Today's News Highlights:
Musk May Support Trump's Intervention in the Federal Reserve
FTX Sues Binance and Former CEO Zhao Changpeng, Seeking to Recover $1.8 Billion
Binance to Launch Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT)
ENS Labs is Building Layer2 Network "Namechain," Expected to Launch by the End of Next Year
User Error Leads to $25 Million in Crypto Assets Being Permanently Locked
MicroStrategy's Bitcoin Holdings Value Exceeds $20 Billion
CoinShares: Last Week's Net Inflow into Digital Asset Investment Products Reached $1.98 Billion
Regulatory News
Powell: The President Has No Legal Authority to Dismiss Him, Even if Trump Resigns
According to Jinshi, the Federal Reserve announced a 25 basis point rate cut this week as expected, lowering the target range for the federal funds rate to 4.5%-4.75%. All 12 FOMC voting members supported the rate cut. The policy statement removed language about progress on inflation and increased confidence in achieving targets, emphasizing a focus on dual risks of employment and inflation. Federal Reserve Chairman Powell stated that future rate cuts will be accelerated or slowed based on economic conditions, noting that the current uncertainty is high and it is not appropriate to provide excessive forward guidance, but the Fed will gradually move towards a neutral policy stance. He also mentioned that the election will not affect the Fed's recent policy decisions, and the President has no legal authority to dismiss him even if Trump resigns. It is reported that Trump's election led traders to reduce bets on the Fed cutting rates next year, with expectations of a pause after 1-2 rate cuts in the first half of 2025.
Later news, Musk May Support Trump's Intervention in the Federal Reserve.
FTX Sues Binance and Former CEO Zhao Changpeng, Seeking to Recover $1.8 Billion
According to Bloomberg, FTX has filed a lawsuit against Binance and its former CEO Zhao Changpeng, seeking to recover nearly $1.8 billion that it alleges was fraudulently transferred by Sam Bankman-Fried (SBF). The funds were obtained by Binance, Zhao, and other Binance executives through a stock buyback agreement made in July 2021 with FTX co-founder SBF. According to legal documents submitted by the FTX bankruptcy estate management committee on Sunday, Binance and Zhao sold approximately 20% of FTX's international division and 18.4% of its U.S. entity in this transaction. The documents indicate that SBF used FTX's exchange token FTT and Binance's branded tokens BNB and BUSD (valued at $1.76 billion at the time) to pay for the stock buyback. The bankruptcy estate management committee stated in the documents that FTX and its sister trading firm Alameda Research "may have been insolvent from the start and were certainly insolvent by early 2021." Therefore, the management committee claims that the stock buyback transaction was fraudulent. FTX also accused Zhao of posting a series of "false, misleading, and fraudulent tweets" shortly before FTX's collapse, which were "maliciously calculated to destroy its competitor." In a tweet on November 6, 2022, Zhao stated that Binance intended to sell its FTT tokens, then valued at approximately $529 million, leading to a surge in withdrawals from the exchange. A Binance spokesperson did not immediately respond to a request for comment.
Shinzo Abe Re-elected as Prime Minister of Japan
According to Jinshi, Shinzo Abe, president of the Liberal Democratic Party of Japan, defeated the opposition Constitutional Democratic Party leader Yoshihiko Noda in the final round of the House of Representatives' prime ministerial election, being re-elected as Prime Minister of Japan. In the voting among 465 members, Abe received 221 votes. Previously, Abe had already won in the Senate's prime ministerial election vote. It is reported that Abe previously believed that blockchain and NFTs could promote regional economies. Earlier, on October 1 of this year, Abe was elected as Japan's 102nd Prime Minister, and just eight days after taking office, he announced the dissolution of the House of Representatives, setting a record for the fastest dissolution after being elected Prime Minister in the post-war era. On October 27, the new House of Representatives election was held, and the ruling coalition formed by the Liberal Democratic Party and Komeito lost, failing to secure a majority in the new House of Representatives. According to the Japanese Constitution, a special Diet must be convened within 30 days after the House of Representatives election to conduct the prime ministerial election.
