1. Eric Trump, the second son of Trump, stated that reasonable regulation could help the U.S. become a crypto superpower, emphasizing that his father plans to promote the U.S. as the global crypto capital from the White House.
2. U.S. Senator Tim Scott opposes the Biden administration's nominee, accusing it of attempting to obstruct Trump's agenda and calling for a halt to related rule-making activities.
Senior member of the U.S. Senate Banking Committee, Senator Tim Scott, issued a statement opposing the upcoming nomination review of Biden's administration candidates on December 11. He believes that the Democrats' push for President Biden's nominees at the last minute, including the reappointment of SEC Commissioner Caroline Crenshaw, is an "obvious attempt to obstruct President Trump's agenda." Scott emphasized that the American people have already expressed their stance on the economic agenda in the elections on November 6, calling for a halt to related rule-making activities. Earlier today, it was reported that Coinbase's CEO called for the removal of SEC Commissioner Crenshaw, stating that she had obstructed the Bitcoin ETF. -Original
3. CryptoQuant founder Ki Young Ju revealed that if the company goes public, it will consider adopting a Bitcoin financial strategy.
Ki Young Ju, founder and CEO of CryptoQuant, hinted that he might consider pushing the company to adopt a Bitcoin financial strategy. He posted on the X platform, "If CryptoQuant goes public on the Korean exchange, issues convertible notes to buy Bitcoin, and promotes Bitcoin strategies to Asian companies, will the market buy CryptoQuant's stock at a price 219% above net asset value?" -Original
4. The crypto market has experienced a crash, with several altcoins dropping by 20%, and market sentiment is notably volatile.
5. Musk announced that the xAI image generation system will be completed in six months, demonstrating his continued investment in the AI field.
Musk posted on the X platform that the xAI image generation system will be completed internally in about six months. -Original
6. Significant liquidations in the cryptocurrency market, with nearly $487 million liquidated across the network in the last 24 hours, predominantly from long positions.
BTC is currently priced at $98,035.11, with a 24-hour decline of 2.08%. In the last 24 hours, the total liquidation amount across the network was $487 million, mainly from long positions, with BTC liquidations amounting to $78.72 million (16.13%). Data is for reference only. -Original
7. Bitget is considering entering the U.S. market, planning to expand its business under the potentially pro-crypto policies of a Trump administration.
Bitget is a cryptocurrency exchange that has rapidly developed in recent years, becoming one of the largest exchanges. Encouraged by the potential pro-crypto stance of the incoming Trump administration, the company is considering collaborating with U.S. companies to establish a foothold in the U.S. Some of the largest cryptocurrency exchanges, such as Binance, ByBit, OKX, and Bitget, are prohibited from providing services to U.S. citizens. As part of its parent company's $4.3 billion settlement agreement with U.S. authorities, the U.S. branch of the largest exchange, Binance.US, has been nearly pushed out of the market. The exchange's CEO, Gracy Chen, stated that Bitget, which had a daily trading volume of about $8 billion at the beginning of 2022, is considering initiating the process to obtain state licenses in the U.S. However, after the collapse of FTX, the environment does not look optimistic, not to mention the "outrageous" legal costs, along with the prospect of competing directly with Coinbase, Chen added. Even if Trump's election as president could bring regulatory clarity to U.S. cryptocurrency, new entrants will still face a chaotic situation with state licenses and various federal agencies. Nevertheless, Bitget has experience in establishing mutually beneficial relationships: its recent partnership with the UK trading company Archax has allowed Bitget to comply with UK financial promotion regulations. "We are re-evaluating our U.S. strategy, although we haven't decided on anything yet," Chen said in an interview. "If we have a local partner that already holds many such licenses, we could establish a joint venture. This way, we wouldn't need to go through all the applications. We might take this approach, but it hasn't been decided yet." After the collapse of FTX and regulatory crackdowns on Binance, competing exchanges have the opportunity to attract customers globally. Mobile app downloads tracked by business intelligence firm Sensor Tower and web traffic research company SimilarWeb show significant growth potential for several top exchanges in places like Russia, India, and Nigeria. Chen stated that her company may have taken over some business previously belonging to Binance. However, she noted that customer growth is not something Bitget takes for granted but is earned by being sharper and more innovative than competitors. For example, Bitget invested $30 million in TON, the token of a blockchain network associated with the popular messaging app Telegram, which in turn led to a surge in Nigerian users. Chen mentioned that many customers in