Trump officially sworn in as the 47th President of the United States
U.S. President-elect Trump was sworn in and officially became the 47th President of the United States.
Later in the evening, Trump's speech ended without mentioning cryptocurrencies . Republican lawmakers' documents did not mention cryptocurrencies as a priority . Trump nominated Caroline Pham as acting chairman of the CFTC and appointed cryptocurrency-friendly Mark Uyeda as acting chairman of the SEC .
Utah lawmaker proposes strategic Bitcoin reserve legislation
According to Bitcoin Magazine, Utah Congressman Jordan Teuscher proposed strategic Bitcoin reserve legislation.
After Trump was sworn in, Musk's government efficiency department DOGE was accused of three lawsuits
According to Businessinsider, three lawsuits against the Department of Government Efficiency (DOGE) led by Elon Musk were filed in federal court just after US President Trump was sworn in. The lawsuit accuses DOGE of violating the Federal Advisory Committee Act (FACA) of 1972 and failing to meet transparency requirements such as public meetings, balanced perspectives and record keeping. The first lawsuit was initiated by the left-wing legal organization Democracy Forward, claiming that DOGE is a "shadow agency" dominated by "unelected billionaires" and may make decisions that affect millions of Americans in the absence of transparency and supervision. The second lawsuit was filed by the National Security Counselors, focusing on the establishment and operating procedures of DOGE, arguing that it did not comply with the legal provisions of the advisory committee. The lawsuit also accused DOGE's members of being mainly executives in the technology industry and 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 members failed to represent the interests of ordinary Americans. The three parties had previously applied to the Trump transition team for a representative seat in DOGE, but received no response. Although Musk previously stated that all of DOGE's actions would be made public online to ensure transparency, the lawsuit claims that a large amount of its communications were conducted through the encrypted application Signal, which lacked openness. Litigation attorney McClanahan said that DOGE may make short-sighted decisions due to the lack of federal staff's perspective, emphasizing that "government work is different from business operations." At present, Musk, Trump and related representatives have not responded to this.
US President-elect Trump said that tariffs and taxes will be imposed on foreign countries to benefit American citizens, rather than making other countries rich by taxing their own citizens. He plans to establish the External Revenue Service, which will be responsible for collecting all tariffs and taxes to attract foreign service funds into the US treasury. He stressed that this will promote a rapid recovery of the "American Dream" and achieve economic prosperity at an unprecedented rate. In addition, Trump said that the focus in the future is to defeat America's enemies while avoiding wars, and the United States does not want to be involved in wars. Trump also proposed a number of policies, including reversing measures taken due to excessive charges for American ships in the Panama Canal and announcing that the Gulf of Mexico will be renamed the American Gulf. In addition, he made it clear that from today, the official policy of the US government will recognize that there are only two genders: male and female.
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 start participating in decentralized finance (DeFi), confirming Vitalik Buterin's recent statement that the non-profit organization will continue to make organizational changes. The organization plans to inject about $150 million worth of ETH into the wallet, but noted that it may take a few days to complete the setup. Hsiao-Wei Wang, who was recently appointed to the leadership position of the foundation, posted on X on Monday: "The Ethereum Foundation has established a new 5-signature 3 multi-signature wallet... The operation has been initiated to send 50,000 ETH to the wallet, but please be patient; due to signature delays, this will take a few days to process, and the Ethereum Foundation will use this new wallet to participate in the DeFi ecosystem."
According to a discussion on Twitter between Eric.eth and community members such as Josh Stark, the Ethereum Foundation (EF) has been criticized for long-term direct sales of ETH held into stablecoins to support internal budgets. The community believes that EF can completely cover budget needs by staking ETH and using DeFi strategies (such as yield products) instead of selling directly in the market to avoid negative impact on ETH prices. In response, Vitalik Buterin responded to the community's doubts on Twitter. He mentioned that there are two main reasons why the Ethereum Foundation did not choose to stake ETH in the past: 1. Regulatory factors: The previous regulatory environment may have potential legal risks for EF's staking behavior, but such concerns have been significantly reduced at present; 2. Hard fork stance issue: If EF chooses to stake, it will force it to take a stand in controversial hard forks that may occur in the future, because staking will make the foundation more deeply bound to the main chain. This is still the main concern at present, but Vitalik said that he is exploring solutions to reduce this impact. Spot On Chain responded that even if EF chooses to stake ETH and obtain staking rewards, it still needs to sell ETH to meet funding needs, so it is still questionable whether its staking income can completely replace the current selling model. At the same time, it is recommended that EF give priority to over-the-counter transactions (OTC) when selling ETH to reduce the price impact of direct selling on the market.
