Today's news tips:
Bitcoin price hits record high of $104,000, market value exceeds $2 trillion
Fed Chairman: BTC is more like gold and is not allowed to be held due to identity reasons
Trump formally nominates Paul Atkins as SEC chairman
Putin: No one can ban Bitcoin, everyone is working to reduce costs and increase reliability
Meitu sells about 31,000 Ethereum and 940 Bitcoin
Magic Eden is now available on the ME airdrop query page
24,052 Bitcoins were transferred from the Mentougou address, worth about $2.43 billion
Regulatory News
Fed Chairman: BTC is more like gold and is not allowed to be held due to identity reasons
Federal Reserve Chairman Jerome Powell said at the New York Times DealBook Summit that Bitcoin is more of a speculative asset, similar to gold, but in a virtual and digital form. He pointed out that Bitcoin is not a competitor to the US dollar, but a competitor to gold, and is not yet widely used as a payment method, and its price volatility is large. It is worth noting that as the price of Bitcoin approaches $100,000, Powell reiterated his previous view that Bitcoin "has staying power." When asked if he would hold cryptocurrencies, Powell said he was not allowed to hold them due to his identity.
Trump formally nominates Paul Atkins as SEC chairman
Paul Atkins may support Hester Peirce and Mark Uyeda to jointly lead cryptocurrency policy making
According to FOX Business, after Paul Atkins was nominated as the chairman of the U.S. Securities and Exchange Commission (SEC), industry insiders revealed that he may support Republican Commissioner Hester Peirce (known as "Crypto Mom") and another Republican Commissioner Mark Uyeda to jointly lead the formulation of cryptocurrency policies. It is reported that Peirce hopes to form an internal cryptocurrency working group to re-evaluate the SEC's regulatory approach to digital assets and engage in dialogue with the industry.
Peirce's current term ends in June 2024 and it is unclear whether she will seek re-election, while Uyeda's term lasts until 2028.
According to Bloomberg, the total amount of fines and investor compensation by the U.S. Commodity Futures Trading Commission (CFTC) in fiscal year 2024 hit a record high of $17.1 billion, mainly from enforcement actions against the defunct crypto exchange FTX and its affiliate Alameda Research. Among them, the FTX and Alameda cases involved $8.7 billion in compensation and $4 billion in illegal gains. In addition, the CFTC also imposed $2.85 billion in fines and compensation on Binance and its founder Changpeng Zhao (CZ), accusing them of illegally operating a crypto asset derivatives trading platform. This is the highest amount of enforcement results in the history of the CFTC.
On December 4, local time, John Duarte, a Republican congressman from California's 13th district, admitted defeat in the election for the last seat in the House of Representatives. The U.S. House of Representatives election is now completely over, with the Republicans eventually winning 220 seats in the House of Representatives and the Democrats winning 215 seats.
Putin: No one can ban Bitcoin, everyone is working to reduce costs and increase reliability
AI
OpenAI: 12 new product launches in the next 12 days
OpenAI announced that the company will enter a cycle of continuously releasing new features on Thursday. The company wrote in a tweet: "12 days, 12 live broadcasts, a bunch of new things big and small, OpenAI's 12-day event starts tomorrow." The company's CEO Sam Altman further explained that starting at 10 a.m. Pacific Time on Thursday (2 a.m. Friday Beijing Time), there will be a live broadcast every weekday to showcase a new product or sample, including some large new products and some "small gifts."
According to data released by OpenAI's official Twitter account, ChatGPT currently has 300 million active users per week and more than 1 billion user messages per day. In addition, there are already 1.3 million developers in the United States developing based on OpenAI technology.
According to DigiTimes, Elon Musk's artificial intelligence startup xAI has successfully reached a priority order agreement with NVIDIA for GB200 AI servers worth $1.08 billion. These servers are manufactured by Foxconn and are expected to start delivery in January 2025. Musk negotiated this priority order directly with NVIDIA CEO Huang Renxun to support the rapid development of xAI. xAI has recently been valued at $50 billion and plans to launch a standalone application to promote its large language model Grok. Currently, Grok is available on the X platform, and the standalone application will further expand the user coverage.
