Today's News Highlights:
Four asset management companies have submitted applications to the U.S. SEC to launch Bitcoin ETFs with different levels of protection.
Michael Saylor suggests Microsoft adopt Bitcoin as a core corporate strategy.
Michael Saylor expresses confidence in persuading Buffett to use Berkshire's $325 billion cash to buy Bitcoin.
DeBox operating account private key leaked, resulting in a loss of over 4.87 million BOX and 31 ETH.
Binance supports the MONKY airdrop plan for users holding FLOKI and APE.
Pump.fun's revenue plummeted 66% due to live streaming controversy, falling from a peak of $33 million to $11 million.
In November, spot cryptocurrency trading volume reached $2.7 trillion, a new high since May 2021.
Ethereum spot ETFs saw a net inflow of $467 million last week, with BlackRock's ETHA performing strongly.
Regulatory News
The Supreme Procuratorate and the Ministry of Public Security jointly supervise and handle the fourth batch of major cross-border telecom network fraud cases.
According to the Supreme People's Procuratorate's online release hall, in order to further curb the frequent occurrence of cross-border telecom network fraud crimes, maximum efforts will be made to cut off the criminal chain between domestic criminals and overseas fraud groups. Based on the normalized supervision work mechanism, the Supreme People's Procuratorate and the Ministry of Public Security have decided to continue to jointly supervise and handle eight major cross-border telecom network fraud cases. The cases include: (1) Wuxi 'Boxiang Park' telecom network fraud case; (2) Yancheng 'Peak Technology' telecom network fraud case; (3) Shengzhou 'Haozhi Park' telecom network fraud case; (4) Quanzhou '5·27' telecom network fraud case; (5) Longyan, Chongqing 'Shengyuan Group' telecom network fraud case; (6) Jiulongpo, Chongqing '11·15' telecom network fraud case; (7) Luzhou, Sichuan '3·21' series telecom network fraud case; (8) Nujiang, Yunnan '8·09' telecom network fraud case. Relevant officials from the Supreme People's Procuratorate and the Ministry of Public Security stated that national procuratorial and public security organs will deeply implement General Secretary Xi Jinping's important instructions on combating and managing telecom network fraud, earnestly implement the requirements of laws such as the Anti-Telecom Network Fraud Law of the People's Republic of China, and severely crack down on cross-border telecom network fraud and related illegal criminal activities within the country. They will continue to strengthen cooperation and coordination, advance various work measures for 'combat, prevention, management, and building', and strive to capture and severely punish the leaders, behind-the-scenes 'financiers', and core members of cross-border telecom network fraud groups, effectively severing the criminal chain and pursuing recovery of losses, firmly safeguarding the legitimate rights and interests and safety of people's lives and property.
Trump: Biden's pardon of his son is an abuse of power and a misjudgment.
After the White House released a statement regarding President Biden's pardon of his son Hunter Biden, President-elect Trump issued a statement on social media criticizing Biden's actions. Trump stated in the statement that Biden's use of presidential power to pardon Hunter Biden is an abuse of power and a misjudgment.
Four asset management companies have submitted applications to the U.S. SEC to launch Bitcoin ETFs with different levels of protection.
According to the Financial Times, four asset management companies have submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Bitcoin ETFs that use derivatives to reduce or protect investor losses. These ETFs include Buffer ETFs and Managed Floor ETFs. Institutions such as Calamos Investments, First Trust Portfolios, and Innovator ETFs have applied for products with different protection levels, including a buffer ETF that protects against a 30% loss and a Managed Floor ETF with a three-month period. Grayscale plans to launch an ETF that covers Bitcoin spot ETF with sell call options, sacrificing some price appreciation potential but providing stable premium income.
Currently, these ETFs face challenges including options position limits. The Chicago Options Exchange is about to launch Bitcoin index options with higher position limits, which may provide greater capacity for product structure. If approved, these ETFs could be listed as early as February next year.
South Korea's crypto tax implementation has been postponed to 2027, with bipartisan agreement in parliament.
According to Cryptonews, the South Korean National Assembly has reached an agreement to delay the implementation of the crypto tax until 2027, marking the third postponement since the tax was first proposed in 2020. The largest opposition party, the Democratic Party (DP), stated that it would vote in favor of the government's extension plan at the National Assembly's plenary session on December 2.
The DP previously attempted to push an alternative bill proposing to implement the crypto tax as originally planned in 2025, but raised the annual tax revenue threshold to 50 million won (approximately $36,000) to align with stock trading tax standards. However, the proposal did not gain support from the ruling party, the People Power Party (PPP). DP leader Park Chan-dae stated that the decision to delay was made 'after in-depth discussions' and believes 'more institutional preparation' is needed to ensure a sound tax system.
NFT
Binance partners with Ronaldo to launch 'ForeverSkills' digital collectibles.
