Headlines
US court rules sanctions on Tornado Cash smart contract illegal
According to market news, a US court ruled that sanctions against the Tornado Cash smart contract were illegal.
MicroStrategy founder Michael Saylor reiterates he will not sell BTC
Well-known trader HORSE (@TheFlowHorse) wrote that if MicroStrategy founder Micheal Saylor sells Bitcoin, it will be one of the most successful transactions in history, because his Bitcoin investment has made a profit of about US$14.9 billion so far. In addition, HORSE also listed some major short-selling events in history.
In response, Micheal Saylor said: Im not selling BTC.
CZ: Not trying to end the meme craze, just encouraging more builders
CZ posted on X platform today: “I am not against Meme Coin, but Meme Coin is now a bit weird. Let’s use blockchain technology to build practical applications.”
Some community users said that even Musk is a supporter of Meme Coin, and it is very difficult to end this craze. In response, CZ said: I am not trying to end anything. Everyone has the right to choose what to invest or hold. Its just to encourage more builders.
In addition, some users asked CZ whether the cultural concept of Meme still exists (because neither CZ nor Vitalik likes Meme), to which CZ responded: We are all old dinosaurs. Well, Vitalik is still young. So there is only one dinosaur left.
NYSE submits 19 b-4 and S-1 documents to SEC for listing Bitwise BTC ETH ETF
Nate Geraci, president of The ETF Store, said in a post on X that the New York Stock Exchange (NYSE) submitted 19 b-4 and S-1 documents to the US SEC, seeking to list the Bitwise Bitcoin Ether ETF. The product will hold both spot BTC and ETH, weighted by market value.
“Bitcoin and Ethereum are no longer competitors, just like gold and technology stocks are no longer competitors, and I think this ETF will be popular with investors,” said Matt Hougan, co-founder of Bitwise.
Industry News
CZ: Not against Meme, but recommends building practical applications
CZ posted on the X platform: “I am not against Meme Coin, but Meme Coin is now a bit weird. Let’s use blockchain technology to build practical applications.”
A recent report from CoinWire shows that most meme coins are worthless and many investors face significant losses. The report selected 377 KOLs with at least 10,000 followers who frequently promote meme coins, and based on this, compiled a list of 1,567 meme coins that have been promoted in the past three months.
The report used Dune Analytics to collect information on the price when it was first promoted, the current price, and the price after one week, one month, and three months. If the current value of a meme coin has dropped by 90% or more compared to when it was first promoted, it is considered dead.
The results showed that “76% of the meme coins promoted by KOLs no longer exist. Two-thirds of the meme coins they promoted are worthless. This means that many promotions driven by KOLs actually caused investors to suffer losses.”
Bankless Lianchuang Chinese calls for Ethereum, calling it money
Ryan Sean Adams, co-founder of Bankless, posted a Chinese tweet on the X platform saying, Ethereum is money (translated into English as Ethereum is money). After Meme Godfather Murad called on Chinese Meme coin players to join the Meme coin super cycle in Chinese, he openly called for Ethereum.
Previously, it wrote that when demand finally arrives, ETH will experience an unprecedented supply shock, and Ethereum will then be in short supply.
According to Adam, a macro researcher at Greeks.live, the Bitcoin options market has seen a massive amount of large transactions. Since 21:00 in the evening, a total of more than 6,000 BTC worth of Bitcoin has been traded, and the total volume of large call options traded throughout the day has exceeded 120 million US dollars. Among them, nearly 5,000 BTC were traded for active purchases of December 27 call options at a price of 92,000 to 100,000 US dollars, and this purchase behavior is still continuing. In addition to the high number of purchase orders, the premium of this wave of purchases is significantly higher than usual, and the premium cost is about twice the price. Analysts believe that whales are taking action.
Project News
According to official news, Starknet has launched the first phase of the staking plan on the mainnet, becoming the first Ethereum L2 network that supports users to earn income by staking tokens. Anyone who holds STRK in their wallet can stake their tokens on Starknet as a validator or delegator, but in the first phase, validators must stake at least 20,000 STRK and run a full node to prepare for the future staking phase, which will require further responsibilities and contributions to network maintenance and security. Users who hold less than 20,000 STRK can delegate their tokens to validators for staking.
In addition, Starknet reminds the community that neither StarkWare nor the Starknet Foundation will participate in staking activities at this time, and therefore, they will not be eligible for any staking rewards. In addition, all currently locked tokens cannot be staked.
DeFi Technologies Subsidiary Valour Launches First Dogecoin ETP in Northern Europe
DeFi Technologies subsidiary Valour has launched the exchange-traded product Valour Dogecoin (DOGE) ETP on the Swedish stock market Spotlight Stock Market, the first Dogecoin ETP launched in the Nordic region.
