Today's News Highlights:
Trump accepts Biden's invitation to meet at the White House to discuss power transition
Over 250 candidates supporting cryptocurrency elected to Congress in the U.S. elections
MicroStrategy's Bitcoin holdings have gained over $9 billion in unrealized profits
Wintermute proposes "ENA fee conversion" at the Ethena governance forum
Bitcoin spot ETF daily trading volume reaches $6.07 billion, a new high since March
French regulators preparing to ban access to cryptocurrency prediction platform Polymarket in France
Regulatory News
Trump accepts Biden's invitation to meet at the White House to discuss power transition
According to Jinshi, on November 6 local time, Trump's campaign team, which had previously announced victory in the 2024 U.S. presidential election, stated that Trump has accepted the invitation from current President Biden to meet at the White House to discuss the presidential power transition. The specific date for the meeting has not yet been announced, but a spokesperson for Trump's campaign indicated that the meeting "will take place soon" and noted that Trump "greatly appreciates" Biden's congratulatory call on the 6th.
Foreign Ministry spokesperson: Congratulations on Trump's election as U.S. President
U.S. SEC files motion for expedited judgment in case against Kraken
According to Coingape, the U.S. Securities and Exchange Commission (SEC) has filed a motion in court seeking an expedited judgment in the case against cryptocurrency exchange Kraken, focusing on opposing Kraken's defenses of "fair notice" and "significant issues principle." The SEC's move aims to limit further scrutiny of its cryptocurrency policies and avoid excessive questioning of its regulatory approach.
French regulators preparing to ban access to cryptocurrency prediction platform Polymarket in France
The French gambling regulator (ANJ) is preparing to ban access to the cryptocurrency prediction platform Polymarket in France. Polymarket allows users to bet on the probabilities of various events using cryptocurrency, particularly attracting significant trading volume during the U.S. presidential election, with a daily trading volume of $294 million on November 5 and total bets exceeding $3.2 billion.
Sources indicate that despite Polymarket operating with cryptocurrency, it is essentially considered gambling, which is deemed illegal under French law. The ANJ has stated it is reviewing the platform's compliance and plans to restrict access in France through measures such as domain blocking. However, since Polymarket only requires a cryptocurrency wallet for registration, users can bypass the block using a VPN.
Over 250 candidates supporting cryptocurrency elected in this election
According to Fox Business, in this (2024 U.S. election) election, over 250 candidates supporting cryptocurrency were elected to the U.S. Congress.
Project Updates
According to CoinDesk, JPMorgan has renamed its blockchain platform Onyx to Kinexys, aiming to strengthen its business layout in blockchain and asset tokenization. Kinexys plans to introduce on-chain forex settlement features in the first quarter of 2025, initially supporting automated multi-currency clearing and settlement services for USD and EUR, with plans to expand to other currencies in the future.
Blockchain data company Arkham announced on the X platform that its cryptocurrency derivatives exchange, ARKHAM PERPETUALS EXCHANGE, has opened registration, with trading expected to start in one week. Arkham stated that registration eligibility varies by jurisdiction, and users residing in certain jurisdictions (including the U.S.) will be excluded from access.
Indian cryptocurrency exchange WazirX plans to launch a decentralized exchange and related tokens
Nischal Shetty, founder of Indian cryptocurrency exchange WazirX, announced that the company plans to launch a decentralized exchange (DEX) in response to a hacking incident that occurred in July. Shetty stated that the new DEX will allow users to self-custody their assets, eliminating the counterparty risk inherent in centralized platforms. Additionally, WazirX plans to launch tokens related to the DEX for platform fees and governance. Shetty emphasized that the self-custody feature of the DEX will give users complete control over their assets and the ability to trade freely.
According to The Block, the Avalanche Foundation has been approved by the court to repurchase 1.97 million AVAX tokens acquired from the bankrupt Luna Foundation Guard (LFG), valued at approximately $52 million. This transaction marks the formal end of Avalanche's relationship with the now-defunct Terra blockchain project.
According to the official announcement, Binance Wealth Management, One-Click Buy, Flash Exchange trading platform, Leverage, Dollar-Cost Averaging platform, and Binance Contracts will launch Cow Protocol (COW) and Cetus Protocol (CETUS) according to the timeline listed below.
Binance to launch SOLUSDT daily and weekly options on November 12
Binance Options will launch SOLUSDT daily and weekly options on November 12, 2024, at 16:00 (UTC+8). SOLUSDT daily and weekly options are European-style options contracts.
