Organized by: Luan Peng, ChainCatcher
Important News:
- Tesla's Q3 financial report shows it did not sell any Bitcoin
- Elon Musk's PAC receives warning from the U.S. Department of Justice, daily $1 million donations may violate federal law
- Denmark plans to tax unrealized capital gains on cryptocurrencies
- SHAR drops 90% suspected of being a rug pull, crypto KOL 0XSun admits to promoting and promises to urge the project team to compensate
- Ripple CEO: Not communicating early with regulators was a mistake
- Famous investor Cai Wensheng: optimistic about Hong Kong's successful experience in Web3, which may even be conveyed to the mainland in the future
"What important events have occurred in the past 24 hours"
Tesla's Q3 financial report shows it did not sell any Bitcoin
According to Watcher.Guru, Tesla's Q3 financial report shows that the company did not sell any Bitcoin during the quarter.
Additionally, Tesla (TSLA.O) reported Q3 2024 revenue of $25.18 billion, with market expectations at $25.4 billion, compared to $23.35 billion in the same period last year.
CNN reporters stated on social media that the U.S. Department of Justice has sent a letter to Elon Musk's Super PAC, warning that its daily $1 million donations may violate federal law.
Denmark plans to tax unrealized capital gains on cryptocurrencies
Denmark plans to tax unrealized capital gains on cryptocurrencies starting January 1, 2026. This initiative aims to incorporate cryptocurrencies like Bitcoin into the existing financial tax framework, treating them equally with other investment assets.
The new tax rules will apply to all cryptocurrencies purchased since the inception of Bitcoin in 2009.
The Danish government announced that starting in 2027, they will exchange data on Danish crypto investors internationally. They also plan to introduce a bill in early 2025 requiring crypto service providers to report customer transactions. This will help Denmark regulate approximately 300,000 Danes with crypto assets and curb potential tax evasion.
The Solana ecosystem Memecoin SHAR launched last night, reaching a market cap of over $50 million before plummeting to a market cap of $3 million, a drop of 95%.
On-chain detective ZachXBT tweeted that the meme token SHAR on Solana is involved with a conspiracy group and KOL manipulation.
In response, crypto KOL 0XSun stated, "I did take on a collaboration for this project, but the reason I chose to collaborate was that I found the project relatively reliable after reviewing the materials initially, and there was a profit opportunity, rather than just for the promotion fee. Moving forward, I will contact CLS and some friends who may have information about the project team to urge them to compensate for the losses, and I will also try to avoid such collaborations in the future. For any paid promotional collaborations, I will clearly state my position to ensure transparency."
Previous news reported that according to Lookonchain monitoring, an insider sold 500 million SHAR (50% of the total supply) in a single transaction, obtaining 19,620 SOL ($3.38 million), which caused the SHAR price to plummet by 96%.
Ripple CEO: Not communicating early with regulators was a mistake
Ripple Labs CEO Brad Garlinghouse admitted that his company should have engaged with U.S. regulators earlier. Now, after becoming the target of enforcement actions, the company and the cryptocurrency industry are scrambling to catch up.
Brad Garlinghouse stated at the Washington Fintech Week event, "I have been to Washington much more often in the past few years than in previous years. Looking back, I regret that. I think not acting sooner was a mistake, and we are working hard to make up for lost time."
Ripple is one of the U.S. cryptocurrency companies recently embroiled in legal disputes with the U.S. Securities and Exchange Commission, with many U.S. crypto executives claiming that the regulator is hostile and unfair to the industry.
Previous news reported that Citigroup terminated banking services for Ripple's CEO.
Famous angel investor Cai Wensheng stated in an interview that he is very optimistic about Hong Kong's successful experience, which may even be conveyed to mainland China in the future.
Recently, I saw that a retired deputy governor of the People's Bank of China suggested that China should reconsider the development of cryptocurrencies. Although it does not represent an official statement, I believe it already reflects a trend; mainland China is rethinking the development of Web3 and cryptocurrencies.
This is not something that will happen overnight; I believe that in the coming years, China will definitely embrace Web3 and may even reopen digital currency trading.
It is reported that Cai Wensheng entered the internet field in 2000, founded 265.com in 2003, and was acquired by Google in 2007. He then transitioned to being an angel investor, investing in many companies such as Baofeng Video, 58.com, Internet Express, Optimization Master, CNZZ Data Statistics, China Webmaster Station, Yiming China, OKEX, etc., becoming a well-known angel investor in China.
According to Protos, five suspects in Austria were sentenced to prison for participating in a $16 million pyramid scheme that deceived 40,000 victims into investing in real estate and cryptocurrencies, with the perpetrators squandering the funds on luxury cars, private jets, and other luxuries.
The trial lasted 60 days and was dubbed the largest fraud case in Austrian history.
Police stated that the gang involved used complex methods to hide the flow of funds, making the case more difficult to solve. Ultimately, the five defendants were sentenced to 18 months to 5 years, while five others were acquitted.
Barclays: European stock markets have priced in a Trump victory
According to Jinshi, Barclays Bank stated that European stock markets have already reflected the possibility of a Trump victory.
