The market capitalization ratio of Ethereum (ETH) to Bitcoin (BTC) has dropped to 24.52%, the lowest level since April 2021, and down significantly from 32.7% at the beginning of 2024. This indicator reflects the relative market sentiment and capital flow between the two major assets in the crypto market.

Meanwhile, the exchange rate of Ethereum against Bitcoin continues to decline, showing no signs of stopping; today it hit a new low of 0.3475 BTC, the lowest since April 2021.

According to previous reports by Zombit, Bitcoin has crossed the $70,000 threshold multiple times this year, but as Bitcoin continues to challenge previous highs, the distance of Ethereum from its previous high seems to be increasing.

The 2024 US presidential election began counting votes on Wednesday morning (6th) Taiwan time. According to AP data, as of 11:34 AM, Republican presidential candidate Trump has received 198 votes, while Democratic candidate Kamala Harris has received 112 votes.

Trump currently leads in the vote count in several swing states, including Pennsylvania (leading by 2.8%), North Carolina (leading by 2.7%), Georgia (leading by 3.2%), and Wisconsin (leading by 1.1%). Kamala Harris is leading in Michigan (leading by about 0.2%), while Arizona and Nevada have not yet reported votes or have just begun the counting process.

According to the Associated Press, Senator Elizabeth Warren defeated Republican candidate John Deaton, who supports cryptocurrency, in the Massachusetts Senate election, successfully securing re-election.

Elizabeth Warren is known for criticizing cryptocurrency and could even be considered the number one enemy of the cryptocurrency industry. Previously, she proposed an anti-money laundering bill with several Democratic lawmakers that would extend the requirements of the Bank Secrecy Act (including KYC rules) to miners, validators, and wallet providers.

This victory will mark her fourth term in the U.S. Senate. She is a member of the Senate Finance Committee and the Banking Committee, the latter of which has jurisdiction over the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

According to the information shared by on-chain data analyst Yu Jin, Chun Wang, co-founder of F2Pool and founder of Stakefish, withdrew 9,480 ETH from Binance 1 hour ago, with a total value of approximately 23.13 million USD. Subsequently, he deposited 6,400 ETH through StakeFish for Ethereum staking.

Source

The decentralized cryptocurrency trading protocol Curve recently launched a new decentralized stablecoin Savings crvUSD (scrvUSD) and initiated a proposal to change its revenue model, aimed at allowing 10% of the transaction fee revenue generated from crvUSD borrowing to flow to the scrvUSD Yearn vault, enabling scrvUSD holders to receive ongoing returns.

The proposal entered the voting process on November 3, having received about 92% support in votes before the deadline, with voting set to end on November 9.

According to information on GitHub, ScrvUSD represents users' crvUSD deposits, allowing depositors to earn returns from the transaction fees generated by the crvUSD controller. Curve's governance page indicates that the controller serves as the on-chain interface for creating loans and managing existing positions.

According to statistics from SoSoValue, the US Bitcoin spot exchange-traded fund (ETF) recorded a net outflow of $541 million on Monday, marking the second highest net outflow amount in a single day, only lower than the single day net outflow of $563 million reached on May 1.

Daily fund flow of US Bitcoin spot ETF (Source: SoSoValue)

The Bitcoin spot ETF with the highest net outflow yesterday was the FBTC fund issued by Fidelity, with an amount of approximately $169 million. Following that were the ARKB fund jointly issued by Ark Invest and 21Shares, with an amount of approximately $138 million.

Blockchain and tokenization infrastructure platform Paxos announced on Monday the launch of the open network Global Dollar Network, which aims to accelerate and reward the use of stablecoins globally. Initial partners include Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood.

At the core of the Global Dollar Network is the USD stablecoin Global Dollar (USDG), launched by Paxos in Singapore last week. This stablecoin essentially complies with the imminent stablecoin framework to be issued by the Monetary Authority of Singapore (MAS), aimed at meeting the needs of regulated entities maintaining high operational standards. DBS Bank is its primary banking partner, responsible for cash management and custody of USDG reserves.

Hamster Kombat has lost 259 million players.