Elon Musk's artificial intelligence startup xAI plans to expand its Colossus supercomputer in Memphis, Tennessee, to at least 1 million GPUs (graphics processing units), 10 times the current size, according to Reuters. The system currently has 100,000 GPUs to support the training of xAI's chatbot Grok. The expansion is supported by Nvidia, Dell and Super Micro.
Project News
Meitu sells about 31,000 Ethereum and 940 Bitcoin
According to the Jinshi recruitment market, Meitu has sold approximately 31,000 Ethereum and 940 Bitcoin. Meitu said it will use approximately 80% of the proceeds from the sale of cryptocurrencies to pay special dividends. Meitu announced on the Hong Kong Stock Exchange that it will start selling its purchased cryptocurrencies on the market in November 2024. As of December 4, 2024, all of the purchased cryptocurrencies held (a total of approximately 31,000 units of Ethereum and 940 units of Bitcoin, with a total cash consideration of approximately US$100 million and US$80 million, respectively, and a profit of approximately US$79.63 million (equivalent to approximately RMB 571 million) from the sale) have been sold. The board of directors intends to use approximately 80% of its net sales profit to pay special dividends, and the remaining net sales profit as general working capital to expand the Group's imaging and design product business, which is mainly based on a paid subscription system.
US hedge fund Citadel CEO says he regrets not buying cryptocurrencies a few years ago
According to Watcher.Guru, Ken Griffin, CEO of US hedge fund Citadel, said he regretted not buying cryptocurrencies a few years ago.
As Bitcoin broke through the $100,000 mark, the 6-hour Bitcoin demystification course "Blockchain and Cryptocurrency" taught by Professor Luo Mei of Tsinghua University attracted widespread attention and successfully topped the seventh place on the Douyin hot search list.
Bithumb adds NEIRO, MORPHO, and SUNDOG to the Korean Won market
Upbit now supports PUFFER and SWELL transactions
South Korean crypto exchange Upbit announced that it has added support for PUFFER (Puffer) and SWELL (Swell Network) trading, with trading markets including BTC and USDT.
Coinbase 50 Index adds five new projects: Axie Infinity, Blur, Jasmy-MGT, Kusama, and Multiversᕽ
According to an announcement from Coinbase Institutional, five new projects were added to the Coinbase 50 index this quarter, including Axie Infinity (@AxieInfinity), Blur (@blur_io), Jasmy-MGT (@JasmyMGT), Kusama (@kusamanetwork) and Multiversᕽ (@MultiversX).
a16z released its 2025 "Big Ideas" annual report on the crypto industry, proposing a number of development trends worth paying attention to:
1. AI wallets become the basis for autonomous agents: AI will be able to act autonomously by having its own encrypted wallet for transactions, resource coordination, etc. In the future, there may be cases where AI runs or verifies blockchain nodes.
2. Decentralized Autonomous Chatbot (DAC): Proving full autonomy through TEE (Trusted Execution Environment), DAC can generate content, manage assets, and may become the first truly autonomous billion-dollar entity.
3. Popularization of stablecoin payments: As stablecoins find market fit, SMEs and large enterprises will adopt more in 2025 to reduce payment costs and increase profit margins.
4. Government bond on-chain: Several countries may experiment with putting government bonds on-chain as collateral for decentralized finance (DeFi) to improve transparency and transaction efficiency.
5. DUNA becomes the new standard for DAO governance: The DUNA (Decentralized Nonprofit Association) legal framework passed by the state of Wyoming, USA, provides legal recognition for DAOs and is expected to be further promoted in 2025.
6. Liquid democracy applied to offline governance: Blockchain technology will drive local governments to experiment with new governance models, such as "Liquid democracy", to achieve direct or delegated voting.
7. Infrastructure reuse trend: In 2025, more teams will give priority to existing blockchain components, reduce duplication of development and accelerate product launch.
