1. After Trump was re-elected as President of the United States, the cryptocurrency market experienced significant fluctuations, with investor sentiment soaring and the market expressing concern over the impact of his policies on cryptocurrencies.
2. The Federal Reserve announced a 25 basis point reduction in the federal funds rate to 4.5%~4.75%, in line with market expectations, sparking discussions about the possibility of further rate cuts in the future.
The Federal Reserve announced a 25 basis point reduction in the federal funds rate to 4.5%~4.75%, meeting expectations. -Original
3. A French whale profited approximately $78.7 million by betting on Trump's victory in the U.S. elections, and French authorities are considering banning the decentralized prediction platform.
The French whale betting on Trump's victory has made a paper profit of $47.8 million. This "whale" is a French billionaire who has worked as a trader at several banks and began using his mathematical expertise to analyze U.S. polls this summer. On August 3, he started withdrawing USDC from Kraken to bet on Polymarket. He stated that his bet is essentially a wager on the accuracy of polling data. He believes that polls exaggerate Harris's support and fail to account for the "shy Trump voter effect." He explained that Trump supporters either do not want to tell pollsters they support the former president or are simply unwilling to participate in polls. He commissioned a large polling agency to conduct surveys using neighbor polling and traditional polling methods. These polls showed that when respondents were asked who their neighbors would vote for, Harris's support dropped several percentage points compared to direct questioning. Therefore, starting October 2, he created three more accounts (Theo4, PrincessCaro, and Michie) to increase his bets on Trump. From October 2 to November 5, he withdrew a total of 42 million USDC from Kraken to bet on Trump's victory in the election, ultimately achieving a paper profit of $47.8 million. -Original
4. Federal Reserve Chairman Powell stated that it is not appropriate to provide extensive forward guidance at this time, although there is confidence in rate cuts, the economic outlook remains uncertain.
The Federal Reserve's policy statement indicates that economic activity continues to expand steadily. This year, the labor market has generally softened, with the unemployment rate rising but still remaining low. Inflation is gradually approaching the committee's 2% target but remains slightly above the target level. The committee's goal is to achieve maximum employment and a long-term inflation rate of 2%. The committee assesses that the risks to achieving employment and inflation targets are broadly balanced. The economic outlook remains uncertain, and the committee is closely monitoring the risks to its dual objectives. To support its goals, the committee decided to lower the target range for the federal funds rate by 25 basis points to 4.5% to 4.75%. When considering further adjustments to the target range for the federal funds rate, the committee will carefully evaluate new data, changes in the economic outlook, and the balance of risks. The committee will also continue to reduce the size of its holdings of Treasury securities, agency debt, and agency mortgage-backed securities. The committee is firmly committed to supporting maximum employment and restoring inflation to the 2% target. -Original
5. Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes, marking a further expansion of cryptocurrency applications in public services.
Detroit will become the largest city in the U.S. to accept cryptocurrency payments. Three states in the U.S.—Colorado, Utah, and Louisiana—accept cryptocurrency as state payments. -Original
6. Two crypto-friendly Republicans won in the U.S. House elections, potentially ushering in the most crypto-friendly Congress yet.
Odaily Planet Daily reports that in the 2024 U.S. elections, Republican candidates Jeff Hurd and Scott Perry defeated their Democratic opponents in Colorado's 3rd congressional district and Pennsylvania's 10th congressional district, narrowing the gap for the Republican majority in the House. Hurd and Perry both support the FIT21 bill, which has received bipartisan support in the House and is awaiting a Senate vote. Both have been listed as "strongly supportive" candidates by the "Stand With Crypto" political initiative. Although the Republicans control the White House and the Senate, the majority party in the House has yet to be determined. According to "Stand With Crypto," the next Congress will be "the most crypto-friendly in history." -Original
7. Jack Dorsey's Square plans to increase investment in Bitcoin mining while shutting down the decentralized "Web5" project.
Jack Dorsey's payment company Block (SQ) plans to refocus on building equipment for Bitcoin (BTC) miners and its self-custody crypto wallet, with part of the funding coming from abandoning the creation of a new decentralized internet called "Web5" and reducing investment in the music streaming app Tidal. -Original
8. The UK House of Lords supports the digital asset property bill, aimed at paving the legal way for cryptocurrency use in the country.
