Organized by: Fairy, ChainCatcher
Important News:
- US Media: Trump's eldest son will not join the government, has recently shown interest in the crypto industry
- Satoshi Action Fund founder: has received calls from 5 countries regarding Bitcoin strategic reserves
- Bitwise to launch Aptos Staking ETP on the Swiss Stock Exchange
- Russian President Putin proposes to establish a digital asset platform within the BRICS alliance
- Data: Cryptocurrency market cap surpasses $3.1 trillion, nearing France's GDP
- Former Alameda co-CEO agrees to transfer ownership of yacht, apartment, and $70 million claim to FTX creditors
- Institution: US Republican Party takes control of the House of Representatives
- Ethereum Foundation researcher proposes consensus layer upgrade "Beam Chain," referred to by the community as "Ethereum 3.0"
"What important events have occurred in the past 24 hours"
Ethereum Foundation researcher proposes consensus layer upgrade "Beam Chain," referred to by the community as "Ethereum 3.0"
Ethereum Foundation researcher Justin Drake proposed a new consensus layer upgrade "Beam Chain" at the Devcon conference, referred to by the community as "Ethereum 3.0." The proposal aims to achieve faster block times, lower validator staking requirements, "chain snarkifaction," and quantum-safe improvements. The core of Beam Chain lies in introducing technologies like zkVM, significantly enhancing the scalability of the Ethereum mainnet, even without relying on Layer 2 solutions.
Doug Colkitt, founder of Ambient Finance, stated that the localization of zkEVM could completely eliminate gas limits, allowing nodes to only verify snarks, theoretically achieving infinite scalability for L1. Nevertheless, this proposal may lead to further centralization of block construction.
Drake emphasized that the final implementation of Beam Chain requires community consensus and called it his "most ambitious proposal to date." He previously resigned from his advisory position due to potential conflicts of interest with EigenLayer.
Satoshi Action Fund founder: has received calls from 5 countries regarding Bitcoin strategic reserves
According to Bitcoin.com News, Satoshi Action Fund founder Dennis Porter stated that several countries have contacted him, hoping he would draft regulations to establish strategic Bitcoin reserves.
Porter noted that he has received calls from 5 different countries regarding Bitcoin strategic reserves. He emphasized, "Now, the success we have achieved through legislation in the US can be exported worldwide."
It is reported that Porter has worked with state and national legislators in the US and supported several states in enacting the "Blockchain Basic Act." The Satoshi Action Fund is an organization that helps legislators formulate and implement Bitcoin policies.
Bitwise to launch Aptos Staking ETP on the Swiss Stock Exchange
According to Boersen-Zeitung, Bitwise will launch the Aptos Staking ETP on the Swiss Stock Exchange, which will be listed starting November 19.
Data: 6 Hong Kong virtual asset ETFs have a trading volume of approximately HKD 128 million today
Hong Kong stock market data shows that as of the market close, the trading volume of 6 Hong Kong virtual asset ETFs today was approximately HKD 128 million.
Among them:
The trading volume of Huaxia Bitcoin ETF (3042.HK) was HKD 69.33 million;
The trading volume of Huaxia Ethereum ETF (3046.HK) was HKD 12.77 million;
The trading volume of Harvest Bitcoin ETF (3439.HK) was HKD 7.90 million;
The trading volume of Harvest Ethereum ETF (3179.HK) was HKD 2.89 million;
The trading volume of Bosera HashKey Bitcoin ETF (3008.HK) was HKD 32.66 million;
The trading volume of Bosera HashKey Ethereum ETF (3009.HK) was HKD 2.13 million.
Ethereum developers propose native token-related proposal EIP-7809
Ethereum developer Paul Berg released a proposal regarding multiple native tokens on Ethereum, aimed at improving the user experience when transferring tokens, making native financial products easier to deploy, and enhancing the innovative potential of Ethereum L2 applications.
The proposal, named EIP-7809, suggests adding a backward-compatible extension to the EVM, which, if approved through Ethereum's new proposal approval process, will allow fungible tokens to operate with "native-like" properties.
ETH has been operating as Ethereum's native token, and almost all other Ethereum-based tokens are built on this network but do not possess most of the same "native" features as ETH. This limits functionalities such as direct token transfers using opcodes and transferring multiple tokens in a single contract call. EIP-7809 introduces four new opcodes:
- MINT & BURN, allowing management of token supply through minting and burning tokens;
- BALANCEOF for checking token balances;
- NTCALL for token transfers that require calling contracts;
- NTCREATE for creating contracts that include upfront token deposits.
Russian President Putin proposes to establish a digital asset platform within the BRICS alliance
Russian President Putin, speaking at the Valdai Discussion Club, proposed that BRICS countries establish a digital asset platform to promote electronic payments and attract investment from developing markets through a unified digital asset system. This initiative aims to facilitate investment flows to emerging economies in South Asia, Africa, and Latin America and could provide new channels for capital in high-growth regions.
Putin emphasized the platform's potential to drive economic development in rapidly urbanizing areas. He highlighted the growth opportunities in these regions and pointed out that population growth, capital accumulation, and rising urbanization rates are factors supporting the platform's focus.
Putin discussed Russia's restrictions on dollar transactions due to sanctions and noted that Russia does not intend to completely abandon the dollar. Instead, he criticized the US policies that limit the use of the dollar in international markets and stated that alternatives like the proposed BRICS digital asset platform could reduce dependence on the traditional Western financial system.
