Today's News Highlights:
Stripe Acquires Stablecoin Payment Platform Bridge for $1.1 Billion
Insiders: Harris's Team is Considering Two Candidates to Replace SEC Chair Gary Gensler
Upbit Launches MEW KRW Trading Pair
Decentralized Social Platform Bluesky Surpasses 12 Million Users
Truth Terminal Recently Became the First "Millionaire" AI in History
AI Search Company Perplexity Plans New Funding Round, Valuation Expected to Rise to $8 Billion
Regulatory News
According to Cointelegraph, Yuichiro Tamaki, the leader of Japan's Constitutional Democratic Party (DPP), has proposed a crypto tax reform plan that would lower the tax rate on crypto asset gains to 20% if elected. Currently, crypto gains in Japan are taxed as miscellaneous income, with rates ranging from 15% to 55%, and the highest rate for high earners can reach 55%, while the maximum tax rate for stock gains is 20%.
In a social media post on October 20, Tamaki expressed his hope to align the crypto tax rate with that of stock trading by lowering it. Additionally, his plan includes not triggering tax events when exchanging between different crypto assets, aiming to position Japan as a leader in Web3 business. Although the DPP holds only 7 seats in the House of Representatives and is unlikely to gain a majority, Tamaki hopes to attract voter attention with this policy and support the development of the crypto industry.
Insiders: Harris's Team is Considering Two Candidates to Replace SEC Chair Gary Gensler
According to Unchained, two insiders involved in the review process revealed that U.S. Vice President Kamala Harris's transition team is examining candidates to replace Gary Gensler as chair of the Securities and Exchange Commission (SEC). The two possible candidates are Professor Chris Brummer from Georgetown University Law Center and Erica Williams, chair of the Public Company Accounting Oversight Board (PCAOB), who are said to have a more optimistic view on cryptocurrencies like Bitcoin compared to Gensler.
Harris has neither publicly nor privately committed to replacing Gensler, and the extent of her consideration for Brummer, Williams, or other potential candidates remains uncertain. Currently, due to Harris's short time as a candidate and other unresolved policy issues, her team is more focused on voting matters.
An insider stated, "It's unclear who the frontrunners are at the moment. The Harris campaign team is concerned that showing too positive an attitude towards cryptocurrencies before the election could alienate progressive voters who view cryptocurrencies as a 'scam,' and it won't win her any new voters." A spokesperson for Harris's transition team stated, "The transition team will not make any personnel selections before the election; instead, we are focused on building the necessary infrastructure to prepare for the inauguration."
According to Financial界, on October 21, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated in a blog post that the government plans to optimize the current tax incentives provided to the asset and wealth management industry in multiple ways to elevate the market. Regarding the expansion of eligible asset categories, Xu mentioned that the authorities suggested broadening the categories to align with the overall financial development strategy of the Treasury, adding carbon emission derivatives/allowances, insurance-linked securities, loans and private debt investments, and virtual assets, allowing profitable transactions of these assets to be exempt from tax. On the other hand, it is suggested that anyone operating financial institution business, insurance business, or lending business in Hong Kong, who holds a beneficial interest of 10% or more in a fund, will be deemed to have obtained taxable profits from income derived from loans or private debt investments related to that fund. If the fund is associated with that person, any percentage of beneficial interest will apply. The next step for the Treasury is to release a consultation document on the overall proposal, collect and analyze opinions, and then propose relevant legal amendments to implement various optimizations to further drive industry development.
Beijing Adds 12 Newly Registered Generative AI Services
According to the "Interim Measures for the Management of Generative AI Services," as of October 21, Beijing has added 12 newly registered generative AI services, bringing the total to 94 registered generative AI services.
Project Updates
Binance to Launch 1000CAT 1-75x USDT Perpetual Contract
According to an official announcement, Binance's contract platform will launch the 1000CAT USDT perpetual contract on October 21, 2024, at 20:30 (UTC+8), with a maximum leverage of up to 75 times.
Scroll Announces Launch of Scroll Open Program and Plans to Improve Marks System in Sessions 2
According to official news, Scroll has announced the launch of the Scroll Open program, aimed at rewarding innovative and rapidly growing developer programs. Additionally, Scroll stated that an improved Marks system will be introduced in Scroll Sessions 2 to reward more participation across the ecosystem, with a new Scroll Sessions page and dashboard set to launch in a few days.
Upbit to Launch MEW KRW Trading Pair
According to Upbit's announcement, the digital asset "Cat in a Dogs World (MEW)" will officially launch in the KRW market today at 16:00 (Korean time). Users must confirm they are using the correct network (MEW-Solana) when depositing MEW, as other networks will not be supported.