Members of the UK House of Lords expressed support for the country's digital asset property bill during the second reading session on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step for the UK in paving the way for cryptocurrency use. The bill was drafted by the independent statutory body, the Law Commission, and was introduced in the UK in September. The bill adds a new category of "items" within the category of property to help resolve legal disputes involving cryptocurrencies. The bill will not only assist judges in criminal cases where cryptocurrencies are stolen due to fraud or hacking but will also help in the division of marital property. -Original
9. Bank of America states that the October non-farm data is weak, expecting the Federal Reserve to cut rates by 25 basis points in November and December.
According to BlockBeats, on November 7, Bank of America stated that the weakness of the October non-farm data is sufficient for the Federal Reserve to cut rates by 25 basis points in both November and December. Powell may emphasize the stability of the economy and the return to inflation targets. Trump's return to the White House may make the Federal Reserve more cautious in the future. -Original
10. Michael Novogratz's Galaxy plans to transform Bitcoin mining into AI computing to cope with industry competition.
The competitive Bitcoin (BTC) mining industry presents miners with a clear choice: pivot to artificial intelligence (AI) computing or face losses. Michael Novogratz's Galaxy Digital (GLXY.TO) is the latest company to join the exit queue. -Original
11. Coinbase introduces Bitcoin to Solana, sparking expectations for a surge in Solana-based DeFi.
Nearly two years ago, the collapse of FTX created a Bitcoin-sized hole in decentralized finance based on Solana, a gap that has yet to be truly filled—until now. -Original
12. Zhao Changpeng reveals he received an offer to sell his stake in Binance but has not decided whether to sell.
After appearing in Dubai, just a day before Trump's victory in the U.S. presidential election led to a surge in cryptocurrency prices and Zhao Changpeng's estimated net worth approaching $53 billion, Zhao reflected on his forced departure from Binance and his four-month prison sentence, during which he passed the time by exercising, writing, and discussing cryptocurrencies with fellow inmates. Zhao stated, "I feel like I don't want to go back to being the CEO of Binance. I've led the company for seven years. I enjoy the job, even though it's demanding. But I think that chapter is over." Additionally, Zhao mentioned that he has even received offers to sell his stake in the exchange—these stakes constitute a large part of his personal net worth—but he refused to disclose who the buyer is or the price. Zhao added, "I'm not saying I will hold these stakes forever; I'm happy to review every offer, but so far I haven't done anything. But you know, I'm just an ordinary shareholder now." Now, Zhao describes himself as a passive investor in the cryptocurrency space, with the Binance logo tattooed on his arm, claiming that his "criminal identity" has not deterred people from doing business with him. Furthermore, Zhao declined to comment on the U.S. election but expressed satisfaction with the direction of X (formerly Twitter). Zhao stated, "I think after Musk took over, Twitter has developed much faster; it has launched new features, and the pace of change has accelerated significantly. I'm not too worried about the fluctuations in investment value. We are long-term investors." -Original
13. Renowned tech expert Vinay Gupta plans to promote crypto policies to Trump's team and may relocate his blockchain company to the U.S.
Odaily Planet Daily reports that Vinay Gupta, a tech expert who helped coordinate the launch of Ethereum, is seeking to promote rational crypto policies to the transition team of President-elect Donald Trump. Additionally, inspired by Trump's overwhelming victory on election day, Gupta is considering relocating himself and his blockchain company Mattereum's team from the UK to the U.S. He added, "We plan to move personnel (including myself) to Washington, D.C. soon to assist in the cryptocurrency transformation in the U.S." Vinay Gupta stated that part of his plan includes replicating some of the policies he helped formulate in the UK, including a recently proposed parliamentary bill that attempts to formally define crypto assets as property and successfully advocates for the country to recognize smart contracts as "actual contracts." -Original
14. French regulators are reviewing Polymarket to assess its compliance with local gambling regulations.
According to BlockBeats, on November 7, the French National Gambling Authority (ANJ) is reviewing the operations of the cryptocurrency-based prediction market platform Polymarket to determine its compliance with local rules, following a surge in user demand during the U.S. presidential election. An ANJ spokesperson stated on Thursday, "We are aware of this website and are currently examining its operations and whether it complies with French gambling regulations." According to crypto news outlet The Big Whale, ANJ is expected to prohibit French users from accessing Polymarket. Previously, Polymarket confirmed that an anonymous trader, who is French, made large bets on the platform supporting Trump's victory in the election. Calculations show that this trader, using the username Fredi9999, is expected to gain approximately $48 million in betting profits across four accounts. According to government website regulations, operating any new gambling market must be authorized by ANJ in advance. -Original
The above is a selection of hot topics from the past 24 hours. For faster news, please download AICoin (aicoin.com).
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