Headlines
▌The Trump family crypto project WLFI purchased $250,000 ENA four hours ago and exchanged 103 cbBTC for WBTC
According to Onchain Lens monitoring, about four hours ago, the Trump family crypto project WLFI (World Liberty) spent $250,000 USDC to purchase 231,726 ENA and exchanged 103 cbBTC worth $10.36 million for WBTC. So far this month, it has spent:
-$30 million USDC purchased 8,105 ETH;
-$10 million USDC purchased 103 cbBTC (converted to WBTC);
-$2 million USDC purchased 78,387 LINK;
-$1.91 million USDC purchased 6,137 AAVE;
-$750,000 USDC purchased 741,687 ENA;
-$250,000 USDC purchased 134,216 ONDO.
▌The Federal Reserve cuts interest rates by 25 basis points
The Federal Reserve concluded its 2024 annual interest rate resolution, deciding to lower the benchmark interest rate by 25 basis points to a range of 4.25%-4.50%, marking the third consecutive rate cut, as expected. Over the eight resolutions this year, the Fed has cumulatively cut rates by 100 basis points, including one 50 basis point cut, two 25 basis point cuts, and five instances of maintaining rates.
Market
As of press time, according to Coingecko data:
BTC recent transaction price $100,610, daily price change -5.5%;
ETH recent transaction price $3,646.73, daily price change -6.6%;
BNB recent transaction price $691.22, daily price change -4.1%;
SOL recent transaction price $207.61, daily price change -7.8%;
DOGE recent transaction price $0.36, daily price change -9.1%;
XPR recent transaction price $2.33, daily price change -9.7%.
Policy
▌Powell: The Fed has no intention of holding Bitcoin
Currently, there is ongoing debate about whether the incoming Trump administration will establish a Bitcoin reserve. Federal Reserve Chairman Jerome Powell stated that the Fed has no intention of holding Bitcoin. Powell said at the press conference following the FOMC meeting: "We are not allowed to hold Bitcoin." Regarding the legal issues of holding Bitcoin, Powell stated, "This is something for Congress to consider, but we have no intention of seeking to change the law."
▌Trump and Musk oppose the spending bill, House Speaker proposes "Plan B"
According to reports from The Hill, U.S. House Republican Speaker Johnson is considering a "Plan B" to fund the government before Friday's deadline for a government shutdown, as Republicans inside and outside Congress, including those from Trump's team, are criticizing his spending plan. Trump earlier also told Fox News hosts that he is completely opposed to the continuing resolution spending bill. This aligns with the view of "America First buddy" Musk, who stated that any lawmaker supporting the bill should step down. Two informed sources indicated that Johnson is considering an alternative option of a "clean" continuing resolution bill. This would require abandoning additional provisions included in the initial 1,500-page spending proposal negotiated by congressional leaders, including disaster relief and economic aid for farmers.
▌U.S. federal judge rules Coinbase can delist WBTC
U.S. federal judge Araceli Martínez-Olguín ruled to dismiss the temporary restraining order request from Hong Kong company BiT Global, allowing Coinbase to proceed with plans to delist Wrapped Bitcoin (WBTC) from its platform. The judge found that BiT Global failed to demonstrate that Coinbase's action would cause "immediate and irreparable harm".
Blockchain applications
▌Arkham announces integration of Sui blockchain data
According to the official announcement, Arkham announced it will integrate Sui blockchain data, including entity/address pages, Arkham dashboard, real-time alerts, visualization tools/trackers, etc. It is reported that the Sui ecosystem has achieved significant growth in recent months, with a trading volume of about $2.93 billion in just the past seven days, and the total value of stablecoins on the network reaching $300 million.
▌Deutsche Bank launches Layer 2 network based on ZKsync technology
German financial giant Deutsche Bank is developing an Ethereum Layer 2 blockchain network based on ZKsync technology. The project aims to address compliance challenges of public blockchains in regulated finance by improving transaction efficiency and strengthening regulatory compliance.
This development is part of the Project Guardian initiative promoted by the Monetary Authority of Singapore (MAS), and Deutsche Bank's L2 network is named Project Dama 2. The project brings together 24 financial institutions to explore the potential for tokenization of blockchain assets.
