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U.S. Congress Allocates Billions to Expired Federal Programs

According to BlockBeats, on November 21, the Department of Government Efficiency (DOGE) reported that the U.S. Congress has allocated $516 billion to federal programs with expired legal authorization for the fiscal year 2024. This information is based on relevant government documents.A significant portion of this funding, nearly $320 billion, is directed towards programs whose authorization expired a decade ago. The revelation highlights ongoing concerns about the efficiency and oversight of federal spending, as substantial funds continue to be allocated to programs without current legal backing. This situation raises questions about the legislative process and the mechanisms in place to ensure that taxpayer money is spent effectively and in accordance with up-to-date legal frameworks.The allocation of funds to expired programs underscores the complexities and challenges faced by lawmakers in managing the federal budget. It also points to potential areas for reform, as the government seeks to improve transparency and accountability in its financial operations. The Department of Government Efficiency's findings may prompt further scrutiny and debate within Congress regarding the need for updated authorizations and more rigorous oversight of federal expenditures.
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Whale Account Acquires Significant Solana Holdings

According to PANews, a whale account has made a substantial acquisition of Solana (SOL) tokens over the past two days. The account purchased 100,000 SOL, valued at approximately $23.86 million, and has staked the entire amount. This recent transaction brings the account's total holdings to 231,919 SOL, with an estimated value of around $55.58 million.
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Germany Faces Delays in Implementing MiCAR Regulations

According to Odaily, the majority of the European Union's Markets in Crypto-Assets Regulation (MiCAR) is set to take effect by the end of this year. However, German companies are currently unable to obtain MiCAR cryptocurrency licenses from the local regulatory authority, BaFin, due to the failure of certain legislative measures. In contrast, foreign companies that have secured licenses elsewhere can operate freely within Germany and across the EU.The MiCAR framework includes country-specific details, such as the requirement for each nation to designate a regulatory body to issue licenses to crypto-asset service providers (CASPs). In Germany, this responsibility falls to the Federal Financial Supervisory Authority (BaFin). However, the designation of BaFin is part of a legislative draft that has yet to be approved. Given the collapse of the coalition government, the likelihood of this bill passing in the near term is slim. This situation also impacts banks, as institutions like banks or securities companies can extend their licenses to qualify for MiCAR CASP status, a process BaFin currently cannot facilitate.Germany had existing cryptocurrency regulations prior to MiCAR. The legislative draft stipulates that authorized companies can continue their operations and reapply for MiCAR licenses next year. The initial draft of the Financial Market Digitization Act (FinmadiG) was released in October 2023, introducing the Crypto Market Regulation Act (KMAG), which aims to replace Germany's old crypto rules with MiCAR.Earlier this week, a group of German scholars addressed a letter to the Finance Committee of the German Bundestag, highlighting Germany's breach of EU law. The German implementation law was supposed to take effect on June 30, coinciding with the enactment of stablecoin (electronic money token) legislation.
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Federal Agencies Utilize Minimal Office Space in Washington D.C.

According to BlockBeats, on November 21, the Department of Government Efficiency (DOGE) highlighted a report from The Washington Times indicating that federal government agencies are utilizing only 12% of their headquarters space in Washington D.C. on average. The report specifically noted that the Department of Agriculture, which has facilities capable of accommodating over 7,400 employees, sees an average daily occupancy of just 456 staff members, equating to a mere 6% utilization rate. This revelation has prompted DOGE to question the rationale behind spending American taxpayers' money on maintaining largely vacant buildings. The low occupancy rates raise concerns about the efficiency and necessity of maintaining such extensive office spaces when they are significantly underutilized. The issue underscores a broader discussion about the potential for optimizing government resources and reducing unnecessary expenditures, especially in the context of evolving work environments and the increasing prevalence of remote work. The findings suggest a need for a reassessment of space allocation and utilization strategies within federal agencies. As remote work becomes more common, the traditional model of large, centralized office spaces may no longer be the most effective or economical approach. This situation presents an opportunity for government agencies to explore more flexible and cost-effective solutions that align with current workforce trends and fiscal responsibilities.
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Azuki Founder Hints at New Idea Amid Community Discussions

