Headline
▌Trump's nominees face violent threats; the FBI launches an investigation.
The FBI has reported awareness of multiple bomb threats and harassment incidents targeting nominees from Trump’s transition team and is collaborating with law enforcement partners to investigate these events. The FBI stated they will take all potential threats seriously and encourage the public to report any suspicious incidents immediately. Earlier, Trump’s transition team announced that several of Trump’s cabinet nominees received violent threats from 'non-Americans' on the evening of the 26th and the morning of the 27th.
▌Vancouver Mayor plans to launch a 'Bitcoin-friendly city' initiative.
Ken Sim, who has served as Mayor of Vancouver since 2022, announced that the city plans to add Bitcoin to its balance sheet as part of its diversification efforts.
At the Vancouver City Council meeting held on November 26, Mayor Sim submitted a motion notice planned for December 11, titled 'Maintaining the city's purchasing power through financial resource diversification: Becoming a Bitcoin-friendly city.' As of November 27, the motion has not yet appeared on the city government website, and the Vancouver Mayor's office declined to comment.
It remains unclear if the Vancouver mayor's motion is a response to local and federal government considerations in the U.S. to legislate for Bitcoin reserves. After the 2024 elections, legislators in Pennsylvania's House and Senate have proposed plans for the government to hold Bitcoin as a reserve asset.
Market
As of the time of writing, according to Coingecko data:
BTC's recent transaction price is $95,888.47, with an intraday change of +4.2%;
ETH's recent transaction price is $3,653.58, with an intraday change of +9.9%;
BNB's recent transaction price is $644.33, with an intraday change of +5.3%;
SOL's recent transaction price is $241.36, with an intraday change of +4.4%;
DOGE's recent transaction price is 0.4002 yuan, with an intraday change of +3.4%;
XPR's recent transaction price is $1.47, with an intraday change of +5.0%.
Policy
▌Trump's new cabinet nominations complete, over five are 'crypto players'.
On November 23 local time, President-elect Trump announced the nomination of Brooke Rollins as Secretary of Agriculture. With this, all cabinet nominations for Trump's new government have been finalized. Additionally, Trump has nominated several high-level officials in recent weeks. From the list of the new government, in addition to familiar names in the crypto market like Musk and Howard Lutnick, many cabinet officials are staunch supporters of cryptocurrency and have publicly disclosed their crypto holdings, including the nominated Vice President, Secretary of the Treasury, Secretary of Commerce, Secretary of Health and Human Services, and Director of National Intelligence.
▌Cryptocurrency supporter Paul Atkins becomes a popular candidate for SEC chair.
According to informed sources, President-elect Trump’s transition team has interviewed veteran financial regulator and behind-the-scenes conservative finance figure Paul Atkins as a candidate for chair of the SEC. Sources said Atkins is the top contender to replace the outgoing Gensler. Trump is expected to make a choice in the coming days, and no decision has been made yet. Atkins served as an SEC commissioner during the George W. Bush administration and later founded Patomak Global Partners, a consulting firm for major financial clients. He is a staunch supporter of digital assets and fintech companies. He has also testified before Congress about how to restructure the agency's operations and reduce what some industry insiders consider redundant or overly burdensome regulations.
▌Bitwise submits 10 cryptocurrency index ETFs to the SEC
Bitwise submitted 10 cryptocurrency index ETFs to the U.S. Securities and Exchange Commission (SEC), including: Bitcoin, XRP, Solana, Cardano, Uniswap, Polkadot, Chainlink, Ethereum, Avalanche, and Bitcoin Cash.
▌Musk and Ramaswamy will head to Capitol Hill to discuss reforms of the U.S. federal government.
On November 27 local time, U.S. House Speaker Mike Johnson stated that U.S. entrepreneur Elon Musk and former Republican presidential candidate Vivek Ramaswamy will go to Capitol Hill on December 5 to discuss significant reform ideas with House and Senate Republicans to 'achieve regulatory rollback, administrative cuts, and cost savings.' Previously, President-elect Trump announced on November 12 that Musk and Ramaswamy would co-lead the proposed 'Department of Government Efficiency' after he takes office, aiming to 'pave the way for dismantling government bureaucracy, cutting unnecessary regulations and wasteful spending, and restructuring federal agencies.'
Blockchain Applications
▌Bitcoin miner IREN: has engaged with a trillion-dollar company regarding hosting AI-related infrastructure.
Daniel Roberts, the co-CEO and co-founder of Sydney-based bitcoin miner IREN, stated that a mega-scale company (large cloud service provider) has approached the firm, potentially to host AI infrastructure at IREN's mining facility in Sweetwater, Texas. He said, 'Two hours ago, we received an email from a trillion-dollar mega company expressing interest in Sweetwater,' with Roberts not disclosing many details.
