Today's News Highlights:
South Korea's top regulatory agency rejects discussions on establishing a national Bitcoin reserve
Lutnick's company is in talks with Tether to launch a $2 billion Bitcoin loan project
Hong Kong's ZA Bank launches virtual currency trading services on its App today
Axie Infinity developer Sky Mavis announces a 21% layoff, affecting about 50 employees
Binance will launch 1000WHY and 1000CHEEMS USDT perpetual contracts
Solana network's monthly DEX trading volume surpasses $100 billion for the first time
Data: Tether has minted over 15 billion USDT so far in November
Regulatory News
South Korea's top regulatory agency rejects discussions on establishing a national Bitcoin reserve
According to Cryptonews, the head of South Korea's top financial regulatory agency has "temporarily" rejected the idea of establishing a national Bitcoin reserve. Kim Byung-hwan, chairman of the Financial Services Commission (FSC), made the remarks during a television interview on November 24. Kim stated that there is "no need" for Seoul to "stockpile cryptocurrencies" as promised by U.S. President-elect Donald Trump, and that South Korea will wait for other countries to respond to Trump's cryptocurrency adoption plan before taking action; our top priority is to study how to better protect domestic cryptocurrency investors; the FSC does not believe that BTC and other currencies can benefit the national economy; the regulatory agency will "investigate" this wave of "cryptocurrency frenzy," focusing on and "closely monitoring" behaviors suspected of "unfair trading."
Project Updates
According to Bloomberg, Howard Lutnick, nominated by U.S. President-elect Donald Trump as Secretary of Commerce, is exploring ways to strengthen financial ties with Tether, the world's largest stablecoin operator, planning to launch a $2 billion project to offer dollar loans to customers using Bitcoin as collateral. The report cites insiders saying that Lutnick's financial services company, Cantor Fitzgerald, is discussing obtaining support from Tether to help fund the project, which could amount to several billion dollars. It is reported that Tether uses Cantor's holdings of U.S. Treasury bonds worth billions of dollars to support the value of its stablecoin, a relationship that helps Lutnick's company earn tens of millions of dollars annually.
Hong Kong's ZA Bank launches virtual currency trading services on its App today
According to Ming Pao, digital bank ZA Bank has announced that it is the first bank in Asia to offer cryptocurrency trading services to retail users, starting today, allowing the buying and selling of Bitcoin and Ethereum in Hong Kong dollars and U.S. dollars through its App. After opening an investment account with ZA Bank, Hong Kong residents need to complete processes such as risk assessment to trade the two cryptocurrencies in the application, with entry fees of $70 or 600 HKD, and a transaction commission of $1.99 or 15 HKD, with a platform fee of 1.5% of the transaction amount (with a minimum fee of $1.99 or 15 HKD per transaction). The bank will waive commissions until the end of June next year, and the platform fee will be reduced to 0.8% of the transaction amount.
Axie Infinity developer Sky Mavis announces a 21% layoff, affecting about 50 employees
According to Techinasia, Axie Infinity developer Sky Mavis has announced a 21% layoff. With a global team of about 250 people, this decision will affect about 50 employees. Co-founder Nguyen Thanh Trung stated that financial constraints were not the reason for this decision, as it is part of a refocus on core products and long-term strategy. Affected employees will receive severance pay and employment placement support.
Starknet: The integration phase of the first phase of STRK staking has now begun
According to a post by Starknet on the X platform, the integration phase of the first phase of STRK staking has now begun, with Starknet deploying the system on the Starknet mainnet, expected to be completed within a few hours. Starting tomorrow, validators can begin integrating with the staking contract. For users (delegators), a little more patience is needed; the UI and dApp for delegation will be ready by Tuesday, November 26.
Michael Saylor: MicroStrategy's Bitcoin earnings reached $5.4 billion in the past two weeks
According to Cointelegraph's repost of an interview with MicroStrategy founder Michael Saylor on the X platform, he stated that MicroStrategy's Bitcoin earnings reached $5.4 billion in the past two weeks, with daily earnings of about $500 million.