Arthur Hayes says he doesn’t think Trump will start building a Bitcoin reserve
According to CoinDesk, Arthur Hayes, co-founder and former CEO of BitMex, said: "I don't think Trump will set out to build a Bitcoin reserve. At the end of the day, I don't know what the use of borrowing money to buy Bitcoin is on any of Trump's platforms." He said: "Before you destroy the bond market, you have so much borrowing power. Will you borrow money to buy Bitcoin? Will you borrow money to provide health care for the elderly who voted for you, or to build more bombs so that the defense lobby likes you? You can borrow money to buy a lot of different things. I just don't think he will spend money on Bitcoin. Although Bitcoin supporters think Bitcoin is important, there are many other stakeholders who want the borrowed money to go into their pockets." Regarding the implementation of Bitcoin reserves, Hayes said "I hope I'm wrong." But he pointed out that the time before the midterm elections is limited, which may limit the ability to implement major policy changes, and there are many other things that require time and budget allocation.
Mark Cuban considers creating meme coin, sales proceeds will go to the U.S. Treasury
Billionaire entrepreneur and cryptocurrency advocate Mark Cuban said on the X platform: "If meme coins are the trend of the future, maybe I will issue one. However, I will add something new. The terms of issuance are the same as TRUMP: 20% of the circulation, the same release plan. But there is one difference. All proceeds from token sales will go directly to the US Treasury. The wallet address will be public so that everyone can track the flow of funds. If you want to gamble, then gamble. But at least use this money to contribute to reducing the US debt."
Coinbase International will launch Trump (TRUMP) perpetual contract
Coinbase International Station announced on the X platform that Coinbase International Station and Coinbase Advanced will add support for Official Trump (TRUMP) perpetual futures contracts. The TRUMP-PERP market is expected to open at or after 23:30 UTC on January 20, 2025 (6:30 Beijing time on January 21). Update: Coinbase International Station announced that the TRUMP-PERP market is now open.
Coinbase to List Official Trump (TRUMP) Token
Coinbase Assets announced on X Platform that Coinbase will add support for Official Trump (TRUMP) on the Solana network. Do not send this asset over other networks or your funds may be at risk of loss. Coinbase will add support for TRUMP using the "experimental" tag. Trading in the TRUMP-USD trading pair will be launched in phases once sufficient supply of this asset is available. Trading hours will be announced separately when liquidity conditions are met. It is recognized that some users may experience significant delays in sending and receiving on Coinbase's Solana network. Therefore, the sending, receiving, and withdrawal/deposit of TRUMP tokens on Coinbase may be affected.
MetaMask co-created Farcaster account was stolen and used to promote meme coins
MetaMask said on the X platform: "The Farcaster account of our co-founder Dan Finlay was stolen and used to promote meme coins. We have contacted the Farcaster team to help investigate this incident." In addition, SlowMist founder Yu Xian issued a reminder on X that the Farcaster account co-created by MetaMask was stolen and a meme was released; this meme has been rugged, and the initial funds of the creator's address should have come from a certain mixing platform, and the profit has exceeded 1,000 SOL.
Tether-invested video-sharing platform Rumble bought its first Bitcoin on Friday
Chris Pavlovski, founder and CEO of Rumble, revealed on Twitter that Rumble ($RUM) completed its first Bitcoin ($BTC) purchase last Friday and said it would not be the last, suggesting that the company may continue to increase its Bitcoin holdings in the future. Previously, Rumble announced its Bitcoin financial strategy, including the purchase of $20 million in Bitcoin.
Binance will launch AIXBT/TRY and TRUMP/TRY spot trading pairs on January 21
Binance will launch AIXBT/TRY and TRUMP/TRY spot trading pairs at 16:00 (ET) on January 21, 2025, and will simultaneously open trading bot services for the above trading pairs.
