BounceBit DeFi platform launches trading for Bitcoin, stock market indices, and more.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
Bank of Canada cuts interest rates by 50 basis points, marking the fourth consecutive cut**
According to China Fund News, the Bank of Canada cut interest rates by 50 basis points on Wednesday, lowering the benchmark rate from 4.25% to 3.75%. This is the largest reduction in borrowing costs since the onset of the pandemic in March 2020. The Bank of Canada stated that this is a sign of the country returning to a low-inflation era. To combat soaring prices, the Bank of Canada had previously raised rates to a 20-year high, but has now cut rates four times in a row since June. The inflation rate in September fell to 1.6%, below the 2% target.
Warning: Chinese-speaking North Korean hacker group is heavily targeting crypto practitioners' TG/X accounts
Several crypto practitioners have reported to Deep Tide TechFlow that their Twitter (X) and TG accounts were hacked, ultimately traced back to the North Korean hacker group DangerousPassword by a security company. One crypto practitioner whose account was hacked stated that he did not click on any phishing links, and the specific reason for the hack is still under investigation.
It is noteworthy that the North Korean hackers involved are proficient in Chinese and are familiar with current trends and terminology in the crypto industry.
Deep Tide TechFlow reminds all cryptocurrency traders and practitioners to be cautious of any unknown links from "friend accounts" on TG and X, to be careful when connecting to public Wi-Fi, and to always maintain account security.
Sui Foundation strategically invests in art RWA platform Arttoo
According to Chainwire, the Sui Foundation has strategically invested in the art RWA platform Arttoo, with the specific investment amount undisclosed. Arttoo will launch real-world asset (RWA) art projects based on the Sui blockchain. Arttoo will offer fractional investment services for artworks in the Sui ecosystem, allowing users to purchase and trade digital shares of works by 20th-century art masters such as Matisse and Monet.
ZachXBT: OTC trader Yicong Wang has helped North Korean hacker group launder money
On-chain detective ZachXBT reported that Chinese OTC trader Yicong Wang has helped the Lazarus Group convert tens of millions of stolen cryptocurrencies into cash through bank transfers since 2022.
A few months ago, a follower contacted ZachXBT after completing a P2P transaction with OTC trader Yicong Wang (using aliases such as Seawang, Greatdtrader, and BestRhea977) and having their trading account frozen. He shared one of Wang's Tron wallet addresses from a WeChat conversation screenshot.
Upon reviewing blockchain data related to Yicong Wang, a high risk of illegal funds was noted from Alex Labs, co-founder of Irys. Alex Labs was hacked by the Lazarus Group in May 2024, resulting in a loss of approximately $4.5 million. An Ethereum address blacklisted by Tether in August 2024, associated with 948K, is also directly linked to Yicong. It is evident from the blockchain that he has been actively helping the Lazarus Group in recent weeks.
Binance to delist all spot trading pairs for IDRT, KP3R, OOKI, and UNFI on November 6
According to an official announcement, Binance has announced that it will delist all spot trading pairs for IDRT, KP3R, OOKI, and UNFI on November 6 at 11:00 AM (Beijing time). Binance stated that the delisting decision is based on multiple factors, such as the team's commitment to the project, the quality of development activity, trading volume, and liquidity.
BounceBit DeFi platform launches trading for Bitcoin, stock market indices, and more
According to the platform interface, users can now trade Bitcoin (BTC) and several major stock indices on the BounceBit DeFi platform, including the SSE Composite Index, SZSE Component Index, and Hang Seng Index, with leverage up to 200 times.
Presto Analyst: U.S. elections may trigger bond market collapse, Bitcoin will benefit
Presto analysts warn that the U.S. elections could trigger a "Minsky moment" collapse in the bond market, as the "fiscal extravagance" policies of the two presidential candidates and rising debt levels will exacerbate this risk.
Notable investor Paul Tudor Jones stated in an interview with CNBC that he is optimistic about Bitcoin, gold, and commodities under the risk of "all roads lead to inflation." He emphasized that holding "zero fixed income" is his current investment strategy.
Analysts point out that the rise in U.S. Treasury yields and sovereign risk credit default swap rates may be related to Jones's views. Bitcoin is currently trading at $66,368, down about 10% from earlier highs this year, but still up 57% year-to-date.
QCP: U.S. elections and interest rate cut expectations are favorable for the crypto market, focus on next Friday's non-farm data
According to QCP market dynamics, as the U.S. elections approach, Trump's lead over Kamala in the betting markets is widening, and polls in key swing states are leaning towards the Republican Party. The market expects Trump may be elected president, which could strengthen the dollar and raise U.S. Treasury yields. Due to Trump's friendly stance on cryptocurrencies, BTC prices are also rising.
Currently, the S&P 500 index is nearing an all-time high, and the U.S. 2-year Treasury yield has once again surpassed 4%. BTC is benefiting from record open interest in exchanges, with prices approaching $69,000. The total amount of open interest in futures on exchanges has now reached $4.05 billion.
The market expects 1.5 interest rate cuts in 2024. A stronger-than-expected labor market and the possibility of Trump's election bring hope for U.S. economic growth. Next Friday's upcoming non-farm employment data is highly anticipated, as it will be the last non-farm report before the next Federal Reserve meeting and will have a significant impact on interest rate decisions.
TON click fishing mini-game COINFISH officially launched on October 23
MEETLabs officially announced that its incubated TON ecosystem click fishing mini-game COINFISH has officially launched, with the number of users in the Telegram community channel exceeding 130,000. COINFISH (https://t.me/CoinfishBot) is a Web3 game that combines fishing and simulation management, where players click to fish and feed stray cats, participate in the seafood trading market, and raise cats, enriching the game's interactivity and entertainment, while also allowing players to earn substantial cash rewards by inviting friends to join the game.
Market Dynamics
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