Today's News Highlights:
Trump Team Considers Establishing the First Cryptocurrency Position in the White House
Sun Yuchen Acquires Cattelan's Iconic Work "Comedian" for $6.2 Million
NVIDIA Reports Q3 Earnings: Revenue Reaches $35.1 Billion, Net Profit at $19.31 Billion
Sui Blockchain Suspected of Downtime, No Blocks Produced for 1 Hour
Data: Total Assets of Bitcoin ETFs for Direct Investment in the U.S. Exceed $100 Billion
BTC Surpasses $97,000, Setting a New Historical High
Regulatory News
FTX Co-Founder Gary Wang Sentenced to No Jail Time by U.S. Judge
According to Tree News citing Reuters, Gary Wang, the former deputy of Sam Bankman-Fried (SBF), was sentenced to no jail time by a U.S. judge for his role in the FTX crypto fraud case.
Trump Team Considers Establishing the First Cryptocurrency Position in the White House
According to Bloomberg, the team of U.S. President-elect Donald Trump is discussing with the digital asset industry the possibility of establishing a White House position specifically responsible for cryptocurrency policy. Sources indicate that this would be the first White House position focused on cryptocurrency, and candidate selection is currently underway. It is uncertain whether this position will be a senior role or be referred to as the "Crypto Czar," but industry advocates hope that the role will report directly to Trump. Additionally, Trump had promised during his campaign to fire current SEC Chairman Gary Gensler, ease regulations on the crypto industry, and establish a presidential crypto advisory committee. Competition for candidates for this committee is currently intense.
Reportedly, former Coinbase and Binance.US executive Brian Brooks met with Trump this week along with Coinbase CEO Brian Armstrong to discuss related matters. This position may serve as a liaison between Congress, the White House, and federal agencies such as the SEC and CFTC. More personnel discussions are taking place at Trump's private club, Mar-a-Lago.
South Korean Financial Regulator Rejects Approval for ETFs Investing in Crypto Companies
According to South Korean Economic TV, the financial regulator in South Korea has not only prohibited the issuance of cryptocurrency ETFs for spot and futures products but has also rejected funds investing in crypto companies, including exchanges. A head of an asset management company stated that their proposal to establish a fund investing in crypto companies was rejected by the Financial Supervisory Service (FSS).
He mentioned that his company is preparing to launch an ETF focused on the U.S. crypto exchange Coinbase and similar companies, but is still waiting for local regulatory approval. Meanwhile, an FSS official acknowledged the growing demand for Bitcoin investment but stated that unless there is a change in current government policy, regulations will not be eased.
According to Yonhap News, South Korean police have officially confirmed for the first time that the 342,000 Ethereum stolen from the South Korean cryptocurrency exchange Upbit in 2019 (valued at 58 billion won at the time, now worth about 1.47 trillion won) was carried out by a North Korean hacker organization.
Police pointed out that the "Lazarus" and "Andariel" hacker groups under North Korea's Reconnaissance General Bureau were involved in the attack. This conclusion was based on North Korean IP addresses, the flow of crypto assets, traces of North Korean vocabulary usage, and data obtained from investigations in cooperation with the FBI.
57% of the stolen Ethereum was exchanged for Bitcoin at a price 2.5% below market value through three suspected money laundering platforms set up by North Korea, while the remaining assets were dispersed and laundered through 51 overseas exchanges. Police discovered that some of the stolen Bitcoin was stored in a Swiss exchange in 2020, and after four years of effort, successfully recovered 4.8 Bitcoin (approximately 600 million won) in October this year and returned it to Upbit.
Judge Approves Celsius to Deliver Legal Documents via NFT Airdrop
A bankruptcy judge in the Southern District of New York approved a motion by Celsius allowing legal documents to be delivered via NFT airdrops to the digital asset wallets of anonymous defendants. Celsius proposed this alternative method of delivering legal documents because it could not identify the wallet owners related to fraudulent transfers in its bankruptcy litigation. The airdropped NFTs contain hyperlinks to the relevant legal documents, and FTI Consulting will be responsible for confirming the receipt of the NFTs on-chain and the time they were opened, while also monitoring traffic to the access links.
Project Updates
Phantom Ranks in the Top Five Free Apps in the U.S. App Store, First in Tools Category
The Solana ecosystem crypto wallet Phantom ranks fifth in the U.S. App Store's free app chart. It ranks first in the tools category.
Bitwise Applies to Register Solana-Related ETF in Delaware, USA
Bitwise has submitted documents to the Delaware Secretary of State to apply for registration of its first Solana-related ETF.
