Headlines
▌Bitcoin hash rate at an all-time high
According to Bitcoin.com, on Friday, October 25, 2024, Bitcoin's network hash rate surged to an all-time high of 736.81 EH/s, bringing Bitcoin closer to the expected Zeta Hash era.
▌BlackRock's Bitcoin holdings have surpassed 400,000 BTC
According to Lookonchain monitoring, BlackRock's Bitcoin holdings have surpassed 400,000 BTC, reaching 403,725 BTC ($26.98 billion). In the past two weeks, BlackRock purchased 34,085 BTC ($2.3 billion).
Market
As of the time of writing, according to Coingecko data:
BTC's recent transaction price is $66,905.74, with a daily fluctuation of +0.6%;
ETH's recent transaction price is $2,471.39, with a daily fluctuation of +1.4%;
BNB's recent transaction price is $581.88, with a daily fluctuation of +1.0%;
SOL's recent transaction price is $170.48, with a daily fluctuation of +3.8%;
DOGE's recent transaction price is 0.1363 yuan, with a daily fluctuation of +3.1%;
XPR's recent transaction price is $0.5122, with a daily fluctuation of +1.1%.
Policy
▌The Central Bank of Brazil emphasized the potential of tokenization to the International Monetary Fund and the World Bank
The Central Bank of Brazil supports tokenization and 'open finance' as key elements of the future financial system. In a panel report to the International Monetary Fund and the World Bank, the bank's president Roberto Campos Neto stated that people underestimate the intersection between the two. Campos Neto emphasized the relevance of tokenization to the concept of bank balance sheets and operational efficiency, stating that banks will gradually shift from viewing balance sheets based on accounts to those based on 'tokens,' which will greatly enhance efficiency and productivity. Tokens are better suited for banks to manage risks, manage collateral, and finance.
Blockchain applications
▌Coinbase launched on-chain AI agents based on Ethereum L2
Coinbase announced the launch of a new set of fully on-chain AI agents that can manage crypto wallets and interact with blockchains on its Base network. Users can create these agents on Base in less than three minutes to execute financial transactions and participate in DeFi activities.
▌Founder of Ordinals: Version 0.21.2 fixes issues that could lead to rune loss
Casey, the founder of Ordinals, stated on the X platform that if users are sending runes using ord, they should upgrade to ord 0.21.2. This version fixes a somewhat serious bug where 'ord wallet send' would not create change outputs in certain cases, which could lead to the loss of runes. This bug has been fixed in this version, and users are advised to upgrade.
Cryptocurrency
▌The total market value of stablecoins has fallen below $172.5 billion, with USDT's market share reaching 69.66%
According to DefiLlama data, the total market value of stablecoins is currently $172.457 billion, with a 7-day drop of 0.14%. Additionally, the total market value of USDT is $120.131 billion, with a market share of 69.66%.
▌Mitsubishi UFJ Trust Bank, Nomura Securities, and Daiwa Securities proposed launching a cryptocurrency ETF in Japan
Mitsubishi UFJ Trust Bank, Nomura Securities, and Daiwa Securities, along with Japanese institutional alliances such as BitFlyer and Bitbank, proposed launching a cryptocurrency ETF focused on Bitcoin and Ethereum in Japan.
▌Non-institutional investors or 'retail investors' account for 80% of Bitcoin ETF demand
The latest report from Binance Research found that non-institutional investors or 'retail investors' account for 80% of Bitcoin ETF demand.
An independent miner mined the 867,118th block, receiving a block reward of 3.329 BTC
An independent Bitcoin miner mined the 867,118th block, receiving a block reward of 3.329 BTC, currently valued at $221,690.
▌Billionaire Chamath: Bitcoin will become the most important inflation hedge asset in the next 50 to 100 years
Billionaire Chamath Palihapitiya stated that Bitcoin will become the most important inflation hedge asset in the next 50 to 100 years. We see people still using gold as a rational economic insurance policy, but the future must be Bitcoin.
▌In the past week, USDC circulation decreased by about $300 million, bringing total circulation down to $34.4 billion
According to official data, as of October 24, Circle issued approximately $1.7 billion USDC in the past 7 days, redeemed about $2 billion USDC, and the circulation decreased by about $300 million. The total circulation of USDC is $34.4 billion, with reserves amounting to $34.6 billion, including about $4.1 billion in cash, and the Circle Reserve Fund holds approximately $30.5 billion.
▌The U.S. Bitcoin spot ETF has purchased $30 billion worth of BTC in the past 10 months
According to HODL15Capital monitoring, as of now, there are still 1,227,507 BTC to be mined, worth about $80 billion. Additionally, the U.S. Bitcoin spot ETF has purchased $30 billion worth of BTC in the past 10 months.
Important economic dynamics
▌ECB council member Knot: The market has anticipated a rate cut path in advance, and this needs to be observed in December to see if it is overly optimistic
ECB council member Knot stated that more confidence is needed to see wages decline as expected, and the labor market remains tight. The market has anticipated a rate cut path in advance, and this needs to be observed in December to see if it is overly optimistic.
▌Trump proposed eliminating federal income tax and replacing it with tariffs as a source of revenue
In the latest episode of The Joe Rogan Experience, former President Trump stated that he is seriously considering eliminating the U.S. federal income tax and replacing it with tariffs as a source of revenue. Trump pointed out that the tariff policy of former U.S. President William McKinley in the 1890s brought great prosperity to the country and believes that the same policy should be adopted today to fund the government. Trump told Rogan that tariffs generated so much revenue that government officials did not know how to spend it: 'We are too rich. We have so much money. We don't know what to do, so they set up a blue ribbon tariff committee. The only purpose is to figure out what to do with all our money.'
Jinse Encyclopedia
▌What is dynamic re-sharding
Dynamic re-sharding is a relatively new term; the marketing team of Near Protocol refers to it as the 'Holy Grail of sharding,' but it also creates a new vocabulary that cannot be immediately understood. Based on the concept of blockchain sharding, re-sharding occurs when the network adjusts the number of shards based on load. Overloaded shards can split into two shards, while two underutilized shards can combine into one.
Disclaimer: Jinse Finance serves as a blockchain information platform, and the content of the articles published is for informational reference only and does not constitute actual investment advice. Please establish correct investment concepts and enhance risk awareness.
