The Texas House of Representatives has proposed a bill to establish a strategic Bitcoin reserve.
According to CNBC, on Thursday, the Texas House of Representatives proposed legislation to establish a strategic Bitcoin reserve, which could serve as a testing ground for the U.S. Treasury. Republican Congressman Giovanni Capriglione announced the bill at an X Spaces event on Thursday, proposing that the state establish a strategic Bitcoin reserve by accepting taxes, fees, and donations in the form of Bitcoin and holding it for at least five years. The non-profit Bitcoin advocacy organization Satoshi Action Fund, which collaborated with Capriglione to draft the bill, stated that this Texas bill aims to provide a method to enhance the state's financial stability and make it a leader in Bitcoin innovation. Capriglione stated, 'Inflation may be the biggest enemy of our investments; establishing a strategic Bitcoin reserve and investing in Bitcoin will be a win-win for the nation.' Texas is not only the second-largest economy in the U.S. but also the eighth-largest economy in the world and is home to the highest concentration of Bitcoin miners in the U.S.
Ukraine plans to legalize cryptocurrency in early 2025 but will not offer tax incentives.
According to Daniel Hetmanets, Chairman of the Ukrainian Tax Committee, Ukraine is expected to formally legalize cryptocurrency through relevant legislation in the first quarter of 2025. Nevertheless, cryptocurrencies will be taxed under a securities model, taxing profits from asset conversions to fiat currency without providing tax incentives. Hetmanets stated that this decision was made after consultations with European experts and the International Monetary Fund (IMF) to prevent the use of cryptocurrency to evade traditional market taxes.
Crypto-supporting Congressman French Hill has been appointed Chairman of the U.S. Financial Services Committee.
According to The Block, crypto supporter and U.S. Congressman French Hill defeated three other opponents to win the position of Chairman of the country's Financial Services Committee. Reportedly, French Hill stated in July's Unchained podcast that legislation on stablecoins and market structure would be the two bills he most wants to pass after taking office.
Trump: We will do great things in the cryptocurrency space.
Donald Trump, the elected President of the United States, just stated at the New York Stock Exchange bell-ringing ceremony that he may veto any budget or appropriation bill that does not align with the goals of the newly established 'Department of Government Efficiency.' Additionally, he plans to reduce the corporate tax rate to 15% to drive economic growth and attract more corporate investments. He also stated, 'We will do great things in the cryptocurrency space.' His administration plans to take significant actions in the fields of cryptocurrency and artificial intelligence and mentioned that the development in these areas will require more power support. Furthermore, he emphasized the critical role of the stock market in the economy, stating, 'The stock market is everything to me; it's very important.'
Earlier news, Trump was elected 2024 Person of the Year, appearing on the cover of Time magazine.
Musk: The SEC is just an agency used as a political tool.
Elon Musk just tweeted in response, saying, 'The SEC is just another agency weaponized to execute political dirty work.' Earlier, Mike Lee criticized the SEC as an 'untrustworthy independent committee.'
Google has released the next generation of its AI model, Gemini 2.0.
According to Google's official blog, Google has released the next generation of its AI model, Gemini 2.0. Gemini 2.0 supports multimodal inputs such as text, images, video, and audio, and features native image generation and multilingual text-to-speech (TTS) capabilities. Compared to Gemini 1.5 Pro, the model speed has doubled, optimizing multimodal reasoning, complex instruction execution, and tool usage capabilities, and supports calling Google Search, code execution, and third-party functions. The experimental version, Gemini 2.0 Flash, is now open to developers, and multi-modal features will be fully promoted in January 2025, along with the launch of a multi-modal real-time API to provide more application support for developers.
OpenSea's official X avatar has been changed to the Pudgy Penguins image.
According to OpenSea's official X account, the NFT marketplace OpenSea has changed its avatar to the Pudgy Penguins image.
Alipay denies supporting direct purchases of cryptocurrency.
In response to rumors online about 'Alipay supporting coin purchases,' Alipay's official account clarified via social media that 'seeing banana ads on the X platform does not mean you can buy bananas on X,' thus denying the related rumors. Previously, Justin Sun mentioned that Alipay's homepage displayed recommendations related to cryptocurrency. The actual recommendation pertains to an investment fund (Huabao Overseas Technology C), which includes Coinbase stocks and Bitcoin ETFs, rather than directly purchasing cryptocurrencies. Alipay emphasized that its services do not support direct purchases of crypto assets.
MicroStrategy's Bitcoin strategy has sparked imitation, with 144 companies already holding Bitcoin.
