Today's News Highlights:
Macroeconomic Outlook for Next Week: "Data Frenzy" Hits as Powell Teams Up with Non-Farm Payrolls, Fed Rate Cut Expectations May Be "Doused"
U.S. SEC Sues Touzi Capital and Its CEO for Alleged Fraud in Crypto Mining Project, Involving Over $115 Million
10x Research: BTC Market Share Drops to 56%, XRP May Surpass SOL to Become the Third Largest Cryptocurrency
Data: U.S. Bitcoin ETFs Purchased 71,570 Bitcoins in November
Musk Seeks Injunction to Prevent OpenAI from Transitioning to a For-Profit Company
Base Founder: No Plans to Launch a Token
Arthur Hayes: Bull Market Can Continue, South Korea Delays Virtual Asset Taxation by Two Years
No Major Rug Pull Incidents in November, Total Losses Across the Network Approximately $203 Million
Regulation & Policy
Due to the U.S. Thanksgiving holiday, the market ended this week on a somewhat subdued note, with a noticeable lack of liquidity on Thursday and Friday. However, the U.S. stock market surprisingly closed strong this week, driven by technology and retail stocks, with the S&P index hitting a new high and recording the largest monthly gain since November 2023. Next week, U.S. employment data will take center stage, and here are the key points the market will focus on in the new week:
- Monday 09:45, China's November Caixin Manufacturing PMI
- Monday 22:45, U.S. November S&P Global Manufacturing PMI Final
- Tuesday 04:15, Fed Governor Waller Speaks
- Tuesday 05:30, FOMC Permanent Voter, New York Fed President Williams Participates in a Dialogue Hosted by the Queens Chamber of Commerce
- Tuesday 23:00, U.S. October JOLTs Job Openings
- Wednesday 01:35, Fed Governor Cook Speaks on Labor Market and Monetary Policy
- Wednesday 21:15, U.S. November ADP Employment Change
- Wednesday 21:45, 2025 FOMC Voter, St. Louis Fed President Bullard Speaks
- Wednesday 22:45, U.S. November S&P Global PMI Final
- Thursday 02:45, Fed Chair Powell Interviewed at New York Times' DealBook/Summit Conference
- Thursday 03:00, Fed Releases Economic Conditions Beige Book
- Thursday 21:30, U.S. Initial Jobless Claims for the Week Ending November 30, October Trade Balance
- Friday 00:30, 2024 FOMC Voter, Richmond Fed President Barkin Speaks
- Friday 22:15, Fed Governor Bowman Speaks
- Friday 23:30, 2025 FOMC Voter, Chicago Fed President Goolsbee Participates in a Fireside Chat
- Saturday 01:00, 2024 FOMC Voter, Cleveland Fed President Mester Speaks on Economic Outlook
- Saturday 02:00, 2024 FOMC Voter, San Francisco Fed President Daly Speaks
In the coming week, investors will gain new insights into the health of the U.S. economy, with the release of a closely watched non-farm payroll report potentially helping investors gauge the direction of U.S. interest rates in the coming months. The October job openings data, released on Tuesday, and the November ADP employment report, released on Wednesday, may also provide clues about the performance of the U.S. labor market. The market expects that the non-farm data set to be released next Friday will show an increase of 183,000 jobs. Last month, non-farm employment increased by only 12,000, far below expectations. Hurricane Milton caused a significant number of job losses in Florida, but those issues have now been resolved, and this week’s non-farm employment numbers may be higher, with some analysts predicting job numbers could reach around 220,000. The unemployment rate is also a key indicator to watch ahead of the Fed's December meeting. If the unemployment rate rises to 4.2% and job numbers are unexpectedly weak, the likelihood of a Fed rate cut in December increases, which could lead to a weaker dollar.
The probability of the Fed remaining on hold in December is 35%, while the likelihood of pausing rate cuts in January rises to about 58%. Interestingly, there is also a 27% chance that the Fed will not cut rates in either of the two meetings.
