Today's news highlights:
1. Next week's macro outlook: 'Data Tsunami' hits as Powell partners with non-farm data, Fed rate cut expectations may be 'doused with cold water'
2. The US SEC has filed a lawsuit against Touzi Capital and its CEO, accusing them of fraud related to their cryptocurrency mining project, with over $115 million involved
3. 10x Research: BTC market share drops to 56%, XRP may surpass SOL to become the third-largest cryptocurrency
4. Data: The US Bitcoin ETF purchased 71,570 Bitcoins in November
5. Musk applies for an injunction to prevent OpenAI from transitioning to a profit-making company
6. Base founder: No plans to launch a token
7. Arthur Hayes: Bull market can continue, South Korea postpones virtual asset taxation by two years
8. No significant Rug Pull incidents occurred in November, with total losses on the entire network amounting to approximately $203 million
Regulation & Policy
Next week's macro outlook: 'Data Tsunami' hits as Powell partners with non-farm data, Fed rate cut expectations may be 'doused with cold water'
Due to the US Thanksgiving holiday, the market will close this week with a certain degree of sluggishness. The lack of liquidity was evident on Thursday and Friday, but the US stock market surprisingly closed strongly this week, with the S&P Index hitting a new high due to the boost from tech and retail stocks, marking the largest monthly gain since November 2023. Next week, US employment data will dominate the focus, here are the key points the market will pay attention to in the new week:
Monday 09:45, China's November Caixin Manufacturing PMI
Monday 22:45, US November S&P Global Manufacturing PMI final value
Tuesday 04:15, Federal Reserve Governor Waller speaks
Tuesday 05:30, FOMC Permanent Voting Member and New York Fed President Williams participates in a dialogue hosted by the Queens Chamber of Commerce
Tuesday 23:00, US October JOLTs job openings
Wednesday 01:35, Federal Reserve Governor Cook speaks on the labor market and monetary policy
Wednesday 21:15, US November ADP employment numbers
Wednesday 21:45, 2025 FOMC voting member and St. Louis Fed President Bullard speaks
Wednesday 22:45, US November S&P Global PMI final value
Thursday 02:45, Federal Reserve Chairman Powell is invited to an interview at the DealBook/Summit conference hosted by The New York Times
Thursday 03:00, Federal Reserve releases the Beige Book on economic conditions
Thursday 21:30, US initial jobless claims for the week ending November 30, October trade balance
Friday 00:30, 2024 FOMC voting member and Richmond Fed President Barkin speaks
Friday 22:15, Federal Reserve Governor Bowman speaks, Friday 23:30, 2025 FOMC voting member and Chicago Fed President Goolsbee participates in a fireside chat
Saturday 01:00, 2024 FOMC voting member and Cleveland Fed President Mester speaks on economic outlook
Saturday 02:00, 2024 FOMC voting member and San Francisco Fed President Daly speaks
In the coming week, investors will gain a new understanding of the health of the US economy. The release of a highly anticipated non-farm payroll report may help investors determine the interest rate trends in the US for the next few months. The job openings report for October, released on Tuesday, and the ADP employment report for November, released on Wednesday, may also provide clues about the performance of the US labor market. The market expects the non-farm data scheduled to be released next Friday to increase by 183,000. Last month, non-farm employment only increased by 12,000, far below expectations. Hurricane Milton caused a large number of workers in Florida to be unemployed, but these issues have now been resolved, and this week's non-farm employment may be higher. Some analysts even predict that employment numbers could reach around 220,000. The unemployment rate is also a key indicator to monitor ahead of the Federal Reserve's December meeting. If the unemployment rate rises to 4.2% and employment numbers are unexpectedly weak, the likelihood of the Federal Reserve cutting rates in December may increase, which could lead to a weaker dollar.
The probability of the Federal Reserve remaining on hold in December is 35%, while the probability of pausing rate cuts in January rises to about 58%. Similarly interesting is the 27% chance that the Fed will not cut rates at both meetings.
