Organized by: Luan Peng, ChainCatcher
Important News:
- Detroit to Become the Largest City in the U.S. to Accept Cryptocurrency Payments
- CoinShares Research Director: Trump's Victory Could Propel Bitcoin to $100,000
- Trump Team Considering Robinhood's Chief Legal and Compliance Officer Dan Gallagher as SEC Chair Candidate
- Ethereum Foundation 2024 Report: 99.45% of Crypto Holdings in ETH, Asset Reserves Approximately $970.2 Million
- 200th Ethereum ACDE Meeting: Team Plans to Phase Out Pectra Devnet 4 Soon
- Nansen CEO: Spent a Long Time Studying Bitcoin L2, Believes a "Winner" Has Been Found
"What Important Events Happened in the Last 24 Hours"
Detroit to Become the Largest City in the U.S. to Accept Cryptocurrency Payments
According to The Block, Detroit city officials announced on Thursday that the city will become the largest in the U.S. to accept cryptocurrency payments. Residents will be able to pay taxes and other city fees using cryptocurrency through a secure platform managed by PayPal.
Finance Director Nikhil Patel stated that this option will be launched in mid-2025, along with further improvements to city payment services. This is part of a larger strategy for the city of Detroit aimed at exploring innovative technologies that can enhance public services, strengthen citizen engagement, and promote economic growth.
CoinShares Research Director: Trump's Victory Could Propel Bitcoin to $100,000
According to CNBC, CoinShares Research Director James Butterfill stated that Trump's victory in the presidential election this week, along with the Republican Party gaining a new majority in the Senate, could make it easier for a "loosely regulated framework" to pass.
Thus, a Bitcoin price rise to $100,000 (indicating a 33% upside) "is now possible." He believes that the main catalysts for Bitcoin's future development are changes in SEC leadership, cryptocurrency-friendly regulations, and further adoption by major corporations.
According to Jinshi, the Trump team is considering naming Robinhood's Chief Legal and Compliance Officer Dan Gallagher as a candidate for SEC Chair.
The Ethereum Foundation released its 2024 report stating that as of October 31, 2024, the EF (Ethereum Foundation) has asset reserves of approximately $970.2 million, of which $788.7 million is in crypto assets and $181.5 million is in non-crypto investments and assets.
Most of our crypto holdings (99.45%) are held in ETH. These ETH account for 0.26% of the total ETH supply as of October 31, 2024. We choose to hold most of our reserves in ETH. The Ethereum Foundation believes in Ethereum's potential, and our ETH holdings reflect this long-term perspective. At the same time, the goal of EF's asset reserves is to provide funding support for important public goods in the Ethereum ecosystem for the coming years.
To achieve this goal, we must follow a conservative fiscal management policy to ensure that there are sufficient resources even during years of market downturns. This requires regularly selling ETH to ensure adequate reserves for the coming years and increasing our fiat reserves as planned during bull markets to fund expenditures during bear markets.
200th Ethereum ACDE Meeting: Team Plans to Phase Out Pectra Devnet 4 Soon
Galaxy Research Vice President Christine Kim summarized the 200th Ethereum Core Developer Execution (ACDE) call, where developers shared updates on Pectra Devnet and the next steps for PeerDAS Devnet; they also discussed short-term solutions to address Ethereum's historical growth issues and the removal of EIP 7610 from Pectra; additionally, the team plans to phase out Pectra Devnet 4 soon.
Nansen CEO: Spent a Long Time Studying Bitcoin L2, Believes a "Winner" Has Been Found
Nansen CEO Alex Svanevik posted on social media: "Spent a lot of time studying Bitcoin's Layer 2 networks (L2). I believe we have found a winner. Stay tuned."
Upbit to Launch DRIFT KRW, BTC, USDT Trading Pairs
According to an official announcement, Upbit will launch DRIFT KRW, BTC, USDT trading pairs.
Elon Musk: X Platform Usage Reaches 434.1 Billion, Setting a New Record
Elon Musk tweeted that the current usage of the X platform has reached 434.1 billion, setting a new record.
Data: SOL Market Cap Surpasses BNB Again to Become the Fourth Largest Cryptocurrency by Market Cap
According to CoinGecko data, SOL has risen nearly 6% in the past 24 hours, currently priced at $199.24, with a market cap exceeding $94 billion, reaching $93,946,886,618, surpassing BNB ($87,804,310,919) to become the fourth largest cryptocurrency by market cap.