According to Foresight News, Azuki founder Zagabond recently took to Twitter to share a brief message with the community. In his tweet, Zagabond urged followers to remain calm, stating, 'Chill guys, I have an idea.' This message has sparked curiosity and speculation among Azuki enthusiasts and the broader cryptocurrency community. The tweet comes at a time when the Azuki project, known for its unique approach to digital art and NFTs, continues to engage its audience with innovative concepts. While Zagabond did not provide further details about the idea, the cryptic nature of the message has led to various interpretations and discussions online. Community members are eager to learn more about what Zagabond has in store and how it might impact the Azuki ecosystem. As the conversation unfolds, many are speculating about potential developments or collaborations that could arise from Zagabond's announcement. The Azuki project has been known for its creative initiatives and has garnered a dedicated following. This latest hint from the founder adds to the anticipation surrounding the project's future directions. The Azuki community is encouraged to stay tuned for further updates from Zagabond and the team. As always, the project's followers are advised to approach any new developments with an open mind and to participate in discussions constructively. The anticipation of new ideas and innovations continues to drive interest in the Azuki project and its potential contributions to the NFT space.
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MicroStrategy's Michael Saylor Loses Voting Control Amid Structural Changes

According to Odaily, Michael Saylor, the Executive Chairman of MicroStrategy, has lost his voting control over the company. Historically, MicroStrategy's dual-class share structure separated equity ownership from voting rights. As of October 21, Saylor held 51.7% of the total voting power of MicroStrategy's common stock. His overwhelming control over Class B shares, which carry ten times the voting power of Class A shares, allowed him to maintain majority control despite a reduced percentage of equity exposure. Nasdaq classifies MicroStrategy as a "controlled company" due to Saylor's singular control over company management and decision-making, such as shifting the company's focus from software to Bitcoin acquisition. Under Nasdaq governance rules, controlled companies are not required to have an independent board of directors, compensation, or nominating committees. MicroStrategy is also exempt from having independent directors determine Saylor's compensation or that of advisors and legal counsel. However, Saylor's voting control has now fallen below 50% due to the issuance of a significant amount of stock and debt to purchase Bitcoin. Despite the Class B shares having ten times the voting power of Class A shares, the sheer volume of Class A shares issued has resulted in their voting power surpassing that of Class B shares. Approximately a week ago, MicroStrategy established a new board nominating committee led by Carl J. Rickertsen and adopted a new nominating committee charter. Further details regarding Rickertsen's nomination and the powers granted by the new charter will be disclosed in future SEC filings, expected no later than the company's next quarterly report scheduled for mid-February 2025. As of the time of reporting, MicroStrategy's market capitalization stands at $111 billion, with Bitcoin holdings valued at $31 billion.
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OTC Weekly Trading Insights (11/21/2024)

