Headlines
▌BTC surpasses $99,000
Market data shows that BTC has surpassed $99,000, currently reported at $99,004, with a 24-hour increase of 0.43%. Market fluctuations are significant; please manage your risk accordingly.
▌Opinion: Quantum computing may crack lost Bitcoins, challenging the narrative of scarcity.
Quantum computing technology advancements may redefine the traditional concept of 'lost coins' that cannot be recovered in Bitcoin. The article points out that some early-generated and long-abandoned wallets (like Satoshi Nakamoto's wallet) may face risks due to quantum computing breakthroughs in old encryption technology, as their owners cannot migrate keys to more secure cryptographic algorithms. This may allow some Bitcoins thought to be permanently lost to re-enter circulation, thereby altering the narrative of scarcity. Although Bitcoin developers can protect active wallets through protocol upgrades, the network's adaptability is sufficient to meet the challenges of the quantum era, old wallets may become more vulnerable future attack targets, posing new tests for Bitcoin network security.
Market data
As of publication, according to Coingecko data:
The recent transaction price of BTC is $99,827.48, with a daily fluctuation of +1.3%;
The recent transaction price of ETH is $3,510.85, with a daily fluctuation of +0.7%;
The recent transaction price of BNB is $704.62, with a daily fluctuation of +0.1%;
The recent transaction price of SOL is $198.70, with a daily fluctuation of +1.0%;
The recent transaction price of DOGE is 0.3375 yuan, with a daily fluctuation of +0.4%;
The recent transaction price of XPR is $2.31, with a daily fluctuation of -0.1%.
Policies
▌Opinion: Trump's Bitcoin reserve plan may become a watershed moment for the cryptocurrency market.
Trump publicly supports the Bitcoin reserve plan, pushing the US government to stockpile Bitcoin as a strategic asset. This plan has garnered support from political figures including Porter and Loomis, sparking bipartisan interest. Trump's backing gives political momentum to this previously marginalized concept, marking a watershed moment in the cryptocurrency market. California Democratic Congressman and Wyoming Republican Senator proposed incorporating Bitcoin into US reserve assets, partly relying on the US gold reserve. However, critics argue this could reinforce US financial dominance and challenge the decentralization ethos of Bitcoin. Nevertheless, supporters believe this move could help address the debt crisis and drive global financial innovation.
▌Hashgraph Group has obtained a fund management license in Abu Dhabi and will launch a $100 million Web3 fund.
The Switzerland-based Hashgraph Group has obtained a fund management license from the Abu Dhabi Global Market (ADGM). Hashgraph Ventures Manager, under Hashgraph Group, has been granted a license allowing it to launch a $100 million Web3 venture capital fund from the Abu Dhabi Global Market (ADGM).
Hashgraph Group will invest $20 million, which is 20% of the fund, as seed capital. The fund will focus on investing in startups and established companies within the Hedera ecosystem. The fund will prioritize strategic investments in Web3 and deep tech sectors (developing AI, blockchain, robotics, and quantum computing solutions). Eligible projects will have the opportunity to participate in Hashgraph Association's startup studio program.
Blockchain applications
▌Agridex completes its first coffee transaction on the Solana chain, potentially driving the tokenization wave of agricultural assets.
The Agridex platform on the Solana chain completed its first coffee transaction, with the British brand Tiki Tonga exporting coffee to South Africa, settling in South African Rand for British Pounds. The transaction fee was only 0.5%, lower than the traditional 5% to 7% cross-border fees. Agridex also supports instant settlements for various agricultural products, including livestock, wine, and olive oil.
Cryptocurrency
▌Pump Science: Tokenomics design has been completed.
Pump Science posted on X platform stating that the tokenomics design has been completed, including: 5% of the supply of tokens to be issued in the future will be allocated to previous token holders (during migration); those currently holding more PS tokens (RIF, URO) will be eligible for new tokens in the future; this will continue as long as new products are launched (forever).
Additionally, Pump Science announced that BIO Protocol will airdrop BIO to holders of URO and RIF, awaiting governance approval to connect BIO to Solana, with more airdrops under consideration.
▌Analysis: Bitcoin derivatives data suggests price may break through $105,000.
