Headlines
US September Core PCE Price Index Monthly Rate 0.3%, Expected 0.3%, Previous Value Revised to 0.2%
The US September Core PCE Price Index monthly rate is 0.3%, expected 0.3%, and the previous value is revised from 0.1% to 0.2%. (Jin Shi)
The US Initial Jobless Claims for the week ending October 26 is 216,000, expected 230,000, and the previous value is revised from 227,000 to 228,000.
The four-week average of Initial Jobless Claims for the week ending October 26 is 236,500, revised from 238,500.
The Continuing Jobless Claims for the week ending October 26 is 1.862 million, expected 1.885 million, and the previous value is revised from 1.897 million to 1.888 million. (Jin Shi)
In Tether's latest Q3 financial report, it stated that the group's net profit for the third quarter of 2024 is $2.5 billion, with an annual profit of $7.7 billion, group equity reaching $14.2 billion, and total consolidated assets of $134.4 billion— all historical highs.
At the same time, the circulation of stablecoins issued by Tether has reached nearly $120 billion, and in terms of reserves, Tether now holds over $105 billion in cash and cash equivalents, with direct and indirect exposure to US Treasury bonds reaching $102.5 billion, placing Tether among the top 18 holders of US Treasury bonds globally.
Industry News
The US September Core PCE Price Index year-on-year recorded 2.7%, unchanged from last month, while the monthly rate for September is 0.3%, rebounding from last month (0.2%). The dollar index DXY short-term rises 16 points, currently at 104.00. (Jin Shi)
US PCE Inflation Indicator Accelerates, Fed May Take Cautious Rate Cut Approach
The PCE inflation indicator favored by the Fed has seen the largest monthly increase since April, supporting the Fed's decision to slow down rate cuts after a significant cut last month. The US September Core PCE Price Index monthly rate rose by 0.3%, with the year-on-year PCE Price Index for September at 2.1%, the lowest level since early 2021, slightly above the Fed's 2% target. With real income growth of 0.1%, inflation-adjusted consumer spending increased by 0.4%. The savings rate fell to 4.6%. The data released tonight marks an unexpected upside in major economic reports over the past month, which may indicate a cautious approach by the Fed regarding rate cuts in the coming months. The market generally expects the Fed to implement a second rate cut in November, following the first cut in September. (Jin Shi)
According to CME's "Fed Watch," the probability of the Fed cutting 25 basis points by November is 96.1%, with the probability of maintaining the current rate at 3.9%. The probability of maintaining the current rate in December is 1.1%, with a cumulative probability of a 25 basis point cut at 29.2% and a cumulative probability of a 50 basis point cut at 69.7%. This is unchanged from before the PCE data was released.
US Treasury Proposes Replacing Privately Issued Stablecoins with CBDC
According to a report released by the US Treasury on Wednesday, it expressed concerns about the growth of the stablecoin market and believes that privately issued stablecoins should ultimately be replaced by state-supported CBDCs.
Russia to Lift Bitcoin Mining Ban, May Encourage Other Countries to Mine Bitcoin
Hashlabs Mining founder Alen Makhmetov stated that Russia will lift the ban on Bitcoin mining on November 1, but not without restrictions, requiring all Bitcoin miners to register with the Russian Federal Tax Service and submit a list of machine models and wallet addresses.
Poll: Harris Leads Trump by a Slim 1%
According to a report by Forbes, a recent poll shows that US Vice President and Democratic presidential candidate Harris leads former President Trump, the Republican presidential candidate, by a slim 1%, but 10% of voters may change their minds before the election.
Project News
Magic Eden Closes Airdrop Claim for Test Token testME, Unclaimed Tokens Will Be Destroyed
Magic Eden has ended the claim for the test airdrop token testME at 8:00 AM Beijing time, and unclaimed tokens will be destroyed.
Market data shows that testME is currently priced at $0.01425, with a 24-hour increase of 19.62%.
Riot Platforms Q3 Net Loss of $154 Million, Total Revenue $84.8 Million
Riot Platforms reported a significant loss in the third quarter due to rising costs and unrealized investment losses, as it lowered its hash rate targets for 2024 and beyond. Riot produced 1,104 BTC this quarter, nearly unchanged from the same period last year (1,106 BTC). The company's production in the previous quarter decreased by 52% year-on-year.
pump.fun Cumulative Earnings Exceed $160 Million
Dune data shows that pump.fun's cumulative earnings exceed $160 million, with over 2.4 million total addresses and more than 2.8 million total tokens deployed.
MicroStrategy Announces Financing Plan Named "21/21 Plan"
MicroStrategy announced a $42 billion Bitcoin investment plan, revealing plans to raise $42 billion in new capital over the next three years to purchase Bitcoin. As of September 30, 2024, MicroStrategy holds 252,220 BTC, making it the publicly traded company with the most Bitcoin globally, according to Coingecko data.
Coinbase Derivatives to Launch Silver (SLR) and Stellar (XLM) Futures
According to official news, Coinbase Derivatives announced the launch of Silver (SLR) and Stellar (XLM) futures, further expanding its derivatives product line regulated by the Commodity Futures Trading Commission (CFTC). The launched Silver and Stellar futures are based on 50 ounces of silver and 5,000 Stellar, respectively, aimed at providing easier market access for traders at all levels while meeting price discovery and risk management needs. Currently, its CFTC-regulated product portfolio also includes BTC, ETH, BCH, LTC, DOGE, SHIB, AVAX, DOT, LINK, gold, and oil.
Trump Family Crypto Project World Liberty Financial Cuts Fundraising Target by 90%
The Trump family crypto project World Liberty Financial has cut its fundraising target by 90%, with the revised plan to sell only $30 million worth of WLFI tokens (instead of the initially planned $300 million). World Liberty Financial plans to "terminate" the sale of WLFI after reaching $30 million.
