Today's News Highlights:
Michael Saylor suggests Microsoft adopt Bitcoin as a core corporate strategy
Binance supports the MONKY airdrop plan for FLOKI and APE token holders
November spot cryptocurrency trading volume reached $2.7 trillion, a new high since May 2021
Regulatory News
According to the online release hall of the Supreme People's Procuratorate, in order to further curb the frequent occurrence of cross-border telecom network fraud crimes and to cut off the criminal chain between domestic criminals and foreign fraud groups, the Supreme People's Procuratorate and the Ministry of Public Security have decided to continue jointly supervising the fourth batch of 8 major cross-border telecom network fraud cases. They will focus on digging deep into the organizers, leaders, and behind-the-scenes "financial backers," and will severely crack down on cross-border telecom network fraud and related illegal activities in China, firmly maintaining social stability and the legitimate rights and interests of the people. The fourth batch of 8 major cross-border telecom network fraud cases being jointly supervised includes: (1) Wuxi, Jiangsu "Boxiang Park" telecom network fraud case; (2) Yancheng, Jiangsu "Peak Technology" telecom network fraud case; (3) Shengzhou, Zhejiang "Haozhi Park" telecom network fraud case; (4) Quanzhou, Fujian "5·27" telecom network fraud case; (5) Longyan, Fujian and Chongqing "Shengyuan Group" telecom network fraud case; (6) Jiulongpo, Chongqing "11·15" telecom network fraud case; (7) Luzhou, Sichuan "3·21" series telecom network fraud case; (8) Nujiang, Yunnan "8·09" telecom network fraud case. Officials from the Supreme People's Procuratorate and the Ministry of Public Security stated that national procuratorial and public security agencies will thoroughly implement General Secretary Xi Jinping's important instructions on combating and managing telecom network fraud crimes, earnestly implement the requirements of the "Anti-Telecom Network Fraud Law of the People's Republic of China," and will severely crack down on cross-border telecom network fraud and related illegal activities and domestic colluding criminals. In the next step, they will continue to strengthen cooperation and coordination, fully promote various work measures for "crackdown, prevention, management, and construction," and will vigorously capture and severely punish the leaders, behind-the-scenes "financial backers," and key members of cross-border telecom network fraud criminal groups, effectively cutting off the criminal chain, fully recovering losses, and firmly safeguarding the legitimate rights and interests and safety of the people's lives and property.
Trump: Biden's pardon of his son is an abuse and misjudgment of power
After the White House released a statement regarding President Biden's pardon of his son Hunter Biden, President-elect Trump criticized Biden's actions on social media. Trump stated in the statement that Biden's use of presidential power to pardon Hunter Biden is an abuse and misjudgment of power.
According to the Financial Times, four asset management companies have submitted applications to the US Securities and Exchange Commission (SEC) to launch Bitcoin ETFs that use derivatives to reduce or protect investors from losses. These ETFs include Buffer ETFs and Managed Floor ETFs. Institutions such as Calamos Investments, First Trust Portfolios, and Innovator ETFs have applied for products with different levels of protection, including a Buffer ETF that protects against 30% losses and a Managed Floor ETF with a three-month term. Grayscale plans to launch an ETF that covers Bitcoin spot ETFs with sold call options, sacrificing some price appreciation potential but providing stable premium income.
Currently, these ETFs face challenges including options position limits. The Chicago Board Options Exchange is set to launch Bitcoin index options with higher position limits, which may provide greater capacity for product structures. If approved, these ETFs could be listed as early as February next year.
South Korea's crypto tax postponed until 2027, bipartisan agreement reached in parliament
According to Cryptonews, the South Korean National Assembly has reached an agreement to postpone the implementation of the crypto tax until 2027, marking the third delay since the tax was first proposed in 2020. The largest opposition party, the Democratic Party (DP), stated that it will vote in favor of the government's postponement plan at the National Assembly plenary session on December 2.
The DP had previously attempted to push an alternative bill proposing to implement the crypto tax as originally planned in 2025 but raised the annual tax threshold to 50 million won (approximately $36,000) to align with stock trading tax standards. However, this proposal did not receive support from the ruling People Power Party (PPP). DP leader Park Chan-dae stated that the delay decision was made "after in-depth discussions" and believes "more institutional preparation" is needed to ensure the improvement of the tax system.
