Today's News Highlights:
Trump announces Musk and Vivek Ramaswamy will lead the U.S. Department of Efficiency
Federal Reserve Governor Waller: Stablecoins must be regulated to address redemption risks
U.S. prosecutors seek to seize cryptocurrency from FTX founder SBF
Canary Capital submits the first Hedera HBAR spot ETF application to the U.S. SEC
Zerion officially launches gas-free Layer 2 solution ZERO Network
Japanese cryptocurrency exchange Coincheck is expected to go public on the U.S. Nasdaq in December
Coinbase ranks first in the free finance app category in the U.S. Apple App Store
Regulation & Policy
Trump announces Musk and Vivek Ramaswamy will lead the U.S. Department of Efficiency
According to Trump's campaign advisor Alex Bruesewitz on the X platform, President-elect Trump announced that Musk and Vivek Ramaswamy (Trump's representative) will lead the Department of Efficiency (abbreviated as DOGE).
Later, Musk released a logo for the Department of Efficiency (DOGE) featuring a Shiba Inu image; Musk commented that "America is saved by a squirrel and meme coins," driving the meme coin PNUT to rise rapidly.
Trump hints at appointing SEC chair through "recess appointments," bypassing Senate confirmation
According to Cointelegraph, President-elect Donald Trump hinted that he would bypass the Senate confirmation process to appoint members of his government, which seems to include replacing Securities and Exchange Commission (SEC) Chair Gary Gensler. In a post on X on November 10, Trump stated that only he has the authority to choose which U.S. senator will serve as the Senate Majority Leader starting from January 2025 when the new Congress is sworn in. The Republican expressed his hope that the potential Majority Leader would agree to make appointments during recess to bypass the confirmation process and allow people to "immediately" take office, rather than going through questioning and scrutiny by lawmakers. According to the U.S. Constitution, the president "has the power to fill all vacancies that may happen during the recess of the Senate, by granting commissions which shall expire at the end of their next session." During Trump's first term, this power allowed him to appoint some individuals who might not have otherwise received Senate approval. Recess appointments are supposed to be temporary and do not replace Senate approval. Trump has not publicly nominated any potential successors to Gensler. During the campaign, Trump promised the cryptocurrency industry that if he were re-elected, he would fire SEC Chair Gensler on "day one," but experts say he cannot remove Gensler from the commission without just cause. In some cases, when there is a change in the party in the White House, regulators choose to resign, but Gensler has not indicated he would leave.
Trump nominates Bitcoin-supporting TV host Pete Hegseth as U.S. Secretary of Defense
According to Jinshi, Trump announced he would nominate TV host Pete Hegseth (born June 6, 1980) as U.S. Secretary of Defense. Hegseth graduated from Princeton University and holds a graduate degree from Harvard University; he is a U.S. Army veteran and has hosted a program on Fox News for eight years. It is reported that Pete Hegseth advocates for the decentralized value of Bitcoin and has pledged not to sell his Bitcoin.
Federal Reserve Governor Waller: Stablecoins must be regulated to address redemption risks
According to Jinshi, Federal Reserve Governor Waller stated that stablecoins are essentially a "synthetic dollar" that could benefit the financial system. However, he emphasized that stablecoins must be regulated to address potential redemption risks.
U.S. prosecutors seek to seize cryptocurrency from FTX founder SBF
According to Caixin, a year ago, FTX founder SBF was convicted in a fraud case, and in a document submitted to a New York court on Tuesday, U.S. prosecutors filed a lawsuit seeking to seize SBF's cryptocurrency. His cryptocurrency is held in an account that includes Solana and Ripple, valued at $8.6 million as of December 12, 2023, which has appreciated to $18.5 million over the past 11 months, primarily due to a significant increase in the price of Solana.
