Headlines
▌OpenAI releases the long-awaited AI video generation model Sora
OpenAI releases the long-awaited AI video generation model Sora, which is similar to OpenArt's AI tool DALL-E. Users input the desired scene, and Sora will respond with high-definition video clip results.
▌El Salvador plans to relax bitcoin acceptance requirements to unlock $3 billion in loans
According to reports cited by the Financial Times from anonymous sources, El Salvador plans to relax the mandatory requirement for local businesses to accept bitcoin in order to secure over $3 billion in loans. Sources say that by shifting to a policy that allows businesses to voluntarily accept bitcoin, El Salvador could reach a loan agreement worth $1.3 billion with the International Monetary Fund. Reports indicate that this deal will also unlock two loans, one for $1 billion from the World Bank and another for $1 billion from the Inter-American Development Bank. The Financial Times states that to secure the IMF loan, the country has also agreed to reduce its budget deficit, pass anti-corruption laws, and increase its reserves.
Market
As of the time of writing, according to Coingecko data:
BTC's recent transaction price is $97,130.90, with a daily change of -3.8%;
ETH's recent transaction price is $3,695.45, with a daily change of -7.5%;
BNB's recent transaction price is $684.67, with a daily change of -7.6%;
SOL's recent transaction price is $215.28, with a daily change of -9.0%;
DOGE's recent transaction price is 0.4087 yuan, with a daily change of -11.8%;
XPR's recent transaction price is $2.18, with a daily change of -15.8%.
Policy
▌Russian State Duma representative proposes establishing a strategic bitcoin reserve to cope with financial risks
Russian State Duma representative Anton Tkachev suggested to Finance Minister Anton Siluanov to establish a strategic bitcoin reserve to address financial risks arising from geopolitical instability.
▌Multiple crypto advocacy organizations oppose the nomination of Democratic SEC Commissioner Caroline Crenshaw
Several crypto organizations, including the Cedar Innovation Foundation, have launched ads and letters opposing the nomination of Democratic SEC Commissioner Caroline Crenshaw. Their digital ad campaign claims that Caroline Crenshaw is 'more extreme than Chair Gary Gensler.' The Cedar Innovation Foundation emphasized in a statement that Crenshaw opposes the approval of a spot bitcoin ETF and criticizes the cryptocurrency market as a 'breeding ground for fraud.' The Blockchain Association and other lobbying groups have urged Senate legislators to reject this commissioner. It is reported that the U.S. Senate Banking Committee is preparing to consider Caroline Crenshaw's re-nomination, as her current five-year term has expired, which may last until the end of 2025.
Blockchain Applications
▌xAI is updating the functionality of the Grok chatbot through a new autoregressive image generation model codenamed Aurora
Musk's xAI: We are updating the functionality of the Grok chatbot through a new autoregressive image generation model codenamed Aurora, which has been launched on the X platform. (Jin Shi)
▌Musk criticizes the U.S. government for outdated IT causing tax issues, analysts say blockchain could be a solution
Musk recently criticized the U.S. government for using outdated computers and software, resulting in the IRS being unable to conduct basic audits and even having difficulty tracking tax payments. Analysts pointed out that blockchain technology could be one of the solutions to this problem.
▌FLOKI launches a debit card that can be used with crypto assets at merchants accepting VISA or Mastercard
Floki announces that its debit card is officially launched, allowing users to use crypto assets at merchants worldwide that accept VISA or Mastercard. The Floki debit card is not applicable to countries and regions subject to OFAC sanctions as restricted by the issuing bank or Mastercard.
Cryptocurrency
▌A total liquidation of $1.712 billion occurred in the past 24 hours, which may set a new high for this bull market.
According to Coinglass data, the total liquidation in the past 24 hours amounted to $1.712 billion, setting a new high for the liquidation data in this bull market. Among them, long positions accounted for $1.55 billion, while short positions accounted for $162 million. BTC liquidations amounted to $183 million, and ETH liquidations reached $240 million. In the past 24 hours, a total of 569,620 people were liquidated, with a total liquidation amount of $1.712 billion, the largest single liquidation occurred on Binance-ETHUSDT worth $19.6911 million.
▌GeniusGroup has purchased an additional $2.2 million worth of bitcoin, increasing its holdings to 191 BTC
According to Globenewswire, AI company GeniusGroup (NYSE American: GNS) announced that it has increased its bitcoin purchasing amount in its bitcoin treasury by an additional $2.2 million to 191 coins, with a total value of $18 million and an average price of $92,728 per bitcoin. The company announced its 'bitcoin-first' strategy on November 12, committing that 90% or more of its current and future reserves will be held in bitcoin, with an initial target of $120 million in bitcoin.
▌JPMorgan: November is a 'milestone' month for the cryptocurrency market
JPMorgan stated in a research report on Monday that November is a milestone month for the cryptocurrency market in terms of performance, activity, politics, and sentiment. Analysts led by Kenneth Worthington wrote: 'President-elect Trump's re-election sparked a historic rebound and market capitalization surge across the entire crypto ecosystem.' This includes tokens, decentralized finance (DeFi), stablecoins, and publicly traded companies with crypto assets. The bank noted that the crypto ecosystem recorded its best monthly returns, with a market capitalization increase of 45%. The total market capitalization of cryptocurrencies ballooned to $3.3 trillion. The report also stated that trading volume in the cryptocurrency market more than doubled, with some digital assets experiencing even higher trading activity. The bank noted that trading volume for non-fungible tokens (NFTs) was weak.
▌Analysis: BlackRock's IBIT investment performance is not outstanding among bitcoin ETFs
Since Trump's election victory, nearly $10 billion in net inflows has entered U.S.-listed spot funds, with about 83% of the funds flowing to BlackRock's IBIT. However, some ETFs have still outperformed others. It has been shown that Invesco-Galaxy's BTCO investment has far outpaced other bitcoin ETFs, with BTCO net acquiring approximately 8,740 BTC at a price of $418.9 million, bringing the holdings' value to $860.6 million, indicating that the ETF's shareholder returns exceed 100%. In contrast, although BlackRock's IBIT has acquired approximately 523,935 bitcoins, its average purchase price is higher ($65,600), which means that IBIT's market timing is worse than any other fund in its category.
Important Economic Dynamics
▌The probability of the Federal Reserve lowering interest rates by 25 basis points in December is 85.8%
According to CME's 'Fed Watch', the probability of the Federal Reserve maintaining the current interest rate until December is 14.2%, with a cumulative probability of a 25 basis point cut at 85.8%. The probability of maintaining the current interest rate until January next year is 10.5%, with a cumulative probability of a 25 basis point cut at 67.5%, and a cumulative probability of a 50 basis point cut at 22%.
Jinse Encyclopedia
▌What is chain abstraction?
Chain abstraction is a concept for simplifying the user experience of blockchain technology and unifying transactions across multiple networks. Blockchain chain abstraction aims to solve this problem by hiding or 'abstracting' the technology from the user. This means that people do not know that they are using blockchain or which blockchain they are using. Chain abstraction works by providing a single interface that allows users and developers to interact with multiple blockchains without managing the complexity of each individual chain.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Please establish correct investment concepts and be sure to enhance risk awareness.