Binance Contracts to launch 1,000,000 MOG 1-75x USDT perpetual contracts
According to the official announcement, Binance Contracts platform will launch 1,000,000 MOG USDT perpetual contracts on November 7, 2024, at 20:30 (UTC+8), with a maximum leverage of 75 times.
Last night, CCTV-2 (CCTV Finance Channel) reported that "the price of Bitcoin soared to a historic high, reaching $75,000, an increase of over 8%," and also reported that Trump had previously promised to make the U.S. the world capital of Bitcoin and cryptocurrency and to establish a strategic Bitcoin reserve.
U.S. Senator Lummis: We will establish a strategic Bitcoin reserve
U.S. Senator Cynthia Lummis from Wyoming announced on the X platform: We will establish a strategic Bitcoin reserve.
SushiSwap launches linear vesting platform for Memecoin issuance
According to official news from SushiSwap, Sushi has launched the first "Vesting Launch" feature on the Dojo platform, allowing users to purchase new tokens within 24 hours of their creation and to linearly release the purchased tokens on the first day, preventing "rush buying" and "pump and dump" behaviors that could disrupt market fairness. After purchasing tokens, users' balances will gradually be released to avoid speculative behavior affecting token performance. After 24 hours, trading of the tokens will no longer be restricted and can be conducted normally on the platform.
Swell Network opens SWELL token airdrop claims
According to official news, the re-staking protocol Swell Network has announced that the claims for the SWELL token airdrop are now open.
JPMorgan: Bitcoin will benefit from Trump's presidency and MicroStrategy's plans
According to The Block, JPMorgan analysts believe that with Donald Trump winning the U.S. presidential election, both gold and Bitcoin are expected to perform well, particularly emphasizing the concept of "devaluation trades." "Devaluation trades" refer to an investment strategy that profits from currency devaluation or weakness, typically caused by inflation or expansionary fiscal policies. In such trades, investors buy assets like gold and Bitcoin, which are seen as stores of value that can maintain their worth even as the purchasing power of currency declines. JPMorgan analysts noted that retail investors are also supporting gold and Bitcoin, with increased investments in gold and Bitcoin ETFs since last summer, a trend expected to continue into 2025, with Trump's policies potentially supporting both assets. Additionally, analysts mentioned MicroStrategy's aggressive Bitcoin acquisition plan announced through its "21/21 plan," stating that Bitcoin is likely to receive further boosts. This plan involves raising $42 billion over the next three years, with half ($21 billion) coming from equity and the other half ($21 billion) from fixed-income securities. Analysts indicated that MicroStrategy plans to invest $10 billion in Bitcoin in 2025 alone, roughly equivalent to its total purchases since mid-2020.
Last night, CCTV-2 (CCTV Finance Channel) reported that "the price of Bitcoin soared to a historic high, reaching $75,000, an increase of over 8%," and also reported that Trump had previously promised to make the U.S. the world capital of Bitcoin and cryptocurrency and to establish a strategic Bitcoin reserve.
Wintermute proposes "ENA fee conversion" at the Ethena governance forum
Wintermute proposed the "ENA fee conversion" proposal at the Ethena governance forum, suggesting the approval of a portion of protocol revenue to flow to sENA and providing clear parameters for future implementation.
Blockchain data company Arkham announced on the X platform that its cryptocurrency derivatives exchange, ARKHAM PERPETUALS EXCHANGE, has opened registration, with trading expected to start in one week. Arkham stated that registration eligibility varies by jurisdiction, and users residing in certain jurisdictions (including the U.S.) will be excluded from access.
According to The Information, insiders have revealed that bankers from several top Wall Street investment banks, including JPMorgan, Goldman Sachs, and Morgan Stanley, have been meeting with executives from the cryptocurrency industry. They hope to get a share of the lucrative initial public offerings (IPOs) that cryptocurrency companies may pursue after the election.
This new enthusiasm reflects an optimistic sentiment that the market and regulatory environment may improve following Trump's victory in the U.S. presidential election, potentially paving the way for companies like Kraken, Fireblocks, and Chainalysis to go public. Advisors noted that bankers' interest in meetings is also different from much of the past two years, when many investment banks considered working with cryptocurrency companies too risky and were reluctant to engage.
Starknet updates roadmap: Short-term focus has shifted to reducing fees
Ethereum Layer 2 network Starknet released its latest roadmap, stating that as the demand for Ethereum blobs steadily rises to significant levels, the project's short-term focus has shifted back to reducing fees. According to the roadmap, Starknet plans to launch the first phase of STRK staking in November this year, which will further advance its decentralization process, unlock new use cases for STRK tokens, and expand new business use cases on Starknet. Secondly, Starknet plans to implement "Stateless compression" and "squash-pricing" in version v0.13.3 in December this year to reduce network fees. Next, Starknet plans to implement "Stateful compression" in version v0.13.4 in February 2025 to continue reducing fees, improving devX by supporting try/catch patterns, and introducing L2 gas as a protocol-level resource to encapsulate all L2 native computation, storage, and bandwidth without coupling with the L1 resource market. Additionally, Starknet plans to implement 2-second blocks, memory pools, and fee markets, along with other pending features in version v0.14.0 in April 2025.