AI
According to the official Weibo of the Greater Bay Area Voice, Hong Kong SAR Financial Secretary Paul Chan stated today that the SAR government will hold a signing ceremony with the third batch of key enterprise partners tomorrow. A total of 17 key enterprises will participate in the signing, coming from the mainland, the United States, and Europe, engaged in areas such as artificial intelligence and big data, life and health technology, fintech, and advanced manufacturing and new energy technology, with 90% planning to establish international or regional headquarters in Hong Kong. It is understood that, along with the first two batches of signed key enterprise partners, a total of over 60 key enterprise partners are expected to bring HKD 42 billion in investment to Hong Kong, creating over 17,000 job opportunities.
According to Fortune magazine, as the results of the U.S. election settle, Musk's support for Trump, seen as a gamble by outsiders, has yielded obvious immediate returns. It is reported that Musk may try to persuade Trump to abandon his opposition to the Biden administration's electric vehicle tax credit policy and encourage the purchase of electric vehicles. After Trump's victory speech, Tesla's stock price surged. Investors expect the Trump administration to halt federal investigations and enforcement actions against Tesla, particularly regarding its autonomous driving software. Additionally, the relationship between the Federal Aviation Administration and SpaceX is very tense. In September, Musk called for the resignation of FAA Administrator Michael Whitaker due to SpaceX being fined $630,000 for violating rocket launch regulations. Musk stated that he plans to establish a Department of Government Efficiency (DOGE) under the Trump administration, with plans to relax regulations on its rocket launches. Trump himself has also suggested using Starlink's satellite services to provide internet connectivity in rural areas as part of the government's future $42 billion broadband investment plan, which could be a potential financial boon for Starlink. Musk's generative AI startup xAI has a chatbot competing with OpenAI's ChatGPT and other large language models, and Musk may intervene to suggest Trump adopt a more lenient alternative to the Biden administration's AI executive order. In California, Musk supports the controversial safety legislation SB 1047, which would impose restrictions on large AI companies, a legislation that has faced strong opposition from venture capitalists and large developers, citing the catastrophic risks posed by AI.
Project Updates
Binance to Launch Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT)
According to the official announcement, Binance will launch Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT) on November 11, 2024, at 18:00 (UTC+8), and will open the following spot trading pairs: ACT/USDT, PNUT/USDT. The recharge channels for ACT and PNUT are now open; withdrawals are expected to open on November 12, 2024, at 18:00 (UTC+8). Seed tags will apply to ACT and PNUT.
Later news, ACT Developers: All ACT Holdings Have Been Distributed, Burned, or Sold. Binance Financial Services, One-Click Buy, Flash Exchange, Leverage, and Contracts to Launch ACT and PNUT.
Hedge Funds Shorting Tesla Have Lost Over $5 Billion Since Trump Won the U.S. Election
According to Jinshi, since Trump won the U.S. election, hedge funds that have been shorting Tesla have lost billions of dollars, with Musk's special relationship with the incoming president impacting them. Data compiled by S3 Partners shows that from election day to last Friday's close, hedge funds holding short positions in Tesla have incurred paper losses of at least $5.2 billion.
Stacks Founder Expects sBTC Upgrade to Launch in Early December
According to The Block, Muneeb Ali, co-founder of the Bitcoin Layer 2 network Stacks, hinted that a significant upgrade for the network is imminent. Ali noted in a post on X that the upcoming sBTC token may be released as early as next month. He wrote, “(Early December) is the target time, sBTC v1 seems to be on track, and there will be more upgrades in January and beyond.” Stacks promotes sBTC as a solution to Bitcoin's "write problem," which addresses the challenge of writing data directly to the Bitcoin main chain, essential for decentralized finance applications. According to Stacks' announcement, sBTC will "enable smart contracts to programmatically send sBTC to BTC addresses, where it will be anchored with BTC." Stacks believes that the novel decentralized two-way anchoring of sBTC will provide a more aligned option with Bitcoin's decentralization philosophy, thereby unlocking value.
DeltaPrime Protocol Attacked on Arbitrum and Avalanche Chains, Losing Approximately $4.8 Million
According to PeckShield alerts, the decentralized finance platform DeltaPrime was attacked on the Arbitrum and Avalanche blockchains, resulting in a loss of approximately $4.8 million in crypto assets. It is reported that the attacker injected about $1.3 million into LFJ (formerly Trader Joe) to provide liquidity and mined USDC on the Stargate platform.
DeltaPrime officially confirmed that its protocol was attacked on the Avalanche and Arbitrum chains, with preliminary estimates of losses reaching $4.75 million. The protocol has currently paused operations on both chains to control risks. DeltaPrime advised all users to revoke authorizations for active contracts to avoid further losses, stating that user safety is the top priority and updates will be provided as soon as possible.