Later news, Michael Saylor hints again that he may continue to increase his BTC holdings.
Andrew Kang, a partner at Mechanism Capital, posted on the X platform early in the morning, stating: "The current decentralized science (DeSci) field feels like the DeFi era in early 2019. Although everything is still in its early stages and highly experimental, those involved can feel its immense potential. Current projects may not follow the same model or products in the future, as they are being developed through iteration. Back then, Maker, Synthetix, and Aave were also some clunky small-cap projects in 2019, and now they have developed into large protocols. Here are some of the projects I find most interesting: BIO Protocol, Pump Science, GLP1." Additionally, Andrew Kang added that he has participated in the latest round of investment in BIO Protocol.
Meme ecosystem KOL Murad posted on the X platform stating that investing in memes is essentially investing in "people," and the key is to find meme communities with the following characteristics: - People who work hard every day - More than 6 months old - Have withstood multiple downturns - Increasing number of holders each month - Target amount exceeding $20 billion - Large distribution + diamond hands.
ai16z: DAO partners have decided that ai16z and AI Combinator will completely separate
ai16z announced on the X platform that DAO partners have decided to pause all distracting AI trader shipping matters to focus 100% of their energy on $ai16z and $degenai. ai16z and AI Combinator will completely separate, wishing Ryze Labs the best progress in accelerating the AI agent field. ai16z also stated that its technology is open-source, available for free use by anyone, and will always be so.
According to Yahoo Finance, Sean Farrell, head of digital asset strategy at Fundstrat, stated in the latest client report that "friends and family" have started asking about cryptocurrencies again. From quantifiable market indicators, the current situation does not exhibit the bubble seen during the March rebound or the cyclical peak at the end of 2021. For instance, the current kimchi premium indicator data in the South Korean market is about 0%, indicating a lack of excessive excitement among South Korean traders. Typically, when the market peaks, the kimchi premium soars above 10%. The recent rise over the past week should not be viewed as mere speculative exuberance; Bitcoin may still have room to rise.
Ki Young Ju, founder and CEO of CryptoQuant, posted on the X platform stating, "The U.S. stock MicroStrategy (MSTR) Bitcoin holding premium has returned to the levels seen during the 2021 bull market. Data shows that the MSTR premium peaked in mid-2021 but never fell below zero during the last bear market. In contrast, GBTC dropped to a -48% discount during the bear market, ultimately triggering a crisis as leverage was unwound. Michael Saylor knows how to handle leverage; during the 2022 bear market, he maintained MicroStrategy's stability and effectively managed the market risks of BTC." Additionally, Ki Young Ju mentioned, "The 2021 bull market was dominated by cryptocurrency newcomers, while 2024 will be the domain of traditional finance and cryptocurrency veterans. This is a different game, and the likelihood of absurd events occurring is much lower."
Ethereum co-founder Vitalik Buterin stated in an interview with Tencent News' "Perspective" that OpenAI has now become CloseAI. Today, another issue has arisen: first, they sacrificed their open-source for safety; then this year, they sacrificed their safety for profit. Last year, there was a conflict between the company and the board, and it seems that Sam Altman (CEO of OpenAI) won after the conflict. Recently, they announced that they would transition from a non-profit to a for-profit company, reducing the power of the board—one could say to the level of advisors. This worries me. It reminds me of a saying from one of America's founding fathers: you cannot sacrifice freedom for safety; if you do, you will find that you have neither safety nor freedom. Looking at OpenAI's actions, it seems that such a thing has happened. Furthermore, regarding the crypto field, Vitalik noted a problem in the past five years: everyone's dreams and hopes are high, but the technology cannot fulfill most of those dreams. Regarding how crypto can save the world, the first possibility is Crypto + Decentralized AI; the second possibility is Crypto + a technology that can replace AI. To some extent, the boom in artificial intelligence over the past two years may cool down crypto. I have a concern: if particularly wise people do not engage in crypto, those who remain in the crypto field may not have any interesting ideas, and the only applications will be financial applications that have been done for many years. This would lead to a situation—issuing a token, creating an exchange; issuing another token, creating another exchange; issuing yet another token with a cute dog on it—these things are fun, but if they are the only things our industry does, then the industry is a failure. The challenge our industry faces is to create applications that are both meaningful and have a lot of user participation. However, this year, the power of crypto has increased significantly, and many developers are starting to want to create applications that are both meaningful and have a lot of user participation. If the crypto field continues to succeed, many people will still choose to participate in crypto.
