Author: Deep Tide TechFlow
Market dynamics yesterday
Binance responds to USUAL and ACX market value data errors: caused by directly using CMC data, and will optimize relevant processes in the future.
Binance posted on social media: 'We have noticed recent community discussions regarding the token supply data of USUAL and ACX, and conducted an internal investigation on this at the first time. The specific cause of the incident is as follows: the information displayed on Binance's 'trading page' and 'price page' regarding the token circulation of relevant projects is directly taken from CoinMarketCap (CMC) data. Therefore, according to past processes, when the project's data is not updated, the data on CMC and Binance's pages will also be affected.
Regarding ACX: On December 6, the Binance team discovered that there was an error in ACX's circulation data and immediately contacted the project party to correct the data on CMC; regarding USUAL: The change in token supply information is mainly due to different standards between CMC and the project party on the definition of liquidity and how to reference data. After discussion, the project party has also completed corrections on CMC. As mentioned above, we have clarified the root cause of the problem and conducted post-analysis. In the future, we will work to improve the coordination and processes regarding token circulation and other related information display among the project party, CMC, and Binance, so that we can quickly verify key information about tokens before they go online and ensure the information is accurate to avoid similar issues.
Trump: No plans to replace Federal Reserve Chairman Powell.
According to Jinshi reports, US President-elect Trump stated in a program aired on NBC on Sunday (meeting with Kristen Welker) that he would not attempt to replace Federal Reserve Chairman Powell after taking office in January. When asked whether he would seek to replace Powell, Trump told Welker: 'No, I don't think so.' 'I think if I told him, he would (resign). But if I asked him (to resign), he might not.'
Sushi plans to release several products such as the Solana on-chain trading platform Wara and the on-chain perpetual DEX Susa in 2025.
Sushi CEO Jared Grey released the 2025 product roadmap, which will launch several new products including the comprehensive trading platform Wara based on Solana, the on-chain order book perpetual DEX platform Susa, the perpetual contract product Kubo, and the anti-MEV LVR AMM solution Blade. In addition, the SushiSwap aggregator will expand its distribution range by integrating new partners, and Grey hinted at a possible token airdrop in the future.
Tokens such as APT, ADA, and ENA will see large unlocks this week, with APT unlocking worth about $160 million.
Token Unlocks data shows that tokens such as APT, ADA, and ENA will see large unlocks this week, including:
Aptos (APT) will unlock about 11.31 million tokens at 12 AM Beijing time on December 12, accounting for 2.11% of the current circulating supply, valued at about $160 million;
Cardano (ADA) will unlock about 18.53 million tokens at 8 AM Beijing time on December 11, accounting for 0.05% of the current circulating supply, valued at about $22.24 million;
Ethena (ENA) will unlock about 12.86 million tokens at 3 PM Beijing time on December 11, accounting for 0.44% of the current circulating supply, valued at about $12.88 million;
Bitget Token (BGB) will unlock about 5.38 million tokens at 8 AM Beijing time on December 10, accounting for 0.38% of the current circulating supply, valued at about $13.98 million;
io.net (IO) will unlock about 2.11 million tokens at 8 PM Beijing time on December 11, accounting for 1.68% of the current circulating supply, valued at about $7.46 million.
People's Court News: 'Mining' condenses abstract social labor, and the act of stealing virtual currency constitutes theft.
People's Court News published an article on December 5 (Criminal Qualifying of Illegal Theft of Virtual Currency), which points out that several defendants agreed to use contract codes to steal USDT, with a total theft of 57,307.11 USDT from victim Hu.
In this case, the People's Court News commented that the defendants' actions violated the crime of illegally obtaining computer system data and theft, and this case should be recognized as theft. According to relevant regulations, whether it is legally protected does not necessarily relate to whether it has property attributes; relevant regulations only deny the legal currency status of virtual currencies but do not deny the property attributes of virtual currencies. As economic property, it must have value, including utility, scarcity, and disposability.
Scarcity is reflected in the constant total amount of virtual currency and is not infinitely supplyable. Disposability is reflected in the use of asymmetric cryptographic technology for virtual currency, which exists within 'wallets' (i.e., addresses), and once the address and private key are obtained, one can control the virtual currency.
Utility is reflected in virtual currency as specific data encoding that must be generated through 'mining', which condenses abstract social labor.
In real life, virtual currency can be transferred and traded, yielding computable economic benefits, and has both use value and exchange value. Therefore, virtual currency has property attributes, and the act of stealing virtual currency constitutes theft.
Analysts: Ethereum's current trend is similar to that of 2016-2017 and may welcome explosive growth.
According to Cointelegraph, data shows that Ethereum is experiencing a breakout trend similar to XRP, having broken through its three-year symmetrical triangle pattern's upper trendline within a week as of December 8. Market analyst VentureFounder predicts that Ethereum will see an 'impulsive breakout' in the coming months, as its current trend resembles that of its 2016-2017 cycle, predicting a repeat of the explosive growth that pushed ETH to a new high at that time.
VentureFounder stated that it is very important for Ethereum to maintain $3800 as support, and successfully holding this level will increase the likelihood of retesting its historical high of $4878 in the short term, after which it may continue to rise. He even predicts that the price target for ETH is to reach $15,937 by May 2025, which will first push Ethereum's market value to exceed $1 trillion.
Andrew Kang: ARB is severely undervalued, and the Stylus platform may become the main driving force for growth.
Andrew Kang, a partner at Mechanism Capital, posted on social media stating that despite the strong recent performance of Arbitrum ($ARB), it is still severely undervalued from a fundamental perspective. Compared to projects like Sui, Avalanche, and Tron, the trading price of $ARB is only a fraction of these projects, yet it has achieved several times their trading volume and TVL (Total Value Locked) (even without considering HL activities).
Kang stated that there is currently a large number of institutional investors focusing on these fundamental indicators rather than memes. He believes that supporting developers using the Stylus platform built with Rust/C++, game deployment/Animechain, and ongoing cross-chain interoperability research will be the greatest driving force for Arbitrum's future growth.
The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 86%.
According to CME 'Federal Reserve Watch', the probability of the Federal Reserve maintaining current interest rates unchanged until December is 14%, and the cumulative probability of a 25 basis point rate cut is 86%.
Data: The top 15 entities holding Bitcoin among institutions collectively own about 1.647 million Bitcoins.
According to HODL15Capital, as of December 7, the top 15 entities holding Bitcoin among institutions collectively own about 1.647 million Bitcoins. BlackRock IBIT holds 523,735 Bitcoins ranking first, MicroStrategy holds 402,100 Bitcoins ranking second, and Grayscale GBTC holds 212,385 Bitcoins ranking third.
Other major holding institutions include Fidelity FBTC (200,440), Tether (82,454), ARKB (48,393), and BITB (41,062), MARA Holdings (MARA), HODL, Tesla, Coinbase, HUT, BRRR, SQ, Tether, CLSK, and others.
Market dynamics
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