It is reported that Web3 security and analytics company FuzzLand was the first tool to detect the attack, stating that DeltaPrime was attacked due to improper input validation.
Industry Insiders: Bitcoin Price Could Rise to $100,000 by January 2025 When Trump Takes Office
According to CNBC, Fadi Aboualfa, research director at cryptocurrency custody company Copper.co, believes that by January 20, 2025, when Trump takes office, the price of Bitcoin could reach $100,000. He added that this increase "is occurring against a backdrop of a weak dollar, which is different from the current strong dollar environment." Given that Bitcoin exchange-traded funds currently hold about 1.1 million Bitcoins, the momentum in the coming months could be positive. Additionally, Jag Kooner, derivatives director at cryptocurrency exchange Bitfinex, stated that while it is difficult to predict Bitcoin's price, reaching the $100,000 target in a few months "doesn't seem far-fetched," adding, "Given the bullish momentum, combined with the fact that the economy is avoiding recession, we expect limited downside for Bitcoin now. This (the $100,000 target) looks very reasonable."
EF Core Researcher: Proposal for Redesigning Ethereum's Consensus Layer to be Announced Tomorrow
Justin Drake, a core researcher at the Ethereum Foundation (EF), stated on X, "Tomorrow at 5 PM (local time), I will announce a significant plan on the main stage at Devcon. For a year, I have been thinking about what a redesigned Ethereum consensus layer from scratch would look like. My goal is to propose a reliable strategy to launch an ambitious and exciting beacon chain roadmap within a reasonable timeframe. After months of deliberation with researchers and consensus developers, I am finally ready to publicly present my proposal. It is still too early to tell if this new approach to the consensus layer roadmap can achieve preliminary consensus; your participation is crucial."
Former Executives from PIMCO and Millennium Establish Crypto Consulting Firm x2B
According to Bloomberg, former executives from Millennium Management LLC and Pacific Investment Management Company (PIMCO) are starting a consulting business in the digital asset space. Benoit Bosc, who previously served as a portfolio manager at Millennium, and Michael Bressler, who recently served as executive vice president at PIMCO, left their positions in October and August, respectively, to establish the digital asset consulting firm x2B. The company will launch in November and currently has 10 clients, charging based on a mix of future tokens and cash for projects. The firm will provide consulting services for crypto projects, including fundraising, token issuance, financial management, and market-making arrangements. Bosc previously served as the U.S. general manager at digital asset market maker GSR, while Bressler was the global sales head at the company for a year and a half. Bressler stated in an interview, "Few people understand the complex dynamics of token issuance at the intersection of traditional finance and digital finance." Bosc noted that the industry will benefit from "more professional and transparent practices," adding that x2B plans to push "various market participants and service providers involved in these issuances to take on more responsibility."
WalletConnect: WCT Claiming and Staking to Launch on November 26
Web3 communication protocol WalletConnect announced on the X platform that WCT token claiming and staking will launch on November 26. Previously, in September, it was reported that WalletConnect launched its native token WCT, with 18.5% allocated for the first quarter airdrop.
Circle Introduces New Concept for AI Agents to Operate and Trade Independently Using USDC
According to Crowdfund Insider, Circle reported that the company issued over $2 billion worth of USDC in the past few weeks, exploring how the combination of artificial intelligence and blockchain technology will change people's understanding of work and finance, particularly through the use of "autonomous" payments. Circle introduced a concept that allows AI agents to operate and trade independently using USDC. By adding financial capabilities, these agents can handle tasks "completely independently." Circle explored how to combine advanced AI with secure automated payments and blockchain technology to create this system, using the Circle developer platform for payment processing. Additionally, it built a sample application to "demonstrate this autonomous system," encouraging users to use this template to build their own projects and provide feedback.
ENS Labs is Building Layer2 Network "Namechain," Expected to Launch by the End of Next Year
According to Coindesk, ENS Labs, the company behind Ethereum Name Service (ENS), is advancing plans to launch its own Layer2 network. Katherine Wu, COO of ENS Labs, revealed that the new network, named Namechain, is expected to launch by the end of next year. It will utilize zero-knowledge rollups, a scaling technology that speeds up blockchain transaction speeds and reduces execution costs by compressing the amount of data published on-chain. ENS Labs stated in a press release on Monday, "This technology allows Namechain to process and execute transactions outside the main Ethereum network while still inheriting Ethereum's full security, but at only a fraction of the cost." The new network will leverage the existing infrastructure of zero-knowledge chains compatible with the Ethereum Virtual Machine, and the team is in the final stages of selecting which zkEVM to use.