According to DL News, MicroStrategy has accumulated a total of 423,600 Bitcoins through convertible bonds and stock financing, valued at approximately $42 billion, accounting for 2% of the total Bitcoin supply. This strategy has increased its stock price by 30 times since August 2020, attracting other companies to follow suit. BitcoinTreasuries data shows that around 144 companies hold Bitcoin on their balance sheets. Followers include Bitcoin mining companies Marathon Digital, Riot Platforms, Core Scientific, Terawulf, and Bitdeer, which have purchased Bitcoin through similar convertible bond financing; Japan's Metaplanet plans to hold 10,000 Bitcoins by 2025; medical technology company Semler Scientific recently increased its holdings by 303 Bitcoins, bringing its total holdings to 1,873. Additionally, Coinbase, as a custodian, holds over 11% of the total Bitcoin supply, including the Bitcoins held by MicroStrategy. Tesla and Hong Kong gaming company Boyaa are also involved in the accumulation trend, with Tesla holding $1.5 billion worth of Bitcoin and Boyaa holding 3,183 Bitcoins, valued at $310 million.
French financial group Oddo is developing a euro stablecoin, expected to launch next year.
According to Bloomberg, informed sources say that Paris-based financial group Oddo BHF SCA is working with crypto technology company Fireblocks to develop a euro-denominated stablecoin, which Oddo is expected to launch next year pending regulatory approval. It is reported that Oddo manages client assets exceeding €140 billion ($147 billion) and has about 3,000 employees as of the end of 2023, with three main business lines: private banking, asset management, and corporate and investment banking. The company is majority-owned by the Oddo family, and last year's net banking income was €806 million.
Anchorage Digital provides ETH re-staking services to institutions through integration with EigenLayer.
According to official news, crypto custody platform Anchorage Digital announced an integration with EigenLayer, enabling institutions to participate in ETH restaking as well as EIGEN custody and staking. EigenLayer indicated that this marks an important milestone for institutional adoption of EigenLayer restaking, with Anchorage Digital Bank NA being the only federally-chartered bank authorized to provide digital asset staking services in the U.S. Previously, Anchorage Digital added support for liquid staking tokens LsETH to provide ETH staking services to institutions.
ODOS launches DAO and introduces a tokenized loyalty program, with rewards distribution starting on December 20.
DEX aggregator ODOS announces the official launch of Odos DAO, along with its tokenized loyalty program, which is scheduled to go live on December 20, 2024, at 12:00 Beijing time. This marks its transition to decentralized governance and user-centric growth. To reward early users, there will be 494,278 eligible addresses that will receive retroactive ODOS rewards based on historical usage. Eligibility inquiries will begin on December 12, 2024, and claims will start on December 20, 2024.
A new proposal from EigenLayer suggests introducing a penalty mechanism.
According to official news, the Ethereum re-staking protocol EigenLayer has released its second improvement proposal (ELIP-002): a penalty mechanism (Slashing). This ELIP proposal introduces a penalty mechanism (Slashing) to enhance the economic commitments of cryptographic protocols and provide innovative tools for AVS (Active Validation Services) to reward high-quality service operators. The proposed penalty mechanism incorporates two new concepts proposed by Eigen Labs: Unique Stake and Operator Sets, allowing AVS to penalize operators for failing to fulfill commitments (such as computational errors or availability issues). Unique Stake ensures each AVS exclusively possesses specific punishable stakes, reducing systemic risk. Operator Sets allow AVS to better segment tasks and operators for improved accountability mechanisms and reward distribution.
BlackRock executives: Currently focused on Bitcoin and Ethereum ETFs, rather than launching new altcoin ETFs.
According to Bloomberg ETF analyst Eric Balchunas, BlackRock's U.S. thematic and active ETF head Jay Jacobs stated at the 'ETFs in Depth' conference, 'We are currently only scratching the surface of Bitcoin, particularly Ethereum. Only a handful of clients hold (IBIT and ETHA), so our focus is on this area rather than launching new altcoin ETFs.'
Australian asset management company AMP purchased $27 million in Bitcoin.
According to Bitcoin Magazine, Australian asset management company AMP, managing $56 billion in assets, recently purchased $27 million worth of Bitcoin.
The creator of the ChillGuy character posted that he has granted IP rights to the token team, leading to speculation that his X account was hacked.
