1. Eric Trump, the son of Donald Trump, stated that reasonable regulation can help the U.S. become a crypto superpower, emphasizing that his father plans to promote the U.S. as a global crypto capital from the White House.
2. Senator Tim Scott opposes the Biden administration's candidate nominations, accusing them of attempting to obstruct Trump's agenda and calling for a halt to related rule-making activities.
Senior member of the U.S. Senate Banking Committee, Senator Tim Scott, issued a statement opposing the upcoming nomination hearings for Biden administration candidates on December 11. He believes that the Democrats' last-minute push for President Biden's nominations, including the reappointment of SEC Commissioner Caroline Crenshaw, is an "obvious attempt to obstruct President Trump's agenda." Scott emphasized that the American people have already expressed their stance on the economic agenda in the November 6 elections, calling for a halt to related rule-making activities. It was reported this morning that Coinbase's CEO called for the removal of SEC Commissioner Crenshaw, stating that she had previously obstructed the Bitcoin ETF. - Original text
3. Ki Young Ju, founder of CryptoQuant, revealed that if the company goes public, it will consider adopting Bitcoin financial strategies.
Ki Young Ju, founder and CEO of CryptoQuant, is suspected of considering pushing the company to adopt Bitcoin financial strategies. He posted on platform X, stating: "If CryptoQuant goes public on a Korean exchange, issues convertible notes to buy Bitcoin, and promotes Bitcoin strategies to Asian companies, will the market buy CryptoQuant's stock at a price above 219% of its net asset value?" - Original text
4. The cryptocurrency market has experienced a crash, with several altcoins dropping by 20%, showing significant volatility in market sentiment.
5. Musk announced that the xAI image generation system will be completed internally within six months, showing his continued investment in the AI field.
Musk posted on platform X that the xAI image generation system will be completed internally in about six months. - Original text
6. Significant liquidations occurred in the cryptocurrency market, with $487 million liquidated across the network in the last 24 hours, predominantly from long positions.
The current price of BTC is $98,035.11, with a 24-hour decline of 2.08%. Among them, the total liquidation amount across the network in the last 24 hours is $487 million, with the majority being long positions, BTC liquidations amounting to $78.72 million (16.13%), data for reference only.
7. Bitget is considering entering the U.S. market, planning to expand its business under the potential pro-cryptocurrency policies of the Trump administration.
Bitget is a cryptocurrency exchange that has rapidly developed in recent years, becoming one of the largest exchanges. Encouraged by the pro-cryptocurrency stance that the incoming Trump administration may take, the company is considering collaborating with U.S. companies to establish a foothold in the United States. Some of the largest cryptocurrency exchanges, such as Binance, ByBit, OKX, and Bitget, have been banned from offering services to U.S. citizens. As part of its parent company's $4.3 billion settlement with U.S. authorities, the U.S. branch of the largest exchange, Binance.US, has nearly been pushed out of the market. The exchange's CEO, Gracy Chen, stated that in early 2022, Bitget, which had a daily trading volume of about $8 billion, considered initiating the process of obtaining state licenses in the U.S. However, following the collapse of FTX, the environment looks less optimistic, not to mention the "outrageous" legal costs, combined with the prospect of direct competition with Coinbase, Chen added. Even though Trump's election as president might bring regulatory clarity for cryptocurrencies in the U.S., newcomers will still face a chaotic situation with state licenses and various federal agencies. Nevertheless, Bitget has experience in establishing mutually beneficial relationships: a recent partnership with UK trading company Archax has allowed Bitget to comply with UK financial promotion rules. "We are re-evaluating our U.S. strategy, although we haven't decided anything yet," Chen stated in an interview. "If we have a local partner who already has many such licenses, then we can form a joint venture. This way, we won't need to go through all the applications. We might take this approach, but nothing has been decided yet." After FTX's collapse and regulators' crackdown on Binance, rival exchanges have the opportunity to attract customers globally. Mobile app downloads tracked by business intelligence firm Sensor Tower and web traffic research company SimilarWeb show that several top exchanges in places like Russia, India, and Nigeria have significant growth potential. Chen said her company might have taken over some businesses previously belonging to Binance. However, she stated that customer growth is not something Bitget is taking for granted but rather earned by being sharper and more innovative than competitors. For instance, Bitget invested $30 million in TON, the token of a blockchain network associated with popular messaging application Telegram, which in turn led to a surge in Nigerian users. Chen said that many customers in African countries use TON