8. Focus on end-user experience: Encryption product design will start from the user experience and choose the appropriate infrastructure, rather than letting technical constraints determine the user experience.
9. "Hidden complexity" promotes Web3 killer applications: user interfaces will be more intuitive, and the complexity of blockchain technology will be abstracted, promoting wider mainstream adoption.
10. Tokenization of non-traditional assets: Low-cost infrastructure will drive more non-traditional assets (such as biometric data) to participate in the global economy through tokenization.
Wormhole launches W token staking program with a minimum reward of 50 million tokens
Cross-chain protocol Wormhole announced the official launch of its W token staking reward program (SRP). Users can now stake W tokens on Solana and EVM chains including Ethereum, Arbitrum, Optimism, and Base. The first reward period will be traced back to June 6, 2024 when the EVM chain staking starts, and no less than 50 million W tokens will be distributed as rewards.
The program runs through the newly launched W Dashboard, where users can manage stakes, view detailed metrics, and track rewards. Wormhole said it plans to launch the multi-chain governance system MultiGov in the first quarter of 2025, when stakers will be able to participate in the voting and execution of cross-chain governance proposals. The total amount of W tokens available to the community is currently about 858 million, accounting for 17% of the original issuance of 1.7 billion.
Synapse plans to buy back 5 million SYN tokens and cut token issuance by 70%
Cross-chain protocol Synapse announced that its full-chain abstraction solution Synapse Intents Network (SIN) has officially launched the mainnet. In January this year, Synapse launched the intention cross-chain system RFQ, which has been deployed on multiple networks such as Ethereum, Optimism, and Arbitrum, reducing the processing time of cross-chain transactions from 20 minutes to 3 seconds, and reducing costs by 81% on average compared to competitors. It currently accounts for 90% of the protocol's cross-chain transaction volume.
The newly launched SIN system supports off-chain bidding to obtain cross-chain quotes. It is the first decentralized intent network with real-time fraud proof and can support relay functions for any assets and operations.
In terms of token economics, Synapse plans to repurchase 5 million SYN tokens with a budget of approximately US$3.5 million, and cut token issuance by 70%, reducing circulation by approximately 2.5 million SYN per year, while transitioning to a proof-of-stake (POS) and fee-based network model.
Robinhood announces entry into Asia in 2025, Singapore to become regional headquarters
NFT trading platform Magic Eden announced this morning that it has officially launched the $ME token qualification and allocation query tool. Users can now view their token qualification status and possible allocation quota by connecting to their wallet. According to OKX pre-market trading, ME is currently trading at $3.5, down 7.11% in 24 hours.
YouTube's crypto influencer content has 4.72 million views per week, a 12-month high
According to The Block, in the week ending November 25, YouTube crypto influencer content was viewed 4.72 million times, a 12-month high, indicating a rebound in retail investors' interest in digital assets. Coin Bureau and Crypto Banter contributed over a million views, but the overall data is still only 50% of the historical peak. At the same time, Phantom Wallet and Coinbase downloads ranked among the top 100 app stores, and Bitcoin continued to trade around $90,000, indicating a gradual return of retail interest. Analysis pointed out that social media popularity may be a lagging indicator, and the current trend is more inclined to a gradual recovery in market participation.
Coinbase Adds Gigachad (GIGA) and Turbo (TURBO) to its Listing Roadmap
Coinbase will list MOG Coin (MOG) and Movement (MOVE) on the Base network
Coinbase Assets announced this morning that it will support MOG Coin (MOG) on the Base network and Movement (MOVE) tokens on the Ethereum network. According to the announcement, MOG token trading will begin at 1:00 a.m. Beijing time on December 6, provided that liquidity conditions are met. Trading will be launched in phases in the form of MOG-USD trading pairs. For MOVE tokens, they will be labeled "experimental" and trading will begin later today.