According to CryptoBriefing, the creator of the meme coin ChillGuy, Philip Banks, announced in a tweet that he has granted intellectual property (IP) rights to the CHILLGUY token team. This led to speculation that his X account was hacked when people connected Banks' account with another new meme coin featuring his character Philb on Pump.fun. The new coin quickly gained popularity, reaching a market cap of $1 million before a complete sell-off. The official CHILLGUY X community account expressed confusion: 'Philip Banks' tweet tonight surprised us; he announced that he has granted permission and intellectual property. We will continue to seek details. Please remain vigilant and do not transfer funds based on unverified information.' Banks' sudden change of stance confused many, as he initially intended to take strict measures against unauthorized use of the ChillGuy character but has now authorized the token team. Despite the controversy, the market cap of ChillGuy tokens initially rose by 30% after the announcement of the IP authorization. However, this gain was quickly erased.
Securitize appoints former Grayscale CEO Michael Sonnenshein as Chief Operating Officer.
According to Securitize's announcement, former Grayscale Investments CEO Michael Sonnenshein officially joined the company on December 9 as Chief Operating Officer (COO). During his 10-year tenure, Sonnenshein developed Grayscale into the largest crypto asset management company globally, managing assets worth billions of dollars and facilitating the approval of the first spot Bitcoin ETF in the U.S.
Nano Labs has increased its Bitcoin holdings to 360 through the Hong Kong HashKey Exchange.
According to Nano Labs (NASDAQ: NA) announcement, the company recently increased its Bitcoin holdings through the licensed virtual asset exchange HashKey Exchange in Hong Kong, with a total holding of approximately 360 Bitcoins, valued at approximately $36.22 million. The company stated that its average purchase cost for Bitcoin is $99,700 per coin (including trading fees).
Coinbase plans to delist USDT and other non-compliant stablecoins in Europe.
According to Cointelegraph, Coinbase Europe, Coinbase Germany, and Coinbase Custody International will delist Tether's USDT and five other stablecoins (PAX, PYUSD, GUSD, GYEN, and DAI) on December 13 to comply with European regulations (MiCA). Coinbase stated that it will continue to support stablecoins compliant with MiCA, including USDC, co-operated with Circle, and the euro stablecoin EURC, and will evaluate the possibility of relisting stablecoins compliant with MiCA in the future.
Binance will officially launch Usual (USUAL) on December 18.
Binance will end Usual (USUAL) pre-market trading at 17:00 on December 17, 2024 (UTC+8) and will open the following spot trading pairs on December 18, 2024, at 19:00 (UTC+8): USUAL/BTC, USUAL/USDT, USUAL/FDUSD, USUAL/TRY. The recharge channel will open at 18:00 on December 17, 2024 (UTC+8); USUAL withdrawals are expected to open at 19:00 on December 19, 2024 (UTC+8); transfer functions will be restored before 18:00 on December 17, 2024 (UTC+8).
Coinbase International will launch Movement perpetual futures contracts.
Coinbase International announced on the X platform that Coinbase International and Coinbase Advanced will add support for Movement perpetual futures contracts, with the MOVE-PERP market expected to open on December 17, 2024, at 17:30 or later Beijing time.
Grayscale launches Lido Trust Fund and Optimism Trust Fund.
Grayscale has added a Lido DAO Trust Fund aimed at providing investors with access to the Lido DAO ecosystem. Additionally, Grayscale announced the launch of the Optimism Trust Fund, intended to give investors exposure to the Optimism ecosystem.
BlackRock: The maximum allocation ratio for Bitcoin could reach 2%.
According to Forbes, BlackRock, the world's largest asset management company, suggested in its research report (on the scale of Bitcoin in portfolios) that allocating 1% to 2% of portfolio funds to Bitcoin is a reasonable choice. BlackRock believes that Bitcoin, as a tool for portfolio diversification, has risk characteristics similar to stocks of the 'Big Seven' companies like Google, Amazon, and Apple, while its low correlation can reduce overall investment risk. BlackRock pointed out that Bitcoin's high volatility makes higher allocation ratios less feasible; a 1% allocation would account for 2% of risk weight, while a 2% allocation would increase to 5%. Nevertheless, BlackRock expects Bitcoin may be used in the future to hedge risks like gold, and its return characteristics will undergo significant changes.
Uplink becomes the first DePIN project launched on the Avalanche blockchain.
According to The Block, the decentralized internet connectivity platform Uplink has officially launched on the Avalanche blockchain, becoming the first decentralized physical infrastructure network (DePIN) project on this Layer 1 network. Uplink aims to promote the decentralization of internet connectivity by incentivizing users to share existing networks and deploy new infrastructure, especially in areas with insufficient network services. Uplink plans to launch the Uplink app by 2025 to verify router locations and support users in sharing real internet connections, while also releasing innovative features and launching a Layer 1 testnet on Avalanche to provide data consumption and transaction support for the ecosystem. Additionally, Uplink plans to launch a platform token to promote global data usage and trading.