Later news, Vitalik stated that the crypto industry needs applications focused on specific functions, such as anoncast.
Binance will launch monthly options for BNBUSDT and SOLUSDT
According to an official announcement, Binance options will launch monthly options for BNBUSDT and SOLUSDT on November 26, 2024, at 16:00 (UTC+8).
Zircuit's ZRC token has now lifted trading restrictions
Layer2 project Zircuit announced that its token ZRC will be available for trading today at 18:00 (UTC+8). According to the tokenomics, the total supply of ZRC is 10 billion, with 21% allocated for community rewards, including 7% for the first quarter airdrop, 3% for the second quarter airdrop, and 2.45% for other activities. The token distribution for the team and investors has a 12-month lock-up period, followed by a linear release over 24 months. The first unlockable proportion is 21.95%, which includes 10% for the first and second quarter airdrops, with the remaining portion covering community, ecological development, and foundation uses.
Binance will launch 1000WHY and 1000CHEEMS USDT perpetual contracts
The Binance contract platform will launch perpetual contracts at the following times, with a maximum leverage of up to 75 times. On November 25, 2024, at 19:30 (UTC+8): 1000WHYUSDT perpetual contract; on November 25, 2024, at 19:45 (UTC+8): 1000CHEEMSUSDT perpetual contract.
After Binance announced the launch of 1000WHY and 1000CHEEMS USDT perpetual contracts, both WHY and Cheems plummeted over 30%.
Financing News
According to Bloomberg, sources revealed that Singapore's Gulf Bank (SGB), supported by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Hutchison Whampoa Group, is seeking to raise at least $50 million in a funding round and plans to acquire a stablecoin payment company next year. The bank obtained a license in Bahrain in February this year and is currently in discussions with a Middle Eastern sovereign wealth fund and other investors, planning to sell less than 10% of its equity by early 2025. The funds raised will primarily be used to accelerate product development, enhance the bank's payment network, and hire more staff. The bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter.
Important Data
Data: Tether has minted over 15 billion USDT so far in November
According to data disclosed by Cointelegraph on the X platform, Tether, the stablecoin issuer, has minted over 15 billion USDT so far in November 2024.
ETH whale donates 70 ETH to Ethereum Meme issuance platform jump.fun
On-chain data shows that a whale holding over 2,500 ETH has donated 70 ETH to the Ethereum Meme issuance platform jump.fun; as of now, the total donation amount for jump.fun has exceeded 738 ETH. jump.fun is a meme issuance platform based on Ethereum, aiming to inject new solutions into the ETH Meme ecosystem through one-click token issuance and an initial 6 ETH liquidity loan.
Spot Bitcoin ETF is expected to surpass Satoshi Nakamoto's BTC holdings by the end of the year
According to Beincrypto, crypto analyst HODL15Capital stated that Bitcoin ETFs currently hold about 1.081 million Bitcoins, slightly below Satoshi Nakamoto's estimated 1.1 million. Additionally, Bloomberg senior analyst Eric Balchunas stated that the spot Bitcoin ETF has completed 98% of the pace to catch up with Satoshi Nakamoto. He predicts that if the current inflow rate continues, this goal could be achieved by Thanksgiving. Furthermore, Bitcoin ETFs are also narrowing the gap with gold ETFs, which currently manage assets worth $120 billion. Balchunas stated that Bitcoin ETFs manage assets worth $107 billion and may surpass gold ETFs by Christmas.