Data: Cryptocurrency market cap surpasses $3.1 trillion, nearing France's GDP
The cryptocurrency market cap has reached a historic high of $3.12 trillion, now approaching that of France's Gross Domestic Product (GDP).
If the cryptocurrency market were treated as a country, its GDP would rank eighth, only behind the United States, China, Germany, Japan, India, the United Kingdom, and France. Meanwhile, the market cap of Bitcoin alone has exceeded $1.77 trillion, surpassing Spain's GDP.
Trump to appoint cabinet members who support cryptocurrency
According to Watcher.Guru, President-elect Trump will appoint cabinet members who support cryptocurrency to fulfill his promise to make the US the "global cryptocurrency capital."
Institution: US Republican Party takes control of the House of Representatives
According to election forecasting agency DECISION DESK HQ, the US Republican Party has taken control of the House of Representatives, with predictions indicating that the Republicans have secured 218 House seats, becoming the majority party; the Democrats currently hold 209 seats. Multiple media outlets had previously predicted that the Republicans had gained control of the Senate.
US Media: Trump's eldest son will not join the government, has recently shown interest in the crypto industry
According to The New York Times, Donald Trump Jr., the eldest son of the incoming president, will not be part of the next US government but will join a venture capital firm.
Donald Trump Jr. told hundreds of donors on Sunday that he would join 1789 Capital, a firm whose investors include prominent conservative media figure Tucker Carlson's media company. This venture capital firm focuses on investing in companies and products favored by American conservatives. Donald Trump Jr. has a business background and has long served as a real estate executive at the Trump Organization. He has also recently shown interest in the crypto industry and has become a liaison between his father and the tech sector. He is also an investor in the conservative online marketplace PublicSquare.
Former Alameda co-CEO agrees to transfer yacht, apartment, and $70 million claim ownership to FTX creditors
According to Bloomberg, former Alameda Research co-CEO Sam Trabucco has agreed to transfer a range of assets, including a yacht, to FTX creditors.
Trabucco purchased the 53-foot yacht for $2.51 million in March 2022, just months before he left Alameda. According to a court document dated November 10, Trabucco also agreed to relinquish his legal ownership of two apartments in San Francisco, which he purchased for a total of $8.7 million in 2021.
The document states that he also agreed to transfer all rights to approximately $70 million in claims against FTX to the creditors, which will be dismissed.
“What excellent articles are worth reading in the past 24 hours”
Arthur Hayes' new article: The new model of quantitative easing under "Trumponomics" and Bitcoin's path to a million dollars
On December 31, 2024, what do you think the price of Bitcoin will be? Over $100,000 or below $100,000?
There is a famous saying in China: "It doesn't matter if it's a black cat or a white cat, as long as it catches mice, it's a good cat."
I will refer to the policies implemented by President Trump after his election as "American capitalism with Chinese characteristics."
The elites ruling Pax Americana do not care whether the economic system is capitalism, socialism, or fascism; they only care whether the implemented policies help maintain their power. The United States has not been purely capitalist since the early 19th century. Capitalism means that when the rich make wrong decisions, they lose money. This situation was prohibited when the Federal Reserve System was established in 1913. With the privatization of profits and socialization of losses affecting the nation, and the extreme class division created between the "deplorable" or "lower-class" people living inland and the noble, respected coastal elites, President Roosevelt had to correct the course by dispensing some crumbs to the poor through his "New Deal" policies. Then, just like now, expanding government relief for the underprivileged was not a policy welcomed by the so-called wealthy capitalists.
Institutions "Double 11" rush to buy BTC, is $100,000 just around the corner?
The frenzied market finally allowed previously struggling investors to breathe a sigh of relief. Since the conclusion of the US presidential election, market FOMO sentiment has intensified, with BTC achieving a rare 7-day consecutive increase on the daily chart. BTC surged from a bottom range of $67,000 to break through $70,000, and on November 10, it broke through $80,000 again. After continuously breaking through key levels, BTC approached $90,000, reaching a high of $89,530.
Ethereum, which had previously been subject to intense FUD, also followed Bitcoin, achieving a 7-day consecutive increase on the daily chart, rising from a bottom of $2,400 to near $3,400, with a peak of $3,387. According to 8marketcap data, Ethereum's market cap rose to approximately $400.7 billion, surpassing Procter & Gamble, ranking 32nd in global asset market capitalization. After breaking through $212, SOL's market cap briefly exceeded $100 billion.
Altcoins experienced a significant surge, including Meme, AI, public chains, and ecological projects, with contract data showing that, according to coinglass data, $651 million was liquidated across the network in 24 hours, with $278 million in long positions and $371 million in short positions liquidated.
This market trend is quite strong; what is the reason?
Kimchi Premium: Key features and reasons of the South Korean crypto market
The South Korean crypto market has garnered global attention due to its high trading volume and broad participation. In the first quarter of this year, the trading volume of cryptocurrencies in South Korea surpassed that of the US dollar.
This has led to a phenomenon known as the "Kimchi Premium," which represents the price difference between global and South Korean exchanges and manifests in various forms.
The Kimchi Premium is the result of domestic investors making large purchases in a limited market environment. It is a meaningful indicator for understanding the South Korean market.
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