Today's News Highlights:
MetaMask co-founder's Farcaster account was hacked and used to promote meme coins
Trump has taken over the @POTUS account and retweeted the White House tweet "America is BACK"
Trump's speech ended without mentioning cryptocurrency
Gnosis co-founder: Ethereum should prioritize transaction capacity and application needs
A whale bought 7,000 SOL of ZACHXBT at an average price of $0.04043, making over $620,000 in profit
Regulation/Macro
Renowned blockchain investigator ZachXBT revealed on social media that despite his significant contributions in the crypto space, he has not received any financial rewards. He mentioned that earlier this year he led the recovery of $12 million related to the September 2023 Caesar ransomware incident and assisted the U.S. government in recovering $20 million previously stolen by hackers, but received no rewards for either. In response, community member Polycarpus.eth comforted him, stating that ZachXBT, as the "moral compass" of the industry, will surely reap irreplaceable rewards in the future. ZachXBT responded that he is "exhausted" and admitted that lacking a business mindset is a major regret.
“President Trump announces the launch of meme coin POWER” is fake news
President Trump announced on the X platform: “Launching a new official meme coin POWER, a token for patriots supporting my vision for a strong America. This is your chance to join the movement and defend the values that make America great.” This news is fake and not from Trump's official Twitter.
Trump orders the Attorney General not to take action against TikTok for 75 days
According to Jinshi, President Trump has ordered the Attorney General not to take action against TikTok for 75 days.
Mark Cuban considers creating a meme coin, with sales revenue going to the U.S. Treasury
Billionaire entrepreneur and cryptocurrency advocate Mark Cuban stated on the X platform: “If meme coins are the trend of the future, maybe I will issue one. However, I will add a twist. The issuance terms will be the same as TRUMP: 20% circulation, the same release plan. But there is one difference. All revenue from token sales will go directly to the U.S. Treasury. The wallet address will be public so everyone can track the flow of funds. If you want to take a gamble, go ahead. But at least use this money to help reduce U.S. debt.”
Utah state legislator proposes strategic Bitcoin reserve legislation
According to Bitcoin Magazine, Utah state representative Jordan Teuscher has proposed strategic Bitcoin reserve legislation.
MetaMask co-founder's Farcaster account was hacked and used to promote meme coins
MetaMask stated on the X platform: “Our co-founder Dan Finlay's Farcaster account was hacked and used to promote meme coins. We have contacted the Farcaster team to help investigate this incident.” Additionally, SlowMist founder Yuxian posted a reminder on X that the Farcaster account of MetaMask's co-founder was hacked and published a meme; this meme has already rug pulled, and the creator's address initially funded from a mixing platform has made over 1,000 SOL in profit.
Trump has taken over the @POTUS account and retweeted the White House tweet "America is BACK"
After being sworn in as the 47th President of the United States, Trump has taken over the @POTUS account and retweeted the White House announcement stating “Donald J. Trump Sworn In as the 47th President of the United States. America is BACK.” It is reported that @POTUS is the official account of all U.S. presidents, which will undergo name and content updates after the inauguration of a new president.
According to Business Insider, shortly after President Trump was sworn in, three lawsuits were filed in federal court against the government efficiency department (DOGE) led by Elon Musk. The lawsuits allege that DOGE violated the 1972 Federal Advisory Committee Act (FACA) by failing to meet transparency requirements such as open meetings, balanced perspectives, and record-keeping. The first lawsuit was initiated by the left-leaning legal organization Democracy Forward, claiming that DOGE is a "shadow agency" led by "unelected billionaires" that may make decisions affecting millions of Americans without transparency and oversight. The second lawsuit was filed by National Security Counselors, focusing on DOGE's formation and operational procedures, arguing that it did not comply with the legal requirements for advisory committees. This lawsuit also alleges that DOGE's members are primarily tech industry executives, lacking diversity and balance. The third lawsuit was jointly filed by Public Citizen, State Democracy Defenders Fund, and the American Federation of Government Employees, claiming that DOGE's members failed to represent the interests of ordinary Americans. The three parties had previously requested representation in DOGE from Trump's transition team but received no response. Although Musk previously stated that all actions of DOGE would be made public to ensure transparency, the lawsuits claim that much of the communication occurs via the encrypted app Signal, lacking public visibility. Lawsuit attorney McClanahan stated that DOGE may make short-sighted decisions due to the lack of federal staff perspectives, emphasizing that "government work is different from corporate operations." Currently, Musk, Trump, and related representatives have not responded to this.
