademark application for a cryptocurrency payment service named Truth Fi, describing it as a platform for crypto payments, financial custody services, and digital asset trading. The application does not detail how the project will operate or how close it is to fruition, but this initiative seems to be an attempt by the group to diversify its business beyond the social media platform Truth Social. Any large-scale crypto project will likely require Trump Media Technology Group to acquire another company, as it has fewer than 36 employees. This week, shares of cryptocurrency trading platform Bakkt surged after the Financial Times reported that Trump Media is in talks to acquire the platform.
▌Musk posts content with banana emoji
Musk retweeted a comment on X stating "Elon is the undisputed meme king. (banana emoji)" and replied: "(banana emoji) for scale."
▌Galaxy CEO: Bitcoin breaking $100,000 is inevitable, but a pullback may occur
Michael Novogratz, founder and CEO of Galaxy Digital, stated that Bitcoin is expected to break the key $100,000 mark in a strong rebound after the U.S. elections, but that does not mean it will continue to rise, although a six-figure Bitcoin price is "inevitable" and may continue to rise, but ultimately will pull back. Currently, there is significant leverage in the cryptocurrency market, and the crypto community is highly leveraged, so a market correction is imminent.
Additionally, Michael Novogratz warned that stocks like MicroStrategy, which trade similarly to Bitcoin leveraged trading, may face greater adjustments.
▌Listed company Steakholder Foods' board approves its purchase of cryptocurrency as reserve assets
Nasdaq-listed Steakholder Foods Ltd. announced that its board has approved the purchase of up to $1 million in Bitcoin or a cryptocurrency tracking index.
Arik Kaufman, CEO of Steakholder Foods, stated: "With the growing demand for cryptocurrencies and their increasing acceptance as an asset class, we believe that Bitcoin or a diversified basket of cryptocurrencies including Bitcoin will become a strong financial reserve asset for the company. Given the recent approval of cryptocurrency ETFs and the increasing support from institutional investors, cryptocurrencies can be a great complement to financial strategies aimed at providing practical value storage."
Important economic dynamics
▌New York Fed states bank reserves are ample, indicating no obstacles to continued balance sheet reduction
The latest data from the New York Fed shows that the Federal Reserve has faced no obstacles in continuing to reduce the size of its balance sheet. The New York Fed reported on Thursday that its reserve demand elasticity indicator was -0.15 on November 13, remaining stable compared to a month ago. The New York Fed stated in its report, "Reserves remain ample." This index began to be publicly released a month ago, aiming to show the abundance or tightness of bank reserves. A shift to negative values could indicate increased tightness in bank reserves, directly indicating that the Fed is persistently working to reduce bond holdings through quantitative tightening (QT). The New York Fed's indicators suggest that there is no immediate need to halt this process, in line with recent comments from Fed officials and market expectations, with the market currently anticipating that quantitative tightening will end sometime next year.
▌Shanghai Securities Journal: Limited upside for the dollar, positive signals emerging in the RMB foreign exchange market
The dollar index has recently been performing well in the foreign exchange market — in the past half month, the dollar index has surged, breaking through 104, 105, 106, and other levels, rising over 2.5% since November. Despite external headwinds, the previously strong yuan has recently weakened slightly. However, market participants have observed that positive signals are continuously emerging in the yuan foreign exchange market. As the year-end settlement tide approaches, the short-term depreciation pressure on the yuan may come to an end.
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 55.9%
According to CME's "FedWatch", the probability of the Federal Reserve maintaining the current interest rate until December is 44.1%, and the cumulative probability of cutting rates by 25 basis points is 55.9%. The probability of maintaining the current interest rate until January next year is 33.7%, with a cumulative probability of cutting rates by 25 basis points at 53.1% and a cumulative probability of cutting rates by 50 basis points at 13.2%.
Golden Encyclopedia
▌What is Dogwifhat (WIF)?
Dogwifhat, launched in November 2023, is a Solana-based memecoin featuring a Shiba Inu wearing a pink knitted hat. WIF does not position itself as a symbol of progress or a vision for the future, but maintains simplicity, embracing its meme identity without any grand ambitions. Even the code 'WIF' is a misspelling of 'with', which is typical of meme formats, highlighting the token's playfulness.
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 philosophy and be sure to improve risk awareness.