According to DL News, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Touzi Capital and its CEO Eng Taing, accusing them of conducting a fraudulent unregistered securities offering involving over $115 million. It is reported that Eng Taing falsely marketed the project as a "stable and predictable" high-yield savings account investment, while in reality, these investments were "highly speculative and illiquid." The SEC alleges that the defendants misappropriated investor funds for personal purposes and continued to solicit investors even after the business began to collapse. According to the information disclosed in the lawsuit, from 2021 to early 2023, the defendants raised approximately $118 million through false advertising of cryptocurrency mining and debt restructuring businesses, including $95 million for the crypto mining project and $23 million for the debt restructuring project, involving over 1,500 investors across the U.S.
Arthur Hayes: Bull Market Can Continue, South Korea Delays Virtual Asset Taxation by Two Years
In response to the news that South Korea has delayed virtual asset taxation by two years, Arthur Hayes stated: The bull market can continue, and South Korea has postponed capital gains tax for another two years.
Project Updates
Former Facebook Executive: Politicians Killed the Diem/Libra Stablecoin Project
According to The Block, a former Facebook executive revealed that the company's stablecoin and blockchain project (initially called Libra, later renamed Diem) ultimately came to an end, leading many employees to leave for other blockchain projects. The project was sold to Silvergate Bank in January 2022, which abandoned the project a year later and wrote off its investment. According to David Marcus, the former head of the project and a former board member of Coinbase, the political machinations behind the scenes were the root cause of the project's failure, which he described in a lengthy post on X as "100% political murder." "The government or regulators had no legal or regulatory grounds to kill the project. This was 100% political suppression—executed through intimidation of controlled banking institutions."
David Marcus stated that despite "two years of relentless work and changes to appease lawmakers and regulators," and receiving limited support from some members of the Federal Reserve Board, including Chair Jay Powell, the project's political prospects still faced strong resistance from Treasury Secretary Janet Yellen, who warned Powell during a biweekly meeting not to allow the project to proceed due to concerns about political backlash.
10x Research noted in its market analysis that the cryptocurrency market cap has surged to $3.43 trillion, while Bitcoin's dominance has dropped from 60% to 56%. A higher overall market cap combined with a declining Bitcoin dominance is often seen as a sign of altcoin season. In cryptocurrency, market theories often become self-fulfilling as belief drives momentum. Since November 17, Solana (SOL) has remained relatively stable, while other major altcoins have performed excellently. Ethereum (ETH) has risen nearly +18%, and Ripple (XRP) has surged +70%. The market cap gap between Solana and Ripple is now only $6 billion, indicating a potential "flip" in a few days, with Ripple possibly becoming the third most valuable cryptocurrency.
Sonic Labs (formerly Fantom) Launches Testnet 2.0 Blaze
Sonic Labs has launched the upgraded Testnet 2.0 Blaze in preparation for the mainnet launch. Previous news indicated that Fantom has now been renamed Sonic Labs and plans to launch a new EVM chain, Sonic, by the end of the year.
Musk Seeks Injunction to Prevent OpenAI from Transitioning to a For-Profit Company
According to NetEase News, Elon Musk's lawyers have filed a preliminary injunction against OpenAI, several of its co-founders, and its investors and close collaborators at Microsoft, seeking to prevent OpenAI and other defendants from engaging in what Musk's lawyers claim are anti-competitive practices.
The injunction motion was submitted late last Friday to the U.S. District Court for the Northern District of California, accusing OpenAI, its CEO Sam Altman, President Greg Brockman, Microsoft, LinkedIn co-founder and former OpenAI board member Reid Hoffman, and former OpenAI board member and Microsoft Vice President Dee Templeton of engaging in various illegal activities and attempting to obstruct these activities. The allegations include:
Preventing investors from supporting OpenAI's competitors, such as Musk's own AI company xAI.
Benefiting from "improperly obtained competitive sensitive information" through OpenAI's relationship with Microsoft.
Transforming OpenAI's governance structure into a for-profit entity and "transferring any significant assets, including intellectual property owned, held, or controlled by OpenAI, its subsidiaries, or affiliates."
Conducting business with organizations that have "significant economic interests" in OpenAI and any of the defendants.
Musk's lawyers claim that if the injunction is not granted, it will cause "irreparable harm."
Base Founder: No Plans to Launch a Token
Base founder Jesse Pollak stated on the X platform that the Hyperliquid project demonstrates that it is beneficial to build a product that people love before adding price complexity. Additionally, there are no plans to launch a token for the Base network. The team is focused on building and aims to solve real problems to help people build better.
