1. Former CFTC Chairman Chris Giancarlo is seen as a strong contender for the title of the first "Crypto Czar" in the U.S., as the Trump administration views cryptocurrency as an important priority.
2. The core PCE year-on-year inflation indicator favored by the Federal Reserve rebounded to 2.8% in October, indicating that prices are sticky and may influence future rate cut decisions.
The core PCE year-on-year inflation indicator favored by the Federal Reserve rebounded to 2.8% in October as expected, indicating that although price increases have slowed, they remain sticky. The core PCE year-on-year rate is consistently close to 3% rather than 2%, complicating the decisions the Federal Reserve is about to make. In September, in response to signs of economic cooling, the Federal Reserve cut rates for the first time, initiating a rate-cutting cycle. However, progress on inflation has stalled in recent months, making it possible for the Federal Reserve to pause rate cuts at its meetings in December or January. -Original
3. U.S. Senator Ted Cruz expresses hope for Texas to become a hub for Bitcoin and cryptocurrency.
4. Analysts expect cryptocurrency investors to exhibit "front-running" behavior before Trump's inauguration, driving up crypto prices.
Odaily Planet Daily reports that 21Shares' crypto research strategist Matt Mena expects cryptocurrency investors to exhibit "front-running" behavior before Trump's inauguration in January, similar to the situation before the November elections. At that time, investors pushed crypto prices up due to excitement over Trump's eventual victory, and this early activity could generate the momentum needed to break through the $100,000 mark. Analysts believe that investors have high expectations for Trump's second term. The incoming president has publicly supported cryptocurrency, suggesting the potential creation of a national Bitcoin reserve, and is reportedly screening candidates for White House positions related to cryptocurrency. -Original
5. Grayscale transfers a total of 1,488 BTC to two unknown addresses, involving over $140 million in funds.
About 9 minutes ago, Grayscale transferred a total of 1,488.713 BTC to two unknown addresses, valued at over $140 million, including 700.002 BTC worth $66.03 million from the Grayscale Bitcoin ETF and 788.711 BTC worth $74.4 million from the Grayscale Bitcoin Mini Trust. -Original
6. U.S. appeals court rules that OFAC's sanctions against Tornado Cash exceeded its authority, a decision that may impact cryptocurrency regulation.
The U.S. Fifth Circuit Court of Appeals ruled on Tuesday that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) approved sanctions against the cryptocurrency mixer Tornado Cash "exceeded its authority," overturning a lower district court's ruling. WalletConnect has launched its first airdrop season and eligibility checker, distributing 50 million of the total supply of 1 billion WCT tokens to over 160,000 users, including builders and contributors. A Brazilian congressman has proposed a bill aimed at creating a strategic sovereign Bitcoin reserve, allocating 5% of the country's $372 billion financial assets to cryptocurrency through a phased acquisition strategy. The following article is adapted from The Block's newsletter "The Daily," which is published on workdays. -Original
7. Musk announces that xAI is about to launch an AI game studio, further expanding its footprint in the tech field.
Musk posted on the X platform that xAI is about to launch an AI game studio. -Original
8. Celsius Network is making a second payment of $127 million to qualified creditors, increasing the total recovery rate.
According to court documents, Celsius Network is distributing $127 million to qualified creditors in its second payment under bankruptcy proceedings following its collapse in July 2022. The latest distribution raises the total recovery rate to 60.4% of the eligible claims amount, based on the first payment in January 2024, when approximately 57.65% of eligible claims were paid in liquid crypto assets or cash. The second distribution is primarily composed of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 to match the claim value. Payments cover various categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky will begin accepting a jury trial on January 28, 2025, following a pre-trial hearing on January 16, 2025. -Original
9. Cantor Fitzgerald advises investors to focus on Bitcoin and gold as tools against inflation, emphasizing inflation risks.
Cantor Fitzgerald noted in its bi-weekly macro report released on Tuesday that inflation issues will continue to pose challenges and there are significant upside risks, while advising investors to focus on gold and Bitcoin as potential investments against inflation. The report emphasizes that despite the Federal Reserve starting its rate-cutting cycle in September, the core inflation rate has remained above 2% for four consecutive years, indicating substantial inflation pressure. Nevertheless, Cantor Fitzgerald predicts that the stock market will rise before the end of the year, but the mid-term outlook for the stock market is not optimistic and may prove to be a poor investment choice. Specifically, Cantor Fitzgerald reiterated concerns about the upside risks of inflation rates, pointing out that even with the core inflation rate consistently above 2%, inflation risks remain significant. In response to this challenge, the financial institution recommends that investors take proactive measures, with gold and Bitcoin seen as effective tools against inflation. Cantor Fitzgerald explicitly stated, "Our view is to buy Bitcoin and gold to address the inflation theme." To assist investors with similar thoughts, the report also lists a series of exchange-traded funds (ETFs) related to gold and Bitcoin that can be further monitored. These Bitcoin ETFs include iShares Bitcoin Trust (IBIT.US), ARK 21Shares Bitcoin ETF (ARKB.US), Grayscale Bitcoin Trust (GBTC.US), CoinShares Valkyrie Bitcoin Fund (BRRR.US), Invesco Galaxy Bitcoin ETF (BTCO.US), VanEck Bitcoin Trust (HODL.US), WisdomTree Bitcoin Fund (BTCW.US), Fidelity Wise Origin Bitcoin Trust (FBTC.US), Bitwise Bitcoin ETP Trust (BITB.US), Franklin Bitcoin ETF (EZBC.US), among others. -Original
10. The Federal Reserve may skip a rate cut in December or January, with the market expecting a 45% probability of unchanged rates.
LPL Financial Chief Economist Jeffrey Roach expects the Federal Reserve to skip a rate cut in December or January, followed by up to four rate cuts in 2025. Analysts at Bank of America expect a rate cut in December but add that "given the resilience of economic activity and stubborn inflation, the magnitude of the rate cut seems likely to be more moderate." According to data from the CME FedWatch tool, the market expects about a 45% chance that the Federal Reserve will keep rates unchanged at the upcoming December meeting. A month ago, this probability was 24%. -Original
11. Tether announces it will stop issuing its euro stablecoin EUR₮ due to the complex regulatory environment in the European market.
Tether announced it will stop supporting its euro stablecoin EUR₮ and has ceased processing new minting requests since 2022. This decision is based on the increasingly complex regulatory environment in the European stablecoin market, while Tether will prioritize supporting new projects, such as the new stablecoins EURQ and USDQ launched in collaboration with Quantoz Payments, which comply with MiCAR regulations. Tether will also provide efficient compliance support for asset issuance, including stablecoins, through its technology platform Hadron. Existing EUR₮ users must complete redemption operations by November 27, 2025. -Original
12. FTX liquidation address transfers approximately 11,400 SOL to Binance, valued at about $2.66 million.
An address marked as the FTX liquidator's main wallet has just transferred approximately 11,400 SOL (valued at about $2.66 million) to Binance. -Original
13. IntoTheBlock data shows that net outflows of stablecoins from exchanges in November reached the highest level since April, with funds likely flowing into the altcoin market.
Net outflows of stablecoins from exchanges in November reached the highest level since April. Analysts point out that combined with the recent strong price performance in the crypto market, this phenomenon indicates that traders are locking in profits. These outflowing funds are expected to be redeployed into the altcoin market or held as reserve funds waiting to enter during future market corrections. -Original
The above is a selection of hot topics from the past 24 hours. For faster news, please download AICoin (aicoin.com)
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