Today's News Highlights:
Coinbase jumps to the top of the App Store's free finance app rankings, with Robinhood and Crypto.com making the top ten.
Macroeconomic Outlook for Next Week: Investors will continue to focus on Trump's transition plan, while expectations for Fed rate cuts may remain frustrated.
DEXX sends a letter to hackers: If funds are returned within 24 hours, no responsibility will be assumed; otherwise, plans to cooperate with law enforcement will be initiated.
Slow Mist's Yu Xian: Currently collected 821 reports of DEXX users' stolen information, with total losses nearing $20 million.
A trader made over $1.6 million in profits from RIF and URO within 20 days, achieving a return rate of 1473 times.
MicroStrategy's $26 billion Bitcoin reserve surpasses the cash reserves of IBM and Nike.
This week's NFT trading volume reached $179.48 million, a week-on-week increase of 90.74%.
Regulation & Policy
The Republican Party completed a three-win streak in the White House and Congress this week, fueling the "Trump trade." However, strong U.S. economic and inflation data continue to reshape market expectations regarding the speed and extent of Fed rate cuts. This week, due to better-than-expected economic data such as U.S. retail sales, traders increased bets on the Fed pausing rate cuts in December, leading to a generally hawkish market reaction. U.S. stocks collectively fell sharply, with the S&P 500 index down 2.08% for the week, the Nasdaq down 3.15%, marking the largest weekly decline in over two months, and the Dow down 1.24%. As Trump's cabinet member list gradually emerges, Wall Street is experiencing varying degrees of tremors.
Thanks to the prospect of a more cautious Fed under Trump, the dollar index has risen for seven consecutive weeks, briefly surpassing the 107 mark. Next week's market focus includes speeches from central bank officials and important data such as U.S. initial jobless claims, with key points to watch including:
- Monday 12:45 PM: Bank of Japan Governor Kazuo Ueda speaks;
- Tuesday 6:00 PM: Eurozone October CPI year-on-year final value, Eurozone October CPI month-on-month preliminary value;
- Thursday 9:00 PM: U.S. initial jobless claims for the week ending November 16, U.S. November Philadelphia Fed Manufacturing Index;
- Friday 1:25 AM: 2025 FOMC voting member, Chicago Fed President Goolsbee participates in a Q&A session;
- Friday 7:30 AM: Japan's October core CPI year-on-year;
- Friday 4:30 PM: ECB President Lagarde speaks at the European Banking Conference;
- Friday 10:45 PM: U.S. November S&P Global Manufacturing PMI final value, U.S. November S&P Global Services PMI final value;
- Friday 11:00 PM: U.S. November one-year inflation expectations preliminary value, U.S. November University of Michigan Consumer Sentiment Index preliminary value.
Next week's economic calendar is again expected to be light. If data further confirms the resilience of the U.S. economy, gold prices may remain subdued against the backdrop of cooling Fed rate cut expectations. Additionally, after the rally driven by the U.S. elections stalls, U.S. stock investors will turn their attention to tech stocks and AI trading. Nvidia will report earnings next Wednesday, marking its first report since being included in the Dow. Investors will continue to monitor Trump's transition plan, including his choices for key cabinet positions, as some of his initial appointees have already led to weakness in sectors like pharmaceuticals and defense. On Thursday, Powell's statement that the Fed is not in a hurry to cut rates also contributed to the stock market decline, suggesting that monetary policy direction may again become a dominant factor in the market. The gains in U.S. stocks post-election have already been halved.
According to Wall Street News, Bill Hwang, the founder of Archegos, known as "the protagonist of the century's major liquidation," may face 21 years in prison. Prosecutors submitted a document to U.S. District Judge Alvin Hellerstein on Friday, stating that the 60-year-old Hwang should be sentenced to a lengthy prison term for leading one of the largest securities fraud schemes in history, resulting in billions of dollars in losses. Judge Hellerstein is set to sentence Hwang on November 20. Hwang was found guilty of fraud and other charges by a jury on July 10, with prosecutors accusing him of manipulating the market before Archegos' collapse in 2021. Of the 11 charges he faced, 10 resulted in convictions. Patrick Halligan, the former CFO of Archegos who was tried alongside him, was also convicted on three counts, including extortion and fraud.
Public records show that Bill Hwang is Korean and previously worked as a stock analyst at the Tiger Fund founded by Julian Robertson. In 2021, Archegos collapsed due to adverse market conditions while using a large amount of highly leveraged derivatives to avoid reporting obligations. This incident caused a significant stir on Wall Street and prompted regulatory scrutiny across three continents, leading to global bank losses estimated at $10 billion, including $5.5 billion for Credit Suisse (now UBS Group) and $2.9 billion for Nomura Holdings, resulting in over $100 billion in shareholder losses. The event has been dubbed "the largest single-day loss in history" and "the century's major liquidation."
Project Updates
DEXX announced the progress of the attack incident on platform X:
- The team has communicated with law enforcement in multiple locations;
- Hopes to communicate with the hackers;
- The Slow Mist team has already joined to investigate all user losses and the flow of funds from the hackers;
- Discussing follow-up solutions for users.