Trump's speech ended without mentioning cryptocurrency
Trump's speech ended without mentioning cryptocurrency.
President-elect Trump stated that he will impose tariffs and taxes on foreign entities to benefit American citizens, rather than making other countries wealthy by taxing American citizens. He plans to establish the external Revenue Service, responsible for collecting all tariffs and taxes, to attract foreign service funds into the U.S. treasury. He emphasized that this will rapidly revive the "American Dream" and achieve economic prosperity at an unprecedented speed. Additionally, Trump stated that the future focus will be on defeating America's enemies while avoiding war, as America does not wish to be involved in conflicts. Trump also proposed several policies, including measures to reclaim funds overcharged to American ships in the Panama Canal and announced the renaming of the Gulf of Mexico to the Gulf of America. Furthermore, he clearly stated that from today, the official policy of the U.S. government will recognize only two genders: male and female.
Market news: Republican lawmakers' document does not mention cryptocurrency as a priority
According to Punchbowl, a document released by Republican lawmakers does not list cryptocurrency as a current priority.
Trump officially sworn in as the 47th President of the United States
President-elect Trump has been sworn in, officially becoming the 47th President of the United States.
Financing/Mergers
According to The Block, the TON ecosystem DeFi lending platform EVAA Protocol has completed a $2.5 million private financing round, with participation from Polymorphic, TON Ventures, Animoca Ventures, CMT Digital, Mythos Ventures, Wagmi Ventures, and several angel investors. EVAA Protocol provides lending, borrowing, shorting, leveraged staking, and other DeFi services for the TON network. The platform aims to launch its native token EVAA with the new funding, with the overall goal of expanding the DeFi landscape of TON.
RWA tokenization protocol Hamilton completes $1.7 million Pre-Seed financing
Newsini reports that the RWA tokenization protocol Hamilton has completed $1.7 million in Pre-Seed financing, led by DisrupTech Ventures, with participants including CMS, DeSpread, Hyperithm, Core Ventures, and other strategic investors. Hamilton is a protocol that aims to bring tokenized assets to Bitcoin, focusing on combining traditional financial instruments with the security and transparency of Bitcoin. Hamilton will launch three flagship products: HUSD, a Bitcoin-native stablecoin backed by U.S. bonds; HUST, tokenized U.S. Treasury bonds; and Publius, a platform for authorized financial institutions to tokenize any asset.
Project Updates
Bithumb to launch TRUMP/KRW trading pair
Korean exchange Bithumb announced that it will launch the TRUMP token at 19:00 local time on January 21.
A counterfeit Barron Trump token briefly reached a market cap of $72.78 million but then plummeted over 99% within a minute. The issuer of the token has been accused of fraud, and the related X (Twitter) account @TrumpwBarron has been frozen.
Linea: 476,000 witch attack addresses discovered, will not receive airdrop
ConsenSys's Layer2 network Linea stated on the X platform that it has collaborated with Nansen to conduct additional Sybil analysis on LXP holders. The latest review found 476,000 addresses showing strong signals of witch activity. These addresses will be added to the existing witch block list and will not receive LXP airdrop allocations. If users find they have been incorrectly marked, they can submit an appeal via a feedback form within the next two weeks.
Coinbase International to launch Trump (TRUMP) perpetual contracts
Coinbase International announced on the X platform that it will add support for Official Trump (TRUMP) perpetual futures contracts on Coinbase International and Coinbase Advanced. The TRUMP-PERP market is expected to open at 23:30 UTC on January 20, 2025 (6:30 AM Beijing time) or later. Update: Coinbase International has announced that the TRUMP-PERP market is now open.