Once wildly popular, the 'Tap to earn' TG mini-game Hamster Kombat peaked at 300 million users in August, but has now lost 259 million players.

According to Protos, the current number of monthly active players for the game is only about 41 million, and its token has dropped 76% from a high price of $0.009993 when it launched on September 26 to $0.002392 today.

Earlier this year, Telegram CEO Pavel Durov described Hamster Kombat as 'the fastest-growing digital service in the world,' and stated it is part of a new era of Mini Apps bringing blockchain to the masses. However, despite the wealth allure of cryptocurrency, the game's rough interface and monotonous gameplay are clearly insufficient to maintain its originally strong player base.

The global new financial war has begun, concerning the cryptocurrency policies of various countries.

The founder of HOYA BIT cryptocurrency exchange, Peng Yunxian, stated that the resurgence of the cryptocurrency market this year has become a new focal point for global finance, prompting countries to accelerate the formulation of cryptocurrency development policies in order to create an international financial center that can attract capital. In this policy competition, major global economies have developed specific strategies, ranging from strengthening regulation to promoting innovation, aiming to seize territory in the emerging financial ecosystem. This is not just a technological competition but also an intense battle among new financial forces.

According to (The Information) report, representatives from the artificial intelligence startup xAI revealed to a potential investor that chipmaker Nvidia has discussed investing in the latest round of funding for xAI, which could raise its valuation to about $45 billion.

In October this year, Nvidia announced that xAI's Colossus supercomputer cluster in Memphis, Tennessee, consists of 100,000 NVIDIA Hopper GPUs, achieving such a massive scale through the use of the NVIDIA Spectrum-X Ethernet platform. Nvidia pointed out that Colossus is the world's largest AI supercomputer and is currently being used to train xAI's Grok series of large language models, with Grok chatbot features available to paid subscribers on the community platform X.

The State of Michigan Retirement System recently disclosed its holdings in the Grayscale Ethereum Exchange Traded Fund (ETF), becoming the first pension fund to make such an investment since the ETH-based financial instrument began trading in July. The Michigan Retirement System had previously disclosed holdings of about $7 million in a spot Bitcoin ETF.

According to VanEck's Matthew Sigel, the Michigan pension fund disclosed in its 13F filing that as of the end of the third quarter, the fund held 460,000 shares of the Grayscale Ethereum Trust (code: ETHE) valued at about $10 million, making it one of the top five holders of that fund. Additionally, the fund also held 460,000 shares of the Grayscale Ethereum Mini Trust ETF (ETH) valued at about $1.1 million.

According to data monitored by the on-chain data analysis platform Spot On Chain, the now-defunct cryptocurrency exchange Mt. Gox has recently seen continued fund transfers, and this morning (the 5th) transferred 32,371 bitcoins (BTC) to three new wallets, worth approximately $2.19 billion.

Over the past four days, the Mt. Gox wallet has transferred out a total of 32,871 bitcoins, worth approximately $2.22 billion, of which 296 BTC (about $20.13 million) was transferred to trading company B2C2 and exchange OKX. Currently, the known Mt. Gox wallet still holds 12,006 BTC (worth $810 million).

According to industry magazine (Corporate Advisor), UK pension consultancy Cartwright is urging institutional investors to allocate assets to Bitcoin (BTC) and has successfully guided the country's first pension fund to invest in Bitcoin.

Glenn Cameron, the Digital Asset Director of Cartwright, revealed to (Corporate Advisor) that a fund invested 3% of its £50 million (approximately $65 million) in Bitcoin last month. This decision was made after extensive negotiations with the planned trustees, taking into full consideration factors such as ESG (Environmental, Social, and Governance), investment cases, and security.

Bitcoin rose rapidly last week, and after approaching historical highs, it experienced a significant pullback due to the uncertainty of the U.S. presidential election. This lack of confidence is also reflected in the Bitcoin options market.