Blind computing network Nillion announces 75 million NIL token airdrop
Blind computing network Nillion announced that it will allocate up to 75 million NIL tokens (7.5% of the total supply) as rewards to give back to community members and early contributors, including: 1. Validator program participants: active validators who have run validation nodes for at least 1 week 2. Community contributors: such as Discord volunteers, OG members, Blind Warriors, POAP holders, etc. 3. Developers: including Github contributors, hackathon and bounty event participants, SDK users and technical content creators In addition, participants can receive additional bonuses by supporting the network (such as participating in the Nill Pill program or testnet reinforcement). Airdrop registration ends at 5 pm UTC on February 3, and those who have not registered will lose their eligibility. After the mainnet is launched, the tokens will be distributed to the receiving wallet.
Google cryptocurrency searches hit five-year high
According to CoinDesk, as US President-elect Trump is about to deliver his inauguration speech, Google search data shows that the global search volume of the keyword "how to buy cryptocurrency" has soared to a five-year peak (100 points). This data reflects the great interest of retail investors in the crypto market. Analysts pointed out that the meme coins $TRUMP and $MELANIA launched by Trump have quickly attracted billions of dollars in market value and pushed crypto assets from the margins to the mainstream, overturning the traditional "Overton Window" (social acceptance range theory). There are rumors that Trump may announce the Bitcoin Strategic Reserve Plan in his inaugural speech and list cryptocurrencies as a national priority, which has aroused strong market attention. Former Coinbase CTO Balaji said that Trump's move may start a wave of tokenized equity financing, while anonymous analyst Trevor.btc believes that Trump's actions have laid the foundation for the potential deregulation of the US crypto market. Note: The Overton Window is a political theory that describes the range of policies and views that the public can accept at a specific time. It believes that the political feasibility of a policy depends mainly on whether it is within this acceptable range, rather than the personal preferences of politicians.
The Trump family crypto project World Liberty Financial (WLFI) announced on the X platform that in order to commemorate Donald J. Trump's inauguration as the 47th President of the United States, WLFI announced the following strategic purchases: $47 million in ETH, $47 million in wBTC, $4.7 million in Aave, $4.7 million in LINK, $4.7 million in TRX, and $4.7 million in ENA.
Earlier news revealed that World Liberty Financial purchased AAVE and Wrapped TRX on the chain ; World Liberty Financial purchased $4.7 million worth of LINK on the chain ; World Liberty increased its holdings of various crypto assets by more than $51 million ; and after Trump was sworn in, his project WLFI purchased $4.7 million worth of Bitcoin .
Solana network transaction fees hit $33.3 million in a single day, setting a record
According to The Block, Solana network daily transaction fees reached a record high of $33.3 million last Sunday, as the release of Trump family meme coins ($TRUMP and $MELANIA) significantly increased on-chain trading activity. Since the launch of the two tokens, Solana's decentralized exchange has maintained a daily trading volume of more than $27 billion, leading all Layer 1 blockchains. Trump's meme coin $TRUMP has rapidly soared to a market value of $14 billion, with a fully diluted valuation of $70 billion, making it one of the top 20 cryptocurrencies. $MELANIA has a market value of $1.6 billion, which has also brought significant growth to the Solana ecosystem. In addition, the price of Solana's native token has risen by more than 50% in a week, breaking the all-time high of $260. Yesterday, it was reported that the trading volume of Solana's ecosystem DEX has exceeded $158 billion so far this month, breaking the highest record of the entire chain.
According to the latest weekly data from CoinShares, digital asset investment products recorded an inflow of $2.2 billion last week, driven by the enthusiasm for Trump's inauguration, setting a record for a single week this year, and total assets under management (AuM) rose to a record high of $171 billion. Bitcoin dominated the inflow, attracting $1.9 billion in funds, with a total inflow of $2.7 billion this year. Ethereum inflowed $246 million last week, making up for the net outflow since the beginning of the year. XRP inflowed $31 million last week, and the cumulative inflow since mid-November 2024 has reached $484 million. From a regional perspective, the United States had an inflow of $2 billion, while Switzerland and Canada recorded inflows of $89 million and $13 million, respectively.
Ethereum Foundation sells 100 ETH again for 336,000 DAI
According to on-chain analyst Ember’s monitoring, 5 minutes ago, the address 0xd77...1f4 used by the Ethereum Foundation for small-amount, high-frequency sales of ETH sold 100 ETH at a price of $3,364 in exchange for 336,000 DAI.