The US SEC has filed a lawsuit against Touzi Capital and its CEO, accusing them of fraud related to their cryptocurrency mining project, with over $115 million involved
According to DL News, the US Securities and Exchange Commission (SEC) has filed a lawsuit against Touzi Capital and its CEO Eng Taing, accusing them of conducting an unregistered securities offering fraud involving over $115 million. It is reported that Eng Taing falsely promoted the project as a 'stable and predictable' high-yield savings account investment, while in reality, these investments were 'highly speculative and illiquid'. The SEC alleges that the defendants misappropriated investor funds for personal purposes and continued to solicit investors even after the business began to collapse. According to the lawsuit information disclosed, from 2021 to early 2023, the defendants raised approximately $118 million through false promotion of cryptocurrency mining and debt restructuring businesses, including $95 million for the mining project and $23 million for the debt restructuring project, involving over 1,500 investors across the United States.
Arthur Hayes: Bull market can continue, South Korea postpones virtual asset taxation by two years
Regarding South Korea postponing virtual asset taxation for two years, Arthur Hayes stated: The bull market can continue, and South Korea's capital gains tax is postponed for another 2 years.
Project Dynamics
Former Facebook executive: Politicians killed the Diem/Libra stablecoin project
According to The Block, a former Facebook executive revealed that the company's stablecoin and blockchain project (initially called Libra, later renamed Diem) ultimately came to an end, leading many employees to leave and switch to other blockchain projects. The project was sold to Silvergate Bank in January 2022, which abandoned the project a year later and wrote off its investment. According to David Marcus, the former head of the project and a former Coinbase board member, the political intrigue behind the scenes was the root cause of the project's failure, which he described in a lengthy post on X as '100% political assassination'. 'The government or regulators had no legal or regulatory angle to crush this project. This is a 100% political kill - executed through intimidation of controlled banking institutions.'
David Marcus stated that despite '...two years of continuous work and transformation to appease legislators and regulators,' and receiving limited support from some members of the Federal Reserve Board, including Chairman Jay Powell, the project's political prospects still faced strong resistance from Treasury Secretary Janet Yellen, who warned Powell not to allow the project to continue due to concerns about political backlash.
10x Research: BTC market share drops to 56%, XRP may surpass SOL to become the third-largest cryptocurrency
10x Research pointed out in its market analysis that the cryptocurrency market cap has soared to $3.43 trillion, while Bitcoin's dominance has dropped from 60% to 56%. A higher overall market cap combined with a continuously declining Bitcoin dominance is typically seen as a sign of altcoin season. In cryptocurrencies, market theory often becomes self-fulfilling, as belief drives momentum. Since November 17, Solana (SOL) has remained relatively stable, while other major altcoins have performed well. Ethereum (ETH) has risen nearly +18%, and Ripple (XRP) has surged +70%. The market cap gap between Solana and Ripple is now only $6 billion, which means a 'flippening' could occur in a few days, and Ripple may become the third most valuable cryptocurrency.
Sonic Labs (formerly Fantom) launches testnet 2.0 Blaze
Sonic Labs launches the upgraded testnet 2.0 Blaze in preparation for the mainnet launch. Previously, it was reported that Fantom has been renamed to Sonic Labs and plans to launch a new EVM chain, Sonic, by the end of the year.
Musk applies for an injunction to prevent OpenAI from transitioning to a profit-making company
According to NetEase News, Elon Musk's lawyers have applied for a preliminary injunction against OpenAI, several of its co-founders, and its investors and close collaborators Microsoft to prevent OpenAI and other defendants from engaging in alleged anti-competitive behavior claimed by Musk's lawyers.
The motion for the ban was submitted to the Northern District Court of California late last Friday, accusing OpenAI, its CEO Sam Altman, President Greg Brockman, Microsoft, LinkedIn co-founder and former OpenAI board member Reid Hoffman, and former OpenAI board member and Microsoft Vice President Dee Templeton of engaging in various illegal activities and attempting to obstruct these activities. The charges include:
Preventing investors from supporting OpenAI's competitors, such as Musk's own AI company xAI.
Benefiting from 'improperly obtained competitive sensitive information' through OpenAI's relationship with Microsoft.
Transforming OpenAI's governance structure into a profit-making institution and 'transferring any significant assets, including intellectual property owned, held, or controlled by OpenAI, its subsidiaries, or affiliates'.
Causing OpenAI to conduct business with any defendant that has 'significant economic interests'.
Musk's lawyers claim that if the injunction is not granted, it will cause 'irreparable harm'.
Base founder: No plans to launch a token
Base founder Jesse Pollak stated on the X platform that the Hyperliquid project shows that it is a good thing to build a product people love before adding pricing complexity. In addition, there are no plans to launch a token on the Base network. The team is focused on building and hopes to solve real problems and help people build better.