Coinbase to list Official Trump (TRUMP) token
Coinbase Assets announced on the X platform that Coinbase will add support for Official Trump (TRUMP) on the Solana network. Please do not send this asset via other networks, as funds may be at risk of loss. Coinbase will add support for TRUMP with an "experimental" label. Trading for the TRUMP-USD pair will be launched in phases once the asset supply is sufficient. When liquidity conditions are met, trading times will be announced separately. It is noted that some users may experience significant delays in sending and receiving on Coinbase's Solana network. Therefore, sending, receiving, and withdrawal/deposit of TRUMP tokens on Coinbase may be affected.
Opinions
Gnosis co-founder: Ethereum should prioritize transaction capacity and application needs
Gnosis co-founder and CEO Martin Köppelmann stated that the core issue Ethereum has faced in recent years is the divergence in development direction: on one hand, the idea that "ETH is money," which considers transaction capacity and fees as unimportant, focusing instead on "monetary premium"; on the other hand, positioning Ethereum as a "world computer/settlement layer," primarily focusing on transaction capacity (including L1 scaling) and total fees as measures of success. He believes that if Ethereum can take this opportunity to prioritize transaction capacity and the needs of application developers, it will be a significant victory.
Matrixport stated that Bitcoin's price has been in a gradually narrowing wedge range since mid-November last year, influenced by multiple factors, including higher-than-expected inflation data and the Federal Reserve's hawkish stance suppressing market sentiment, while optimism about President Trump's potential establishment of a "strategic Bitcoin reserve" provides support. Trump's inauguration has become a catalyst for Bitcoin's upward breakout, and Bitcoin's price is currently retesting the breakout level, which aligns with the upper boundary of the wedge. If Bitcoin can hold this key support level, it still has significant upside potential in the short term, further enhancing bullish market expectations.
Guggenheim CIO predicts: The Federal Reserve may cut rates every quarter in 2025
According to Jinshi, Guggenheim's Chief Investment Officer predicted on Monday that the Federal Reserve may cut rates every quarter in 2025, with this year's cuts expected to be around 75 basis points, possibly reaching one percentage point. Guggenheim CIO Anne Walsh stated at the start of the World Economic Forum in Davos that the Federal Reserve will continue to cut rates, although the pace of cuts will be slower than expected. Walsh noted that the tariffs expected to be implemented by Trump may not be as severe as most anticipate, as long as the dollar remains strong as a reserve currency, allowing the U.S. to continue attracting capital. Walsh expects the average increase in tariffs to be below 10% and more targeted. She also mentioned that there is some uncertainty regarding the policies Trump will implement and the actual execution by his new administration, as well as the risk that the U.S. economy may slow more than currently predicted. "It's like a ping-pong match… between politics and policy, which will bring significant volatility to our investment themes this year."
Bybit co-founder: Bitcoin price is expected to rise to $175,000 to $250,000 by 2025
Bybit co-founder and CEO Ben Zhou commented on "Trump's inauguration as the 47th President of the United States": We are pleased to see the market's increasingly friendly attitude towards cryptocurrencies, with expanding use cases; the meme coin recently launched by President Trump and First Lady Melania has set a strong precedent for the future; as President Trump enters his second term, the market will be prepared for accelerated growth in Web3, decentralized finance, and blockchain. The craze for TRUMP coins reflects the growing demand for on-chain transactions, highlighting the broader trend of the market entering the Web3 era. The cryptocurrency market is entering a more favorable regulatory environment. This shift injects confidence into the market, demonstrating stronger confidence and greater acceptance of digital assets, and institutional investment is expected to continue to grow rapidly. In the coming months, clearer regulatory guidelines and the upcoming establishment of a cryptocurrency advisory committee will provide more support for the industry and accelerate the adoption of cryptocurrencies as real assets in daily life. Markets around the world are gradually adapting to these changes, and we expect regions such as Europe, the UAE, Asia-Pacific, Singapore, and Hong Kong to accelerate their cryptocurrency development. With clearer policies, investor confidence has significantly increased, and Bybit expects Bitcoin prices to rise to $175,000 to $250,000 by 2025.
Bitcoin Magazine CEO: Trump's first 200 executive orders will include cryptocurrency
Bitcoin Magazine CEO David Bailey stated on the X platform: "It has been confirmed that executive orders related to Bitcoin or cryptocurrencies will be included in the first 200 executive orders issued after Trump's inauguration. I don't know what specifically made them selected, but good news has come."