He Yi posted a message to celebrate Bitcoin breaking through $100,000 for the first time
Stablecoin issuer Circle has laid off less than 6% of its employees
According to Bloomberg, stablecoin issuer Circle Internet Financial Ltd. said that as part of a regular operational review, the company has laid off employees. A Circle spokesperson said that the layoffs accounted for less than 6% of Circle's total employees. The company will continue to invest in geographic growth, efficiency and productivity driven by artificial intelligence. Circle will regularly review our investments and expenses, which includes investing in teams and operational infrastructure that need to be developed, while slightly reducing expenses and some positions in other business areas. In June, Circle said the company had 882 employees.
Binance Finance launches on-chain coin earning: the first product is Babylon Bitcoin staking
According to the official announcement, Binance Finance launched the on-chain coin earning function, where users can participate in various on-chain protocols and earn income through their Binance accounts. The first product of on-chain coin earning is Babylon Bitcoin staking, where users can earn on-chain income by staking Bitcoin to the Babylon protocol. Subscription will be open at 14:00 (Eastern Time Zone 8) on December 9, 2024, with a limit of 1,000 Bitcoins, on a first-come, first-served basis. The minimum subscription amount for each account is 0.05 BTC, and the maximum subscription amount is 5 BTC. Please note that the on-chain coin earning page will be online at 12:00 (Eastern Time Zone 8) on December 9, 2024.
Standard Chartered Bank: Bitcoin could reach $200,000 by the end of 2025
According to Jinshi, Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, said in a report that Bitcoin's capital flows this year are mainly dominated by institutional investors, and this situation should continue. After breaking through $100,000, Bitcoin may reach $200,000 by the end of 2025. So far this year, institutions have bought 683,000 bitcoins through US spot ETFs, and MicroStrategy has purchased 245,000 bitcoins, a large part of which was bought after the US presidential election. Kendrick said, "In 2025, we expect institutional capital inflows to maintain or exceed the pace of 2024." In addition, pension funds currently hold a small proportion of Bitcoin ETFs, but this proportion is expected to increase in 2025 due to changes in US regulatory policies.
MicroStrategy raised $13.5 billion in November, netting shareholders 97,500 BTC
MicroStrategy founder Michael Saylor announced on the X platform that MicroStrategy raised $13.5 billion in November and acquired 149,880 BTC at an average price of approximately $90,231. The BTC yield was 38.7%, bringing shareholders a net income of 97,500 BTC (or 3,250 BTC per day). If calculated at a price of $96,000, it is equivalent to $9.4 billion, or $312 million per day.
According to Yahoo News, Taiwan's well-known "anti-fraud goddess" Chen Meihui was involved in a leak case and unfortunately died in a car accident on the Hsinchu section of National Highway 1 in the early hours of yesterday morning. She was only 35 years old and left behind two young daughters. Chen Meihui has long served as a blockchain financial crime investigator at the XREX virtual currency exchange, assisting the police in combating fraud crimes. Her sudden death has caused shock and anger in the society and the police. According to reports, the Taichung District Prosecutor's Office received a report accusing Chen Meihui of suspected analysis of investigative data provided by her boyfriend, a police officer surnamed Xie from the Criminal Investigation Bureau's Technology Crime Prevention Center, and suspected of leaking secrets. The two were taken back for interrogation and returned home on bail of NT$30,000, but a fatal car accident occurred on the way. The Criminal Investigation Bureau expressed deep dissatisfaction with the case, questioning the motivation of the report and the fairness of the judicial system, and believed that the report on Chen Meihui was a stigmatization of anti-fraud workers. Chen Meihui was hailed as Taiwan's top expert in the field of virtual currency crime tracking. During her lifetime, she was enthusiastic about public welfare and promoted many anti-fraud initiatives, including the development of virtual currency tracking software and resource integration.
Mining News
According to CryptoSlate, Ethiopia's Bitcoin mining industry has risen rapidly and now accounts for 2.5% of the world's computing power. According to the Ethiopian Electric Power Company (EEP), if the current trend continues, this proportion may double to 7% in the next year. Currently, local mining operations have consumed 600 megawatts of electricity, which may increase to 1 gigawatt by the end of the year.