Coinbase to List FLOKI Based on Ethereum Network
According to an official announcement from Coinbase, Coinbase will list FLOKI (FLOKI), which is based on the Ethereum network (ERC-20 standard). Trading will begin at 1:00 AM Beijing time on November 22 (9:00 AM PT on November 21) or later.
According to an announcement on MicroStrategy's official website, MicroStrategy has priced its $2.6 billion total principal of zero-coupon convertible senior notes maturing in 2029, which is an increase from the previously announced $1.75 billion total principal notes offering. This issuance is expected to be completed by November 21, 2024, subject to customary closing conditions.
The initial conversion rate for the notes is 1.4872 shares of MicroStrategy Class A common stock for every $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $672.40 per share. The initial conversion price represents a premium of about 55% over the volume-weighted average price of MicroStrategy Class A common stock during the period from 1:30 PM to 4:00 PM Eastern Standard Time on November 19, 2024 (which was $433.7997). The conversion rate will be adjusted based on the occurrence of certain events.
MicroStrategy estimates that the net proceeds from the sale of these notes will be approximately $2.58 billion (or approximately $2.97 billion if the initial purchasers fully exercise their option to purchase additional notes) after deducting discounts and commissions payable to the initial purchasers and estimated issuance expenses payable by MicroStrategy. MicroStrategy intends to use the net proceeds from this offering to purchase more Bitcoin and for general corporate purposes.
DWF Labs Launches $20 Million "Meme Fund" to Support Innovative Meme Coin Projects
According to Finance Feeds, DWF Labs has announced the launch of a $20 million "Meme Fund" to support innovative meme coin projects across multiple blockchains. The "Meme Fund" is now accepting proposals from meme coin projects seeking investment and guidance.
DCG Establishes New Subsidiary Yuma to Support and Promote the Development of the Bittensor Network
Digital Currency Group (DCG) has announced the establishment of a new subsidiary, Yuma, aimed at supporting and promoting the development of the Bittensor network. DCG founder and CEO Barry Silbert will also serve as CEO of Yuma, further advancing DCG's integration of cryptocurrency and artificial intelligence. Yuma will provide capital, infrastructure, and technical support to startups and large enterprises, helping them develop and deploy innovative projects on the Bittensor network.
Sun Yuchen Acquires Cattelan's Iconic Work "Comedian" for $6.2 Million
Tron founder Sun Yuchen announced that he successfully acquired Maurizio Cattelan's iconic work "Comedian" for $6.2 million. Sun stated that this piece is a cultural phenomenon connecting art, internet culture, and the crypto community, and he believes it will inspire more discussions and become part of history. He also plans to personally eat the banana in the coming days as part of a unique artistic experience, paying tribute to its significant position in art history and popular culture.
NVIDIA Reports Q3 Earnings: Revenue Reaches $35.1 Billion, Net Profit at $19.31 Billion
NVIDIA (NVDA.O) released its Q3 earnings report for fiscal year 2025, with revenue reaching $35.1 billion, a 94% year-over-year increase, surpassing market expectations of $33 billion; net profit was $19.31 billion, far exceeding the expected $16.93 billion. Additionally, Q3 gaming revenue was $3.3 billion, and data center revenue was $30.8 billion, a 112% year-over-year increase.
NVIDIA expects Q4 revenue to be $37.5 billion, slightly above market expectations, but some investors' expectations were not met, leading to a 5% drop in after-hours trading following the earnings report. CEO Jensen Huang stated that artificial intelligence is driving global computing demand growth, and production of the Blackwell system is accelerating, with Q4 deliveries expected to exceed expectations. The company anticipates gross margins will exceed 70% by 2025. However, some analysts believe there is uncertainty in its revenue outlook, especially if Blackwell demand exceeds supply.
21Shares Enhances Its Ethereum ETP by Introducing Staking Features, Trading Code Changed to "ETHC"
According to Beincrypto, asset management company 21Shares has announced significant improvements to its Ethereum Core ETP, now incorporating staking features. With this upgrade, the product has been renamed Ethereum Core Staking ETP to better reflect its expanded functionality. The revised product's trading code is ETHC and can be traded on major European exchanges, including the Swiss Stock Exchange, Deutsche Börse Xetra, and Euronext Amsterdam.
The company stated that this move aims to make it easier for institutional and retail investors across Europe to access Ethereum staking. It offers a novel way to earn returns from Ethereum's staking mechanism while maintaining a low-cost structure. The Ethereum Core Staking ETP is backed by physical Ethereum and has a management fee of 0.21%.
Stripe Launches B2B Payment Feature via Stablecoins
U.S. payment giant Stripe's CEO Patrick Collison announced on the X platform that Stripe has launched a feature for B2B payments via stablecoins. A company employee, @BackseatVC, explained that users can now create and send invoices payable in available stablecoins on Stripe; one of the strongest feature requests when Stripe launched the "Pay with Crypto" feature last month was to improve the B2B payment experience; with the support of the invoicing feature, this demand has now been met.