Arthur Hayes believes Trump will not establish a Bitcoin reserve
According to CoinDesk, BitMex co-founder and former CEO Arthur Hayes stated, "I don't think Trump will take steps to establish a Bitcoin reserve. After all, I don't see the point in borrowing money to buy Bitcoin on any platform of Trump's." He said, "You have so much borrowing capacity before destroying the bond market. Would you borrow money to buy Bitcoin? Would you borrow money to provide healthcare for the elderly who voted for you, or to make more bombs so that the defense lobby likes you? You can borrow money to buy many different things. I just don't think he would spend money on Bitcoin. While Bitcoin supporters believe Bitcoin is important, there are many other stakeholders who want borrowed money to go into their pockets." Regarding the implementation of a Bitcoin reserve, Hayes said, "I hope I'm wrong." However, he pointed out that the time before the midterm elections is limited, which may restrict the ability to implement significant policy changes, and there are many other things that need time and budget allocation.
Musk: Silk Road founder Ross Ulbricht will be released
Musk stated on the X platform that Silk Road founder Ross Ulbricht will be released due to a presidential pardon from the United States.
Important Data
According to @ai_9684xtpa's monitoring, a whale bought 7,000 ZACHXBT SOL, worth about $1.65 million, accounting for 4.1% of the circulating chips. The whale's cost price was $0.04043, and its large single purchase directly pushed the coin price up by 35% in a short time. Currently, this transaction has brought about $620,000 in floating profits. Previously, ZACHXBT's price broke through $0.06, with a market cap exceeding $60 million.
TRUMP fell over 40% in 24 hours, MELANIA fell over 63% in 24 hours
According to gmgn data, the personal meme coin TRUMP launched by Trump is currently priced at $35.5, with a 24-hour decline of 40.1%. The personal meme coin MELANIA launched by First Lady Melania Trump is currently priced at $4.21, with a 24-hour decline of 63.1%. Additionally, Coinglass data shows that the total liquidation amount for TRUMP in the past 24 hours reached $51.3048 million, while the total liquidation amount for MELANIA reached $18.4548 million.
Stablecoins on Solana and Ethereum chains increased by a total of $3.782 billion in the past 7 days
According to Lookonchain monitoring, in the past 7 days, stablecoins (USDT & USDC) on the Solana chain increased by $3.13 billion, while stablecoins (USDT & USDC) on the Ethereum chain increased by $652 million.
According to on-chain analyst Yu Jin's monitoring, the DeFi project World Liberty Financial (WLFI) supported by the Trump family has spent a total of $112.8 million in the past 11 hours to purchase 6 tokens including ETH, WBTC, AAVE, LINK, TRX, and ENA. Among them, $47 million was spent on ETH and WBTC, while $4.7 million was spent on AAVE, LINK, TRX, and ENA respectively (the value is all 47 to celebrate Trump's inauguration as the 47th president). The difference in this purchase is that WLFI did not continue to buy ONDO but added TRX purchases. Now, WLFI has spent a total of $220 million to purchase 7 tokens, with a total floating loss of $9.4 million. Additionally, Arkham data shows that ETH is now the largest holding token of the Trump family's crypto project WLFI, with a current holding of 56,774 tokens, valued at $185.63 million, accounting for nearly 57% of WLFI's total on-chain holding value of $326,150,368.04.
Ethereum Foundation transfers 50,000 ETH to a new wallet address dedicated to supporting DeFi
According to The Block, the Ethereum Foundation announced the establishment of a wallet address to begin participating in decentralized finance (DeFi), confirming Vitalik Buterin's recent statement about the nonprofit organization continuing to undergo organizational changes. The organization plans to inject approximately $150 million worth of ETH into this wallet but noted that it may take a few days to complete the setup. Hsiao-Wei Wang, who was recently appointed to a leadership position at the foundation, posted on X on Monday, stating, "The Ethereum Foundation has established a new 5-of-3 multi-signature wallet… operations to send 50,000 ETH to this wallet have been initiated, but please be patient; due to signature delays, it will take a few days to process. The Ethereum Foundation will use this new wallet to participate in the DeFi ecosystem."
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