Bitcoin mining company MARA completes $850 million convertible senior notes issuance
According to Globenewswire, Bitcoin mining company MARA Holdings, Inc announced that the issuance of its 0.00% convertible senior notes due in 2031 was closed on December 4, 2024. The total principal amount of the notes sold in this offering is $850 million. MARA also granted the initial purchasers the option to purchase an additional $150 million in total principal amount of notes within 13 days from the date of the initial issuance of the notes. After deducting the discounts and commissions of the initial purchasers, but deducting the estimated issuance expenses payable by MARA, the net proceeds from the sale of the notes were approximately $835.1 million. MARA expects to use approximately $48 million of the net proceeds from the sale of the notes to repurchase approximately $51 million in principal of its existing convertible notes due in 2026 through privately negotiated transactions, and the remaining net proceeds will be used to purchase more Bitcoin and general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding debts.
Important data
Data: Hong Kong virtual asset ETF today's trading volume is about HK$473 million
According to the data chart forwarded by Zora co-founder Jacob, Bitcoin has now become the world's tenth largest currency, with a total market value of approximately 19,790,568 BTC. At the same time, Bitcoin is equivalent to the world's 12th largest economy in terms of market value. Coinbase CEO Brian Armstrong forwarded the post.
On-chain data shows that the Mentougou Exchange transferred 24,052 bitcoins to the new address 1N7jW…1u8Yp 10 minutes ago, with a total value of approximately US$2.43 billion.
Bitcoin market value exceeds $2 trillion
The market value of Bitcoin has exceeded 2 trillion US dollars and is now about 200.8 billion US dollars. The price of a single Bitcoin is now reported at 101,240 US dollars per coin. The transaction volume on the Bitcoin chain in the past 24 hours was about 890,000 BTC.
Data shows that BTC currently ranks 7th in the global asset ranking, second only to Apple, Nvidia, Microsoft, Amazon and Google's parent company Alphabet. The market value of Bitcoin even exceeds the government bond markets of countries such as Spain and Brazil, and is close to the total market value of the entire FTSE 100 Index (the top 100 companies in the UK stock market by market value).
Data: Stablecoin market value has exceeded $200 billion
According to Coinmarketcap data, the total market value of stablecoins has exceeded $200 billion and is currently around $203.7 billion. The trading volume of stablecoins in the past 24 hours was approximately $257.744 billion.
Bitcoin has risen by more than $30,000 since Trump's victory
Market data shows that Bitcoin has been advancing rapidly, breaking through the $100,000 per coin mark. It has gained more than $30,000 since Trump was elected as the next US president, and has risen by about 135% so far this year.
According to Bloomberg, cryptocurrency trading volume exceeded $10 trillion for the first time in November, setting a record high, with spot and derivative trading volumes on centralized exchanges doubling month-on-month. According to CCData data, Bitcoin rose 38% during this period, approaching $100,000, with the market driven by expectations of friendly regulation brought about by Trump's election.
Data shows that the monthly spot trading volume of centralized exchanges increased by 128% to $3.43 trillion, the second highest since May 2021. Derivatives trading volume rose 89% to $6.99 trillion, setting a new record. This data does not include the trading volume of DeFi platforms. In addition, the altcoin trading of South Korean exchange Upbit was active, and the institutional crypto futures trading volume of CME exchange increased to $245 billion, also setting a new high.
1inch team address sold 7.657 million 1INCH 9 hours ago
Framework Ventures deposited 6.5 million SNX to Coinbase 3 hours ago, worth $19.5 million
According to on-chain analyst ai_9684xtpa, Ban token developer and Sotheby's vice president Michael Bouhanna, who is also the creator of the new coin VOID, spent 4.87 SOL (US$1,139) to buy 15% of the total supply of VOID during the internal trading phase. The current token market value is US$11.6 million, and he has made a floating profit of US$1.5 million.