to play games and need to conveniently deposit and trade these tokens on the exchange. Chen said this is what Bitget can provide for Nigerians. "We obviously want to acquire some TON users, and this strategy has been very effective from the Nigerian perspective," Chen said. "For a while, we had more downloads in Nigeria than Google or TikTok." Chen has not visited Nigeria yet, and due to the detention of Binance executive Tigran Gambaryan, she will not be going there temporarily. "We feel that some governments in certain countries might not be stable enough, and for security reasons, no one on our team will fly there," she said. Chen stated she is aware that for some time after the outbreak of the war in Ukraine, some competing exchanges actively sought Russian users and influencers, especially during the conferences in Dubai. (Sensor Tower data shows that in August, Bybit had over 1 million monthly active users in Russia.) Bybit did not immediately respond to a request for comments regarding the number of Russian users on its platform. Chen stated that Bitget is reserved concerning Russia. "Strategically, we believe we should stay away from the Russia/U.S. debate, as sanctions are being implemented," she said. Chen said that India is a market that Binance has re-established after being fined this year, but for Bitget, India is not a growth area, mainly due to the lack of a clear regulatory framework. "We are working with the government, and we currently have several team members focusing on India," she said. Major cryptocurrency exchanges do their best to prevent customers from restricted areas (such as China or, in some cases, the U.S.) from trading illegally on their platforms. But typically, users from these excluded regions find ways to bypass know your customer (KYC) checks and may use virtual private networks (VPNs) to evade IP blocking measures. Chen stated that this activity often occurs in China, where users may hold passports or licenses from other countries. "I think all major exchanges have business from certain countries (like China)," she said. "Because this economy is so large, with so many retail users, it is hard to avoid all these people." Chen Tianqiao graduated from MIT and was promoted this year from Managing Director and Chief Marketing Officer to CEO of Bitget. She is one of the few Asian or Asian American women at the helm of the largest cryptocurrency companies; other women include Binance co-founder He Yi, who is a partner of its former CEO Zhao Changpeng; OKX President Fang Hong; and Bybit COO Liu Haiyan. In fact, He Yi from Binance is an old friend of Chen Tianqiao, who introduced cryptocurrency to Chen Tianqiao as early as 2015. "I know her very well. She was my bridesmaid at my wedding. But today, it feels a bit like a situation between enemies and friends," Chen Tianqiao said. - Original text
8. HIVE Digital produced 103 BTC in November, with a holding value exceeding $261 million, indicating the mining company's steady growth.
According to official news, Bitcoin mining company HIVE Digital released its November 2024 operational report (unaudited), with the following highlights: - BTC production: 103 BTC produced during the month, bringing its HODL portfolio to 2,713 BTC, a year-on-year increase of 67%; - Mining capacity: average hash rate of 5.3 EH/s, peak hash rate of 5.7 EH/s; - Operational efficiency: average daily output of 3.42 BTC; - Bitcoin valuation: as of November 30, 2024, based on a closing price of about $96,400, HIVE's Bitcoin holdings are valued at over $261 million. - Original text
9. Ripple's CEO criticized the (60 Minutes) program for omitting important information regarding the judge's ruling that XRP is not a security.
Ripple CEO Brad Garlinghouse posted on X, stating: "Crypto made its debut tonight on (60 Minutes). There is no doubt that these technologies will continue to become more mainstream, and their impact and reach will only continue to grow. After watching the program, I really want to comment on a few things: I had over 90 minutes of continuous conversation with Margaret Brennan/(60 Minutes) regarding the SEC's erroneous lawsuit against Ripple, and the program shockingly 'omitted' the federal judge's ruling that XRP is not a security... John Reed Stark is clearer about the situation, even though his comments are (60 Minutes) choice to air. Finally, the belief that cryptocurrency has no utility is akin to the criticisms made against the early internet by its opponents, who said it was just illegal activity. As it turns out, they were wrong. Today, even JPMorgan is starting to pay attention to blockchain... ((60 Minutes) also coincidentally did not mention that Ripple is conducting billions of dollars in KYC transactions for our institutional clients, using XRP to facilitate cross-border payments more efficiently than traditional methods.)" - Original text
10. Citigroup expects the Federal Reserve to cut interest rates by 25 basis points in December, increasing market expectations for a rate cut.
According to market news, Citigroup expects the Federal Reserve to cut interest rates by 25 basis points in December, down from a previous forecast of a 50 basis point cut. - Original text
11. The U.S. Bitcoin ETF and Ethereum ETF saw net inflows of 5,045 BTC and 26,351 ETH respectively, indicating ongoing investor interest in cryptocurrencies.