The company noted that since early spring this year, a basket of European exporters (those most susceptible to tariffs) has underperformed the benchmark Stoxx Europe 600 index by 15%.
Barclays Bank stated that this reflects investors' preparations for the tariff policies proposed by Trump, which have been a core part of his presidential campaign, with investors expecting him to win.
Web3 data and AI company Validation Cloud completes $10 million new funding round
According to a press release, Web3 data and AI company Validation Cloud announced that it has secured $10 million in funding from True Global Ventures. The company plans to use this funding to expand its AI products and achieve seamless access to Web3 data.
The company's product platform consists of three parts: staking, node API, and data and AI. In terms of staking, Validation Cloud's staked assets have exceeded $1 billion. Some of Validation Cloud's clients include Chainlink, Aptos, Consensys, Stellar, and Hedera.
According to CoinDesk, Swiss-based cryptocurrency market maker Portofino Technologies received approval from the UK's Financial Conduct Authority (FCA) earlier this year to serve institutional cryptocurrency clients in the UK. However, in recent months, the company has experienced a mass exodus of employees following the firing of its co-founder and CFO.
In July, Portofino's COO and co-founder Alex Casimo and CFO Jae Park were both fired. This subsequently triggered the resignations of strategic and operations director Vincent Prieur, global business development director Shane O'Callaghan, and many other employees from the company.
Since the dismissal of these two executives, 10 to 12 people have left or are in the process of leaving, accounting for 30%-40% of the company's total staff at that time.
Standard Chartered: Trump's victory will determine the strength of the dollar
Standard Chartered estimates that 60% of the dollar's appreciation in October is related to increased bets that Trump will win the election on November 5.
The dollar index has risen over 3% this month, poised for its best monthly performance since 2022. Many analysts state that Trump's election as president will boost the dollar, given the prospect of high tariffs and the resulting market volatility, which often favors safe-haven assets.
Steven Englander, Global Head of G10 FX Research at Standard Chartered, stated that as the likelihood of Trump's victory increases, the dollar strengthens. This has a greater impact on foreign exchange than on fixed income.
Englander estimates that the market expects the probability of Trump's victory to be close to 70%. If this probability is confirmed and Congress becomes divided, there will be room for profit-taking in the market. If the Republican Party gains control of both the House and Senate, it could impact the market.
Data: Bitcoin prices usually drop after new coins are listed on Upbit
According to statistics from the Korean community minchoisfuture, an analysis of 16 recent listings on Upbit shows that Bitcoin prices tend to decline within 24 hours after a new coin is listed.
It is reported that there is a popular term in the Korean community "석우절" (Seok Woo Festival, Seok Woo is the chairman of Upbit), meaning that whenever Upbit lists a new coin, the market will drop.
"What interesting articles are worth reading in the past 24 hours"
ALL IN Trump, Musk's 'American Election' Business Strategy
If asked how this U.S. election differs from previous ones, the ever-eloquent former President Trump might express numerous grievances, such as the sudden change of leadership among competitors, the loss of funding advantages, and personal assassination attempts. However, if asked who he is most grateful to in this election, Musk would undoubtedly be one of Trump's answers.
In this year's election, Musk unexpectedly and resolutely sided with Trump, not only spending $75 million on campaign funds in the third quarter to show his determination but also actively campaigning on public platforms. Recently, he even launched a lottery project to rally public support. In terms of both manpower and funding, Musk's contributions can be described as exhaustive.
Such a clear alignment is not a wise move for a highly influential and controversial entrepreneur. In an uncertain election, a slight misstep could capsize the party's ship, and the loser faces not only political failure but also potential risks to personal safety.
Rewind a few years, and Musk and Trump were clearly not on friendly terms; their verbal sparring often played out on public platforms, with Trump even mocking Musk for begging for subsidies at the White House. What could have led Musk to bury the hatchet and offer such heartfelt assistance?
Amid the precarious undercurrents of the election, the business of money and power is also secretly underway.
The 'Windfall' Effect: Why do you tend to go all in after making a profit?
Today, I want to talk about the "windfall effect."
The "windfall effect" is a phenomenon in behavioral finance, referring to investors being more inclined to take risks after realizing profits because they view these gains as "windfalls" rather than their own funds.
This effect originates from a concept in gambling: when gamblers win money, they often feel they are playing with the casino's money, making them more willing to take risks than when using their own capital.
Feel free to share your thoughts on this.
Price is not everything for a project; its development largely depends on market conditions, project quality, and the hype surrounding its narrative.
Last night, the Solana ecosystem meme project SHAR launched and its price briefly approached $0.06, with a market cap reaching nearly $40 million. Subsequently, on-chain detective ZachXBT pointed out that the project is involved with a "conspiracy group" and KOL manipulation. According to leaked documents, the project claims to have 50 "top-tier" KOLs involved.
Overview of Sui developers' product matrix: More than just a public chain
Deepbook launched with a 7x increase, SuiNS TGE is imminent, and Walrus is also set to issue tokens?
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