WazirX launches recovery tokens for debt repayment following July attack
According to an official announcement, Indian cryptocurrency exchange WazirX has announced the launch of recovery tokens for debt repayment, which will be airdropped based on the proportion of creditors' balances on the platform: 1. Future platform profits; 2. New business opportunities; 3. Monetization of third-party illiquid assets; 4. Recovery of stolen assets; 5. Funds from white knight proposals (typically referring to a third party willing to acquire or invest in a distressed company at a high price to help it recover). The main use cases for the recovery tokens include: 1. Buybacks, enhancing creditor asset recovery and capturing market opportunities; 2. Additional liquidity, allowing tokens to be traded on the open market based on creditors' willingness, providing flexibility and immediate value. Previously, in July, WazirX was hacked, resulting in losses exceeding $230 million.
According to Caixin, the preliminary exploratory work for the multilateral central bank digital currency bridge project has been completed. The Multilateral Central Bank Digital Currency Bridge Steering Committee announced today that the next steps will be fully taken over by participating central banks and monetary authorities for ongoing development and operation.
Financing News
According to Reuters, AI search startup Perplexity is in a new round of financing, valued at $9 billion. This round is expected to raise $500 million, led by Institutional Venture Partners (IVP), which holds a seat on Perplexity's board. In January of this year, Perplexity completed a $73 million Series B funding round, when it was valued at approximately $520 million, also led by IVP.
Important Data
Bitcoin spot ETF daily trading volume reaches $6.07 billion, a new high since March
According to SoSoValue data, on November 6, Eastern Time, the total daily trading volume of Bitcoin spot ETFs reached $6.07 billion, setting a new high since March 15 of this year. Among them, the daily trading volume of BlackRock's ETF IBIT reached $4.14 billion, marking the highest record for this product.
Data: Total net inflow of Bitcoin spot ETF reached $622 million yesterday
Data: Total net inflow of Ethereum spot ETF reached $5.22884 million yesterday
Pump.fun sets a new monthly revenue record of $30.5 million in October
According to The Block, driven by the AI concept and meme coin craze, Pump.fun set a new monthly revenue record of $30.5 million in October, an increase of 111% compared to the previous month, surpassing the previous record of $28.64 million set in July. This growth reversed the previous trend of an average decline of 29% over the past two months.
Pump.fun transfers 36,400 SOL to Kraken exchange 8 hours ago
According to on-chain analyst Yu Jin, Pump.fun transferred 36,400 SOL (approximately $6.75 million) to Kraken exchange 8 hours ago. This marks another large transfer after a 5-day interval. However, despite frequent cash-outs, Pump.fun's revenue growth remains rapid: the fee income over the past 5 days reached 48,100 SOL.
Data shows that Pump.fun has accumulated a total of 1.14 million SOL in fee income to date, of which approximately 745,400 SOL (about $118.68 million) has been gradually sold at an average price of $159 per SOL.
Pump.fun ecosystem token market cap approaches $3 billion, 24-hour increase of 22.7%
According to Coingecko data, the total market cap of Pump.fun ecosystem tokens is approaching $3 billion, currently reported at $2.98 billion, with a 24-hour increase of 22.7%.
Musk's wealth increases by $20.9 billion, firmly holding the title of the world's richest person
According to Jinshi, after Trump, supported by Musk, won the U.S. presidential election, Tesla (TSLA.O) saw a 14.75% increase on Wednesday in U.S. time. Forbes' billionaire list shows that Tesla's surge led to a single-day increase of $20.9 billion in Musk's wealth, bringing his total assets to $285.6 billion, far exceeding Jeff Bezos, who ranks second on the global billionaire list.
Musk also stated on the X platform: "The government is about to undergo a thorough reform to end the bureaucratic system that hinders development, crazy deficit spending, and return personal freedom to the people."
According to Bloomberg, with Trump's re-election, the wealth of billionaires in the U.S. and globally surged, with the net worth of the world's top ten billionaires increasing by a record $63.5 billion in one day. Tesla CEO Elon Musk's wealth increased by $26.5 billion, while Amazon founder Bezos and Oracle chairman Ellison were also major beneficiaries. This marks the largest single-day increase since the Bloomberg Billionaires Index was established in 2012.
