Today's News Highlights:
Trump nominates former government policy advisor Brooke Rollins for Secretary of Agriculture.
Wall Street bond trading giant Cantor will acquire approximately 5% ownership stake in Tether for $600 million.
Musk tweets about liking the "WOULD" meme, the token of the same name surpasses a market cap of $20 million.
The ZKasino project borrowed 8 million DAI last night to buy 2,301 ETH, bringing the total borrowed to 19.589 million DAI for 5,801 ETH.
Tether minted 5 billion USDT in the past three days, with a net minting amount reaching 13 billion since November 6.
Arthur Hayes: Bitcoin could reach $250,000 by the end of 2025, and Dogecoin could reach $1.
A certain whale has averaged down 15 times, investing $1.023 million, currently facing an unrealized loss of $290,000.
Regulatory News
According to the official website of the China Securities Regulatory Commission, the CSRC has released "Communication Guidelines for Blockchain General Infrastructure in Regional Equity Markets" and seven other financial industry standards. The guidelines specify communication protocols between the general financial infrastructure based on a "regulatory chain-local business chain" dual-layer architecture and existing systems in regional equity markets, clarifying the systems, main data objects, business scenarios, and operational instructions involved in six types of communication agreements, including user registration agreements, asset registration agreements, fund mapping agreements, asset mapping agreements, transfer management agreements, and settlement management agreements. The implementation of these standards is beneficial for fully leveraging the supporting role of the "regulatory chain-local business chain" dual-layer blockchain architecture for existing business systems and promoting the transformation and integration of these systems.
Trump nominates former government policy advisor Brooke Rollins for Secretary of Agriculture
According to Jinshi News, U.S. President-elect Trump has nominated former Trump administration policy advisor Brooke Rollins for Secretary of Agriculture. Trump stated in a press release that Brooke is committed to supporting American farmers, defending U.S. food self-sufficiency, and restoring agriculture-dependent small towns in America.
Project Updates
On-chain analyst Yu Jin monitored that the ZKasino project borrowed another 8 million DAI last night to purchase 2,301 ETH, bringing the total borrowed from Aave to 19.589 million DAI for 5,801 ETH, with an average price of $3,377.
Previous news indicated that ZKasino misappropriated funds intended for user refunds to leverage long positions on ETH on-chain.
Arthur Hayes: Bitcoin could reach $250,000 by the end of 2025, and Dogecoin could reach $1
In a recent podcast, Arthur Hayes predicted that Bitcoin would reach $100,000 by the end of this year and could reach $250,000 by the end of 2025, while Dogecoin could reach $1. He also advised first-time bull market participants to remain rational and take profits at appropriate times, warning that clinging to the mindset of "I can earn more" could ultimately lead to losing the wealth they already have.
The Wall Street Journal reported that sources revealed Wall Street financial services firm Cantor Fitzgerald has agreed to acquire a 5% stake in stablecoin issuer Tether in 2023, with the stake valued at up to $600 million at the time of the agreement. This could mean that Tether will gain more political support, as Cantor Fitzgerald's CEO Howard Lutnick was appointed as U.S. President-elect Donald Trump's Secretary of Commerce on November 19. Tether's largest shareholder Giancarlo Devasini has stated, "Lutnick will use his political influence to try to mitigate the threats facing Tether."
Previous news indicated that Cantor Fitzgerald plans to launch Bitcoin financing and lending services. Last December's news reported that Cantor Fitzgerald CEO Howard Lutnick praised stablecoin issuer Tether (USDT) in an interview with CNBC, describing himself as a "big fan" of Tether and mentioning that he holds Tether's treasury bonds. "They have a lot of treasury bonds, over $90 billion now, so I am a big fan of Tether," Lutnick added. Last February's news indicated that more than half of Tether's stablecoin reserves are managed by Cantor Fitzgerald.
Ethereum L2 network Movement: Parthenon testnet has concluded, accumulating 681 million transactions
The Ethereum L2 network Movement, based on the Move language, announced that the Parthenon testnet activities have concluded. The Movement testnet accumulated a total of 681 million transactions, with 15.8 million active addresses and 63 apps launched.