According to analysis from Cointelegraph, Bitcoin has recently risen by 6.5%, surpassing $98,000, but failed to break through key resistance levels. Derivatives market data indicates that Bitcoin maintains a neutral to bullish stance, suggesting that price fluctuations have not significantly affected market sentiment. This supports the possibility of Bitcoin continuing to rise above $105,000.
▌Report: OTC trading volume in cryptocurrency has surged in recent months, with election results becoming a significant driving force.
Several cryptocurrency trading firms have recently reported that OTC trading volumes have surged in recent months, with election results being a significant driving force. Tim Ogilvie, head of institutional business at Kraken, stated, 'OTC trading is currently exceptionally active, with volumes surging alongside price increases.' He noted that Kraken's OTC trading volume has increased by 220% year-on-year, with other trading firms reporting similar growth.
Jake Ostrovskis, an OTC trader at market maker Wintermute, pointed out that the market was relatively calm mid-year, but as the election nears, prices are rising, and market participants are beginning to actively prepare for the election results. Similarly, Embert Lin, a trader at market maker GSR, indicated that trading volumes at the company have significantly increased since the election. With the rise in prices of Bitcoin, Ethereum, and altcoins, projects and investors are significantly more eager to manage funds and risks at these price levels while also looking for new opportunities to access other crypto assets beyond BTC and ETH.
An OTC trader from a trading company privately revealed that recent trading volumes have easily reached levels seen at the peak of the cryptocurrency market's popularity in 2021. Furthermore, Brett Reeves, head of Go Network at the cryptocurrency custody company BitGo, pointed out that the election results are the main driver behind the recent surge in trading volumes, with two-thirds of the trading volume occurring within three months following the announcement of the election results.
▌An Ethereum ICO whale deposited 4,160 ETH into Kraken 3 hours ago, approximately worth $14.5 million.
According to Spot On Chain monitoring, 3 hours ago, an Ethereum ICO whale deposited 4,160 ETH (approximately $14.5 million) into Kraken. Notably, this whale acquired 20,000 ETH (worth $6,200 at the time) from the genesis block in July 2015, staking it for rewards, and often selling during peak periods, currently still holding approximately 7,043 ETH (worth $24.6 million).
Important economic dynamics
▌US media: Democrats do not like Trump, but they are looking forward to Biden's departure.
According to The Hill, US President Biden is preparing to leave the White House quietly. His public appearances post-election have garnered little media attention. In contrast, Trump has dominated much of the public's attention even before his second inauguration. Republicans say Biden's absence at critical moments is to be expected. However, Democrats have not taken action to support their party leader, instead expressing anticipation for Biden's departure, even if they do not favor the incoming individual. Some Democrats have stated they do not mind Trump stealing the limelight in the final month, noting that his behavior has not been inappropriate and appears more restrained than eight years ago. Some insiders have indicated that Biden's pardon of his son has left Democrats feeling 'disgusted' and 'thoroughly' annoyed with the 'entire Biden world.' This reflects the sentiments many Democrats already have, believing Biden should choose not to run for re-election or should withdraw from the 2024 race earlier. Former DNC official Ivan Zapien remarked, 'Losing is no fun... I wouldn't say it's Biden fatigue; it's more like a feeling of, 'Well, too bad, let's prepare for the next one (election).''
▌The probability of the Federal Reserve maintaining interest rates in January next year is 91.4%.
According to CME's 'FedWatch', the probability of the Federal Reserve maintaining interest rates in January next year is 91.4%, with an 8.6% chance of a 25 basis point rate cut. The probability of maintaining the current rate in March next year is 52.1%, with a cumulative probability of a 25 basis point cut at 44.2%, and a cumulative probability of a 50 basis point cut at 3.7%.
Golden Encyclopedia
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for transactions and trading. As a stablecoin pegged to the US dollar, 1 RLUSD is equivalent to 1 USD. Each RLUSD maintains a 1:1 peg. The collateral assets are either US dollar deposits or cash equivalents.
Disclaimer: Golden Finance, as a blockchain information platform, publishes articles for informational reference only and does not serve as actual investment advice. Please establish a correct investment philosophy and be sure to enhance risk awareness.