NFT
Binance partners with Cristiano Ronaldo to launch "ForeverSkills" digital collectibles
According to the official announcement, Binance has announced a partnership with Cristiano Ronaldo to launch "ForeverSkills" digital collectibles. The ForeverSkills series includes eight unique digital collectibles inspired by Ronaldo's iconic football skills. Collectors can receive different utilities and rewards based on the types of digital collectibles they own. The event runs from December 1, 2024, 18:00 to December 24, 2024, 07:59 Beijing time. Benefits for holders include downloadable football skills tutorial videos, chances to win signed merchandise, and even opportunities to meet Ronaldo in person.
Project Updates
Michael Saylor suggests Microsoft adopt Bitcoin as a core corporate strategy
Michael Saylor delivered a 3-minute speech to the Microsoft board, and according to the Bitcoin strategy slides he released, he proposed that Bitcoin is the core opportunity for the next wave of technological innovation and suggested that Microsoft adopt Bitcoin as a core corporate strategy. He believes Bitcoin is "digital capital," and in the current global asset market of approximately $90 trillion, Bitcoin's market value is expected to grow from the current $2 trillion to $28 trillion by 2045, surpassing traditional assets such as bonds and gold.
The report emphasizes that Bitcoin significantly outperforms traditional financial instruments in asset performance, with annualized returns substantially higher than bonds and stocks, and almost no counterparty risk. Saylor also suggested that Microsoft allocate some funds for Bitcoin investment to replace traditional dividend distribution and stock buyback strategies, predicting that this move could add up to $4.9 trillion to Microsoft's market value by 2034.
Additionally, he pointed out that global institutional support for Bitcoin is continuously increasing, including endorsements from governments, Wall Street, and several well-known political figures, demonstrating its potential to become an important part of global corporate financial strategies. Saylor urged Microsoft to seize this opportunity and take a leading position in global digital financial innovation.
According to Nikkei News, the Japanese cryptocurrency exchange DMM Bitcoin will cease operations and sell its assets to an SBI Group subsidiary.
Moonshot launches Mundi (MUNDI), a meme coin on the Solana chain
Long-term holders of BTC have an unrealized profit ratio of 0.74, lower than previous peaks
Binance supports the MONKY airdrop plan for FLOKI and APE token holders
Binance announced support for the airdrop of Wise Monkey (MONKY) to holders of FLOKI (FLOKI) and ApeCoin (APE). The snapshot times are as follows: APE: November 29, 2024, 08:00 (UTC+8) and FLOKI: December 15, 2024, 08:00 (UTC+8). The airdrop ratio is 0.35 MONKY for each FLOKI held and 804,828 MONKY for each APE held, with rewards distributed proportionally based on the amount held at the time of the snapshot.
DeBox officially announced that due to the leak of the personal EOA wallet private key of the operating account, 31.03 ETH and 4.879 million BOX were stolen. The official emphasized that this incident is unrelated to the asset security of platform users, assuring the community. The response plan includes:
Stabilization Fund Buyback: The stabilization fund will be used to buy back the stolen tokens from exchanges, expected to be completed within a week.
Token Distribution: All repurchased tokens will be injected into the BOX DAO asset pool, with specific uses to be decided by community voting.
Account Security Upgrade: Once the DeBox App supports multi-signature login, the operating account will be migrated to a multi-signature wallet.
Tracking and Accountability: A professional security company has been commissioned to investigate and track the assets, with regular updates on the progress. Any recovered assets will be managed through BOX DAO voting.
Earlier reports indicated that DeBox token BOX plummeted over 30% this morning, with on-chain liquidity remaining at about $10,000.
According to Cointelegraph, the meme coin launch platform Pump.fun on the Solana chain experienced a 66% drop in weekly revenue following a live streaming controversy. Data from DefiLlama shows that Pump.fun's revenue peaked at $33.83 million from November 18 to 24, but quickly fell to $11.31 million from November 25 to December 1. The main reason for the revenue decline was the community's demand for the platform to disable the live streaming feature, as some users engaged in dangerous behavior during live streams to try to boost their token prices.
Michael Saylor, co-founder and executive chairman of Microstrategy, criticized Berkshire Hathaway's management strategy regarding its $325 billion cash reserve during an interview on the PBD Podcast. He pointed out that this amount loses about $32 billion annually due to a 12% negative real yield, equating to a monthly loss of $3 billion. Saylor believes Bitcoin can serve as a superior asset management tool to help hedge against inflation and currency devaluation, urging companies with excess cash reserves to consider including it in their asset allocation. Saylor boldly stated that he is confident he could persuade Buffett to accept Bitcoin in just one hour of conversation. He said, "If I could talk to Buffett alone for an hour, he would acknowledge that Bitcoin is a good idea. Even Buffett's long-time business partner Charlie Munger might support this idea."