Previous news reported that the Ethereum L2 network Movement using the Move language officially launched its public testnet.
CryptoQuant CEO: Bitcoin market does not seem to have formed a bubble, BTC may rise to $141,000
CryptoQuant CEO Ki Young Ju stated on the X platform that the Bitcoin market does not seem to have formed a bubble. Compared to the cumulative on-chain capital inflow, the market cap has not significantly increased. Based on the current realized cap, it could rise to $141,000. The realized cap is steadily increasing every day.
The realized market cap measures the total capital inflow into the Bitcoin market. It is calculated by summing the value of all Bitcoins based on their last on-chain movement price. Historically, during bull markets, the market cap often exceeds the realized cap, peaking as retail investors join. In bear markets, the market cap typically falls below the realized cap.
Musk stated on the X platform that he likes the "WOULD" meme. Following this news, the token of the same name quickly surged past $0.025, with a market cap exceeding $20 million.
According to The Block, a spokesperson for Tether stated, "The relationship between Tether and Cantor Fitzgerald is entirely professional, based on managing reserves. Claims that Howard Lutnick's involvement in the transition team somehow implies influence over regulatory actions are completely unfounded."
Jupiter: The first Jupuary vote will begin on November 25, seeking a 70% approval rate
Jupiter announced on the X platform that the first Jupuary vote will take place on November 25, with the team seeking a 70% approval rate. If the requirement is not met, the team will quickly conduct a new vote until the necessary approval milestone is reached. Jupiter added that this is one of the most important votes in its history and one of the most interesting votes in DAO history.
Important Data
Two pizzas ordered in 2010 for 10,000 Bitcoins are now worth $978 million
According to Cointelegraph, programmer Laszlo Hanyecz ordered two pizzas from Papa John's in 2010 for 10,000 Bitcoins. At current market prices, the cost of these two pizzas exceeds $978 million.
According to Spot On Chain monitoring, Tether minted 3 billion USDT on the Ethereum and Tron networks 6 hours ago. In the past 3 days, Tether has minted 5 billion USDT and injected 2.83 billion USDT into the cryptocurrency market. Since November 6, its total net minting amount has reached 13 billion USDT.
A smart money that trades ETH in waves bought 366.5 WBTC 7 hours ago
On-chain analyst Yu Jin monitored that a smart money that has traded ETH in 17 rounds bought 366.5 WBTC 7 hours ago using 35.82 million USDT, with an average price of $97,751.
A whale built a position of $11.46 million in JTO, becoming its top asset by value
According to @ai_9684xtpa monitoring, the whale 5E2d6…BpkPq withdrew 3.22 million JTO from Binance 12 hours ago, with an average price of $3.66, making it the top asset by value in its holdings. JTO is the project token of Jito Network, an MEV infrastructure on the Solana network. Dune data panel shows that on November 11, Jito MEV's daily earnings reached 6,900 SOL (approximately $1.45 million); the explosive growth of the Solana ecosystem this year has also led to a 119% increase in JTO's price over the past year.
According to @ai_9684xtpa monitoring, the whale DZsGo…YjG2L entered the market at the peak of ai16z on November 19, buying more as the price fell. It has now averaged down 15 times, investing a total of $1.023 million; its average cost is $0.2044. Due to controversial remarks made by the founder of ai16z this morning, its unrealized loss has reached a maximum of $535,000, nearly halving its investment.
A whale lost $385,000 due to the collapse of the MATL token
According to Onchain Lens monitoring, a whale lost $385,000 due to the collapse of MATL. The token promoted by AI16Z, MATL, dropped by 94%, resulting in a significant loss of approximately $385,000.
Five days ago, the whale purchased 12.91 million MATL at a price of 1,650 SOL (worth $399,000).
Just 5 hours ago, this whale sold all of its MATL for only $14,000, receiving 743,000 MUSTARD tokens in return.
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