Headlines
US Court Rules Sanctions Against Tornado Cash Smart Contracts Illegal
According to market news, a US court has ruled that the sanctions against Tornado Cash smart contracts are illegal.
MicroStrategy Founder Micheal Saylor Reiterates He Will Not Sell BTC
Notable trader HORSE (@TheFlowHorse) wrote that if MicroStrategy founder Micheal Saylor sells Bitcoin, it would become one of the most successful trades in history, as his Bitcoin investment has so far yielded a profit of about $14.9 billion. Additionally, HORSE listed some significant short-selling events in history.
In response, Micheal Saylor stated: "I'm not selling BTC."
CZ: Not Trying to End Meme Frenzy, Just Encouraging More Builders
CZ posted on X today, stating: "I don't oppose meme coins, but meme coins have become 'a bit' strange now. Let's use blockchain technology to build real applications."
Some community users pointed out that even Musk is a supporter of meme coins, making it very difficult to end this frenzy. In response, CZ said: "I'm not trying to end anything; everyone has the right to choose what to invest in or hold. Just encouraging more builders."
Additionally, some users asked CZ if the cultural concept of "Meme" still exists (since both CZ and Vitalik do not like memes). CZ responded: "We're all old dinosaurs. Well, Vitalik is still young. So there's only one dinosaur left."
NYSE Submits 19b-4 and S-1 Filings to SEC for Bitwise BTCÐ ETF Listing
Nate Geraci, president of The ETF Store, posted on X stating that the New York Stock Exchange (NYSE) has submitted 19b-4 and S-1 filings to the SEC, seeking to list the Bitwise Bitcoin & Ether ETF. This product will hold both spot BTC and ETH, weighted by market capitalization.
Bitwise co-founder Matt Hougan stated: "Bitcoin and Ethereum are no longer competitors, just as gold and tech stocks are no longer competitors. I believe this ETF will be well-received by investors."
Industry News
CZ: Not Opposed to Meme, Suggests Building Real Applications
CZ posted on X stating: "I don't oppose meme coins, but meme coins have become 'a bit' strange now. Let's use blockchain technology to build real applications."
A recent report released by CoinWire shows that most meme coins are worthless, and many investors are facing significant losses. The report selected 377 KOLs with at least 10,000 followers who frequently promote meme coins and compiled a list of 1,567 meme coins promoted in the past three months.
The report used Dune Analytics to collect price information at the time of initial promotion, current prices, and prices one week, one month, and three months later. If the current value of a meme coin has dropped by 90% or more compared to its initial promotion, it is considered "dead."
The results showed that "76% of KOL-promoted meme coins no longer exist. Two-thirds of the meme coins they promoted are worthless. This means that many promotions driven by KOLs have actually caused losses for investors."
Bankless Co-Founder Calls Ethereum "Money" in Chinese
Bankless co-founder Ryan Sean Adams posted in Chinese on X, stating, "Ethereum is money." Following meme father Murad's call for Chinese meme coin players to join the meme coin super cycle, he explicitly called for Ethereum.
Previously, he stated, "When demand finally arrives, ETH will experience an unprecedented supply shock, and then Ethereum will be in short supply."
According to Greeks.live macro researcher Adam, there has been a massive block trade in the Bitcoin options market, with over 6,000 BTC worth of block trades accumulated since 9 PM. The total volume of call options traded throughout the day has exceeded $120 million. Nearly 5,000 BTC were traded as active buys for call options expiring on December 27 at prices between $92,000 and $100,000, and this buying activity is ongoing. In addition to the high number of purchase orders, the premiums for this wave of purchases are significantly higher than usual, with costs being over twice the usual premium. Analysts believe that whales are in action.
Project News
Starknet Staking Program Phase One Launched on Mainnet, First Ethereum L2 to Support Staking
According to official news, Starknet has launched the first phase of its staking program on the mainnet, becoming the first Ethereum L2 network to support users earning rewards through staking tokens. Anyone holding STRK in their wallet can stake their tokens on Starknet as a validator or delegator. However, in the first phase, validators must stake at least 20,000 STRK and run a full node to prepare for future staking phases, which will require taking on further responsibilities and contributing to network maintenance and security. Users holding less than 20,000 STRK can delegate their tokens to validators for staking.
Additionally, Starknet reminds the community that neither StarkWare nor the Starknet Foundation will participate in staking activities, so they will not be eligible for any staking rewards. Furthermore, all locked tokens cannot participate in staking at this time.
DeFi Technologies Subsidiary Valour Launches First Dogecoin ETP in Nordic Region
DeFi Technologies subsidiary Valour has launched the Valour Dogecoin (DOGE) ETP on the Spotlight Stock Market in Sweden, marking the first Dogecoin ETP launched in the Nordic region.
