Headlines
▌BTC breaks through $99,000
Market data shows that BTC has broken through $99,000, currently reported at $99,004, with a 24-hour increase of 0.43%. The market is volatile, so please manage your risk.
▌Opinion: Quantum computing may crack lost bitcoins, challenging the narrative of scarcity
Advancements in quantum computing technology could redefine the traditional notion that 'lost coins' of Bitcoin cannot be recovered. The article notes that some early-generated wallets that have long been abandoned (such as Satoshi Nakamoto's wallet) may face risks due to their owners being unable to migrate keys to more secure cryptographic algorithms, potentially due to quantum computing breakthroughs against old cryptographic techniques. This could lead to some bitcoins previously thought to be permanently lost being re-circulated, thereby altering the narrative of scarcity. Although Bitcoin developers can protect active wallets through protocol upgrades and the network's adaptability is sufficient to meet the challenges of the quantum era, old wallets may become easier targets for future attacks, presenting new challenges for Bitcoin network security.
Market Trends
As of the time of writing, according to Coingecko data:
BTC's recent transaction price 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%;
BNB's recent transaction price 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%;
DOGE's recent transaction price is 0.3375 yuan, with a daily fluctuation of +0.4%;
XPR's recent transaction price is $2.31, with a daily fluctuation of -0.1%.
Policy
▌Opinion: Trump's Bitcoin reserve plan may be a watershed moment in the cryptocurrency market
Trump publicly supports the Bitcoin reserve plan, promoting the US government to accumulate Bitcoin as a strategic asset. The plan has received support from political figures including Porter and Lummis, sparking bipartisan interest. Trump's backing has given political momentum to this concept, which was previously marginalized, marking a watershed moment in the cryptocurrency market. California Democratic Congressman and Wyoming Republican Senator proposed including Bitcoin as a US reserve asset, partially relying on the US gold reserve. However, critics argue that this may reinforce the US's financial dominance and challenge Bitcoin's decentralization ideology. Nevertheless, supporters believe this move could help address the debt crisis and promote global financial innovation.
▌Hashgraph Group has obtained a fund management license in Abu Dhabi and will launch a $100 million Web3 fund
Hashgraph Group, headquartered in Switzerland, has obtained a fund management license from the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. The license obtained by Hashgraph Group's Hashgraph Ventures Manager allows 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 companies in the Web3 and deep technology sectors (developing solutions in artificial intelligence (AI), blockchain, robotics, and quantum computing). Eligible projects will have the opportunity to participate in the Hashgraph Association's startup studio program.
Blockchain Applications
▌The Agridex platform on the Solana chain completes its first coffee transaction, potentially driving the wave of agricultural asset tokenization
The Agridex platform on the Solana chain has completed its first coffee transaction, with the UK brand Tiki Tonga exporting coffee to South Africa, settling payments in South African Rand to pounds, with a transaction fee of only 0.5%, lower than the traditional 5% to 7% cross-border fees. Agridex also supports instant settlement of various agricultural products, including livestock, wine, and olive oil.
Cryptocurrency
▌Pump Science: Token economics design is complete
Pump Science stated on platform X that the token economics design is complete, including: 5% of the future issued token supply will be allocated to previous token holders (at the time of migration); those who now hold more PS tokens (RIF, URO) will be able to acquire new tokens later; this situation will continue as long as new products are launched (forever).
Additionally, Pump Science stated 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 that the price may break through $105,000
According to Cointelegraph's analysis, Bitcoin recently rose by 6.5%, breaking through $98,000, but failed to surpass key resistance levels. Derivatives market data indicates that Bitcoin maintains a neutral to bullish stance, suggesting that price fluctuations have not significantly impacted market sentiment. This supports the possibility of Bitcoin continuing to rise above $105,000.
▌Report: OTC trading volume of cryptocurrencies has surged in recent months, with election results being a significant driving force
Several cryptocurrency trading firms have recently reported that OTC trading volume has 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 trading volumes surging alongside price increases." He revealed 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 elections approached, prices rose, and market participants began actively preparing for the election results. Similarly, trader Embert Lin from market maker GSR stated that trading volume has significantly increased since the elections. With the rise in prices of Bitcoin, Ethereum, and altcoins, projects and investors are significantly more enthusiastic about managing funds and risks at these price levels, while also seeking new opportunities to engage with crypto assets beyond BTC and ETH.
A trader from an OTC trading company privately revealed that recent trading volumes have easily reached levels seen during the peak of the cryptocurrency market in 2021. Additionally, Brett Reeves, head of Go Network at cryptocurrency custodian BitGo, pointed out that the election results are the main driving factor behind the recent surge in trading volumes, with two-thirds of the trading volume generated in the three months following the announcement of the election results.
▌An Ethereum ICO whale deposited 4,160 ETH into Kraken three hours ago, approximately $14.5 million
According to monitoring by Spot On Chain, three hours ago, an Ethereum ICO whale deposited 4,160 ETH (approximately $14.5 million) into Kraken. Notably, this whale obtained 20,000 ETH (worth $6,200 at the time) from the Genesis block in July 2015, staked it for rewards, and frequently sold during peaks, currently still holding about 7,043 ETH ($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 after the election have hardly attracted media attention. In contrast, Trump has captured much of the public's attention even before his second inauguration. Republicans say it is expected that Biden would be absent during significant moments. However, Democrats have not taken any action to support their party leader, instead expressing anticipation for Biden's departure, even if they do not like the person taking over. Some Democrats say they do not mind Trump stealing the spotlight in the last month and point out that his behavior is not inappropriate and seems more restrained than eight years ago. Some insiders say Biden's pardon of his son has left Democrats feeling "disgusted" and "thoroughly" upset with the "entire Biden world." This is a feeling that 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 said: "Losing is not fun... I wouldn't say this is Biden fatigue; it feels more like a 'well, too bad, let's prepare for the next (election).'"
▌The probability of the Federal Reserve maintaining interest rates unchanged in January next year is 91.4%
According to CME's "Fed Watch," the probability of the Federal Reserve maintaining interest rates unchanged in January next year is 91.4%, while the probability of a 25 basis point rate cut is 8.6%. The probability of maintaining the current rate unchanged until March next year is 52.1%, the cumulative probability of a 25 basis point rate cut is 44.2%, and the cumulative probability of a 50 basis point rate cut is 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. As a stablecoin pegged to the US dollar, 1 RLUSD equals 1 dollar. Each RLUSD maintains a 1:1 peg. These collateral assets are either dollar deposits or cash equivalents.
Disclaimer: Golden Finance, as a blockchain news platform, publishes articles for informational reference only and does not constitute actual investment advice. Please establish a correct investment philosophy and be sure to enhance risk awareness.
