Headlines
JPMorgan estimates Trump's chances of winning the U.S. election at 60% to 70%
JPMorgan estimates that Trump's chances of winning the U.S. election are between 60% and 70%, predicting that if the Republican Party achieves a "Red Sweep," the dollar will rise by 5%; if the U.S. Congress is divided between the two parties, the dollar will rise by 1.5% to 2%.
Andre Cronje, co-founder of Sonic Labs, addressed the recent controversy over "listing fees" at exchanges, stating: "Binance did not charge us a listing fee, but Coinbase has repeatedly requested fees, quoting $300 million, $50 million, and $30 million, with the most recent quote being $60 million."
In response, some Coinbase supporters suggested that Andre may have contacted a fake Coinbase listing worker and questioned Sonic Labs' background checks.
Andre responded again, stating: "I have not signed a confidentiality agreement, so I am very willing to provide relevant proof (the requests came from multiple Coinbase employees/departments over the years via email, Telegram, and Slack). It can be confirmed that Coinbase can argue this is not a listing fee but other fees, but it still translates into the project's listing costs. I know Coinbase may legally make some distinctions, but I am happy to disclose all evidence for public verification."
Observers expect Powell to reach a consensus on a slight rate cut
Investors are anticipating that Federal Reserve Chairman Powell will lower interest rates by 25 basis points this week to keep the rate cut plan on track, despite some stubborn inflation signs and mixed signals regarding the job market. JPMorgan's chief economist Michael Feroli stated in a report: "This week's FOMC meeting is a refreshingly simple decision, and the reasons for a rate cut remain valid." Federal Reserve observers expect Powell to reach a consensus on a slight rate cut following a significant cut in September.
Industry News
Chainalysis: Cryptocurrency adoption in Eastern Europe rises driven by institutions and DeFi
According to a report by Chainalysis, despite facing war and regulatory issues, cryptocurrency adoption across Eastern Europe has been steadily increasing, driven by institutional and DeFi activities.
As the world's fourth-largest cryptocurrency market, Eastern Europe had an on-chain value of $49.914 billion from July 2023 to June 2024, accounting for 11% of the global cryptocurrency total.
Chainalysis further noted that CEX is the region receiving the most cryptocurrency, "approaching $32.4 billion, with DeFi activity significantly increasing over the past year, with a cryptocurrency value of $16.546 billion, accounting for one-third of the region's inflows."
The report also mentioned that in this year's global cryptocurrency adoption index, regional participants Ukraine and Russia ranked "6th and 7th respectively, with Russia rising 6 places from last year's ranking."
The ETF Store President Nate Geraci stated on X: "In my view, Ethereum ETF staking will happen regardless… Under Trump's leadership, this will happen faster, along with in-kind creation/redemption and options trading."
Taiwan's financial regulatory agency, the Financial Supervisory Commission, will introduce new standards covering the listing of crypto assets and record-keeping, as part of the upcoming "Registration Regulations" to be issued in January 2025.
The Hong Kong government aims to submit a stablecoin issuer system for legislative council review by the end of the year, and international large stablecoin issuers have expressed interest. Jeremy Allaire, co-founder and CEO of Circle, the issuer of the world's second-largest stablecoin USDC, stated that Hong Kong is an important market for USDC, expressing intentions to hire more employees and establish a business in Hong Kong, waiting for the new stablecoin regulations to be released before considering applying for a license.
U.S. Election
Harris and Trump have nearly equal support in key "swing states"
According to a poll conducted by The Hill and Emerson College, U.S. Vice President and Democratic presidential candidate Harris and former President Trump, the Republican presidential candidate, have nearly equal support in key "swing states" for the U.S. election. Trump has an advantage in North Carolina, Pennsylvania, Arizona, and Georgia, while Harris has an advantage in Michigan, with both having equal support in Nevada and Wisconsin.
MicroStrategy founder Michael Saylor: Vote for Bitcoin
On the eve of the U.S. presidential election, MicroStrategy founder Michael Saylor posted on X: "Vote for Bitcoin."
JPMorgan CEO's wife campaigns for Harris
Notable political donor Judy Dimon, wife of JPMorgan (JPM.N) CEO Jamie Dimon, campaigned in Michigan over the weekend, urging voters to support Kamala Harris for president.
Jamie Dimon himself has refused to publicly support any candidate and has promised to work with whoever is elected. Earlier this year, Trump posted a picture on his social media page claiming to have Jamie Dimon's support, but JPMorgan quickly denied it.
U.S. media: $14.7 billion spent on the 2024 election, possibly the most expensive in history
"The U.S. political system runs on money—and a lot of it." According to Bloomberg, as of November 1, 11,000 political groups have spent $14.7 billion on the 2024 U.S. election campaign.
Analysis: Bitcoin will fluctuate at least 10% based on U.S. election results
Anonymous trader Daan Crypto Trades posted on X, stating that Bitcoin's price could fluctuate at least 10%, depending on which U.S. presidential candidate wins the election on November 5.
Project News
Grayscale: Plans to apply to upgrade Grayscale Digital Large Cap Fund to an exchange-traded product
According to official news, Grayscale announced plans to apply to upgrade the Grayscale Digital Large Cap Fund (GDLC) to an exchange-traded product (ETP). The Grayscale Digital Large Cap Fund is publicly traded and holds Bitcoin, Ether, SOL, XRP, and AVAX.
It is reported that the 19b-4 form submitted to the New York Stock Exchange Arca proposes to list and trade Grayscale Digital Large Cap Fund shares as an exchange-traded product (ETP), and the form has been published in the Federal Register, officially starting the review process, which may take up to 240 days.
As of November 1, 2024, GDLC managed assets exceeding $530 million, with the following digital asset proportions:
Bitcoin: 76.53%
Ethereum: 16.92%
Solana: 4.36%
XRP: 1.63%
AVAX: 0.56%
Uniswap's in-app cross-chain bridge surpasses $13 million in trading volume in 10 days
Uniswap Labs announced on X that its bridging trading volume has surpassed $13 million in the past 10 days.
Voices
CZ responded on X to Sun Yuchen, stating: "Thank you for your support; this is recognition from someone operating two competing exchanges. We should strive to reduce such 'quote attacks' in the industry. Bitcoin has never paid any listing fees. Focus on the project, not the exchange."
Su Zhu: VC coins have no value accumulation, thus they are also memes
Su Zhu posted on X: "People are starting to realize that cryptocurrencies will generate infinite assets within the market cap range of $50,000 to $500 million, while there are very few assets in the $500 million to $50 billion range.
The only total coordination point is BTC, while meme coins exhibit endless diversity and subculture.
VC coins have no value accumulation, so they are also memes."
Jupiter founder: Has never sold a single JUP, major news to be announced soon
Jupiter founder meow posted on X, stating that he has never sold a single JUP, and the team could have easily transferred a large number of tokens quietly but has never done so, instead conducting completely transparent audits.
Meow also mentioned that he will be fully committed to JUP for a long time and teased that major news will be announced soon.
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