Movement Network Foundation Announces MoveDrop, Airdropping 10% of Tokens to Community
The Movement Network Foundation has announced the MoveDrop airdrop plan, aimed at rewarding early users and community members of Movement. MoveDrop will allocate 1,000,000,000 $MOVE tokens (10% of total supply) to the community, with eligible users including: Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated communities, and Movement testnet builders.
Users can visit the MoveDrop website and register, with a deadline of December 2, 2024, at 2 PM UTC. After the TGE (Token Generation Event), users can check their MoveDrop eligibility and claim the airdrop. Failing to register on time will result in the loss of eligibility for the MoveDrop claim.
Users can choose to receive $MOVE on the Ethereum mainnet or wait until the Movement Network mainnet (coming soon) to receive $MOVE, which will yield a 1.25x reward multiplier. The Movement Network Foundation also stated that it plans to distribute more $MOVE tokens in future events.
Previously, the Movement Network Foundation announced the economic model for the $MOVE token, with a total supply of 10 billion and an initial circulation of about 22%. Of this, 60% of the tokens will be allocated to the community, including ecosystem and community (40%), initial claims (10%), and the foundation (10%). The remaining portion will be allocated to early contributors (17.5%) and early investors (22.5%).
Binance to List Thena (THE) and Launch HODLer Airdrops Campaign
According to the official announcement, Binance will list Thena (THE) on November 27, 2024, at 10:00 AM (UTC), and open trading pairs THE/BTC, THE/USDT, THE/BNB, THE/FDUSD, and THE/TRY. At the same time, Binance will launch the HODLer Airdrops campaign, where users who subscribe to BNB to SimpleEarnFlexible or Locked products from November 6, 2024, 00:00 to November 13, 2024, 23:59 (UTC) will receive THE airdrop. The THE HODLer Airdrops page is expected to go live within 12 hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins.
pump.fun Transfers 99,999 SOL to Kraken, Worth $22.74 Million
According to Onchain Lens monitoring, pump.fun transferred 99,999 SOL to Kraken, worth $22.74 million. So far, they have deposited 893,242 SOL at an average price of $164.
Investment and Financing
Schuman Financial Completes $7.36 Million Seed Round Financing, Led by RockawayX
Stablecoin issuer Schuman Financial completed a $7.36 million seed round financing in September, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund, and Bankless Ventures. Additionally, Schuman Financial launched the EURØP euro stablecoin compliant with MiCA standards.
Schuman Financial has become the first European company to obtain a stablecoin issuer license in France, and the company is building an ecosystem around EURØP, which includes SEPA integration, banking channels, and custodial partnerships with tier-one global banks such as Société Générale. (The Block)
Talus Network announced the completion of a $6 million strategic round financing at a $150 million valuation, led by Polychain Capital, with participation from Animoca, Geek Cartel, Foresight Ventures, Echo, and a group of angel investors. Talus Network is a high-throughput blockchain protocol designed for decentralized AI agents, and its total financing has reached $9 million to date. (The Block)
Regulatory Trends
Foreign Media: Trump Administration Considers Letting CFTC Lead Digital Asset Regulation
The incoming Trump administration aims to expand the powers of the CFTC, granting it significant regulatory authority over the digital asset market.
Sources indicate that with Trump's inauguration and the increasing influence of the crypto industry in Republican politics, the CFTC's responsibilities may soon expand to regulate the crypto spot market (such as Bitcoin and Ethereum) viewed as commodities, as well as the exchanges facilitating their trading.
Key figures in Trump's team believe that regulatory relaxation is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technology.
Former CFTC Chairman Chris Giancarlo stated: "With adequate funding and the right leadership, I believe the CFTC can begin regulating digital commodities on the first day of Trump's presidency." (FOX Business)
Federal Reserve Considers Lowering Reverse Repo Rate by 5 Basis Points as a Technical Adjustment
The Federal Reserve's meeting minutes indicate that the Fed is considering lowering the reverse repo rate by 5 basis points as a technical adjustment. Some participants noted that it may be appropriate to consider resetting the overnight reverse repo rate to the bottom of the federal funds rate target range in the future.
Voices from the Industry
Trader Eugene: This is the Most Challenging Altcoin Season I've Experienced, Still Observing
Trader Eugene Ng Ah Sio posted on X, stating: "I think this is the most challenging altcoin season I've experienced. Capital flows don't mean much to me, and it's hard to predict the extent of the changes.
At this time, I usually call for a proper altcoin rotation for most popular cryptocurrencies in CT, but now I'm not so sure. Currently, I'm observing and waiting while preserving capital."
CryptoQuant Founder: Bitcoin Retail Investors Have Not Yet Fallen into FOMO
CryptoQuant founder and CEO Ki Young Ju posted on X, stating that Bitcoin retail investors have not yet fallen into FOMO. The trading frequency activity chart shared by Ki Young Ju shows that retail investors' trading in the spot and futures markets has been growing steadily, without significant fluctuations.
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