AICoin Focus: Daily Hot Picks (December 07)

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1. The U.S. non-farm payrolls increased by 227,000 in November, exceeding expectations, with the unemployment rate recorded at 4.2%. The likelihood of the Federal Reserve cutting interest rates in December has risen to 85%.

2. CME data shows that the probability of the Federal Reserve maintaining the current interest rate until December is 26%, while the probability of a 25 basis point rate cut is 74%.

3. Tether issued an additional 2 billion USDT on the Ethereum chain, which may affect market liquidity.

On December 7, 04:27 (UTC+8), Tether issued an additional 2 billion USDT on the ETH chain, transaction hash: 0x9f640bc3c321e83705770536d6997a0d3de6011b9b15688abab0f904c45a4586. Note: The above data is sourced from OKLink -Original

4. The U.S. Bitcoin ETF has purchased $2.5 billion worth of BTC in the past five days, indicating sustained investor interest in Bitcoin.

The U.S. Bitcoin ETF has purchased $2.5 billion worth of BTC in the past five days. -Original

5. Ripple CTO David Schwartz hopes to launch a stablecoin by the end of the year but faces challenges.

Ripple's Chief Technology Officer David Schwartz stated at The Block's Emergence cryptocurrency conference, "I still hope we can launch the product by the end of this year." He mentioned that the upcoming holidays may delay the product's release. -Original

6. Letters obtained by Coinbase show that the FDIC had previously halted some cryptocurrency operations of U.S. banks, affecting market confidence.

According to communications obtained by a research firm hired by Coinbase Inc. (COIN), in 2022, the Federal Deposit Insurance Corporation (FDIC) suspended or blocked the cryptocurrency banking operations of several U.S. banks. The assistant hired by Coinbase, History Associates Inc., filed a lawsuit against the FDIC and the SEC in June and eventually gained access to certain internal FDIC communications. A large number of heavily redacted documents surfaced on Friday, showing that banking regulators had put the brakes on lenders providing or considering offering products and services in the digital asset space. "We respectfully request that you suspend all activities related to crypto assets," one of the 23 letters shared with cryptocurrency exchanges stated. "The FDIC will notify all banks under its supervision later after it makes a decision on its regulatory expectations for engaging in crypto asset-related activities." The industry has long complained that it has been in a banking crisis, with companies and leading crypto figures being barred from using U.S. banking services. Coinbase's Chief Legal Officer Paul Grewal argued that these letters are conclusive evidence that regulators are systematically isolating cryptocurrency businesses from banking. "These letters show that this is not a conspiracy theory; it is not just speculation or paranoia from the industry," Grewal said in an interview with CoinDesk. "The FDIC has a coordinated plan, and they have implemented it without hesitation, refusing to provide banking services to legitimate U.S. businesses. This should give everyone pause." Citibank executives stated that Ripple's Brad Garlinghouse was defunded by banks due to cryptocurrency. Although most of the text in the FDIC letters was redacted, specific institutions were not identified, but communications throughout 2022 clearly indicated that various crypto activities submitted to the FDIC for approval would not proceed until banks could answer questions about how to meet compliance requirements, which seem to have yet to be specified. In some cases, relevant activities were halted before they began, while in other cases, the agency appeared to warn banks against further expansion or required banks to suspend a business until the agency completed its review of the company's request. A typical example is: "We hope you can satisfactorily address these issues and any follow-up questions (before implementation) to ensure the bank operates safely and soundly." Some confidential letters included dozens of very complex and demanding questions posed to banks. However, many documents also indicated that the agency was still uncertain about what regulatory filings were needed before approving crypto businesses. While the three major U.S. banking regulators (including the Federal Reserve and the Office of the Comptroller of the Currency) have issued some broad warning guidance on crypto businesses, these agencies have yet to establish formal rules to regulate the industry. A spokesperson for the FDIC did not immediately respond to requests for comments on the letters issued after hours on Thursday. Grewal stated that the next step in federal court would be to request the removal of redactions in these letters, disclosing the institutions, the services they attempted to provide, and all the questions they were asked. He said this would involve the "reasons" behind the FDIC's stance. Grewal said, "Even when federal courts repeatedly order the FDIC to provide this information, they still delay, and we think it's time to stop." After the government previously attempted to separate controversial but legal businesses from banking, this de-banking movement has been referred to in the industry as "Operation Chokepoint 2.0." This week, the topic was raised again in a hearing by the House Financial Services Committee, where leaders of cryptocurrency businesses testified that their companies had been cut off from financial services. "We have also been de-banked," said Nathan McCauley, CEO of Anchorage Digital, a bank chartered by the OCC in the U.S. -Original

7. The Czech Republic has approved a capital gains tax exemption for cryptocurrencies held for more than three years, promoting crypto adoption.

According to multiple sources, Czech politicians have approved a capital gains tax exemption for long-held Bitcoin. Sources say the new tax law exempts crypto income below 100,000 Czech koruna (approximately $4,000) per year. -Original

8. Federal Reserve Governor Bowman points out that inflation remains above target, leaning towards cautious rate cuts.

Federal Reserve Governor Bowman stated that inflation is the top priority in decision-making. He leans towards a cautious and gradual reduction in interest rates, as a rapid cut in policy rates could reignite inflation. The inflation rate remains above the Federal Reserve's 2% target, and the risks of inflation rising are still prominent. -Original

9. Grayscale transfers approximately 2,100 BTC to Coinbase, with the market focusing on its holdings movements.

About 10 minutes ago, Grayscale transferred 2,100.009 BTC to the Coinbase Prime Deposit address, worth approximately $208 million. -Original

10. Binance BTC funding rate reaches 0.03%, indicating high bullish sentiment in the market.

The current funding rate for Binance BTC/USDT perpetual contracts is 0.03%, meaning that longs must pay funding fees to shorts, indicating high bullish sentiment in the market. AICoin [PC version - Homepage - Popular Rankings] has launched a "Funding Rate" leaderboard to view arbitrage opportunities. The funding rate is an important mechanism for perpetual contracts to anchor spot prices, used to balance long and short sentiments. When the funding rate > 0, longs pay funding fees to shorts; when the funding rate < 0, shorts pay funding fees to longs. -Original

11. U.S. unemployment rate rises, with non-farm payrolls for September and October revised up by 56,000.

The U.S. unemployment rate in November was recorded at 4.2%, the highest since August 2024. According to data from the U.S. Bureau of Labor Statistics, the non-farm payrolls for September were revised from 223,000 to 255,000; the non-farm payrolls for October were revised from 12,000 to 36,000. After revisions, the total increase in non-farm payrolls for September and October was 56,000 higher than before the revisions. -Original

12. Swyftx analysts warn that highly leveraged XRP traders may face liquidation risks.

Swyftx Chief Analyst Pav Hundal stated that XRP has fallen nearly 18% since reaching an annual high on December 3, and traders still hope to see a strong rebound in its price. However, the real danger for highly leveraged XRP long traders is the renewed dominance of Bitcoin. The rotation of funds from XRP to Bitcoin is likely to lead to broader liquidations. Pav Hundal noted that in recent weeks, retail investors have rapidly bought large positions, and the current open interest is nearly double that of 2021 levels. The market seems to have a "thirst for leveraged long exposure to XRP," and despite the price drop, XRP bulls are still adding positions, suggesting that the market may be approaching a FOMO zone. -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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