Santiment stated on platform X that XRP has now broken a three-year high, reaching $1.2679 on Binance for the first time since November 11, 2021. This rebound is attributed to major whale wallets holding between 1 million and 100 million tokens. In the past week alone, this group has accumulated a total of 453.3 million tokens (worth $526.3 million). Meanwhile, the tokens they accumulated mainly came from retail traders attempting to sell tokens during a slight increase in XRP. Last week, wallets holding less than 1 million XRP sold a total of 75.7 million tokens (worth $87.9 million). Historically, when cryptocurrency traders increase their holdings and confidence, market capitalization tends to show positive growth, while retail FUD further drives this growth. This is precisely the scenario presented by XRP.
Jupiter Co-founder Meow: LFG will resume in February next year
Jupiter co-founder Meow stated on platform X that LFG will resume after Catstanbul in February next year.
DEXX issued a letter to hackers on platform X, stating that they have received strong support from security agencies, partners, and exchanges to locate the stolen tokens, and are continuously monitoring the hackers' addresses to freeze the stolen funds in a timely manner. They now request a resolution to this incident within the next 24 hours, or they will take further action.
DEXX stated that they require the hackers to contact them via email to return the stolen funds, and they will offer a bounty for vulnerabilities and token gifts. Once the funds are returned, all information regarding the hackers currently held will be immediately destroyed, and all subsequent tracking and analysis will cease, with the hackers no longer bearing responsibility. However, if the hackers do not comply with this agreement, DEXX will continue to cooperate with local police, security agencies, and exchanges to investigate and take law enforcement actions to protect user assets, regardless of how long it takes.
Slow Mist founder Yu Xian stated on platform X that as of now, 821 reports of DEXX users' stolen information have been analyzed, with total losses nearing $20 million, including one individual over $1 million, two individuals in the $500,000 to $1 million range, and 28 individuals in the $100,000 to $500,000 range.
DEXX Founder: Not missing, the team will synchronize some information and plans soon
DEXX founder Roy responded to concerns about being missing on platform X, stating: "Due to special reasons, we cannot synchronize our current situation. Please give us some more time to handle this satisfactorily. The team will synchronize some information and plans in the next few days; it's not a matter of being missing. We are overwhelmed with information and need to focus on resolving issues. The versions circulating online are absurd, and I really don't want to respond or look at them; I've only been focused on solving problems for over a day."
According to Onchain Lens monitoring, Pump.fun's total revenue has exceeded $200 million. Over 56% of tokens on Solana originate from Pump.fun. In the past 24 hours, 35,570 tokens have been issued, with 642 entering DEX. A total of 3,377,402 tokens have been issued on Pump.fun.
Important Data
This week's NFT trading volume reached $179.48 million, a week-on-week increase of 90.74%
According to News.bitcoin, this week the total NFT trading volume reached $179.48 million, an increase of 90.74% compared to the previous week. Ethereum NFTs lead among 21 blockchains, with a trading volume of $67.72 million over seven days, up 126.79% from last week. Bitcoin NFTs rank second with a trading volume of $59.96 million, reflecting a growth of 129.22%. Solana-based digital collectibles come in third, with a trading volume of $24.39 million, up 91.85% from the previous week. The Blast blockchain saw a growth of 256.30% in the past week, but its total trading volume was only $718,850.
According to Decrypt, Coinbase's ranking in the free finance category of the Apple iOS App Store surged from 26th on election day to 1st. This rise in ranking coincides with a significant increase in trading volume for the exchange, which exceeded $12 billion on November 12, setting a record for the highest trading volume this year, according to CoinGecko. Robinhood and Crypto.com followed closely behind Coinbase, rising into the top 10 of the same category.
MicroStrategy's $26 billion Bitcoin reserve surpasses the cash reserves of IBM, Nike
According to Bloomberg data, MicroStrategy's Bitcoin reserves are approximately $26 billion, surpassing the cash and securities of global market leaders such as IBM, Nike, and Johnson & Johnson, only behind Apple and Alphabet. MicroStrategy plans to raise $42 billion over the next three years to invest in Bitcoin.
According to Lookonchain monitoring, a trader's wallet grew from $1,100 to $1.62 million in just 20 days, achieving a return rate of 1473 times. Twenty days ago, the trader spent 4.35 SOL ($768) to buy 16.44 million URO and exchanged all Meme coins for URO. He currently holds 16.78 million URO, valued at $572,000, with a cost of only $800. Sixteen days ago, he also spent 1.8 SOL ($300) to buy 11.84 million RIF and sold 1 million RIF for 94,335 USDC after RIF surpassed a $100 million market cap today, leaving him with 10.84 million RIF (worth $957,000). He made a profit of $1.05 million on RIF (3,503 times) and $571,000 on URO (714 times).
A trader lost by selling 59 million FARTCOIN, missing out on over $18.4 million in profits
According to Onchain Lens monitoring, as FARTCOIN reached its all-time high, a trader had bought 59 million FARTCOIN for 19.8 SOL ($3,000) but sold it for only 7.16 SOL ($1,100), incurring a loss of $1,900. However, these FARTCOIN are now worth over $18.42 million.
Polygon team-associated address transferred 50 million POL, all moved to Binance in the past 2 hours
According to on-chain analyst Yu Jin, a multi-signature address associated with the Polygon team distributed 50 million POL to six addresses 32 hours ago. All 50 million POL ($21.45 million) have entered Binance through these six addresses in the past 2 hours.
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