Web3 communication protocol Push will launch the Layer 1 blockchain Push Chain.
According to The Block, Web3 communication protocol Push Protocol is developing a Layer 1 blockchain called Push Chain, focusing on chain abstraction technology and supporting cross-network Web3 application development. Push Chain aims to address issues of fragmented user experience and scalability, planning to launch a phased testnet in mid-January 2025, with the mainnet scheduled to go live by the end of the year. This blockchain will feature wallet and gas fee abstraction, sharding technology, and sub-second transaction finality, while serving as a universal settlement layer for various Layer 1 and Layer 2 chains, supporting cross-chain operations of 'universal smart contracts.' Previously, Push raised $10.1 million in Series A financing led by Jump Crypto and completed a seed round supported by former Coinbase CTO Balaji Srinivasan in 2020.
Co-founder of Sequentia claims to have exploited a vulnerability that caused 69% of Dogecoin network nodes to crash.
According to Cointelegraph, Sequentia co-founder Andreas Kohl exploited the 'DogeReaper' vulnerability, causing 69% of the Dogecoin network nodes to crash. On-chain data shows that before the exploit, Dogecoin had 647 active nodes, now only 315 remain. The vulnerability was discovered by security researcher Tobias Ruck, allowing attackers to remotely trigger a memory segmentation error to crash nodes. Analysis indicates that if the vulnerability were exploited on a large scale by malicious actors, it could cause the entire network to cease operations for days, with no transactions or block generation. Despite the significant potential threat, Coinbase only offered a $200 reward for the report. Andreas Kohl later stated that the Dogecoin vulnerability only affected nodes that had not been updated to the latest version, which accounted for the majority of the network but did not include centralized exchanges (CEX) and other major custodians. Therefore, most Dogecoin users were not affected by the incident, and most users had limited knowledge of self-custody mechanisms.
Avalanche raised $250 million from investors like Galaxy.
According to Forbes, although the Avalanche Foundation holds approximately $3 billion worth of AVAX tokens, it still raised $250 million through a private token sale. This financing was led by Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 other companies participating, including SkyBridge and Morgan Creek Digital.
Smart contract platform Waterfall Network has completed a new round of financing totaling $11.6 million.
According to IBTimes, the smart contract platform Waterfall Network announced the completion of a new round of financing totaling $11.6 million, with Bolt's Capital, Alpha Token Capital, and Enflux participating to provide funding for its research and development. The new funds will be used to strengthen the platform's infrastructure, simplify nodes, and further improve. Waterfall Protocol, set to launch in July 2024, is a Layer 1, scalable, decentralized smart contract platform developed by software company BlueWave based on DAG technology and rapid-finality PoS consensus. It is designed specifically for the development of Dapps, aiming to provide scalability, security, and a truly decentralized governance platform while being compatible with the Ethereum Virtual Machine (EVM).
Tether minted an additional $1 billion USDT on the Ethereum network early this morning.
According to Lookonchain monitoring, at 00:04 today, Tether minted an additional $1 billion USDT on the Ethereum network. Since November 6, Tether has minted 21 billion USDT on the Ethereum and Tron blockchains.
Greeks.live: Bitcoin options with a notional value of $2.1 billion and ETH options worth $640 million will expire today.
Greeks.live macro analyst Adam stated on the X platform that today, 21,000 BTC options will expire, with a Put Call Ratio of 0.83, and the maximum pain point at $98,000, with a notional value of $2.1 billion. Additionally, 164,000 ETH options will expire today, with a Put Call Ratio of 0.68, and the maximum pain point at $3,700, with a notional value of $640 million. The market this week is primarily characterized by adjustments, and unlike last week, Bitcoin's adjustment range is smaller, while altcoins have adjusted more strongly. As the Christmas holiday and year-end settlement approach, market makers are beginning to adjust their positions, with a higher proportion of large bullish options trades, accounting for over 30% of daily trades. In previous years, trading activity in the U.S. and Europe typically declines significantly around Christmas, but this year, the stock market's influence on crypto seems to be rising, and this trend may become more pronounced. Recent options market data has consistently shown that market makers are relatively cautious, and the volatile market has led to a slight increase in implied volatility, making options particularly suitable for short-term speculation at this time. The cost-effectiveness of buying options remains very high.
A large whale has withdrawn 3.72 million OM from Binance in the past 48 hours, valued at $15.53 million.
According to Onchain Lens monitoring, in the past 48 hours, a large whale withdrew 3.72 million OM from Binance at an average price of $4.17, valued at $15.53 million.