According to Bloomberg citing informed sources, the government led by Italian Prime Minister Giorgia Meloni may approve a proposal from coalition partners to reduce the tax increase on cryptocurrency transactions. A copy of the proposal shows that as a junior partner in Meloni's ruling coalition, the League party has proposed an amendment to limit the cryptocurrency transaction tax rate to 28%, down from the initially proposed 42% in last month's budget. The current tax rate is 26%. Additionally, another ruling coalition party, Forza Italia, proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for gains of €2,000 ($2,120) or less. As part of the coalition's proposed amendment, Italy will establish a permanent working group composed of digital asset companies and consumer associations to educate investors about cryptocurrency. Two informed sources indicated that the government is likely to approve the League party's proposal, although no final decision has been made, and it may be modified.
Project Updates
The Trump family's crypto project World Liberty Financial (WLFI) announced on the X platform that WLFI token sale participants can now add WLFI tokens to their wallets.
PayPal's stablecoin PYUSD begins using LayerZero for transfers between Ethereum and Solana
According to The Block, PayPal's dollar stablecoin PYUSD is now using LayerZero to facilitate transfers between Ethereum and Solana, according to a statement released on Tuesday. The statement said, "This integration eliminates liquidity fragmentation, ensuring that transactions for users and businesses are fast, secure, and cost-effective." Data shows that in recent months, the market value of PYUSD on Ethereum has remained relatively stable at around $350 million. However, the supply of this stablecoin on Solana has plummeted from over $660 million in August to $186 million.
Canary Capital submits the first Hedera HBAR spot ETF application to the U.S. SEC
According to The Block, Canary Capital has submitted an application for a Hedera HBAR spot ETF to the U.S. Securities and Exchange Commission (SEC), marking the first of its kind for such cryptocurrency funds. The crypto investment firm submitted an S-1 registration statement to the SEC on Tuesday. According to the filing, the fund aims to "provide access to the value of Hedera network native assets." The Canary HBAR ETF intends to hold HBAR directly without using derivatives, futures, or other financial instruments. The S-1 filing did not mention custodians or management entities. The company previously launched an HBAR trust for qualified investors in October. Canary Capital was founded by Steven McClurg, who also founded Valkyrie Funds, which has other spot cryptocurrency ETFs. Canary Capital has previously submitted registration statements for spot Litecoin ETF, Solana ETF, and XRP ETF. Coingecko data shows that HBAR briefly broke through $0.07 early in the morning and has now fallen back to $0.06501, with a 24-hour increase of 11.1%.
Zerion officially launches gas-free Layer 2 solution ZERO Network
According to The Block, Zerion has launched its Ethereum Layer 2 solution ZERO Network, allowing Zerion Wallet users to waive gas fees for transactions, minting, swapping, and cross-chain activities. ZERO Network utilizes smart accounts and Paymasters functionality to support free transactions through account abstraction, providing users with a "zero-fee" on-chain experience. Built on ZKsync technology, ZERO Network is part of the Elastic Chain ecosystem and employs a dynamic scoring system called "Onchain DNA" to assess whether an address qualifies for gas-free transactions. Additionally, Zerion announced that it has received investment support from several angel investors, including Yearn developer Banteg, NBA player Duncan Robinson, and angel investors from projects like Lido, OpenSea, and ETHGlobal.
Coinbase launches COIN50 index and offers perpetual contracts with up to 20x leverage
According to The Block, Coinbase has launched a new index called COIN50, which tracks the top 50 digital assets that meet basic criteria. The index is also available for trading in the form of COIN50-PERP perpetual contracts, supporting up to 20x leverage. The COIN50 index aims to provide a broad market representation for crypto investors, including mainstream assets like Bitcoin and Ethereum. The constituent assets are weighted by market capitalization, with Bitcoin accounting for 50.3%, Ethereum 27.5%, and Solana, XRP, and Dogecoin together making up about 11.2%. Compared to existing crypto indices, COIN50 offers more comprehensive coverage across multiple crypto sectors, rather than being limited to infrastructure assets. The COIN50-PERP perpetual contracts allow traders to hold positions indefinitely, suitable for institutional and advanced users in specific regions. Coinbase plans to continue exploring more ways for users to engage with this index.