According to the official announcement, Binance has teamed up with Cristiano Ronaldo to launch 'ForeverSkills' digital collectibles. The ForeverSkills series includes eight unique digital collectibles inspired by Ronaldo's iconic football skills. Collectors can receive different utilities and rewards based on the type of digital collectibles they own. The event runs from December 1, 2024, at 6 PM to December 24, 2024, at 7:59 AM Beijing time. Holder benefits include downloadable football skill tutorial videos, chances to win signed merchandise, and even opportunities to meet Ronaldo in person.
Project Updates
Michael Saylor suggests Microsoft adopt Bitcoin as a core corporate strategy.
Michael Saylor delivered a 3-minute speech at the Microsoft board meeting, where his published Bitcoin strategy slides indicated that he proposed Bitcoin as the core opportunity for the next wave of technological innovation, recommending that Microsoft adopt Bitcoin as a core corporate strategy. He believes that Bitcoin is 'digital capital', and in the current global asset market of approximately $90 trillion, Bitcoin's market value is expected to grow from the current $2 trillion to $280 trillion by 2045, surpassing traditional assets such as bonds and gold.
The report emphasizes that Bitcoin significantly outperforms traditional financial instruments in asset performance, with an annualized return significantly higher than bonds and stocks, and almost no counterparty risk. Saylor also suggested that Microsoft allocate part of its funds to Bitcoin investment to replace traditional dividend distribution and stock buyback strategies, predicting that this move could add up to $4.9 trillion to Microsoft's market value by 2034.
Additionally, he pointed out that the global institutional support for Bitcoin is continuously increasing, including endorsements from governments, Wall Street, and several well-known political figures, demonstrating its potential to become an important component of global corporate financial strategy. Saylor calls on Microsoft to seize this opportunity and take a leading role in global digital financial innovation.
The Japanese cryptocurrency exchange DMM Bitcoin will cease operations and sell its assets to a subsidiary of SBI Group.
According to Nikkei News, the Japanese cryptocurrency exchange DMM Bitcoin will cease operations and sell its assets to a subsidiary of SBI Group.
Moonshot launched the meme coin Mundi (MUNDI) on the Solana chain.
BTC long-term holders' relative unrealized profit margin is 0.74, lower than previous peaks.
Hyperliquid's market value surpasses Aave, rising to 55th place in cryptocurrency market rankings.
Binance supports the MONKY airdrop plan for users holding FLOKI and APE.
Binance announces support for the airdrop of Wise Monkey (MONKY) for users holding FLOKI (FLOKI) and ApeCoin (APE). The snapshot times are APE: November 29, 2024, at 08:00 (UTC+8) and FLOKI: December 15, 2024, at 08:00 (UTC+8). The airdrop ratio is 0.35 MONKY for holding 1 FLOKI and 804,828 MONKY for holding 1 APE. Rewards will be distributed proportionally based on the holding amount at the time of the snapshot.
DeBox operating account private key leaked, resulting in a loss of over 4.87 million BOX and 31 ETH.
DeBox officially announced that due to the leakage of the private key of the operating account's personal EOA wallet, 31.03 ETH and 4.879 million BOX were stolen. The official emphasized that this incident is unrelated to the asset security of platform users, and the community can be assured. The response plan includes:
1. Stable Fund Buyback: The stable fund will be used to buy back stolen tokens from exchanges, expected to be completed within a week.
2. Token Allocation: All repurchased tokens will be injected into the BOX DAO asset pool, with specific uses determined by community voting.
3. Account Security Upgrade: After DeBox App supports multi-signature login, the operating account will be migrated to a multi-signature wallet.
4. Tracking and Accountability: A professional security company has been commissioned to conduct investigations and asset tracking, with progress updates provided regularly. Any recovered assets will be managed through BOX DAO voting.
Earlier reports indicated that the DeBox token BOX plummeted over 30% this morning, with on-chain liquidity remaining at about $10,000.
Pump.fun's revenue plummeted 66% due to live streaming controversy, falling from a peak of $33 million to $11 million.
According to Cointelegraph, the meme coin launch platform Pump.fun on the Solana chain saw a 66% drop in weekly revenue following a live streaming controversy. According to DefiLlama data, Pump.fun's revenue peaked at $33.83 million between November 18 and 24 but quickly fell to $11.31 million between November 25 and December 1. The primary reason for the revenue decline was community demands for the platform to disable live streaming, as some users engaged in dangerous behaviors during live streams to attempt to boost their token prices.
Michael Saylor expresses confidence in persuading Buffett to use Berkshire's $325 billion cash to buy Bitcoin.
Michael Saylor, co-founder and executive chairman of Microstrategy, criticized the management strategy of Berkshire Hathaway's $325 billion cash reserve in an interview with PBD Podcast. He pointed out that this amount of money loses about $32 billion each year due to a 12% negative real yield, equivalent to a loss of $3 billion per month. Saylor believes that Bitcoin can serve as a better asset management tool, helping to hedge against inflation and currency devaluation, and calls on companies with excess cash reserves to consider incorporating it into their asset allocation. Saylor boldly stated that he is confident he can persuade Buffett to accept Bitcoin in an hour. He said, 'If I can talk to Buffett alone for an hour, he will acknowledge that Bitcoin is a good idea. Even Buffett's long-time business partner Charlie Munger might support this idea.'