Cryptocurrency
▌Avalanche may airdrop Christmas gifts to users who voted on Retro9000
The Avalanche Foundation posted on X, stating that it will conduct a RETRODROP activity with a suspected airdrop icon, saying "there will be a Christmas surprise for those who vote on Retro9000."
Previously, Avalanche announced plans to launch a $40 million funding program Retro9000, aimed at rewarding developers building on Avalanche9000.
▌Kelp DAO announces KERNEL token economics, with 20% of the total token supply allocated for airdrops
The re-staking project Kelp DAO announced on the X platform the KERNEL token economics, with 20% allocated for airdrops; 35% for future community rewards. 5% for ecosystem and partners. 20% for private sale. 20% for team and advisors. Additionally, 20% of the tokens are allocated for three airdrop seasons.
▌Placeholder partner: After the Fed FOMC meeting, market correction, do not overtrade
Placeholder partner Chris Burniske posted on X: "If you are frustrated that you didn't sell before the market correction following the Fed FOMC meeting, please understand that you didn't have much of an edge in predicting market reactions. Take this experience as an opportunity to slow down. Don't overtrade. In the long run, as long as you are patient, you will be fine."
▌JPMorgan: Trump's victory opens a new era for U.S. crypto, the choice of CFTC chairman will be particularly important
JPMorgan stated in a report on Wednesday that Donald Trump's victory in the November presidential election has opened a new era for U.S. cryptocurrencies, noting that since his election, the total market capitalization of cryptocurrencies has increased by about 65%.
Analysts led by Kenneth Worthington wrote: "The new government has not only brought a crypto-friendly sentiment but has also shown enthusiasm for promoting this asset class; the appointment of the Commodity Futures Trading Commission (CFTC) chairman is a missing piece in the government's support of the cryptocurrency agenda. This position is important because it could play a significant role in regulating Bitcoin (BTC) and Ethereum (ETH)."
Important economic dynamics
▌Analyst: Concerns about the Fed resuming rate hikes may be premature
Analyst Jersey stated that some are concerned that the policies of the new U.S. government may trigger inflation, leading the Federal Reserve to raise interest rates before the end of 2025, but this might be somewhat premature as the implementation of new policies takes a long time. However, considering that the next step may be a rate hike, which seemed unlikely four months ago, the yield curve could steepen. Nevertheless, such actions may not occur until we receive more data.
▌Hong Kong Monetary Authority cuts interest rates by 25 basis points
The Hong Kong Monetary Authority lowered the benchmark interest rate by 25 basis points to 4.75%, following the Federal Reserve's announcement of a 25 basis point rate cut early this morning.
▌Trump and Vance issued a joint statement calling on Congress to start discussing the debt ceiling issue now
Incoming U.S. President Trump and incoming Vice President Vance issued a joint statement on X, stating, "Raising the debt ceiling is not a good thing, but we would rather do it during Biden's term. If the Democrats are not willing to cooperate on the debt ceiling issue now, who would think they would cooperate during our administration in June? Let's have this debate now," Trump and Vance said in the statement. Trump and Vance also called on Congress to "pass a streamlined spending bill to prevent Senate Majority Leader Schumer and Democrats from doing as they please."
Golden Encyclopedia
▌What is Rollup?
Rollup is a way of processing transactions on Layer 2 protocols that can free up valuable space on the underlying layer. Rollups fold transactions on the second layer one by one, sometimes folding dozens of times, then rolling them together and sending the data back to Layer 1. There are primarily two types of Rollup: optimistic and zero-knowledge (ZK) proofs. Optimistic Rollup is a fairly straightforward term. It means the Rollup operates on an "optimistic" basis, assuming the transactions are valid unless the validator proves otherwise. They only check the validity of transactions in the event of a dispute. ZK Rollup proves transactions without revealing any transaction data. Hence, it is called "zero-knowledge." ZK Rollup provides instant finality as cryptographic proofs ensure data validity. In many ways, Rollup is to your standard blockchain transaction what a Calzone is to a regular slice of pizza. By rolling up, you can fit more in.
Disclaimer: Golden Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Everyone should establish the right investment philosophy and be sure to enhance risk awareness.