Trump's victory drove a significant rise in U.S. stocks, with the S&P 500 index increasing by 2.5%, marking the best performance since the election. The market bets that Trump will implement low taxes and relaxed regulatory policies, boosting U.S. financial assets, especially stocks and the dollar. Additionally, crypto billionaires like Coinbase CEO Brian Armstrong and Binance founder Changpeng Zhao also saw significant increases in their net worth, with Zhao's wealth rising to $52.7 billion.
MicroStrategy's Bitcoin holdings have unrealized gains exceeding $9 billion
At the current price of Bitcoin at $75,129.5, MicroStrategy's Bitcoin holdings have unrealized gains exceeding $9 billion. Previously, it was reported that as of September 19, 2024, MicroStrategy held a total of 252,220 Bitcoins, with a total purchase cost of approximately $9.9 billion, at an average price of about $39,266.
Bitcoin hits a new high, global cryptocurrency market cap surpasses $2.6 trillion
According to Coingecko data, Bitcoin has reached a new all-time high, hitting $76,388 today, pushing the global cryptocurrency market cap to briefly surpass $2.6 trillion, with Bitcoin's market cap at $1.495 trillion. Notably, the global cryptocurrency market cap has not yet reached the peak of over $3 trillion in November 2021.
Tether Treasury injects 1.845 billion USDT into exchanges in the past 12 hours
Spot On Chain monitoring shows that Tether Treasury injected 1.845 billion USDT into CEX exchanges via the Ethereum chain in the past 12 hours, with $1.706 billion entering Binance, $101.7 million entering Coinbase, $20 million entering OKX, and $17.86 million entering Kraken. This injection followed Tether Treasury minting 2 billion USDT on Ethereum and destroying 1 billion USDT on Tron last night.
Data: Over 40% of Polymarket users bet amounts below $50, only 3 accounts profit over $10 million
According to incomplete statistics from OKG Research, during the U.S. election, the trading volume and active user count on the Polymarket platform significantly increased, but the average bet size per user decreased. Data shows that over 85% of users bet amounts below $500, with more than 40% betting amounts below $50, reflecting that the platform is attracting more users with lower economic capacity or risk tolerance.
Additionally, with the election results revealed, nearly 70 accounts on Polymarket have profited over $1 million, an increase of more than tenfold from before, with 3 accounts profiting over $10 million. However, the overall return rate is relatively modest, with only about 12% of accounts achieving positive profits.
According to CoinDesk, TradingView data shows that after pro-crypto Republican candidate Trump won the U.S. presidential election, the Bitcoin to gold exchange rate (the ratio of Bitcoin price to gold price per ounce) surged 12% on Wednesday, marking the largest single-day increase since February 28, 2022. More importantly, this surge confirms the end of an eight-month downward trend defined by a trendline connecting the March and June peaks. This breakthrough indicates that Bitcoin's performance relative to gold will improve again, partly because investors are reallocating funds from gold to Bitcoin. Noelle Acheson, author of the "Crypto Is Macro Now" newsletter, stated: "By analyzing the ratio of Bitcoin to gold, we can see that the downward trend indicating better performance for gold since March is beginning to reverse. Globally, investors will increasingly focus on hedging against currency devaluation and seizing opportunities in the Trump market, both of which favor Bitcoin."
A whale purchased 1,225 Bitcoins 4 hours ago, worth approximately $92 million
According to Lookonchain monitoring, a whale purchased 1,225 Bitcoins 4 hours ago, worth approximately $92 million. Over the past week, this whale has accumulated a total of 1,775 Bitcoins, with a total value of about $131 million.
A new address withdrew 671.74 BTC from Binance, approximately $50.44 million
According to Onchain Lens monitoring, a little over half an hour ago, a new address withdrew 671.74 BTC from Binance, approximately $50.44 million.
An ancient whale with 150,000 ETH suspected of selling 15,000 ETH, worth $39.38 million
According to on-chain analyst @ai_9684xtpa, an ancient whale with 150,000 ETH suspected of selling 15,000 ETH, worth $39.38 million. Since September 22, 2024, it has sold a total of 65,000 ETH, approximately $164 million. 20 minutes ago, another holding address of the ancient whale deposited 15,000 ETH into Kraken; the whale currently still holds 10,000 ETH (approximately $26.21 million).
A French trader on Polymarket is expected to earn over $48.5 million betting on Trump's victory
According to DL News, French trader Théo made a large bet on Polymarket for Trump to win a second term, and according to data from the platform, he is expected to earn at least $48.5 million from this bet.
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