Japanese company Metaplanet announced a shareholder benefits program in collaboration with SBI VC Trade, distributing Bitcoin worth 30 million yen to 2,350 shareholders as rewards. Following the announcement, Metaplanet's stock price rose over 6%, surpassing the $2,450 level.
According to the plan, 50 shareholders will each receive Bitcoin worth 100,000 yen, 100 shareholders will receive 30,000 yen, and 2,200 shareholders will receive 10,000 yen. Participants must meet the following conditions: hold at least 100 shares of Metaplanet stock as of December 31, 2024, and open a new account with SBI VC Trade between November 18, 2024, and March 31, 2025. Bitcoin will be distributed in late April 2025.
Important Data
XRP's market cap surpasses SOL, ranking fourth in the cryptocurrency market cap rankings
PANews reported on December 2 that according to coingecko data, XRP's market cap has surpassed SOL, ranking fourth in the cryptocurrency market cap rankings. XRP rose 17.6% in 24 hours, currently priced at $2.28, with a market cap of approximately $130.1 billion, while SOL fell 0.3% in 24 hours, currently priced at $237.13, with a market cap of $112.7 billion.
Ripple locked 1 billion XRP into a custody wallet early this morning
According to Whale Alert monitoring, Ripple locked a total of 1 billion XRP into a custody wallet at 2:21 and 2:22 this morning, valued at approximately $1.546 billion.
Paxos: As of the end of October, the number of USDG tokens on the Ethereum network is 10,750,140
Stablecoin issuer Paxos released its first USDG attestation report, disclosing that as of 5 PM Singapore time on October 31, 2024, the number of tokens held by the USDG contract on the Ethereum network was 10,750,140, with the fair value of redeemable assets at least equal to or greater than $10,750,140, and the number of USDG tokens did not exceed the reported redeemable asset balance.
November spot cryptocurrency trading volume reached $2.7 trillion, a new high since May 2021
According to The Block, the spot trading volume in the cryptocurrency market reached $2.7 trillion in November, a new high since May 2021, more than double the trading volume in October ($1.14 trillion). Approximately 36% of the trading volume in November came from Binance, which had a trading volume exceeding $98.6 billion. Crypto.com, Upbit, and Bybit followed closely, each with trading volumes exceeding $20 billion, and significant month-on-month growth was observed across global regions. Additionally, the total trading volume of Bitcoin futures on trading platforms in November reached $2.59 trillion, while Ethereum futures reached $1.28 trillion, both setting new highs since May 2021.
Token Unlocks data shows that TAIKO, ADA, ENA, and other tokens will see large unlocks next week, including:
- Taiko (TAIKO) will unlock approximately 9.29 million tokens at 8 PM Beijing time on December 5, accounting for 11.38% of the current circulating supply, valued at approximately $20.9 million;
- Cardano (ADA) will unlock approximately 18.53 million tokens at 8 AM Beijing time on December 6, accounting for 0.05% of the current circulating supply, valued at approximately $19.8 million;
- Ethena (ENA) will unlock approximately 12.86 million tokens at 3 PM Beijing time on December 4, accounting for 0.45% of the current circulating supply, valued at approximately $10.5 million;
- Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3 AM Beijing time on December 4, accounting for 0.69% of the current circulating supply, valued at approximately $4.9 million;
- Dora Factory (DORA) will unlock approximately 28.57 million tokens at 8 AM Beijing time on December 2, accounting for 2.86% of the current circulating supply, valued at approximately $3.5 million;
- Cetus Protocol (CETUS) will unlock approximately 8.33 million tokens at 8 AM Beijing time on December 6, accounting for 1.37% of the current circulating supply, valued at approximately $3.1 million;
- Everclear (NEXT) will unlock approximately 20.11 million tokens at 8 AM Beijing time on December 5, accounting for 18.82% of the current circulating supply, valued at approximately $2.6 million;
- Staika (STIK) will unlock approximately 1.57 million tokens at 8 AM Beijing time on December 4, accounting for 0.00% of the current circulating supply, valued at approximately $2.4 million;
- Delysium (AGI) will unlock approximately 8.57 million tokens at 8 AM Beijing time on December 5, accounting for 0.67% of the current circulating supply, valued at approximately $2.1 million.
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