Additionally, IREN's cost to mine Bitcoin is approximately $29,000, far below the market price of around $96,000, Daniel Roberts stated, providing the company with an opportunity to accumulate Bitcoin at a discounted price compared to those paying spot prices.
▌The European Parliament approves a new slate of commissioners, including those who may oversee cryptocurrency regulations.
The European Parliament approved a list of commissioners on Wednesday, which includes personnel responsible for overseeing digital asset regulations. Commissioners Stephane Sejourne, Maria Luis Albuquerque, and Henna Virkkunen may include cryptocurrency in their scope of authority.
In September, European Parliament President Ursula von der Leyen proposed a list of commissioners. Although cryptocurrency is not a core theme among these positions, the commission will be responsible for ensuring the implementation of digital asset regulations. Additionally, the EU's cryptocurrency asset market legislation, MiCA, will come into full effect at the end of December, so more work may be needed to ensure implementation.
Cryptocurrency
▌Cryptocurrency trading volume exceeds the stock market; the surge in Bitcoin puts pressure on South Korea's small-cap stocks.
Bitcoin's rapid rise has put pressure on South Korea's small-cap stocks. Since Trump won the election on November 5, Bitcoin has soared nearly 35%, while the small-cap-focused KOSDAQ index has dropped 8%, potentially becoming the worst-performing index in Asia this year. Analysts say part of the decline is due to small investors selling stocks to invest in Bitcoin, exacerbating a roughly one-fifth drop in market value for the index this year. Currently, trading volume on South Korean cryptocurrency exchanges has exceeded that of the benchmark KOSPI index. NH Investment & Securities digital asset analyst Hong Songuk noted that due to the prohibition of Bitcoin spot ETFs in Korea, investors are increasingly betting on leveraged funds engaged in Bitcoin futures trading, while other investors are buying shares of MicroStrategy (MSTR.O).
▌Arkham: Trump’s address saw a paper profit of $3.5 million due to airdropped TROG and GUA.
According to Arkham monitoring, Donald Trump's address saw a paper profit of $3.5 million due to airdropped TROG and GUA. As of the time of writing, the 210.3 billion TROG held in Trump's address is valued at $1.94 million, and the 1.388 billion GUA is valued at $524,000, both tokens were airdropped to Trump by developers.
▌In November, stablecoin trading volume rose to $1.8 trillion.
According to a report released by CCData on November 27, the trading volume of stablecoins surged by 77.5% this month, rising to $1.81 trillion as of November 25, a growth expected to set a new annual high for monthly trading volume on centralized exchanges.
The report states that following a 14-month upward trend, the total market value of stablecoins increased by 9.94% in November, reaching $190 billion, surpassing the historical high of $188 billion set in April 2022 before the collapse of TerraUSD. Despite the growth, market dominance decreased from 7.22% in October to 5.54% as investors and traders diversified their investments into Bitcoin (BTC) and altcoins.
▌CryptoQuant analyst: Ethereum's 'second bull market' has begun.
CryptoQuant analyst crypto sunmoon stated that Ethereum's 'second bull market' has begun.
Analysts state that during the previous cryptocurrency market bull runs, Ethereum always experienced two rounds of increases, with the second bull market cycle significantly exceeding the price set during the first bull market cycle.
Important economic dynamics
▌The probability of a 25 basis point rate cut by the Federal Reserve in December is 66.5%.
According to CME's 'FedWatch', the probability of the Federal Reserve maintaining the current interest rate through December is 33.5%, while the cumulative probability of a 25 basis point rate cut is 66.5%. The chance of keeping the current rate unchanged in January is 26.3%, with a cumulative probability of a 25 basis point cut at 59.5%, and a cumulative probability of a 50 basis point cut at 14.2%.
Golden Encyclopedia
▌What is an airdrop?
Airdrops are akin to surprise gifts in cryptocurrency. Imagine opening a box and finding coins inside! This is similar to receiving announcements about free tokens or coins from new blockchain projects. Crypto airdrops involve the free distribution of digital assets to users' wallets or in exchange for completing simple tasks, such as following the project on social media or joining their online community.
In the cryptocurrency ecosystem, airdrops play a crucial role. New projects use airdrops as a marketing strategy to increase visibility and build user communities. They are like free samples in a supermarket, enticing users to try out new products. From the user's perspective, airdrops provide an opportunity to acquire new cryptocurrencies with minimal effort and the potential for significant returns. These tokens are not just free giveaways; they are a way to participate in the evolving digital economy.
Disclaimer: Golden Finance, as a blockchain information platform, provides articles for informational reference only and does not constitute actual investment advice. Please establish a correct investment concept and enhance risk awareness.
