Headlines
▌German government 'sold off' bitcoins, missing out on $2.03 billion potential profits.
According to Arkham data, the 49,858 bitcoins previously held by the German government are now worth $4.92 billion. The German government sold its bitcoins in July for $2.89 billion at an average price of $57,900, missing out on a potential profit of $2.03 billion.
▌Korean virtual asset platform Delio declared bankruptcy, owing $1.75 billion.
Korean virtual asset deposit platform Delio has been declared bankrupt by a Seoul court. Delio suspended withdrawals last year, owing customers 245 billion KRW ($1.75 billion). It will initiate liquidation proceedings, with customers able to file claims by February 21, 2025. The first creditors meeting will be held on March 19. The platform's assets were mostly stored in FTX accounts, and after FTX's bankruptcy, the assets could not be recovered, affecting about 2,800 customers.
Market Trends
As of the time of writing, according to Coingecko data:
BTC recent transaction price is $98,581.17, intraday fluctuation +0.5%;
ETH recent transaction price is $3,339.07, intraday fluctuation +0.6%;
BNB recent transaction price is $638.06, intraday fluctuation +1.8%;
SOL recent transaction price is $255.80, intraday fluctuation +0.0%;
DOGE recent transaction price is ¥0.4064, intraday fluctuation +6.1%;
XPR recent transaction price is $1.58, intraday fluctuation +18.3%.
Policy
▌Another SEC member announced an early resignation, with Republicans set to hold a majority in the agency.
Jaime Lizarraga, a Democratic member of the U.S. SEC's five-member committee, announced that he would resign more than two years early. After the Trump administration takes office in January, the committee will have only two Republicans and one Democrat left. Lizarraga was a former assistant to ex-House Speaker Pelosi and was appointed to a five-year term at the SEC in 2022; he cited his wife's health issues when announcing his decision. The day before, SEC Chair Gary Gensler announced he would leave the SEC on the day Trump is set to be inaugurated. With Lizarraga's departure, from day one of the new administration, Republicans will outnumber Democrats in the agency, which could enhance their ability to pursue distinctly different paths on policy issues such as regulating cryptocurrency and enforcing legal cases.
▌After Trump's return to the White House, the SEC's five-member committee may only have one Democrat left.
According to Bloomberg, SEC member Jaime Lizarraga, who previously served as a congressional aide, has announced his intention to resign on January 17. The day before Lizarraga announced his decision, SEC Chair Gary Gensler stated he planned to leave on January 20. Bloomberg reports that upon the election of Donald Trump returning to the White House, Caroline Crenshaw will become the only Democrat on the SEC's five-member committee, serving alongside Republicans Hester Peirce and Mark Uyeda. Note: The U.S. Securities and Exchange Commission (SEC) consists of five members (core decision-making body), as the president appoints members with Senate approval, and members from the same political party cannot exceed three. The five-member setup aims to balance the demands of different stakeholders, including investors, issuers, exchanges, etc. By having a smaller committee, decision-making efficiency can be improved, avoiding lengthy discussions.
▌Fox reporter: Trump may choose two Democrats more aligned with his policies to serve as SEC members.
Fox reporter Eleanor Terrett stated on platform X that Democrat SEC member Jaime Lizarraga will resign on January 17. After Trump's inauguration, there will only be one Democrat, Caroline Crenshaw, remaining on the committee. This means there will be three vacant seats to fill by January 20. Before these nominees are confirmed, the SEC's Republicans will hold a 2-1 majority (Uyeda and Peirce are Republicans, Crenshaw is a Democrat). Trump may choose two Democrats more aligned with his policies; past precedents have seen the minority party recommend minority candidates to the president, easing the confirmation process, but the president is not obligated to adopt this advice. Trump can also choose to appoint independents to these positions. The rule is that no more than three members of the same party as the president can be on the committee. For example, Jay Clayton, the former chairman during Trump's first term, was an independent.
▌U.S. SEC Chair candidate Teresa calls to 'Make Cryptocurrency Great Again.'
Former SEC official, cryptocurrency lawyer, and Baker Hostetler partner Teresa Goody Guillen calls to 'Make Cryptocurrency Great Again.' Previously, sources revealed that Trump's team is considering appointing Teresa Goody Guillen as SEC Chair.
▌Trump has chosen Scott Bessent as the next U.S. Secretary of the Treasury.
Forbes reporter Eleanor Terrett stated on platform X that Trump has chosen Scott Bessent, a former fund manager of George Soros, as the next U.S. Secretary of the Treasury.
Blockchain Applications
▌The U.S. CFTC has approved the use of blockchain technology to manage collateral for derivatives market transactions.
According to a report released on November 21 by the CFTC's Global Markets Advisory Committee, the CFTC has approved the use of blockchain technology to manage collateral for transactions in the U.S. derivatives market. The report states that blockchain technology (including distributed ledgers and tokenization) can address long-standing challenges in traditional derivatives exchanges and expand the variety of assets available for trading collateral.
Cryptocurrency
▌Mara Holdings: Acquired 5,771 BTC through the issuance of 0% convertible notes.
Bitcoin mining company Mara Holdings stated on platform X that it has acquired 5,771 BTC through 0% convertible notes, at an average price of $95,554 each. Mara Holdings now holds approximately 33,875 BTC, valued at $3.4 billion (based on a spot BTC price of $99,000). Previously reported, Mara Holdings has completed the issuance of $1 billion in convertible preferred notes, due on March 1, 2030.
▌143,012 ETH transferred from an unknown wallet to Coinbase, worth over $473 million.
According to on-chain data tracking service Whale Alert, around 7:05 AM Beijing time, 143,012 ETH ($473,934,082) were transferred from an unknown wallet to Coinbase.
▌Former Coatue Management executives co-founded a new venture capital firm to raise $500 million.
According to Bloomberg, citing insider sources, former fintech head of cryptocurrency-friendly investment company Coatue Management, Michael Gilroy, is co-founding a new venture capital firm. Gilroy is collaborating with tech investor and current Coinbase board member Gokul Rajaram to raise up to $500 million for the firm's first fund. The two are discussing fundraising matters with anchor investors, but the fundraising will officially start in 2025. Although Gilroy and Rajaram have not yet named their new company, Bloomberg reports that the firm will focus on investing in early fintech and software companies in the U.S.
Important Economic Dynamics
▌U.S. stock market's three major indices collectively rose, with Tesla reaching a new high since April 2022.
The three major U.S. stock indices collectively rose, with the Dow up 0.97%, accumulating a weekly increase of 1.96%; the S&P 500 rose 0.35%, with a weekly increase of 1.68%; the Nasdaq rose 0.16%, accumulating a weekly increase of 1.73%. Large tech stocks showed mixed results, with Tesla up nearly 4%, Microsoft up 1%, and Apple, Netflix, and Intel seeing slight increases; Nvidia fell over 3%, Google dropped over 1%, and Amazon and Meta saw slight declines. Tesla reached a new high since April 2022, with a total market value of $1.13 trillion; Netflix has reached new highs for five consecutive trading days.
▌Federal Reserve: Stablecoin assets have significantly increased since the April report.
According to the Federal Reserve, stablecoin assets have significantly increased since the April report. The sustainability of U.S. debt poses a top risk to financial stability. Hedge fund leverage has reached its highest level since 2013, or near such a level.
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 and embraces its meme identity with no grand ambitions. Even the code 'WIF' is a misspelling of 'with,' a typical meme format that highlights 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. Everyone should establish a correct investment philosophy and must enhance risk awareness.