Movement Network Foundation announces MoveDrop, airdropping 10% of tokens to the community
Movement Network Foundation announces MoveDrop airdrop program to reward early adopters and community members of Movement. MoveDrop will allocate 1,000,000,000 $MOVE (10% of total supply) to the community, including Road to Parthenon participants, Battle of Olympus winners, Gmovers, designated communities, and Movement testnet builders.
Users can visit the MoveDrop website and register until 2pm UTC on December 2, 2024. After the TGE (coming soon), you can check your MoveDrop eligibility and claim the airdrop. Failure to register on time will result in loss of MoveDrop eligibility.
Users can choose to claim $MOVE on the Ethereum mainnet or after the Movement Network mainnet (which will be launched soon), which will generate a 1.25x reward multiplier. The Movement Network Foundation also stated that it plans to distribute more $MOVE tokens in future events.
Earlier news, the Movement Network Foundation announced the economic model of the $MOVE token, with a total supply of 10 billion tokens and an initial circulation of about 22%. Among them, 60% of the tokens will be allocated to the community, including the ecosystem and community (40%), initial claims (10%) and the foundation (10%). The rest will be allocated to early contributors (17.5%) and early investors (22.5%).
Binance to List Thena (THE) and Launch HODLer Airdrops
According to the official announcement, Binance will launch Thena (THE) at 10:00 (UTC) on November 27, 2024, and open THE/BTC, THE/USDT, THE/BNB, THE/FDUSD and THE/TRY trading pairs. At the same time, Binance will launch the HODLerAirdrops event. Users who subscribe to BNB to SimpleEarnFlexible or Locked products between 00:00 on November 6, 2024 and 23:59 on November 13 (UTC) will receive THE airdrops. The THEHODLerAirdrops page is expected to be launched within 12 hours, and the new tokens will be distributed to users spot wallets 1 hour before trading begins.
pump.fun transferred 99,999 SOL to Kraken, worth $22.74 million
According to Onchain Lens monitoring, pump.fun transferred 99,999 SOL to Kraken, worth $22.74 million. As of now, they have deposited 893,242 SOL at an average price of $164.
Investment and Financing
Schuman Financial Completes $7.36 Million Seed Round, Led by RockawayX
Stablecoin issuer Schuman Financial completed a $7.36 million seed round in September, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund and Bankless Ventures. In addition, Schuman Financial launched the MiCA-compliant Euro stablecoin EURØP.
Schuman Financial has become the first European company to receive a stablecoin issuer license in France, and the company is building an ecosystem around EURØP, including SEPA integration, banking channels, and custody partnerships with Tier 1 global banks such as Societe Generale. (The Block)
Talus Network announced that it has completed a strategic round of financing of US$6 million at a valuation of US$150 million, led by Polychain Capital, with participation from Animoca, Geek Cartel, Foresight Ventures and Echo, as well as a group of angel investors. Talus Network is a high-throughput blockchain protocol designed for decentralized artificial intelligence agents. As of now, its total financing has reached US$9 million. (TheBlock)
Regulatory trends
Foreign media: Trump administration considers letting CFTC lead digital asset regulation
The incoming Trump administration wants to expand the CFTC’s authority, giving it regulatory power over a large portion of the digital asset market.
With Trump in office and the crypto industry’s growing influence in Republican politics, the CFTC’s responsibilities may soon expand to regulating spot markets for cryptocurrencies considered commodities, such as bitcoin and ethereum, and the exchanges that facilitate their trading, the sources said.
Key figures in Trump’s team believe that looser regulations are needed to spur innovation in the crypto business, including potentially transformative blockchain technology.
Chris Giancarlo, former chairman of the CFTC, said: With adequate funding and the right leadership, I think the CFTC can start regulating digital commodities on the first day of the Trump presidency. (FOX Business)
The Fed is considering cutting the reverse repo rate by 5 basis points as a technical adjustment
The Feds meeting minutes showed that the Fed considered lowering the reverse repo rate by 5 basis points as a technical adjustment. Some participants said that it might be appropriate to consider resetting the overnight reverse repo rate to the bottom of the federal funds rate target range in the future.
Character Voice
Trader Eugene Ng Ah Sio wrote on X: “I think this is the most challenging bull altcoin season I have ever experienced. The capital flows don’t make much sense to me, and it’s hard to predict the extent of the movement.
At this point I would normally call for a proper altcoin rotation into most of the hot cryptocurrencies in CT, but right now I’m not so sure. Watch and wait for now while preserving capital.”
CryptoQuant founder: Bitcoin retail investors have not yet fallen into FOMO
Ki Young Ju, founder and CEO of CryptoQuant, posted on the X platform that retail Bitcoin investors have not yet fallen into FOMO. The trading frequency activity chart of retail investors in the spot and futures markets shared by Ki Young Ju shows that the growth is relatively gentle, without large fluctuations.