Top Interest of the WeekClover Finance ($CLV) has recently unveiled the CLV 2.0 upgrade. This upgrade's roadmap features the launch of an Automated Market Maker (AMM) on its decentralized exchange (DEX) liquidity platform, a Token Launcher program that enables other projects to create new tokens on the CLV network, SocialFi integration, and an upgrade and migration of ERC20 tokens. The announcement has sparked significant interest among investors, resulting in a remarkable 271.5% increase in value within just a week. This price movement indicates strong investor confidence in the positive effects this upgrade will have on the CLV ecosystem.Secret ($SCRT) operates as a Layer 1 blockchain dedicated to decentralized confidential computing. The recent rally in its price highlights a growing global demand for privacy-focused blockchain solutions, a trend that the Secret Foundation attributes to its innovative developments, particularly the NewDeCC (Decentralized Confidential Computing) initiative.A report indicates that President-elect Trump is considering appointing crypto attorney Teresa Goody Guillén as the head of the SEC, signalling a supportive stance towards the cryptocurrency sector. In this optimistic context, a list of coins and tokens that have been scrutinized by the SEC experienced a significant price rally, fueled by hopes that the new SEC chair will alleviate existing charges and investigations. Also, the market expects potential new ETF applications to be approved in a shorter period. Notably, Hedera ($HBAR) and Ripple ($XRP) saw their prices surge by 109.1% and 60.4%, respectively, in response to this news.Overall MarketThe above chart is the BTC daily K-line chart.Bitcoin (BTC) has continued its impressive upward trajectory following the recent US election day, reaching a remarkable new all-time high of 95,895 USDT at the time of this writing. This surge in value can be attributed to a combination of factors, most notably significant capital inflows from the exchange-traded fund (ETF) sector. Additionally, there has been a noticeable increase in the number of publicly traded companies that are adopting Bitcoin into their balance sheets, further legitimizing the cryptocurrency as a viable asset class.One of the standout players in this landscape is MicroStrategy, a publicly traded firm led by the outspoken Bitcoin advocate Michael Saylor. Since November 5, the day of the US elections, MicroStrategy's stock price has skyrocketed by over 110%. During the same period, Bitcoin itself has experienced a substantial rise of approximately 40%. This dramatic increase in MicroStrategy's share price reflects a robust investor appetite for leveraged exposure to Bitcoin. The company's strategic approach involves accumulating and holding Bitcoin on its balance sheet, which tends to drive up its stock price as the value of BTC appreciates. Furthermore, MicroStrategy has actively engaged in share offerings to raise capital specifically to acquire more Bitcoin. As the price of Bitcoin continues to ascend, this buy-and-hold strategy is likely to create a positive feedback loop, further enhancing the stock price and encouraging additional Bitcoin purchases.However, MicroStrategy's buy-and-hold approach is no longer the only avenue available for investors and traders seeking leveraged exposure to Bitcoin. The recent introduction of options trading on BlackRock’s IBIT, the largest Bitcoin spot ETF by assets under management, on the Nasdaq exchange, has opened up new possibilities for investors. This development allows investors to leverage derivatives to gain enhanced exposure to Bitcoin, providing them with more tools to manage their investments. The availability of Bitcoin ETF options not only broadens the investment landscape but also enables investors to optimize their yields, leading to more accurate return expectations. As a result, this innovation is anticipated to attract increased market interest and capital into Bitcoin, which will, in turn, benefit the broader cryptocurrency sector.Options MarketThe above is the 25-delta skew table for BTC and ETH options.As the rally in Bitcoin (BTC) prices continues to gain momentum, the prevailing bullish sentiment surrounding BTC remains robust. This is particularly evident in the options market, where the 25-delta skew for BTC options set to expire in seven days is currently reflecting a premium of 3.74. This premium indicates that traders are willing to pay more for upside potentials on BTC, suggesting a strong belief in its potential for further price appreciation. In stark contrast, Ethereum (ETH) options with the same expiration date show a much lower premium of 2.84. This discrepancy highlights a notable difference in investor sentiment, with a clear preference for BTC over ETH at this time.Moreover, the data reveals that the bullish outlook for medium- to long-term options is even more pronounced for BTC compared to ETH. This trend may be largely attributed to the recent underperformance of ETH in the market. While BTC has successfully reached multiple new all-time highs, ETH is struggling to maintain its value, currently trading below the $3,100 mark. This is a stark contrast to its previous peak of $4,868, which it achieved three years ago. The significant gap between ETH's current price and its historical high may be contributing to the more cautious sentiment among investors regarding ETH's future performance.Our analysis indicates that market attention is likely to remain heavily focused on BTC in the upcoming weeks. Given the current bullish sentiment and the potential for further upward movement, it seems plausible that BTC could continue to attract investor interest and capital. This could lead to additional price gains before any significant shift in market sentiment occurs. The 25-delta skew serves as a valuable tool for gauging market sentiment, providing insights into how traders are positioning themselves about potential price movements. As such, it will be important for investors to monitor these indicators closely better to understand the evolving dynamics of the cryptocurrency market.Macro at a glance Last Thursday (24-11-14)Initial jobless claims in the US have declined, falling from 221,000 last week to 217,000 this week, below the anticipated 224,000. This strong performance in the US labour market reinforces the Federal Reserve's cautious approach to potential rate cuts in the coming year. In October, the Producer Price Index (PPI) experienced a monthly increase of 0.2%, slightly above the 0.1% growth recorded in September. The core PPI rose by 0.3% month-over-month, surpassing September's 0.2% increase. These PPI figures indicate upward pressure on inflation in the US and support a more gradual approach to rate cuts by the Federal Reserve in the coming months.Last Friday (24-11-15)Japan's GDP growth for the third quarter stands at 0.9%, surpassing economists' expectations of 0.7%. However, the growth rate for the second quarter has been revised down from 2.9% to 2.2%. In the UK, the annual GDP growth rate for Q3 is reported at 1.0%, significantly exceeding the anticipated 0.1% and showing an improvement from the 0.7% growth recorded in Q2.In the United States, retail sales experienced a monthly increase of 0.4% in October, outperforming the forecast of 0.3%. The figure for September has also been adjusted upward from 0.4% to 0.8%. However, core retail sales only registered a 0.1% monthly growth, falling short of the expected 0.3%, with September's figure revised from 0.5% to 1.0%.On Tuesday (24-11-19)Eurozone CPI experienced a monthly growth of 0.3% in October, recovering from a decline of 0.1% in September. The annual CPI growth rate remained steady at 2.0%, consistent with September, while the core CPI growth rate also held at 2.7%.In Canada, the CPI recorded a monthly increase of 0.4% in October, bouncing back from a 0.4% decrease noted in September. The core CPI similarly saw a growth rate of 0.4%.In the UK, the CPI rose by 0.6% on a monthly basis in October, compared to a growth rate of 0.0% in September. The annual CPI growth reached 2.3%, surpassing the anticipated 2.2% for October and recovering from the 1.7% recorded in September.Convert Portal Volume ChangeThe above table shows the volume change on our Convert Portal by zone. BTC has been gradually moving higher after a rapid increase following the US election day, while altcoins have shown remarkable performance over the past week. Following the rise of large-cap altcoins, our team noted that medium- to small-cap altcoins started to attract more attention from traders.In the Monitoring sector, a significant rise in trading volume can be attributed to the exceptionally high activity surrounding Clover Finance ($CLV). The strong demand for the CLV token led to a 237.5% increase in volume within the Monitoring zone over the past week.The Polkadot sector saw an impressive 116.1% growth in trading volume, largely driven by heightened interest in Acala ($ACA).Furthermore, the RWA sector experienced a notable 88.5% uptick in trading activity, with MANTRA ($OM) drawing substantial market interest and undergoing a significant price surge.Why trade OTC?  Binance offers our clients various ways to access OTC trading, including chat communication channels and the Binance OTC platform (https://www.binance.com/en/otc) for manual price quotations, Algo Orders, or automated price quotations via Binance Convert and Block Trade platform (https://www.binance.com/en/convert) and the Binance Convert OTC API. Email: trading@binance.com for more information.Join our Telegram (https://t.me/BinanceOTC) to stay up to date with the markets!
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Five Charged in $11 Million Crypto Theft Scheme