According to The Block, a cryptocurrency user mistakenly sent $25 million worth of Renzo re-staked Ethereum tokens to the wrong "security module" address instead of the correct "secure wallet" address, potentially locking the funds permanently. The user urgently sought help on social media, promising to pay about $2.5 million (10% of the current price) as a reward to any hacker or white hat who could successfully retrieve the funds.
Renzo is a liquidity re-staking platform focused on Ethereum and Solana. Currently, the funds cannot be withdrawn unless the Renzo team upgrades the contract to add the necessary rescue functionality. DefiLlama founder 0xngmi stated that unless Renzo intervenes, the user's funds cannot be recovered. As of the time of publication, Renzo has not publicly responded to the matter.
Financing News
TAC Completes $6.5 Million Financing to Provide EVM In-App Access for TON and Telegram Users
According to The Block, the TON network expansion project TAC has completed a $6.5 million seed round of financing, led by Hack VC and Symbolic Capital, with participation from Primitive, Paper Ventures, Karatage, Animoca Ventures, and others. TAC will provide seamless access to Solidity applications for TON and Telegram users and plans to launch a testnet this week, with the mainnet expected to be released in the first quarter of 2025. TAC aims to connect Ethereum developers with the TON blockchain ecosystem, simplifying the development process on TON. The funding will be used for marketing, developer relations, and technical research and development.
Key Data
MicroStrategy's Bitcoin Holdings Value Exceeds $20 Billion
According to Saylortracker data, the market value of MicroStrategy's Bitcoin portfolio has surpassed $20 billion, with the company holding 252,220 BTC, currently valued at approximately $20,065,432,317.38.
Later reports indicate that MicroStrategy founder Michael Saylor hinted at continuing to increase BTC holdings.
CoinShares: $1.98 Billion Net Inflow into Digital Asset Investment Products Last Week
According to CoinShares' latest weekly report, digital asset investment products saw an inflow of $1.98 billion after the U.S. elections, pushing the total assets under management (AuM) to a record high of $116 billion, marking five consecutive weeks of net inflows. Regional inflows were primarily concentrated in the U.S. ($1.95 billion), with Switzerland and Germany seeing inflows of $23 million and $20 million, respectively.
Bitcoin performed strongly, attracting $1.8 billion in inflows, with a total of $9 billion since the Federal Reserve's first rate cut in September, influenced by the macro environment and changes in U.S. politics. Ethereum saw an inflow of $157 million last week, the largest since the ETF listings in July, indicating an improvement in market sentiment.
Additionally, other major tokens such as Solana ($3.9 million), Uniswap ($1 million), and Tron ($500,000) also received some inflows, while blockchain-related stocks saw inflows of $61 million.
Data: Hong Kong Virtual Asset ETF Trading Volume Today Approximately HKD 128 Million
SOL Market Cap Exceeds $100 Billion
Market information shows that SOL's market cap has surpassed $100 billion, currently reaching $100,198,590,966. Additionally, the market shows that SOL's price has risen to $212.44, with a 24-hour increase of 6.95%.
According to Onchain Lens monitoring, six days ago, a Mt. Gox wallet transferred 32,371 BTC (valued at $2.19 billion at the time) to an unknown wallet. Just 20 minutes ago, that wallet transferred 27,871.3 BTC (currently valued at $2.24 billion) to another unknown wallet and returned 2,500 BTC (valued at $200.95 million) back to the Mt. Gox wallet. This may signal the beginning of further repayments.
Deribit Sees Over $2.8 Billion in Open Interest for Bitcoin Options with Strike Prices Above $90,000
According to CNBC, the total value of open interest for Bitcoin options contracts with strike prices above $90,000 on the crypto derivatives exchange Deribit has increased to over $2.8 billion. Vetle Lunde, research director at K33 Research, stated that the options market is generally optimistic about Bitcoin's continued rise, with call options trading at higher prices than put options, and the number of out-of-the-money call options in open interest has increased.
BTC Breaks $82,000, Daily Increase of 3.06%
According to OKX market data, BTC has just broken through $82,000, currently reported at $82,125.60 per coin, with a daily increase of 3.06%.
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