Previously, on July 26, SOL's market cap surpassed BNB to become the fourth largest cryptocurrency by market cap.
Data: 49,000 BTC Options and 295,000 ETH Options Expiring Today, Total Notional Value $4.56 Billion
Greeks.live macro analyst Adam posted on the X platform stating: The options market is experiencing a concentrated expiration of BTC and ETH options today. Data shows that 49,000 BTC options are expiring, with a Put Call Ratio of 0.72, and the maximum pain point at $69,000, with a notional value of $3.7 billion; for ETH options, the expiring quantity is 295,000, with a Put Call Ratio of 0.65, and the maximum pain point at $2,500, with a notional value of $860 million.
Adam analyzed that with Trump's victory, Bitcoin surged significantly this week, breaking through $75,000 to set a new all-time high, driving Ethereum to rebound to $2,900. Today's expiring options account for 15% of total positions, but the maximum pain point remains unaffected. Due to the election, the implied volatility (IV) of short-term options has significantly decreased, market sentiment is optimistic, and the trend in the fourth quarter may continue to be strong.
Hong Kong stock market data shows that as of the close, the total trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 29.55 million.
Among them:
Huaxia Bitcoin ETF (3042.HK) traded for HKD 7.32 million;
Huaxia Ethereum ETF (3046.HK) traded for HKD 13.88 million;
Jiahua Bitcoin ETF (3439.HK) traded for HKD 1.91 million;
Jiahua Ethereum ETF (3179.HK) traded for HKD 2.84 million;
Bosera HashKey Bitcoin ETF (3008.HK) traded for HKD 1.85 million;
Bosera HashKey Ethereum ETF (3009.HK) traded for HKD 2.25 million.
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
After the U.S. Election, How Long Will the Surge in Polymarket and Prediction Markets Last?
New users on Polymarket are likely to continue using the platform after the U.S. election cycle. About 4/3 of users trade on non-election-related topics, indicating sustained interest in diverse topics.
Full Text of the Federal Reserve Statement: 25 Basis Points Rate Cut, No Votes Against
On November 8, the Federal Reserve announced a 25 basis points rate cut to 4.5%-4.75%, in line with market expectations. This decision was unanimously passed, with the policy statement largely unchanged, continuing to emphasize close monitoring of risks to dual objectives, but removing the phrase "more confident that inflation is sustainably moving toward the target," without issuing any clear signals regarding future rate cuts, nor commenting in any way on the results of the U.S. election.
How Much Will Trump's Net Worth Increase If He Returns to the White House?
Just hours before the voting ended on U.S. Election Day, Donald Trump's social media company released a dismal financial update: in the first nine months of 2024, the company's sales were only $2.6 million, with an operating loss of up to $363 million.
But less than 12 hours later, as news of the former president's overwhelming return to the White House became clearer, the company's stock price soared by 60%, instantly increasing Trump's personal net worth by $2.4 billion.
The market is always predicting who will hold power in Washington. But if you want to assess the net worth of a U.S. president, there is no clearer way than to look at Trump's personal wealth. The Bloomberg Billionaires Index estimates Trump's personal wealth to be around $6.7 billion.
Trump's victory would solidify his business empire spanning media, real estate, and cryptocurrency, which largely relies on his image, brand, and, most importantly, his political power. Additionally, Trump now has the ability to resolve multiple legal disputes that threaten his business and freedom, making many of his investment prospects brighter than ever.
One of the many benefits of being president is that this authoritative position is likely to provide a significant advantage in the difficult negotiations regarding some of Trump's real estate assets. Real estate experts say that because Trump occupies a central position in Republican politics, the value of his Palm Beach club, Mar-a-Lago, has increased. Not to mention that investors, whether American or from other countries, will seek to collaborate with him to establish some connection with the White House.
"Maybe his net worth will reach $100 billion. I don't know; he'll figure it out, he really will," said Louise Sunshine, former executive vice president of the Trump Organization who was involved in the development of Trump Tower. "He will be richer and more powerful than ever."
This article summarizes the MEME coin holdings of five crypto market makers, collectively holding over $120 million worth of MEME coins. Among them, Wintermute has the largest holdings and covers the most popular projects, with several of its MEME coins successfully listed on Binance. Other institutions have smaller holdings, primarily focusing on established MEME coins like PEPE and SHIB.
With the SEC Chair's Term Coming to an End, What More Can He Do for the Crypto Industry?
Despite being deeply unpopular in the crypto industry, SEC Chair Gary Gensler still has the ability to initiate several actions before leaving office.
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