Metaplanet launches shareholder reward program, gifting Bitcoin worth 30 million yen, stock price rises 6%.
Japanese company Metaplanet announced a partnership with SBI VC Trade to launch a shareholder benefits program, providing Bitcoin worth 30 million yen to 2,350 shareholders as a reward. Following the announcement, Metaplanet's stock price rose over 6%, surpassing the $2,450 level.
According to the plan, 50 shareholders will each receive Bitcoin worth 100,000 yen, 100 shareholders will receive 30,000 yen, and 2,200 shareholders will receive 10,000 yen. Participants must meet the following conditions: hold at least 100 shares of Metaplanet by December 31, 2024, and open a new account at SBI VC Trade between November 18, 2024, and March 31, 2025. Bitcoin will be distributed in late April 2025.
Important Data
XRP's market value surpasses SOL, ranking fourth in cryptocurrency market value rankings.
PANews reported on December 2 that according to coingecko data, XRP's market value surpassed SOL, ranking fourth in cryptocurrency market value rankings. XRP rose 17.6% in 24 hours, currently priced at $2.28, with a market value of approximately $130.1 billion, while SOL fell 0.3% in 24 hours, currently priced at $237.13, with a market value of $112.7 billion.
Ethereum spot ETFs saw a net inflow of $467 million last week, with BlackRock's ETHA performing strongly.
Bitcoin spot ETFs saw a net outflow of $138 million last week, while BlackRock's ETFs saw a counter-trend net inflow of $405 million.
Ripple locked 1 billion XRP to a custody wallet early this morning.
According to Whale Alert monitoring, Ripple has re-locked a total of 1 billion XRP to a custody wallet at 2:21 and 2:22 AM today, valued at approximately $15.46 billion.
Paxos: As of the end of October, the number of USDG tokens on the Ethereum network is 10,750,140.
Stablecoin issuer Paxos released its first USDG attestation report, disclosing that as of 5 PM Singapore time on October 31, 2024, the number of tokens held under the USDG contract on the Ethereum network was 10,750,140, with the fair value of redeemable assets at least equal to or greater than $10,750,140. The number of USDG tokens does not exceed the reported redeemable asset balance.
In November, spot cryptocurrency trading volume reached $2.7 trillion, a new high since May 2021.
According to The Block, the crypto market's spot trading volume in November reached $2.7 trillion, a new high since May 2021, more than double October's trading volume of $1.14 trillion. Approximately 36% of the trading volume in November came from Binance, which had a trading volume exceeding $986 billion. Crypto.com, Upbit, and Bybit followed closely, each with trading volumes exceeding $200 billion, showing significant month-on-month growth in trading volumes across various regions globally. Additionally, the total trading volume for Bitcoin futures on trading platforms reached $2.59 trillion in November, while Ethereum futures reached $1.28 trillion, both achieving new highs since May 2021.
Data: Tokens such as TAIKO, ADA, and ENA will see significant unlocks next week, with TAIKO unlocking worth approximately $20.9 million.
Token Unlocks data shows that tokens such as TAIKO, ADA, and ENA will see large unlocks next week, including:
Taiko (TAIKO) will unlock approximately 9.29 million tokens at 8 PM Beijing time on December 5, with a ratio of 11.38% to the current circulation, valued at approximately $20.9 million;
Cardano (ADA) will unlock approximately 18.53 million tokens at 8 AM Beijing time on December 6, with a ratio of 0.05% to the current circulation, valued at approximately $19.8 million;
Ethena (ENA) will unlock approximately 12.86 million tokens at 3 PM Beijing time on December 4, with a ratio of 0.45% to the current circulation, valued at approximately $10.5 million;
Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3 AM Beijing time on December 4, with a ratio of 0.69% to the current circulation, valued at approximately $4.9 million;
Dora Factory (DORA) will unlock approximately 28.57 million tokens at 8 AM Beijing time on December 2, with a ratio of 2.86% to the current circulation, valued at approximately $3.5 million;
Cetus Protocol (CETUS) will unlock approximately 8.33 million tokens at 8 AM Beijing time on December 6, with a ratio of 1.37% to the current circulation, valued at approximately $3.1 million;
Everclear (NEXT) will unlock approximately 20.11 million tokens at 8 AM Beijing time on December 5, with a ratio of 18.82% to the current circulation, valued at approximately $2.6 million;
Staika (STIK) will unlock approximately 1.57 million tokens at 8 AM Beijing time on December 4, with a ratio of 0.00% to the current circulation, valued at approximately $2.4 million;
Delysium (AGI) will unlock approximately 8.57 million tokens at 8 AM Beijing time on December 5, with a ratio of 0.67% to the current circulation, valued at approximately $2.1 million.
