Reprinted from: Golden Finance
US SEC Chairman Congratulates Bitcoin White Paper on 16th Anniversary
In an interview aired on Bloomberg Businessweek on October 22, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, congratulated the Bitcoin white paper on its 16th anniversary with a "sweet sixteen" remark (the BTC white paper was published on October 31, 2008). However, Gensler also stated that the SEC will continue its approach of considering the risks of digital assets to investors and "enforcement regulation." Gensler said, "For ninety years, we have benefited from strong laws enacted by Congress and rules established by various agencies that help promote market development, protect investors, and facilitate capital formation and the development of intermediary markets, and we will continue to do so."
Bernstein: $200,000 Bitcoin Price by End of 2025 is a "Conservative" Prediction
Golden Finance reports that analysts from research and brokerage firm Bernstein claim their current prediction of a $200,000 Bitcoin price by the end of 2025 is "conservative," urging skeptics to reconsider the limited supply of cryptocurrencies in an era of record U.S. debt levels. For investors who do not wish to hold Bitcoin directly, the analyst suggested investing in MicroStrategy, the largest Bitcoin corporate holder, and Robinhood, which is continuing to expand its crypto services, as alternatives for indirect investment. The analyst also highlighted the potential of U.S. publicly listed companies Riot Platforms and CleanSpark, which are integrating thousands of megawatts of power for Bitcoin mining, as well as AI-diversified companies like Core Scientific, which leverage the demand for AI hosting services while still managing Bitcoin mining operations.
Tesla's Bitcoin Holdings Remain Unchanged in Q3 2024
Golden Finance reports that Tesla's Bitcoin holdings remained unchanged in the third quarter of 2024. Tesla's Q3 revenue was $25.18 billion, compared to analyst expectations of $25.43 billion and $23.35 billion in the same period last year. The net profit for Q3 was $2.167 billion, exceeding market expectations of $1.78 billion and last year's $1.853 billion.
Bitcoin Whale Holdings Reach All-Time High
Golden Finance reports that according to Cryptoquant data, Bitcoin whales currently hold approximately 670,000 Bitcoins, the highest level ever recorded. This is undoubtedly an optimistic long-term signal. The chart shows that when whale holdings are high, Bitcoin tends to exhibit sideways or mildly declining trends. This accumulation phase can be described as a calm before the storm in the medium to long term. The real growth wave for Bitcoin begins when whales gradually reduce their holdings until the percentage change in holdings becomes negative. Finally, if Bitcoin's historical peak is not updated between the U.S. presidential election and November 28 (+/- 21 days), it would indicate serious issues in the current bull market cycle, and things could get very bad.
CryptoQuant: Retail Investor Activity in Bitcoin Rebounds in October
On October 23, it was reported that according to CryptoQuant data, retail investor activity slowed from June to late September but began to rebound in October. The agency noted in a report released on Tuesday, "In the past 30 days, retail demand has increased by about 13%, showing a trend similar to when we approached the last historical peak in March." The report pointed out that the increase in retail demand for Bitcoin coincided with growing institutional interest. While retail investors are returning to the market, institutional investors have been steadily increasing their investments in Bitcoin this year. This contrasts sharply with the first quarter of 2024, when market demand was primarily driven by large investors. The current dynamics of retail and institutional investor demand are similar to previous Bitcoin market cycles, and the recent increase in retail activity may signal a similar pattern of renewed optimism. To measure retail investor demand, CryptoQuant focused on several key indicators. One of them tracks the total amount of Bitcoin held in wallets with less than one Bitcoin. This total has increased from 1.734 million Bitcoins in mid-March to 1.752 million Bitcoins currently, an increase of 18,000. Another indicator is the volume of on-chain transactions below $10,000, which reflects the activity of small investors and provides a reference for the market sentiment of non-institutional investors.
Bitcoin "Whale Wallets" Increased by 297 in the Past Two Weeks
Golden Finance reports that Santiment posted on the X platform that Bitcoin "whale wallets" (broadly defined as wallets holding 100 BTC or more) increased by 297 (+1.9%) in the past two weeks. During the same period, the number of wallets holding less than 100 BTC decreased by 20,629 (-0.1%). As the largest stakeholders in cryptocurrency continue to acquire more crypto from selling retail traders, this historically leads to bullish outcomes.
Bitcoin Mining Company Ionic Digital Hires BDO as Auditor
On October 22, it was reported that Bitcoin mining company Ionic Digital mined 107.54 Bitcoins during September, and the Ionic board's audit committee approved the hiring of BDO USA as the company's independent registered accounting firm. John Penver, CFO and interim CEO of Ionic Digital, stated, "Having BDO as Ionic's new auditor will enable us to further advance Ionic's process toward becoming a publicly listed entity." Previously, it was reported that Bitcoin mining company Ionic Digital announced a delay in its listing plans in August.