It is understood that "Cat in a Dogs World (MEW)" is a meme coin launched on the Solana network in March 2024. Its background story revolves around a cat named MEW, whose goal is to save everyone in a world dominated by dogs.
ECB Report: Any Bitcoin Price is Possible, Including Prices Up to $10 Million or Higher
According to an earlier report from the European Central Bank (ECB), the current market value of Bitcoin is between $50,000 and $60,000, but the report states that any Bitcoin price is equally possible, including prices up to $10 million or higher, as these prices have no specific economic basis or intrinsic value support. This indicates that the ECB believes Bitcoin pricing lacks a rational foundation in traditional economics, with high volatility and unpredictability.
Decentralized Social Platform Bluesky Surpasses 12 Million Users
According to Cryptonews, the decentralized social platform Bluesky has surpassed 12 million users, becoming a strong competitor to X (Twitter), owned by Elon Musk. The report states that Bluesky added over 1 million users in just 48 hours. This surge in users is attributed to Musk's series of adjustments to Twitter, including allowing third-party AI developers to use user data for model training and modifying the blocking feature, raising user concerns about privacy and content control.
ETHGlobal San Francisco 2024 Hackathon Finalists Announced
According to the official announcement from ETHGlobal, the finalists for the ETHGlobal San Francisco 2024 hackathon have been revealed, with a total of 223 projects participating, of which 10 have stood out, including:
- 1. PumpRoyale - Combines USDC staking with global fitness challenges, allowing users to earn rewards by completing activities.
- 2. VVLDrizzy - Helps creators mint, watermark, and license viral videos, generating income through media licensing.
- 3. IP Infinity - Transforms NFTs into game objects with attributes, integrating them into an AI-driven virtual world.
- 4. OmiSwap - Supports voice-activated blockchain trading, enabling cross-chain transfers and gas-free USDC sending.
- 5. HelloACAI - A collaborative AI platform based on smart contracts, facilitating efficient task execution.
- 6. DAOsaster - A decentralized disaster response system that utilizes AI, drones, and blockchain technology for automatic detection and coordination.
- 7. Chain Waves - Watermarks and protects audio files on the blockchain, ensuring creator rights and automatic dispute resolution.
- 8. BuildBlocks - Provides modular blockchain development tools.
- 9. UniV4Backtester - A backtesting tool for the Uniswap V4 protocol.
- Betsy - A prediction market platform that combines AI and blockchain.
Ethereum co-founder Vitalik Buterin responded to comments about the "level of gatekeeping in Zuzalu, Apecoin governance forum, and Arbitrum DAO," stating: "Technically, any currency is permissioned: you need to get permission from an existing holder to become a holder. This indicates that there is actually a continuous trade-off space between the permission levels of Apecoin and ZuVillage, and we can imagine a structure in between: becoming a member requires permission from multiple existing members, but it is still very open. For example, you can imagine a secondary financing-style mechanism, weighted by existing member points, to accumulate membership points. This is what I hope to see in OP Citizen Home, the Zuzalu community, and other DAOs that are experimenting. Formalizing and measuring membership is upstream of any formal governance, and it would be really cool if there were more ways to achieve highly decentralized and permissionless formal membership, but not just through token holding."
Truth Terminal Recently Became the First "Millionaire" AI in History
According to @AISafetyMemes, the AI project Truth Terminal (terminal of truths) has recently become the first "millionaire" AI in history, as the market value of the associated cryptocurrency Goatseus Maximus has risen to $428 million, nearing $500 million. The uniqueness of this project lies in its AI-generated parody and meme culture, particularly around the internet classic "Goatse."
Investment and Financing
AI Search Company Perplexity Plans New Funding Round, Valuation Expected to Rise to $8 Billion
According to The Information, AI search startup Perplexity is planning a new funding round, aiming to raise the company's valuation to $8 billion. This year, Perplexity has completed two funding rounds, raising its valuation to $3 billion. The new funding round will double its valuation and further solidify its position in the AI search field.
Stripe Acquires Stablecoin Payment Platform Bridge for $1.1 Billion
According to TechCrunch founder Michael Arrington, payment company Stripe has acquired stablecoin payment platform Bridge for $1.1 billion, marking the largest acquisition in the crypto industry to date. Bridge previously raised $58 million in funding, with a valuation of $200 million. Founded by Sean Yu and Zach Abrams, the platform provides software tools for businesses to accept stablecoin payments. This acquisition also represents Stripe's largest deal in its history, demonstrating the company's expansion into the crypto payment space. Previously, Stripe restored the ability to use USDC for crypto payments in the U.S. and integrated with Coinbase to incorporate its Base Layer 2 network.