the African country use TON to play games and need to conveniently deposit and trade these tokens on the exchange. "We clearly want to acquire some TON users, and this strategy has been very effective from the Nigerian perspective," Chen said. "For a time, our download numbers in Nigeria surpassed those of Google or TikTok." Ms. Chen has not yet been to Nigeria and will not go there temporarily due to the detention of Binance executive Tigran Gambaryan. "We feel that the governments of some countries may not be stable enough, and for safety reasons, no one on our team will fly there," she said. Ms. Chen noted that she is aware that after the outbreak of the war in Ukraine, some competing exchanges actively sought Russian users and influencers, especially during conferences in Dubai. (Sensor Tower data shows that Bybit had over 1 million monthly active users in Russia in August.) Bybit did not immediately respond to requests for comments regarding the number of Russian users on its platform. Ms. Chen stated that Bitget is cautious regarding Russia. "Strategically, we believe we should stay away from the Russia/U.S. debate, as sanctions are being implemented," she said. Chen noted that India is a market that Binance has re-established after being fined this year, but it is not a growth area for Bitget, mainly due to the lack of a clear regulatory framework. "We are working with the government, and we currently have several team members focusing on India," she said. Large cryptocurrency exchanges do everything possible to prevent customers from restricted areas (such as China or, in some cases, the U.S.) from trading illegally on their platforms. But generally, users from these excluded regions find ways to bypass Know Your Customer (KYC) checks and may use virtual private networks (VPNs) to evade IP blocking measures. Chen stated that this activity often occurs in China, where users may hold passports or driver's licenses from other countries. "I think all major exchanges have business from certain countries (like China)," she said. "Because this economy is so large, with so many retail users, it's hard to avoid all these people." Chen Tianqiao graduated from MIT and was promoted from managing director and marketing head to CEO of Bitget this year. She is one of the few Asian or Asian American women leading the largest cryptocurrency companies; other women include Binance co-founder He Yi, partner of its former CEO Zhao Changpeng; OKX president Fang Hong; and Bybit COO Liu Haiyan. In fact, He Yi from Binance is an old friend of Chen Tianqiao, who was introduced to cryptocurrency by He Yi back in 2015. "I know her very well. She was my bridesmaid at my wedding. But today, it feels a bit like a situation between friends and foes," Chen Tianqiao said. -Original
8. HIVE Digital produced 103 BTC in November, with holdings valued at over $261 million, indicating steady growth for the mining company.
According to official news, Bitcoin mining company HIVE Digital released its operational report for November 2024 (unaudited), with the following highlights: - BTC production: 103 BTC produced that month, bringing its HODL portfolio to 2,713 BTC, a year-on-year increase of 67%; - Mining capacity: average hash rate of 5.3 EH/s, peak hash rate of 5.7 EH/s; - Operational efficiency: average daily output of 3.42 BTC; - Bitcoin valuation: as of November 30, 2024, based on a BTC closing price of approximately $96,400, HIVE's Bitcoin holdings are valued at over $261 million. -Original
9. Ripple CEO criticizes the "60 Minutes" program for omitting important information about the judge's ruling that XRP is not a security.
Ripple CEO Brad Garlinghouse posted on X, stating: "Crypto made its debut on '60 Minutes' tonight. There is no doubt that these technologies will continue to become more mainstream, and their influence and reach will only continue to grow. After watching the program, I do want to comment on a few things: I spoke with Margaret Brennan/'60 Minutes' for over 90 minutes. When discussing the SEC's erroneous lawsuit against Ripple, the program shockingly 'omitted' the federal judge's ruling that XRP is not a security… John Reed Stark is clearer on the situation, although his comments were chosen by '60 Minutes' to air. Finally, the belief that cryptocurrency has no utility is akin to the criticisms opponents made against the early internet, claiming it was merely illegal activity. It turns out they were wrong. Nowadays, even JPMorgan is starting to pay attention to blockchain… (Coincidentally, '60 Minutes' also failed to mention that Ripple is conducting billions of dollars in KYC transactions for our institutional clients, utilizing XRP to facilitate cross-border fund transfers more efficiently than traditional payment methods.)" -Original
10. Citigroup expects the Federal Reserve to cut interest rates by 25 basis points in December, increasing market expectations for a rate cut.
According to market news, Citigroup expects the Federal Reserve to cut rates by 25 basis points in December, down from a previous forecast of a 50 basis point cut. -Original
11. U.S. Bitcoin ETFs and Ethereum ETFs saw net inflows of 5,045 BTC and 26,351 ETH, respectively, indicating sustained investor interest in cryptocurrencies.