Bitwise acquires Ethereum staking service provider Attestant
According to Bloomberg, Bitwise Asset Management Inc. has acquired Ethereum staking service provider Attestant, aiming to expand its business beyond its core operations, with specific terms of the deal not disclosed. Following the transaction, Bitwise's assets under management will reach $10 billion. Additionally, Attestant's 11 employees will join Bitwise.
Japanese cryptocurrency exchange Coincheck is expected to go public on the U.S. Nasdaq in December
According to CoinDesk, Japanese brokerage and cryptocurrency exchange operator Monex Group announced today that its subsidiary Coincheck Group BV (CCG) has had its registration statement (Form F-4) effective as of November 12 with the U.S. Securities and Exchange Commission (SEC), significantly advancing the process for the cryptocurrency exchange to list on the U.S. Nasdaq. According to the published schedule, the special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV (THCP) will hold a shareholder meeting on December 5, with the merger expected to be implemented around December 10. CCG's stock (ticker: CNCK) is expected to begin trading on Nasdaq on the next trading day after the merger is completed. This listing of Coincheck is achieved through its merger with THCP announced in March 2022. Initially planned for completion in the second half of that year, it subsequently underwent three contract changes in May 2023, May 2024, and October, ultimately receiving SEC approval.
Wang Feng, founder of Blueport Interactive, stated on his X platform: "Why does Blueport Interactive buy Bitcoin, and what’s next? I will answer five points here: 1. Our holding of Bitcoin is strategic. We are optimistic about Bitcoin network applications, decentralized finance, and empowering real assets and crypto assets aimed at Web3 applications. 2. I am a fervent believer in crypto technology and have launched Marsbit, Consensus Lab (LK Venture), Mars Cloud Mining, and Element over the past five years. After regaining the CEO position in the first quarter of last year, I have vigorously promoted the integration of Blueport Interactive with Web3 business attempts. 3. I am pleased that Bitcoin has now reached a new level close to $90,000; our first purchase price was $26,000, and we have continued to buy since then. I first pushed for Blueport Interactive to buy Bitcoin when it was over $4,000, but it was difficult for our board to execute at that time. 4. We will inevitably disclose the progress of linear reduction at the appropriate time; crypto assets, like stocks, have a market norm of volatility, and any reduction will be tactical; if there is a reduction today, it must be for the purpose of increasing positions tomorrow. 5. We are long-term bullish on Bitcoin and are very optimistic about the possibility of significant growth within this year or the first quarter of next year."
10x Research released a recent report stating that South Korean retail cryptocurrency trading has seen a massive surge, with trading volume on Upbit exchange reaching $18.6 billion, not including an additional $7.3 billion traded on Bithumb. Overall, South Korean retail trading volume on spot exchanges exceeded $26 billion, while the trading volume of all domestic stocks in South Korea was only $14 billion—85% lower than cryptocurrency trading volume. Since Trump's election, Dogecoin has become the most traded cryptocurrency, with $8 billion traded in the last 24 hours—accounting for 57% of all stock trading volume in South Korea. The $18.6 billion trading volume on Upbit has surpassed the $16.2 billion recorded in early March. Additionally, the report noted a significant increase in the number of Bitcoin holders in 2024, with sovereign entities and pension funds continuously entering the market, strengthening the base of long-term investors. Soon (in the coming days), 13F reports will reveal which pension funds or large asset management companies purchased Bitcoin in the third quarter. Not only strategic long-term investors are becoming highly active, but retail investors are also joining this trend. Related reading: Kimchi premium: Key features and reasons of the South Korean crypto market.
Upbit adds USDT trading pairs for 12 new tokens including AGLD, FIL, ARPA, and launches in the KRW marketAGLD
According to the official announcement, South Korean cryptocurrency exchange Upbit will add USDT trading pairs for AGLD, AHT, ARPA, ASTR, BNT, EGLD, FIL, LWA, NEAR, OXT, RAD, and XLM, with trading starting today at 16:30 local time. Additionally, Upbit will launch Adventure Gold (AGLD) in the KRW market, with trading also starting today at 16:30 local time.
Later news reported that AGLD surged temporarily due to Upbit's announcement, with a 1-hour increase of over 113%.
