1.Federal Reserve announces interest rate decision (upper limit) of 4.50%
The Federal Reserve announced an interest rate decision (upper limit) of 4.50%, with expectations also at 4.50%, down from the previous 4.75%. According to the Federal Reserve's statement, recent data indicate steady growth in economic activity, a slight easing in the labor market, a rise in unemployment but still at low levels, and inflation close to the target but slightly increasing. The committee will continue to reduce the balance sheet, and the decision received majority support from members, with Beth Hammack opposing it, advocating for maintaining the interest rate between 4.5% and 4.75%. Powell stated at the press conference that they are not allowed to hold Bitcoin and do not wish to change the law. The dot plot indicates that the forecast for rate cuts next year has changed from 4 adjustments to 2; Powell mentioned that future considerations for interest rate adjustments can be more cautious, and the path depends on achieving more progress in reducing inflation. It may take another year or two to reach the inflation target. A rate hike next year is unlikely.
2.Global user survey by CoinSafety: The number of meme coin holders surpasses that of Bitcoin, with nearly half of users entering the crypto market in 2024
Binance released a global user survey report, surveying a total of 27,230 respondents. In emerging sub-industries, 23.89% of respondents believe that AI tokens will drive market growth, making it the digital asset category with the greatest upward potential. Memecoins ranked second, with 19.09% of respondents expressing confidence in its potential for growth, followed by DeFi tokens (12.37%) and layer-1 tokens (12.28%). Regarding the most popular tokens among users, meme coins took the lead, with 16.1% of respondents currently holding memecoins. Bitcoin ranked second with a holding rate of 14.44%. The survey also showed a significant influx of new users into the cryptocurrency space, with nearly half (45%) of respondents entering the cryptocurrency market in 2024.
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3.Arthur Hayes：Trump's team may bypass the Federal Reserve's 'money printing'
BitMEX co-founder Arthur Hayes tweeted that Powell does not cooperate with Trump as he does with Biden. However, it doesn't matter, as Trump's nominated Treasury Secretary Scott Bessent will balance Powell like 'bad girl' Yellen. The Trump team may bypass the Federal Reserve's intervention to achieve 'money printing' operations through three major strategies: ending the conservatorship of Fannie Mae and Freddie Mac; promoting the economy through the devaluation of the dollar against gold; and implementing leverage capital requirement (SLR) exemptions.
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4.The price of Bitcoin mining machines in Huaqiangbei has risen sharply, with many buyers from Russia, the United States, and Canada
Affected by the soaring Bitcoin price, the price of Bitcoin mining machines in Huaqiangbei, Shenzhen, has risen sharply. Antminer S21 335T is priced at $5,600 per unit (approximately 40,700 yuan), a 30% increase compared to last year. Some high-performance models, such as the S21 XP water-cooled miner, are sold out on the official website, leading to a supply-demand imbalance in the mining machine market. Buyers mainly come from Russia, the United States, and Canada, with some customers purchasing hundreds to thousands of machines at once. The low electricity prices in these regions, such as only 0.37 yuan per kilowatt-hour in Canada and as low as 0.2 yuan in Russia, provide substantial profit margins for miners.
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5.Europol seizes $26 million in cryptocurrency from 9 drug dealers
Europol, in collaboration with law enforcement agencies from six countries, successfully dismantled an international drug trafficking network that utilized cryptocurrency for fund transfers. The operation resulted in the arrest of 9 suspects and the seizure of high-value items, including gold and luxury goods, €35,000 in cash, and approximately $26 million in cryptocurrency. This investigation spanned several years and involved cooperation from countries such as Spain, the UK, and Belgium, ultimately identifying a criminal network operated from Dubai and headquartered in southern Spain.
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