Additionally, public documents show that the entity DT Marks DEFI LLC, under Trump, will only receive 75% of the "net agreement income" (including token sales) after World Liberty Financial accumulates $30 million in funding to support operations. (Coindesk)
Immutable Receives Wells Notice from SEC, Accused of Violating Securities Laws
Ethereum gaming company Immutable has received a Wells notice from the SEC, accused of violating securities laws.
A spokesperson for the SEC stated that the US Securities and Exchange Commission (SEC) issued a Wells notice to Immutable last month, warning the manufacturer of the Ethereum gaming platform that it may soon face enforcement action.
Voices*
According to a recent report released by Kaiko, the staking ETH market is cooling down in 2024. Since August, the average waiting time for ETH validators has been less than a day, rarely exceeding four days throughout the year—significantly shorter than the peak of 45 days in June 2023. Compounding this situation is the decline in ETH staking rewards. Currently, the ETH staking yield is lower than the yields offered by other major L1 protocols (such as Cosmos, Polkadot, Celestia, and Solana), which range from 7% to 21%.
In a new report, the US Treasury partially reviewed the impact of digital assets, stating that "the growth of stablecoins has led to a slight increase in demand for short-term Treasury bonds." It estimates that $120 billion in stablecoin collateral has been invested in Treasury bonds, with most of it (nearly $81 billion) purchased by Tether.
CZ: Shareholder Rights Unaffected, But Even If Allowed to Return, May Not Actually Go Back
CZ stated during an interview at the main venue of Binance Blockchain Week in Dubai that Binance has been doing well during his absence, and even if he is allowed to return, he may not actually go back. Currently, he is mainly focused on investments and does not want to leave any projects behind, as he no longer has the energy he had seven years ago. He now hopes to help other entrepreneurs by assisting them in raising funds or providing advice. He has resigned from the CEO position and should not be involved in the company's daily operations, but his shareholder rights remain unaffected, and he is still a major shareholder of Binance, able to receive information but unable to make decisions or issue commands.
He Yi: Thank You to Chinese Users, Binance Makes Users Part of the Community
Binance co-founder He Yi expressed gratitude to Chinese community users at Binance Blockchain Week in Dubai, stating that Binance allows users to be more than just users, but members of the community, making business more than just business.
Musk: Trump and DOGE Will Solve America's Illegal Immigration Problem
Musk posted on X, stating: "Our system is inverted, making it difficult for high-quality talent to enter the US legally, while criminals can easily enter illegally. Why is illegal entry easier than legal entry? Trump and DOGE will solve this problem."
Investment and Financing
AI infrastructure company Crusoe Energy is set to raise approximately $500 million in equity financing, with investors including billionaire Peter Thiel's Founders Fund, achieving a post-money valuation of $3 billion. This round of financing will be used to enhance Crusoe Energy's AI infrastructure.
Alliance Games Completes $5 Million Series A Financing, Led by Animoca Brands and Asymm Ventures
According to official news, Alliance Games has completed $5 million in Series A financing, led by Animoca Brands and Asymm Ventures, with participation from The Spartan Group, Dialectic, Kyros Ventures, Coin98 Ventures, and investors Loi Luu (co-founder of Kyber Network) and Sebastien (co-founder of The Sandbox). With previous seed round financing, Alliance Games' total financing has reached $8 million.
Blockchain solar company Glow has completed $30 million in financing, led by Framework and Union Square Ventures. The company currently operates a DePIN network consisting of solar power plants in the US and India, planning to use this funding to expand from 5 megawatts to 600 megawatts over the next 18 months and to enter new countries. (Fortune)
Verifiable autonomous agent network Axal announced the completion of $2.5 million in Pre-Seed financing, led by CMT Digital, with participation from a16z Crypto Startup School, Escape Velocity, IDG Vietnam, Artichoke Capital, Trident Digital, Blockchain Builders Fund, Blockhunters Group, Echo, and Mentat Group, as well as angel investors Rushi Manche, Darius Rugys, and Comfy Capital.
Spire Labs Completes $7 Million Seed Round Financing, Co-Led by Maven 11 Capital and Anagram
Ethereum scaling infrastructure startup Spire Labs has completed $7 million in seed round financing, co-led by Maven 11 Capital and Anagram, with participation from a16z Crypto Startup Accelerator, Digital Currency Group, Bankless Ventures, Volt Capital, and Finality Capital.
Bitcoin Rollup Project Citrea Completes $14 Million Series A Financing, Led by Founders Fund
Bitcoin rollup project Citrea announced the completion of $14 million in Series A financing, led by Peter Thiel's Founders Fund, with participation from angel investors Erik Voorhees and Balaji Srinivasan.
Web3 game studio 81Ravens has completed $4.5 million in financing, led by Gree Ventures and Digital Hearts Holdings.
Ellipsis Labs Completes $20 Million New Round of Financing, Haun Ventures Participates
Ellipsis Labs announced the completion of a new round of financing totaling $20 million, with participation from Haun Ventures, aimed at accelerating the launch of the verifiable finance-focused layer-2 blockchain Atlas. Haun Ventures stated that this round of financing is a "quick follow-up" to Ellipsis Labs' $20 million Series A financing completed in April. (Coindesk)
VanEck Announces Investment in Off the Grid's Development Team Gunzilla Games
Matt from VanEck's investment department disclosed on X that the institution is making its second investment in the gaming sector, investing in Gunzilla Games, the development team behind Off the Grid. Previously, Off the Grid topped the free game rankings on the Epic Games Store.
Earlier news indicated that VanEck had made two long-term investments in the Web3 gaming sector, one of which was in the AI blockchain game Parallel, while the other has not yet been disclosed.
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