ConsenSys' Layer2 network Linea plans to issue LINEA tokens in Q1 next year
According to CoinDesk, Ethereum development company ConsenSys revealed that its rollup blockchain Linea is about to release the "LINEA" token; LINEA tokens will be distributed as rewards to active contributors and users of the Linea network. The specific distribution criteria and timeline have not been announced, but the LINEA token is expected to be released in the first quarter of next year. ConsenSys founder and CEO Joe Lubin stated that Trump's election did not affect ConsenSys' final decision to announce LINEA, but he acknowledged, "We have been operating under a cloud of uncertainty for a long time. If we were worried that the SEC would come knocking, we would have stopped tokenization years ago." The token marks an important step towards the decentralization of the Linea ecosystem. In addition to the LINEA token, ConsenSys also announced the establishment of the Linea Association, a non-profit organization responsible for distributing tokens and guiding the development of the Linea protocol. Furthermore, Lubin stated, "There will also be a decentralized autonomous organization (DAO), and there may be sub-DAOs to organize work." Lubin mentioned that a significant proportion of the tokens will be specifically allocated for the community, but did not specify how many tokens will be distributed to the Linea community or other network stakeholders.
UK fintech company Revolut expands cryptocurrency trading to 30 new markets in Europe
According to The Block, UK fintech company Revolut announced on Wednesday that it is expanding its cryptocurrency trading platform Revolut X to serve experienced traders in 30 new markets across Europe. According to its press release, Revolut X requires customers to have a Revolut account in the European Economic Area (EEA) or the UK to access over 200 cryptocurrencies, real-time trading analytics, and market monitoring tools integrated with TradingView charts. The company noted that most funds are stored in cold wallets and equipped with risk monitoring tools to prevent security vulnerabilities. Revolut claims to have over 45 million customers globally and launched Revolut X as its standalone exchange earlier this year in the UK. Prior to this, Revolut had been offering cryptocurrency trading services since 2017.
Matrixport's latest report states that in the past 24 hours, Bitcoin's trading volume has surpassed $145 billion, setting a new historical high, nearly 50% higher than the flash crash in early August and the peak in March this year. This surge in trading volume indicates that retail investors are returning to the crypto market. According to historical data, during bull market phases, retail trading activity typically lasts for several weeks or even months, so the increase in trading volume can be seen as a bullish signal. The Google search interest in Bitcoin has also significantly risen, reaching a five-year high of 78%. Additionally, since the U.S. presidential election, inflows into Bitcoin ETFs have exceeded $1 billion for two consecutive days.
AltLayer launches platform "Autonome" for creating and deploying autonomous AI agents
According to The Block, the rollup-as-a-service protocol AltLayer has launched "Autonome," a platform designed to accelerate the development of "verifiable agent networks" and support the creation, deployment, discovery, and distribution of autonomous AI agents. Autonome is released in the form of a no-code platform. The platform enables developers and decentralized applications to build and interact with autonomous "intelligent" agents. The project stated in a release: "These AI agents will be able to think, act, and make decisions independently and purposefully." The team noted that unlike traditional AI robots that can only follow strictly predefined instructions, Autonome agents are designed to exhibit true autonomy, reasoning capabilities, and adaptability based on "personal values, principles, and goals." The agents will not passively execute isolated tasks; they are intended to actively participate in decentralized ecosystems, make informed decisions, and collaborate, iterate, and trade seamlessly with other agents.
ARK Invest believes the Trump administration will reopen the IPO window for U.S. crypto companies
According to BeInCrypto, ARK Invest expressed optimism in its latest newsletter that Trump's return to the White House could allow digital asset companies like Circle and Kraken to go public and achieve regulatory clarity. ARK Invest wrote: "Possibilities include reopening the initial public offering (IPO) window for digital asset companies like Circle and Kraken." The firm pointed out that potential legislative reforms, such as the Financial Innovation and Technology Act (FIT21), could clarify regulatory provisions for stablecoins and digital assets. Furthermore, the asset management company expects that SEC Chairman Gary Gensler's "enforcement-centric" approach will come to an end, potentially creating a more competitive environment for cryptocurrency companies.