On December 9, the U.S. Bitcoin ETF saw net inflows of 5,045 BTC, while the Ethereum ETF saw net inflows of 26,351 ETH. - Original text
12. OKX CEO Star expresses expectations for the future phase of Bitcoin and commits to continue building the Bitcoin ecosystem.
OKX CEO Star posted on platform X stating, "Sixteen years ago, Bitcoin began to lead a financial revolution through decentralization, trustless transactions, and digital scarcity. With more institutional adoption and improved infrastructure, Bitcoin will become more efficient and have more utility. OKX will be a key contributor to the Bitcoin ecosystem, just as OKX Wallet supports inscriptions and runes. We are excited about the next phase of Bitcoin and will continue to build towards our vision for the future." - Original text
13. Russia proposed establishing a Bitcoin strategic reserve, indicating strategic adoption of cryptocurrency at the national level.
14. Ethereum developer Max Resnick switched to Solana out of frustration with Ethereum, reflecting differing views among developers on platform competitiveness.
From a market capitalization perspective, Ethereum's leading position in the cryptocurrency market is undoubtedly strong. However, in terms of products, developers, and decision-making, the original smart contract platform continues to be pressured by one of its closest competitors, Solana. This threat may not yet manifest. Ethereum, along with its many closely connected networks, remains the most significant, influential, and largest platform in decentralized finance. However, as many cryptocurrency newcomers opt for Solana due to its speed and low fees, this leading position is beginning to wane. This is enough to make some of Ethereum's most outspoken supporters ponder whether the network needs to shift into a war mode. "Ethereum has been in a state of peace throughout its life," said ETH extremist David Hoffman in the latest episode of his podcast Bankless. "Today, more and more people believe that this period of Ethereum's life has ended." On Monday, reports emerged that veteran developer Max Resnick, who had long worked in the Ethereum ecosystem and left his position at the development studio Consensys, would be joining Solana's orbit, further intensifying this dynamic. Last week was my final week at Consensys. Today is my first day at @anza_xyz. I will be bringing my talents to Solana. In my first 100 days, I plan to write specifications for as many Solana protocols as possible, prioritizing fee markets and consensus implementations. I... December 9, 2024. "Solana has too much potential and latent energy," Resnick said in an interview with CoinDesk. He attributed this decision to his own career path but pointed out that the frustration over Ethereum's inability to adapt led to this move. He criticized a rigid culture that hinders progress. Ethereum lacks a streamlined process for quick changes. Some view this as an advantage of a decentralized network, while others, like Resnick, see it as an obstacle to long-term success. Ethereum is notorious for its cumbersome technological network. Its developer community views co-founder Vitalik Buterin's annual "roadmap" as a benchmark for tracking Ethereum's slow progress. Many significant changes could still take years. Resnick stated that while Ethereum's decision-making may not be as deliberately disconnected and ineffective as Bitcoin's, the network still faces unhealthy internal politics. Major, important discussions about improving the network "are happening in Vitalik's DMs," he said. "If you really need to make rapid changes to keep up with the competition, I think Ethereum must do this for the first time, then you really need to change this process in some way." This was enough to prompt Resnick to seek a new home and settle into Solana. He found a job at Anza, a subsidiary of Solana Labs responsible for building its core client. He stated that he appreciates Solana's ability to act quickly in competition. In the brewing struggle between Solana and Ethereum, there was a shocking moment last week when one of the most famous NFT collections on Ethereum, Pudgy Penguins, revealed that the team behind Pudgy Penguins is launching a token called PENGU, but it will be launched on the Solana network instead of on Ethereum, the NFT's home. This shocking announcement sparked significant concern on crypto Twitter. 1/ Pudgy Penguins launching $PENGU on Solana is not due to "ETH's user experience issues" but rather a deeper decay in ETH culture. As someone building L2, let me tell you why this matters... pic.twitter.com/fQIFJGLWn52024. At least, commentators believe this decision proves Solana's advantage as a retail-friendly chain compared to Ethereum. Many other ETH-native projects have already avoided the main chain predicament without completely leaving Ethereum. They are built on Layer 2 networks that operate on top of Ethereum. Meanwhile, PENGU has completely detached from the tip of the iceberg. Ethereum researcher Justin Drake, in an interview with CoinDesk last week, expressed indifference to the competition. According to him, Solana has not placed "health" at a sufficiently important level to win in the long term. Resnick has a different view. He claims he is not the only one. "There are many people in ETH—many of whom contribute far more than I do—who are frustrated with the state of Ethereum and calling for change, saying, 'Hey, if these changes don’t happen, I don’t know how much longer I can work here,'" he said. - Original text
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