Today's News Highlights:
Voting begins on Election Day for the 2024 U.S. Presidential Election; Results from the "Midnight Voting" in a New Hampshire town show Harris and Trump tied
Hamster Kombat loses 260 million players in three months, user count drops by 86%
A UK pension fund has officially allocated 3% of its assets to Bitcoin
Paxos stablecoin USDG returns earnings generated from reserves to network partners
Bitcoin mining difficulty surpasses 100 T, setting a new historical high
Data: Mt. Gox addresses transferred 34,371 Bitcoins today, worth over $2.3 billion
Regulatory News
Shanghai holds a meeting to deploy the pilot application of digital RMB
According to Jinshi, the Shanghai financial official WeChat account reported that to implement the overall requirements of the 20th National Congress of the Communist Party of China regarding "steadily advancing the research and application of digital RMB," and based on the People's Bank of China's deployment of digital RMB pilot work, Shanghai has formulated a new round of action plan for the pilot application of digital RMB, and a work deployment meeting was held on November 4. The action plan clarifies that it aims to further steadily promote the application and service innovation of digital RMB, striving to basically form a digital RMB ecosystem by the end of 2025 that covers a wide range of scenarios, offers a good payment service experience, has rich innovative applications, and encourages active participation from all parties.
According to official news, Grayscale announced that the 19b-4 form proposed by NYSE Arca, Inc. to list and trade the Grayscale Digital Large Cap Fund (GDLC) as an ETP has been published in the Federal Register, officially starting the review process, which may take up to 240 days. As part of the 19b-4 form submission, the proposed rule change by NYSE Arca aims to revise the exchange's definition of ETPs that hold commodities and digital assets other than Bitcoin and Ethereum.
As of November 1, 2024, GDLC's managed assets have exceeded $530 million, with Bitcoin accounting for 76.53%, Ethereum 16.92%, Solana 4.36%, XRP 1.63%, and Avalanche 0.56%.
Voting begins on Election Day for the 2024 U.S. Presidential Election
On November 5, local time, it is the official voting day for the U.S. presidential election. Just after midnight Eastern Time on November 5, voters in the New Hampshire town of Dixville Notch were the first to begin voting, marking the official start of voting for the 60th U.S. presidential election. On that day, the vast majority of polling stations across the country opened in the morning and remained open until the evening of the 5th. According to data from the University of Florida's election lab, as of the morning of November 4, over 78.02 million voters had already voted early across the country. The candidates for this U.S. presidential election are Democratic candidate and current Vice President Kamala Harris and Republican candidate and former President Donald Trump. U.S. media generally believe that the 2024 election is the most closely contested presidential election in recent years.
Musk's "$1 Million Lottery" event approved to continue
Results from the "Midnight Voting" in a New Hampshire town show Harris and Trump tied
AI
OpenAI negotiates to become a for-profit company
NVIDIA discusses participating in the current round of financing for Musk's startup xAI
Project Updates
OpenSea's new version will launch in December, with a waitlist now open for registration
According to official news, the NFT trading platform OpenSea announced that a new version will launch in December, and the waitlist is now open for registration.
In response to the discussion about the removal of Russian developers from the Linux kernel, Ethereum co-founder Vitalik Buterin posted on X platform stating, "This is very concerning. Open source is humanity's common wealth and should be a space for free international cooperation. If such actions become normalized, the consequences look very dire."
According to The Block, the Michigan Retirement System disclosed that it holds approximately $10 million in Grayscale's spot Ethereum ETF (ETHE), becoming the first state pension to invest in this product since the ETF's launch in July of this year. Additionally, it holds approximately $1.1 million in Grayscale's Ethereum mini ETF. The system had previously disclosed holding about $7 million in spot Bitcoin ETF.
A UK pension fund has officially allocated 3% of its assets to Bitcoin
According to CoinDesk, the first pension fund in the UK has officially allocated 3% of its assets to Bitcoin, becoming the country's first pension fund to directly invest in cryptocurrency. This investment was guided by pension experts Cartwright, with total fund assets of £50 million (approximately $65 million), and it is held directly rather than through alternative means such as spot ETFs, using five independent institutions to distribute private keys for asset security.
Cartwright has also launched a Bitcoin employee benefits program, allowing companies to pay Bitcoin directly to employees' digital wallets, with five companies already expressing interest in the product. Glenn Cameron, Cartwright's head of digital assets, pointed out that this investment was made after thorough ESG and security assessments, reflecting the trustees' forward-looking recognition of crypto assets.