Binance Futures to launch HIPPO and 1000X 1-75x USDT perpetual contracts
Binance Futures will launch HIPPOUSDT and 1000XUSDT perpetual contracts on November 13, 2024, at 20:30 (UTC+8), with a maximum leverage of up to 75x.
Financing News
According to CoinDesk, crypto anti-money laundering (AML) startup Notabene has completed a $14.5 million Series B funding round, led by DRW Venture Capital, with participation from Apollo, Nextblock, ParaFi Capital, and Wintermute. Notabene aims to help cryptocurrency trading companies comply with AML regulations and provide a SWIFT-like crypto transaction information network for virtual asset service providers (VASPs), with 165 companies including Copper, OKX, and Ramp already using its platform. As Europe incorporates updated Transfer of Funds Regulations (TFR) into crypto trading, Notabene CEO Pelle Braendgaard expects a significant increase in platform transaction volume, currently averaging about $2 billion daily. He noted that compliance requirements in Europe will push the global crypto industry into a stricter regulatory framework. Braendgaard predicts that under a future Trump administration, the U.S. may follow Europe's TFR and MiCA policies to attract crypto trading back to the U.S.
Key Data
Coinbase ranks first in the free finance app category in the U.S. Apple App Store
According to appfigures data, the Coinbase app ranks first in the free finance app category in the U.S. Apple App Store, surpassing Robinhood, CashApp, and PayPal.
cbBTC market cap surpasses $1 billion, equivalent to 9.3% of WBTC supply
Former 21.co strategy analyst Tom Wan stated on the X platform that cbBTC's market cap rapidly reached $1 billion within 57 days, with its net supply change on Ethereum outpacing that of Bitcoin liquid staking tokens (LSTs) including eBTC, solvBTC.BBN, and pumpBTC. The current supply of cbBTC has reached 9.3% of WBTC's supply.
According to CoinDesk, on Monday, Bitcoin's strong rise pushed the value of El Salvador's BTC holdings above $500 million, while the small nation of Bhutan's BTC holdings also exceeded $1 billion. Data from El Salvador's Bitcoin office shows that the country holds slightly less than 5,932 BTC. As of the time of writing, Bitcoin's price is $87,000, valued at approximately $516 million. According to Arkham Intelligence, Bhutan, with a population of only 800,000 (compared to El Salvador's 6.4 million), holds 12,574 BTC, worth $1.1 billion at current prices. In other words, the value of Bitcoin held by Bhutan accounts for over one-third of the country's GDP (slightly below $3 billion). El Salvador's $500 million in Bitcoin holdings only accounts for 1.5% of its GDP. In September, Arkham reported that Bhutan is likely to become the fourth-largest Bitcoin holder.
According to Bloomberg, venture capital funding in the cryptocurrency sector saw a significant decline in the third quarter, prior to the election excitement surrounding Trump's candidacy reviving industry sentiment. PitchBook data shows that cryptocurrency startups attracted $1.7 billion in investment during the three months ending September 30, a 31.3% decrease from the previous quarter. The number of deals completed fell by 25.3% to 392. PitchBook senior analyst Robert Le wrote in the report: "We believe this adjustment is a natural and necessary component of a healthy cryptocurrency market." Le attributed the decline in cryptocurrency venture capital deals to macroeconomic factors, including increased market volatility and concerns about a U.S. economic recession. As in the previous quarter, infrastructure projects like New Blockchain continued to attract venture capital interest in Q3. Le stated that he expects further consolidation among cryptocurrency exchanges, custodians, and infrastructure companies in the future.
USDT exchange daily net inflow exceeds $1.3 billion again
According to CryptoQuant data, the daily net inflow of USDT exchanges has exceeded $1.3 billion for the second time in just six days, setting a new record. This large-scale inflow of stablecoins brings significant purchasing power to the market, which may drive up demand for Bitcoin and other cryptocurrencies, especially when these funds are strategically deployed.
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