Bitfinex pointed out in a report released yesterday that the implied volatility of the earliest expiring contracts in the options market is unusually low leading up to the election day (November 5), indicating that investors are on the sidelines, waiting for clarity. However, volatility is expected to peak between November 5 and 8, which could trigger significant fluctuations, or if it fails to rise as anticipated, it would indicate further cautious sentiment in the market.

According to The Block, analysts at research and brokerage firm Bernstein predict that even if the U.S. election results remain uncertain this week, Bitcoin is still expected to reach a target price of $200,000 by the end of 2025. Analysts noted that the election results would not affect this prediction.

Bitcoin target price of $200,000 by the end of 2025

Republican candidate Trump is seen as a more cryptocurrency-supportive candidate than Vice President Harris, although the Democratic Party's stance on cryptocurrency has softened in recent months, differing from their hardline position over the past four years.

To promote the development of a new era of financial innovation, Binance announced the appointment of product leader and software engineer Jeff Li, who possesses rich Web2 and Web3 experience, as the Global Vice President of Products, leading its global product and design team.

Dubai, UAE – October 30, 2024 – The world's largest cryptocurrency exchange, Binance, announced the appointment of Jeff Li as the new Vice President of Products during Dubai Blockchain Week. Jeff will focus on expanding Binance's product portfolio to ensure Binance maintains its leading position in the future development of blockchain and Web3.

Jeff Li has over 16 years of experience in product management and software engineering in the Web2 and Web3 domains. He recently served as the VP and Global Head of CeFi Products at a major cryptocurrency exchange, leading the development of CeFi products across various aspects including growth, retail/institutional, and artificial intelligence. Prior to this, Jeff held the position of Director of Product at TikTok, where he was the Global Head of TikTok Finance and Compliance Platform, leading a team of product managers and collaborating with cross-functional partners to drive scalable growth and revenue enhancement. His extensive background also includes product development experiences with globally recognized brands such as Instagram, Twitch, and Oracle.

Three senior executives and two directors of U.S. cryptocurrency exchange Coinbase will sell up to 5 million shares, for a total of $909 million based on Friday's closing price of $182.88, according to a report by Barron's.

Coinbase co-founder, chairman and CEO Brian Armstrong adopted a so-called Rule 10b5-1 plan on August 15 for the potential sale of up to 3.75 million shares of Class A common stock, which will be sold through Brian Armstrong Conversion of Class B common stock held by Living Trust, of which Armstrong serves as trustee.

The Monetary Authority of Singapore (MAS) on Monday announced new plans to promote tokenization in the financial services sector, including forming a business network to deepen the liquidity of tokenized assets, developing an ecosystem of market infrastructure, and promoting tokenization. An industry framework for asset implementation, and the use of common settlement facilities to enable tokenized assets.

Leong Xinsong, deputy director-general (markets and financial development) of the Monetary Authority of Singapore, said: "In recent years, MAS has seen strong interest in asset tokenization, especially in fixed income, foreign exchange and asset management. We have a strong focus on financial institutions and other policies We are encouraged by the active participation of framers to create an industry standard and risk management framework to facilitate the commercial deployment of tokenized capital market products and expand the tokenized market at an industry level.”

Ash, the investment director of Signum Capital, shared some of his insights on playing with meme coins over the past few months today on X.

First, Ash reviewed the hype and concept rotations in the meme coin space over the past few months, including: Base ecosystem memes, new Dogecoin, Thai hippopotamus, Murad list, Gen Z/Alpha generation terminology, AI agents, squirrel death, Tesla mascot. After this series of hype, Ash compiled some personal insights and general investment thoughts on meme coins.

When chasing new memes, it is essential to establish a system/framework for entry and selection.

Recently, Chinese e-commerce giant Alibaba followed in the footsteps of several tech giants and announced a reduction of its metaverse business. According to reports from the South China Morning Post, Alibaba's metaverse division laid off several dozen employees in this round of downsizing.

Alibaba's metaverse division, "Yuanjing," was established in 2021, with headquarters in Shanghai and Hangzhou, during a global surge in virtual world platforms. However, as artificial intelligence (AI) becomes the new technological focus, the enthusiasm for the metaverse is gradually waning, and companies are reallocating more resources to the AI field.