Paxos stablecoin USDG returns earnings generated from reserves to network partners
According to CoinDesk, Paxos, in collaboration with crypto giants like Robinhood, Kraken, and Galaxy Digital, has launched a new stablecoin called "Global Dollar" (USDG), aiming to promote the widespread use of this stablecoin through profit sharing. USDG is issued by Paxos in Singapore and complies with the upcoming stablecoin framework requirements from the Monetary Authority of Singapore.
The project is referred to as the "Global Dollar Network," with original partners including Anchorage Digital, Bullish, Nuvei, and Paxos. Unlike other stablecoins that retain all reserve interest, USDG returns the earnings generated from reserves to network partners, incentivizing them to enhance the network's liquidity and connectivity. DBS Bank will serve as the primary banking partner, responsible for cash management and custody of USDG reserves.
Paxos CEO Charles Cascarilla stated, "This is essentially a community token. Anyone can join the Global Dollar Network and earn rewards through activities. We allocate about 97% of the economic benefits. This is very different from how other stablecoins have been established and created so far."
a16z donates over $23 million to political activities in the U.S. crypto industry
a16z partner Chris Dixon posted on X platform: “Today we donated over $23 million to Fairshake and its affiliated political action committees (PACs) for the 2026 midterm election cycle. Regardless of what happens on Election Day, we are taking a long-term approach to policy efforts. Our contribution to Fairshake is just one important component of achieving our ultimate goal: to establish clear laws to regulate the crypto industry while protecting consumers and allowing entrepreneurs to innovate with confidence. Many industries come to Washington asking for regulatory rollbacks, while we are here asking for regulations to be established.”
According to Video Games Chronicle, Ubisoft's recently launched NFT role-playing game "Champions Tactics: Grimoria Chronicles" has encountered a major bug, where one player achieved "auto-win" through unknown means, preventing other players from participating normally in ranked matches. This player (nicknamed Schilleri11 or Paulstar111) automatically wins every online match, showing that he has played over 56,000 matches on the leaderboard.
Affected players complained on the Discord server that they unconditionally lose matches whenever matched with this player, causing the game to become unplayable. The game's Discord admin has stated that the team is aware of the issue and has banned the player, but some players report that the account is still active. Ubisoft is working to fix the bug, but the incident has sparked strong dissatisfaction among players regarding the game's stability.
The official Champions Tactics Twitter announced that the team has found a solution to the matchmaking issues from last weekend and is developing a compensation plan to reward players for their patience and support.
Swell: SWELL airdrop will be available for collection on November 7
According to the official announcement from Swell, the $SWELL token will soon be launched, and users can collect it on November 7 through a designated link.
Hamster Kombat loses 260 million players in three months, user count drops by 86%
According to Protos, the Telegram "play-to-earn" game Hamster Kombat, which had 300 million users in August, now has approximately 41 million monthly active users, losing over 260 million players. The game's token HMSTR has plummeted 76% from its peak of $0.009993 on September 26, currently priced at $0.002392.
Despite Telegram's CEO calling it "the fastest-growing digital service in the world," the rough AI graphics and monotonous gameplay failed to retain players. The game frequently delayed airdrops and implemented strict anti-cheat systems, resulting in 2.3 million users being banned and 6.8 billion HMSTR tokens being confiscated. Additionally, Hamster Kombat has faced criticism from the governments of Iran and Russia for its negative social impact.
Funding News
Standard Chartered's crypto custody company Zodia is negotiating to raise $50 million
According to Bloomberg, Julian Sawyer, CEO of Standard Chartered's crypto custody company Zodia Custody, stated in an interview that the company is seeking to raise $50 million from investors to support its plans to expand into new regions and broaden its product range. Sawyer added that although Zodia currently has support from several wholesale financial companies, it now hopes to attract more diverse types of investors, including payment and tokenization companies; the crypto-focused consulting firm Architect Partners is assisting with this effort that began last month.
Coatue Management is seeking to raise $1 billion to increase investments in AI and tech innovation
According to Bloomberg, tech investment firm Coatue Management is seeking to raise $1 billion to boost investments in AI and tech innovation, marking the first fundraising for its flagship fund in several years. It is reported that this round of financing will mainly come from institutional investors, with some funds raised through Raymond James and Associates targeting high-net-worth individual clients. This is also the first time Coatue has raised funds through banks or brokerage clients since 2017.
Coatue, founded by Philippe Laffont, currently manages approximately $50 billion in assets. Laffont has long been optimistic about the prospects of AI, expecting that AI technology will drive demand in the energy and infrastructure sectors in the future. He believes that despite some companies being highly valued, there are still significant investment opportunities in AI.