On December 9, the U.S. Bitcoin ETF had a net inflow of 5,045 BTC, while the Ethereum ETF saw a net inflow of 26,351 ETH. -Original
12. OKX CEO Star expressed expectations for the future phase of Bitcoin and committed to continuing the development of the Bitcoin ecosystem.
OKX CEO Star posted on the X platform, stating, "Sixteen years ago, Bitcoin began leading a financial revolution through decentralization, trustless transactions, and digital scarcity. With more institutional adoption and improved infrastructure, Bitcoin will become more efficient and practical. OKX will be a key contributor to the Bitcoin ecosystem, just like OKX Wallet's support for inscriptions and runes. We are excited about the next phase of Bitcoin and will continue to build towards our future vision." -Original
13. Russia proposed establishing a Bitcoin strategic reserve, indicating the strategic adoption of cryptocurrency at the national level.
14. Ethereum developer Max Resnick switched to Solana out of frustration with Ethereum, reflecting differing views among developers on platform competitiveness.
From a market capitalization perspective, Ethereum's leading position in the cryptocurrency market is indisputable. However, at the product, developer, and decision-making levels, the original smart contract platform continues to be challenged by one of its closest competitors, Solana. This threat may not yet be fully realized. Ethereum and its many interconnected networks remain the most important, influential, and largest platforms in decentralized finance. However, as many cryptocurrency newcomers choose Solana for its speed and low fees, this leading position is beginning to weaken. This has prompted some of Ethereum's most outspoken supporters to ponder whether the network needs to enter a state of war. "Ethereum has been in a state of peace throughout its life," said ETH extremist David Hoffman in the latest episode of his podcast Bankless. "Today, more and more people believe that this period of Ethereum's life has come to an end." On Monday, it was reported that veteran developer Max Resnick, who had long worked within the Ethereum ecosystem and resigned from the development studio Consensys, would be joining the Solana orbit, further intensifying this dynamic. "Last week was my final week at Consensys. Today is my first day at @anza_xyz. I will be bringing my talents to Solana. In my first 100 days, I plan to write specifications for as many Solana protocols as possible, prioritizing fee markets and consensus implementation," he stated on December 9, 2024. "Solana has so much potential and latent energy," Resnick said in an interview with CoinDesk. He attributed this decision to his own career path but noted that frustration with Ethereum's inability to adapt led to this move. He criticized a rigid culture that hinders progress. Ethereum lacks a streamlined process for making rapid changes. Some view this as an advantage of a decentralized network, while others, like Resnick, see it as an obstacle to long-term success. Ethereum is notorious for its cumbersome technical network. Its developer community views co-founder Vitalik Buterin's annual "roadmap" as a benchmark for tracking Ethereum's slow progress. Many significant changes may still take years to implement. Resnick stated that while Ethereum's decision-making may not be as deliberately disconnected and ineffective as Bitcoin's, the network still faces unhealthy internal politics. Major, important discussions about improving the network "are happening in Vitalik's DMs," he said. "If you really need to make quick changes to keep up with the competition, I think Ethereum must do this for the first time now, then you really need to change this process in some way." This was enough to prompt Resnick to seek a new home and settle at Solana. He found a job at Anza, a subsidiary of Solana Labs responsible for building its core client. He expressed his enjoyment of Solana's ability to act quickly in competition. A shocking moment in the brewing struggle between Solana and Ethereum occurred last week when one of the most famous NFT collections on Ethereum, Pudgy Penguins, announced that the team behind Pudgy Penguins would launch a token called PENGU on the Solana network instead of on Ethereum, the NFT's home. This shocking announcement sparked significant concern on crypto Twitter. "1/ Pudgy Penguins launching $PENGU on Solana is not due to 'ETH's user experience issues,' but rather a deeper rot in ETH culture. As someone building L2, let me tell you why this matters…" pic.twitter.com/fQIFJGLWn5. At least on December 7, commentators believed this decision demonstrated Solana's advantage as a retail-friendly chain compared to Ethereum. Many other ETH-native projects have avoided the main chain's pitfalls without completely leaving Ethereum. They are built on Layer 2 networks on top of Ethereum. Meanwhile, PENGU has completely detached from the tip of the iceberg. Ethereum researcher Justin Drake, in an interview with CoinDesk last week, expressed indifference to the competition. According to him, Solana has not placed enough importance on "health" to win in the long run. Resnick has a different view. He claims he is not alone. "There are many people in ETH—many of whom have contributed far more than I have—who are frustrated with the current state of Ethereum and are calling for change, saying, 'Hey, if these changes don't happen, I don't know how much longer I can work here,'" he said. -Original
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