In response to the U.S. Government Efficiency Department (DOGE) releasing content regarding small expenditures, Vitalik expressed disagreement with the department's approach. He believes that the examples listed are only a small part of all expenditures. If the government aims to optimize by avoiding mistakes that look bad on Twitter, it will miss many valuable opportunities, while larger-scale issues that actually waste more will continue to exist simply because they appear acceptable. Small-scale public funds should be treated similarly to venture capital, as the goal is to ensure that opportunities with the potential for 1000x returns are captured. Caution should be focused on large-scale matters.
Important Data
Data: U.S. Bitcoin ETFs Purchased 71,570 Bitcoins in November
According to HODL15Capital, U.S. Bitcoin ETFs purchased 71,570 Bitcoins in November; in dollar value, November was a record month for inflows into U.S. Bitcoin ETFs.
Michael Saylor: 60 Public Companies Have Issued Stock to Buy Bitcoin
MicroStrategy founder Michael Saylor stated on the X platform that currently, 60 public companies have issued stock to purchase Bitcoin. The total Bitcoin holdings of these 60 companies amount to 522,565. Additionally, HODL15Capital data shows that there are currently 12 publicly listed Bitcoin mining companies that do not hold Bitcoin on their balance sheets.
OKLink released its November 2024 security monthly report, indicating that on-chain security incidents across the network resulted in total losses of approximately $203 million. Phishing scams accounted for 64.80% of total losses, amounting to approximately $131 million, but no major Rug Pull incidents occurred. REKT incidents accounted for 22.06% of total losses, totaling approximately $45 million.
On November 13, a user copied an incorrect address from contaminated transaction history, resulting in a loss of $129 million, but the attacker returned all assets an hour later. On November 15, the v1 liquidity pool contract of the Aptos ecosystem project Thala was attacked due to a security vulnerability, causing a loss of $25.5 million. Thala later negotiated with the attacker to recover all user assets through a $300,000 bounty.
OKLink reminds everyone to carefully verify the receiving address when performing on-chain operations. Some users have lost over $100 million due to copying incorrect addresses from contaminated transaction records. Always double-check the recipient's address before conducting on-chain operations, and avoid the habit of directly copying addresses from transaction records or chat logs. Additionally, learn to use Web3 on-chain tools to mitigate risks. OKLink provides tools for on-chain address queries, token authorization checks, and large transfer monitoring to easily ensure on-chain security, grasp market trends in real-time, and alleviate on-chain anxiety.
500 Million XRP Unlocked from Unknown Wallet Custody, Valued Over $970 Million
According to Whale Alert monitoring, approximately one hour ago, 500 million XRP were unlocked from unknown wallet custody in two transactions, valued at over $970 million.
HYPE Breaks $9, Market Cap Exceeds $3 Billion, Continues to Set New Highs
Market data shows that HYPE has broken $9, continuing to set new highs, currently priced at $9.24, with a 24-hour increase of 33.9%. The current market cap has surpassed $3 billion, reaching $3,086,086,670, with an FDV of $9,241,678,903. The trading volume in the past 24 hours was $361,549,000.
Two Whales Sold UNI and LINK for Profits of $1.15 Million and $3.06 Million
According to Lookonchain monitoring, two whales took profits today from UNI and LINK.
0x2B4F sold 135,150 UNI ($1.71 million), realizing a profit of $1.15 million.
0x6049 sold 363,814 LINK ($6.88 million), realizing a profit of $3.06 million.
A Trader Invested 1 SOL in Mundi, Now Profits Exceed $435,000
According to Lookonchain monitoring, a trader invested 1 SOL ($169) in Mundi and now has profits exceeding $435,000, with a return rate of 2,580 times. Ban launched on October 25 and quickly surpassed a market cap of $60 million within two days. However, this trader chose not to buy Ban but instead purchased the meme token Mundi, which was created before Ban. At that time, Mundi's market cap was only $85,000. He invested 1 SOL ($169) to buy 19.79 million Mundi and held it. Four days ago, he began to cash out, selling 18.19 million Mundi for 1,428 SOL ($336,900), and still holds 1.6 million Mundi ($99,000).
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