Vitalik: Disagrees with the Department of Government Efficiency's (DOGE) excessive focus on the handling of small expenditures
Regarding the handling of small expenditures by the Department of Government Efficiency (DOGE), Vitalik expressed disagreement with this approach. He believes that the examples listed are just a small part of all expenditures. If the government optimizes with the goal of avoiding looking bad on Twitter, it will miss many valuable opportunities, while large-scale matters that actually waste more will continue to exist because they look good. A venture capital-like approach should be adopted for small public funds, as its goal is to ensure that those opportunities that can bring a 1000-fold return are seized. Careful energy should be focused on large-scale matters.
Important Data
Data: The US Bitcoin ETF purchased 71,570 Bitcoins in November
According to HODL15Capital statistics, the US Bitcoin ETF purchased 71,570 Bitcoins in November; in dollar value, November was a record month for inflows into US Bitcoin ETFs.
Michael Saylor: 60 publicly traded companies have issued stocks to purchase Bitcoin
MicroStrategy founder Michael Saylor stated on the X platform that currently, 60 publicly traded companies have issued stocks to buy Bitcoin. The total Bitcoin holdings of these 60 companies amount to 522,565. In addition, HODL15Capital data shows that currently, 12 publicly traded Bitcoin mining companies have no Bitcoin on their balance sheets.
OKLink Security Monthly Report: No significant Rug Pull incidents occurred in November, with total losses on the entire network amounting to approximately $203 million
OKLink releases the 2024 November Security Monthly Report, with total losses from on-chain security incidents amounting to approximately $203 million. Phishing scams accounted for 64.80% of total losses, totaling approximately $131 million, but no significant Rug Pull incidents occurred. REKT incidents accounted for 22.06%, with total losses of approximately $4.5 million.
On November 13, a user copied an incorrect address from contaminated transfer history, resulting in a loss of $129 million. An hour later, the attacker returned all assets. On November 15, the v1 liquidity pool contract of the Aptos ecosystem project Thala was attacked due to a security vulnerability, resulting in a loss of $25.5 million. Thala later negotiated with the attacker to recover all user assets through a $300,000 bounty.
OKLink reminds everyone to carefully verify the receiving address when performing on-chain operations. Some users have suffered losses of over $100 million due to copying incorrect addresses from contaminated transaction records. Please be sure to carefully verify the recipient's address when performing on-chain operations and avoid the habit of directly copying addresses from transaction records or chat logs. In addition, learn to use Web3 on-chain tools to mitigate risks. OKLink provides tools for on-chain address queries, token authorization checks, large transfer monitoring, etc., to easily ensure on-chain security, grasp market trends in real-time, and eliminate on-chain anxiety.
500 million XRP unlocked from unknown wallet custody, worth over $970 million
According to Whale Alert monitoring, approximately 1 hour ago, 500 million XRP were unlocked from an unknown wallet custody in two transactions, worth over $970 million.
HYPE breaks through $9, market cap exceeds $3 billion, hitting a new high
Market data shows HYPE breaks through $9, hitting a new high at $9.24, with a 24-hour increase of 33.9%. The current market cap exceeds $3 billion, reaching $3,086,086,670, with an FDV of $9,241,678,903. The trading volume in the past 24 hours was $361,549,000.
Two whales sold UNI and LINK for profits of $1.15 million and $3.06 million respectively
According to Lookonchain monitoring, two whales took profits today on UNI and LINK.
0x2B4F sold 135,150 UNI ($1.71 million), profiting $1.15 million.
0x6049 sold 363,814 LINK ($6.88 million), profiting $3.06 million.
A trader invested 1 SOL in Mundi, now profits exceed $435,000
According to Lookonchain monitoring, a trader invested 1 SOL ($169) in Mundi and now has profits exceeding $435,000, with a return of 2,580 times. The Ban was launched on October 25 and quickly surpassed a market cap of $60 million in two days. However, this trader chose not to buy Ban, but instead invested in the meme token Mundi, which was created before Ban. At that time, Mundi's market cap was only $85,000. He invested 1 SOL ($169) to purchase 19.79 million Mundi and held it. Four days ago, he began cashing out, selling 18.19 million Mundi for 1,428 SOL ($336,900), leaving 1.6 million Mundi ($99,000).