According to Cointelegraph, United States prosecutors have charged five individuals accused of participating in a scheme that allegedly hacked numerous businesses and individuals, resulting in the theft of $11 million in cryptocurrency and sensitive information. The California US Attorney’s Office announced on November 20 that the defendants employed SMS phishing links and SIM-swapping techniques to access the login credentials of individuals and employees of certain companies, targeting their work or cryptocurrency exchange accounts.Court documents reviewed by Cointelegraph revealed at least 29 alleged victims of individual crypto thefts. Prosecutors highlighted one case where a victim lost over $6.3 million in cryptocurrency after their email and wallets were compromised. Investigators reported that the group targeted 45 companies across the United States, Canada, India, and the United Kingdom. Among these was an unnamed US crypto exchange, whose employees received fraudulent text messages claiming their accounts would be deactivated, leading them to phishing links designed to extract sensitive credentials.Martin Estrada, the US Attorney in Los Angeles, stated, "We allege that this group of cybercriminals perpetrated a sophisticated scheme to steal intellectual property and proprietary information worth tens of millions of dollars and steal personal information belonging to hundreds of thousands of individuals." The defendants are reportedly members of the Scattered Spider hacking group, which prosecutors claim operated from around September 2021 to April 2023. The accused include Ahmed Elbadawy, 23, from Texas; Noah Urban, 20, from Florida; Evans Osiebo, 20, from Dallas; Joel Evans, 25, from North Carolina; and Tyler Buchanan, 22, from Scotland.Each defendant faces charges of conspiracy, conspiracy to commit wire fraud, and aggravated identity theft, with Buchanan facing an additional wire fraud charge. The fraud-related charges alone carry a potential maximum sentence of 20 years in prison. Last November, Reuters reported that the FBI had difficulty stopping Scattered Spider, which has been linked to the September 2023 hacks of Caesars Entertainment and MGM casinos, despite knowing the group members’ identities and locations in the US. It remains unclear if the five accused were involved in the casino hacks, but court documents reference "other co-conspirators" and an "unindicted co-conspirator," suggesting others may be implicated in crimes not yet publicly disclosed.Investigators, including the FBI and Police Scotland, tracked Buchanan through information he provided to register phishing sites used in the alleged scams. A search of Buchanan’s devices uncovered data from a US crypto exchange and a US telecom company. Information on legal representation for each defendant was not immediately available.
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