Ethereum
Vitalik Releases Latest Article: The Future of the Ethereum Protocol—The Verge
On October 23, Ethereum co-founder Vitalik released his latest article "Possible futures of the Ethereum protocol, part 4: The Verge," stating that one of the most powerful features of blockchain is that anyone can run a node on their own computer and verify that the chain is correct. Stakeholders not belonging to such conspiratorial groups will automatically gather and continue to build a chain that continues to follow the old rules, while fully verified users will follow that chain. However, running a fully verified node requires a feasible number of people. Today, running a node on consumer laptops is possible but difficult. The Verge aims to change this, making fully verified chains so economically feasible that every mobile wallet, browser wallet, and even smartwatches do so by default. Initially, "Verge" referred to the idea of moving Ethereum's state storage to Verkle trees—Verkle trees are a tree structure that allows for more compact proofs, enabling stateless verification of Ethereum blocks. However, over the past year, Verge has become more open and presents multiple possibilities. The Verge: Key Goals · Stateless clients: Fully verified clients and staking nodes do not require more than a few GB of storage space · (Long-term) fully verifying chains on smartwatches (consensus and execution). Download some data, verify SNARK, and complete.
Mitsubishi UFJ, Nomura Securities, and SBI Securities Support Prioritizing Bitcoin and Ethereum ETF Launch
Golden Finance reports that, according to Bloomberg, Japan has been considering whether to follow overseas initiatives to allow ETFs to invest in cryptocurrencies, which has attracted the attention of mainstream institutions in Japan. Some Japanese companies have stated that discussions should focus on major tokens such as Bitcoin and Ethereum, with organizations including major trust banks like Mitsubishi UFJ and Sumitomo Mitsui, cryptocurrency exchanges like bitFlyer, and brokerage firms like Nomura Securities and SBI Securities proposing a series of proposals, arguing that the huge market capitalization and "stable returns" of these cryptocurrencies make them suitable for investors to accumulate assets in the medium to long term. Officials from Japan's Financial Services Agency stated last month that the agency would review its regulatory approach to cryptocurrencies, and this assessment has no predetermined conclusions and may take some time to complete.
OpenZeppelin Receives Funding from the Ethereum Foundation
On October 25, it was reported that the security blockchain application standard OpenZeppelin has received funding from the Ethereum Foundation. The official statement indicated that this grant would enable it to add a modular ERC-4337 implementation, advancing account abstraction and helping developers build more secure applications and more flexible smart wallets. Additionally, the team will introduce new signature schemes such as secp256r1, BLS, and RSA, providing broader cryptographic support.
Vitalik: Selective Gas Fee Reductions Could Increase Ethereum TPS by 1.5 Times
On October 24, Ethereum co-founder Vitalik Buterin posted on the X platform, stating, "I think the ideal solution is to make deep but selective cuts to gas fees: reduce the gas cost of all EVM opcodes currently in the range of 2-5 to 1, and those in the range of 6-10 to 2. · Reduce the gas cost of log operations by 4 times. · Lower the gas cost of precompiled contracts (except for those we plan to deprecate). In this way, it may be possible to increase TPS by 1.5 times without compromising any 'key worst-case' metrics (such as calldata size, IO)."
QuickSwap to Expand to Ethereum via Orbs Liquidity Hub
Golden Finance reports that QuickSwap, a native DEX in the Polygon ecosystem, has announced the launch of an Ethereum liquidity aggregator powered by Orbs Liquidity Hub. Previously, QuickSwap had proposed governance to expand to Ethereum using Orbs' L3 liquidity center protocol.
Other Projects
Uniswap Launches In-App Cross-Chain Bridge, Currently Supporting Cross-Chain Across 9 Networks Including Ethereum
Golden Finance reports that Uniswap has announced the launch of its permissionless in-app cross-chain bridge, allowing Uniswap users to directly cross-chain across nine networks from the Uniswap interface and Uniswap wallet. The current cross-chain bridge supports: Ethereum, Base, Arbitrum, Polygon, OP Mainnet, Zora, Blast, World Chain, and ZKsync.
Scroll Ecosystem Stablecoin Project Essence Finance Suspected of Rug Pull
On October 26, it was reported by WuBlockchain that the Scroll ecosystem stablecoin project Essence Finance is suspected of a rug pull, with its stablecoin CHI dropping over 92% in the past 24 hours to $0.077, and over $20 million in collateral allegedly removed. The last tweet was posted on September 11. The project's audit report comes from FEI Protocol V2.
Catizen Announces Layer 2 Project Zircuit to Launch on Its Launchpool
Golden Finance reports that Catizen has announced that the Layer 2 project Zircuit will launch on its Launchpool, becoming the first project to be listed on its Launchpool. From October 28 to November 4, users can earn Zircuit tokens (ZRC) by staking CATI and Cats.
Microsoft Lists "Assessment of Investment in Bitcoin" as a Voting Item for December Shareholder Meeting
Golden Finance reports that documents submitted by Microsoft to the U.S. Securities and Exchange Commission (SEC) indicate that the shareholder meeting on December 10 will vote on the "Assessment of Investment in Bitcoin." The proposal was put forward by the conservative think tank National Center for Public Policy Research, but Microsoft's board recommends that shareholders vote against it. The board believes the proposal is "unnecessary" and states that the company's management has already given thorough consideration to Bitcoin and other cryptocurrencies, and will continue to monitor relevant trends to inform future decisions.
Multi-Chain Settlement Network Twine Releases Project Overview
On October 24, it was reported that the multi-chain settlement network Twine released a project overview. The project aims to allow users to access liquidity across multiple chains such as Ethereum, Solana, and Bitcoin through a single platform, aggregating multiple chains to achieve a seamless user experience and Dev X. Solana co-founder Toly retweeted the announcement, stating that a single execution environment can adapt to multiple DA layers simultaneously and provide better robust anti-censorship exit guarantees than honest majority multi-signatures for each layer, which he finds very cool.
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