10x Research noted in its market analysis that the South Korean exchange Upbit holds 80% of the local market share, with trading volumes of $14 billion on both Saturday and Sunday, a 48% increase compared to its 7-day moving average, which typically includes higher trading volumes on weekdays. In comparison, the total trading volume for all South Korean stocks was $14 billion. This is different from the speculative frenzy observed in March when the daily retail trading volume in South Korea reached $16.2 billion, while the current market is experiencing several days of abnormally high trading volumes.
Musk's net worth reaches a historic high of $348 billion
According to Financial界, Tesla CEO Elon Musk's net worth reached a record $347.8 billion on Friday, driven by the continuous rise in Tesla's stock price and the valuation of his AI startup xAI, which has soared to $50 billion in a new funding round. Since Trump's re-election as U.S. president, Musk has entered the core political circle, basking in what he calls the "best buddy" aura, with the valuations of many of his companies skyrocketing. Tesla's stock rose 3.8% on Friday, reflecting the market's continued optimism that Trump's team’s plans for autonomous driving and electric vehicle subsidies will give the company an edge over its peers. Since November 4, the day before the election, Tesla's stock has risen 45%, expanding the company's market value by about $350 billion. Meanwhile, xAI's valuation has more than doubled since its funding in May, with Trump's victory sparking greater investor interest. On Wednesday, Trump also watched a SpaceX launch with Musk. Insiders revealed that the company is in preliminary discussions for a directed share issuance, with a valuation expected to rise to about $255 billion. As the world's richest person, Musk's wealth has surged by 35% since the day before the election.
According to SoSoValue data, the Bitcoin spot ETF recorded a net inflow of $3.38 billion last week (trading days from November 18 to November 2, Eastern Time). Among them, Grayscale's ETF GBTC saw a net outflow of $52.85 million, with a historical net outflow of $20.33 billion. The Bitcoin spot ETF with the highest net inflow last week was BlackRock's ETF IBIT, which had a weekly net inflow of $2.05 billion, bringing its historical total net inflow to $31.33 billion. Following that was Fidelity's ETF FBTC, with a weekly net inflow of $773 million, and its historical total net inflow now stands at $11.54 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $107.488 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 5.48%, and the historical cumulative net inflow has reached $30.843 billion.
CoinShares: Digital asset investment products saw a net inflow of $3.13 billion last week
According to CoinShares' latest weekly report, digital asset investment products recorded the largest weekly inflow last week, reaching $3.13 billion, bringing the total inflow for the year to date to a new high of $37 billion. Among them, Bitcoin-related products attracted $3 billion, while investment products that short Bitcoin also drew in $10 million. Since the Federal Reserve's first interest rate cut in September, the total inflow has reached $15.2 billion.
Solana outperformed Ethereum, with an inflow of $16 million last week, while Ethereum only recorded $2.8 million. However, looking at the year-to-date data, Solana still significantly lags behind Ethereum. Among other altcoins, XRP, Litecoin, and Chainlink recorded inflows of $15 million, $4.1 million, and $1.3 million, respectively.
The U.S. market dominated the inflows, totaling $3.2 billion, while Germany, Sweden, and Switzerland saw outflows of $40 million, $84 million, and $17 million, respectively, due to profit-taking at highs. The Australian, Canadian, and Hong Kong markets saw inflows of $9 million, $31 million, and $30 million, respectively. Multi-asset investment products experienced outflows for the second consecutive week, totaling $10.5 million.
Solana network's monthly DEX trading volume surpasses $100 billion for the first time
According to The Block, the Solana network's decentralized exchange (DEX) trading volume surpassed $100 billion for the first time in November, reaching $109.8 billion. This figure is nearly double the monthly DEX trading volume on the Ethereum mainnet ($55 billion), representing over a 100% increase compared to October's $52.5 billion. Currently, Solana's monthly active address count has reached 107.5 million, likely breaking the record of 123 million set in October by the end of the month. Additionally, the major platforms on Solana, Pump.fun and Raydium, achieved record high fee revenues this month, reaching $71.5 million and $182 million, respectively.
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