"Solidity 2.0" development company Vlayer completes $10 million pre-seed funding round
According to The Block, crypto startup Vlayer has completed a $10 million pre-seed funding round, with investors including a16z Crypto Startup Accelerator (CSX), Credo Ventures, and BlockTower Capital. The company is dedicated to developing "Solidity 2.0," a new version of Ethereum smart contracts aimed at introducing verifiable data infrastructure.
Vlayer plans to introduce four new features to the Solidity language: time travel (executing contracts based on historical on-chain data), teleportation (running contracts across EVM-compatible networks), web proof, and email proof (validating and integrating web and email content). Co-founder and CEO Hubert Rachwalski von Rejchwald stated that this will make zero-knowledge proofs (ZK) easier for Solidity developers to use. Vlayer is currently in the public testing phase, with the mainnet and token expected to launch in 2025.
Mining News
According to official news, Deutsche Telekom's subsidiary MMS has partnered with Bankhaus Metzler to launch a pilot project aimed at operating Bitcoin mining infrastructure using surplus energy. The mining will utilize electricity from renewable sources that would otherwise go unused due to insufficient grid input capacity and/or lack of storage options. The pilot project aims to provide effective on-site data and insights for planning subsequent projects.
Bitcoin mining difficulty surpasses 100 T, setting a new historical high
CloverPool (formerly BTC.com) data shows that Bitcoin mining difficulty adjusted at block height 868,896 (2024-11-05 06:28:08), increasing by 6.24% to 101.65 T, with the current average network hash rate at 831.56 EH/s.
Important Data
Data: Mt. Gox addresses transfer Bitcoin worth approximately $2.2 billion
According to Arkham data, a Mt. Gox cold wallet address (starting with 12Gws) transferred 32,371 Bitcoins (worth nearly $2.2 billion) to an unmarked wallet address (1FG2CvCnJAsb48Y1r3R43WwHwFJhXRveoy) today at 7:38 AM.
Subsequently, Mt. Gox cold wallet address transferred another 2,000 Bitcoins
According to Arkham data, a Mt. Gox cold wallet address (starting with 1Jbez) transferred 2,000 Bitcoins (worth approximately $136 million) to an unmarked wallet address (15gNRVceULY553Mx5vw1KgDgr83MCa8Aok) today at 8:58 AM.
According to a post by The Block's research director @lars0x, most indicators in the crypto market increased in October, with adjusted total on-chain transaction volume growing by 28.1% to $420 billion (BTC: +32.1%, ETH: +20.9%). Adjusted stablecoin on-chain transaction volume increased by 8% to $899 billion, with issuance supply decreasing by 0.7% to $149.3 billion, of which USDT accounted for 79.5% and USDC for 16.9%:
In October, BTC miner revenue increased by 25.4% to $1.02 billion, while ETH staker revenue grew by 5.8% to $221.5 million. A total of 41,648 ETH were burned in October, equivalent to $10.5 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.43 million ETH have been burned, amounting to $12.5 billion. Monthly NFT market trading volume on Ethereum increased by 26.5% to $121.6 million.
In October, the legitimate CEX spot trading volume increased by 16.3% to $843 billion, with a monthly net flow of +$5.3 billion for all BTC spot ETFs. On October 30, IBIT net inflow reached a record high of $872 million. Bitcoin futures open interest increased by 22.9%, while Ethereum futures open interest rose by 14.6%. BTC monthly futures trading volume grew by 12.1% to $1.25 trillion. CME Bitcoin futures open interest increased by 21.5% to a new high of $12.5 billion (with average daily trading volume up by 9.6% to $5.3 billion). Bitcoin options open interest rose by 35.7%, while Ethereum options open interest remained flat compared to last month. BTC monthly options trading volume increased by 39.8% to $54 billion, and ETH monthly options trading volume grew by 4.7% to $10.2 billion.
Multiple whales deposit millions of dollars in AAVE tokens to CEX, suspected of selling off
According to Lookonchain monitoring, whales are selling off $AAVE. On-chain data shows:
• Address 0x7634 withdrew 25,790 $AAVE (approximately $3.39 million) from Aave 50 minutes ago and deposited it into MEXC.
• Address 0x790c withdrew 7,822 $AAVE (approximately $1.04 million) from Aave 3 hours ago and deposited it into Binance.
• Cumberland deposited 10,000 $AAVE (approximately $1.29 million) into OKX 6 hours ago.
• Galaxy Digital deposited 7,897 $AAVE (approximately $1.02 million) into Binance 10 hours ago.
Ethereum spot ETF had a net outflow of $63.22 million yesterday, with a net asset ratio of 2.27%
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