Previously, Stripe launched the "Pay with Crypto" feature in the U.S., supporting stablecoins including USDC and USDP.
Binance Futures to Launch SLERF and SCRT 1-75x USDT Perpetual Contracts
According to an official announcement, Binance's futures platform will launch SLERFUSDT and SCRTUSDT perpetual contracts on November 21, 2024, at 19:30 (UTC+8), with a maximum leverage of 75x.
Sui Blockchain Suspected of Downtime, No Blocks Produced for 1 Hour
Suiscan data indicates that the Sui blockchain is suspected of downtime, having not produced any blocks for 1 hour.
Financing News
According to a press release, the crypto entertainment platform Monkey Tilt announced the completion of a $30 million Series A financing round, which concluded this summer, led by Pantera Capital, with participation from Polychain Capital, PokerGo, Hack VC, Dream Ventures, Accomplice, Mirana, and Josh Hannah. This latest financing brings the total funding to over $50 million.
Monkey Tilt is set to launch in early 2024, integrating prediction games, sports, poker, and cryptocurrency on one platform. Monkey Tilt plans to introduce a new gamified cryptocurrency trading product in the first quarter of next year.
According to Sifted, documents submitted to the UK Companies House this month reveal that the crypto wallet Deblock, founded by former Revolut and Ledger executives, has completed an additional £13.3 million (approximately $16.8 million) in seed round financing. Another document from October shows that Headline, Hoxton, 20VC, and Chalfen were the main investors in this round. Sifted previously reported that this startup quietly raised €12 million last year. Founded in August 2022 by former Revolut cryptocurrency head Jean Meyer, payment head Aaron Beck, and former Ledger engineering head Mario Eguiliuz, the startup later recruited Adriana Restrepo, former COO of Revolut's European banking business, as its fourth founder. Deblock CEO Jean Meyer declined to comment on this round of financing. According to its website, the Deblock app is currently only available in France, where it is regulated as an electronic money institution and digital asset service provider.
Important Data
Data: Hong Kong Virtual Asset ETFs Today Recorded a Trading Volume of Approximately HKD 221 Million
MicroStrategy's Bitcoin Holdings Currently Have an Unrealized Gain of Over $14.7 Billion
A Trader Missed Out on $10 Million by Selling CHILLGUY Tokens Too Early
A trader purchased 33.95 million $CHILLGUY tokens for 1 SOL (approximately $205), which are now worth over $10 million. However, the trader sold all the tokens when the price rose to 1.6 SOL (approximately $349), missing out on subsequent massive gains.
Data: Total Assets of Bitcoin ETFs for Direct Investment in the U.S. Exceed $100 Billion
According to Jin10, total assets of Bitcoin ETFs for direct investment in the U.S. have exceeded $100 billion, following Bitcoin's record high of $97,000, aiming for the $100,000 mark. Twelve Bitcoin ETFs, including those from BlackRock and Fidelity Investments, reached this milestone within 10 months of their debut in January, becoming one of the most successful fund categories ever launched. Institutional data shows that as Bitcoin reached record highs, Bitcoin ETFs recorded a net inflow of $773 million on Wednesday.
ETH/BTC Price Ratio Falls to 0.032, Lowest Level Since March 2021
According to The Block, the ETH/BTC price ratio has fallen to 0.032, the lowest level since March 2021.
Total Market Cap of Stablecoins Exceeds $190 Billion, with USDT Accounting for Approximately 68.5%
According to CoinGecko, the total market capitalization of stablecoins has surpassed $190 billion, reaching $190.9 billion. Among them, Tether (USDT) has a market cap of $130.7 billion, accounting for approximately 68.5%. USDC has a market cap of $38 billion, followed by USDS at about $5.2 billion, Ethena USDe at approximately $3.586 billion, and Dai at around $3.4 billion.
MicroStrategy Surged 10.05% Yesterday, Trading Volume Second Only to NVIDIA
Tradingview data shows that NVIDIA (NVDA) had a trading volume multiplied by price (transaction volume) of $45.2 billion yesterday (U.S. time), slightly down 0.76%; MicroStrategy (MSTR) had a trading volume multiplied by price (transaction volume) of $33.27 billion, surging 10.05%.
BTC Breaks $97,000, Setting a New Historical High
PANews reported on November 21 that according to OKX market data, BTC broke through $97,000 at noon, reaching as high as $97,850, setting a new historical high. As of 18:32, the price of Bitcoin is reported at $97,560, with a daily increase of 3.01%.
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