Mining News
Russian Crypto Mining Company BitRiver Plans to Build Data Centers in BRICS Countries
According to RBC, the Russian Direct Investment Fund (RDIF) has partnered with crypto mining company BitRiver to build data centers in BRICS countries. The two parties plan to leverage mining infrastructure to develop artificial intelligence (AI) technology, enhancing Russia's share in the global computing resources market. This collaboration was announced on October 18 at the BRICS Business Forum held in Moscow, aiming to provide infrastructure for AI projects through the establishment of data centers and necessary energy support.
BitRiver is currently the largest operator of high-energy computing data centers in Russia, managing 21 data centers, with 10 more under construction. RDIF plans to expand the potential of data centers through cooperation with BRICS countries to meet the global demand gap for high-energy data centers.
Important Data
Token Unlocks data shows that tokens ADA, GAL, and EIGEN will see significant unlocks next week, including:
Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 AM Beijing time on October 22, representing 0.05% of the current circulation, worth about $6.5 million;
Galxe (GAL) will unlock approximately 587,000 tokens at 8:00 AM Beijing time on October 22, representing 0.46% of the current circulation, worth about $1.2 million;
Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 AM Beijing time on October 23, representing 0.69% of the current circulation, worth about $4.8 million;
Ethena (ENA) will unlock approximately 12.86 million tokens at 3:00 PM Beijing time on October 23, representing 0.47% of the current circulation, worth about $5.1 million;
Yield Guild Games (YGG) will unlock approximately 14.08 million tokens at 10:00 PM Beijing time on October 27, representing 3.64% of the current circulation, worth about $8 million.
Tether Stablecoin USDT Market Cap Exceeds $120 Billion
According to official data from Tether, the market cap of its issued US dollar stablecoin USDT has surpassed $120 billion, with a net circulation reaching $120,168,979,663.92.
Tether CEO Paolo Ardoino posted on X, "10 years, 120 billion," noting that the market cap of its US dollar stablecoin USDT has exceeded $120 billion in 10 years.
BTC Surpasses $69,000,ETH Surpasses $2,700
According to OKX market data, BTC broke through $69,000 this morning, currently priced at $69,022.00 per coin, with a daily increase of 0.57%. ETH surpassed $2,700, currently priced at $2,749.59 per coin.
Data: Bitcoin Spot ETF Recorded Net Inflow of $2.13 Billion Last Week
According to SoSoValue data, the Bitcoin spot ETF recorded a net inflow of $2.13 billion last week. Among them, BlackRock's Bitcoin ETF IBIT performed the best, with a weekly net inflow of $1.14 billion, bringing its historical total net inflow to $22.84 billion. Following that is Fidelity's Bitcoin ETF FBTC, with a weekly net inflow of $319 million, bringing its historical total net inflow to $10.3 billion.
Grayscale's Bitcoin Trust ETF GBTC saw a net inflow of $91.47 million last week, with a historical cumulative net outflow of $20.1 billion. As of now, the total net asset value of Bitcoin spot ETFs is $66.114 billion, with an ETF net asset ratio (market cap compared to total Bitcoin market cap) of 4.89%, and the historical cumulative net inflow has reached $20.937 billion.
According to the latest weekly report from CoinShares, digital asset investment products saw an inflow of $2.2 billion, marking the largest weekly increase since July of this year. This new optimism stems from rising expectations that the Republican Party will win in the upcoming U.S. elections, as they are generally viewed as more supportive of digital assets. This, in turn, has led to positive price momentum. Consequently, the trading volume of investment products surged by 30%, while price increases and capital inflows brought the total assets under management close to the $100 billion threshold.
Regional capital flows showed a polarized situation, with the U.S. seeing an inflow of $2.3 billion, while almost all other countries experienced small outflows, most notably Canada, Sweden, and Switzerland, with outflows of $20 million, $18 million, and $15 million, respectively. This may be due to small profit-taking outside the U.S. Bitcoin was the main beneficiary, with inflows reaching $2.13 billion, and the recent price increase prompted $12 million in short positions for Bitcoin, marking the largest inflow since March of this year. Ethereum also saw an inflow of $58 million, while some altcoins experienced inflows, such as Solana ($2.4 million), Litecoin ($1.7 million), and XRP ($700,000). Multi-asset products saw an outflow of $5.3 million, ending a streak of 17 consecutive weeks of inflows.
According to Spot On Chain monitoring, the top ten SPX holding entities currently hold 171.55 million SPX ($144 million), accounting for 18.4% of the circulating supply, distributed across 32 wallets. They collectively have $140.9 million in unrealized profits, most of which remain unrealized.
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