Headlines
▌Victory Securities: Bitcoin Rises Slowly, Waiting for Spillover Effect
Zhou Lele, Deputy Chief Operating Officer of Victory Securities, analyzed in a post that the virtual asset market continued the small fluctuations of last week, with the leading assets such as Bitcoin and Ethereum swinging and struggling, but the Altcoins with high odds are recovering and breaking out of the downward channel. About $3.08 billion flowed into the off-exchange Bitcoin ETF last week, and about $5 million flowed into the Ethereum ETF; the weak balance in the exchange has been broken, and short-term holders are gradually increasing their holdings, and the recovery stage may be about to begin. The virtual asset shadow stock MicroStrategy hit a new high, and the trading volume of its double-long ETF is also gradually expanding. The investment in meme coins is hot in the exchange, and the market risk appetite is rising, but the willingness to trade high-yield derivative products is stronger than the assets themselves. Virtual assets may need to wait for the wealth effect spillover from the global stock market to boost their market share.
▌Tesla's Humanoid Robot Reportedly Can Be Remotely Controlled
According to foreign media reports citing informed sources, at Tesla's (TSLA.O) "We, Robot" demonstration last week, Tesla remotely controlled its Optimus humanoid robot prototype, with employees in other locations responsible for controlling the humanoid and many of the interactions with attendees. There is at least one video online that allegedly comes from the October 10 "We, Robot" event showing an Optimus "bartender" admitting it got "help from humans". The Optimus prototype can walk under its own artificial intelligence control without external control.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $66,088.28, with a daily change of +5.4%;
ETH's latest trading price is $2,631.03, with a daily change of +6.9%;
BNB's latest trading price is $589.60, with a daily change of +3.3%;
SOL's latest trading price is $157.41, with a daily change of +6.8%;
DOGE's latest trading price is $0.1168, with a daily change of +5.3%;
XPR's latest trading price is $0.5477, with a daily change of +3.2%.
Policy
▌TD Cowen: Senator Bill Hagerty's Stablecoin Bill Draft May Become the 2025 Legislative Outline
Investment bank TD Cowen said in a report on Monday that the draft stablecoin legislation by U.S. Senator Bill Hagerty may become the outline for future legislation in 2025.
Jaret Seiberg of the TD Cowen Washington Research Group wrote, "This draft should serve as the foundation for the legislation we expect Congress to pass next year. The chances are even higher if Trump wins, as Hagerty is closely aligned with the former president."
It is reported that if Trump wins, Hagerty could be a potential contender for a position in Trump's cabinet, either in a national security role or a Treasury Department role. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over major agencies including the U.S. SEC.
Seiberg noted in the report, "The key will be reaching a bipartisan agreement on the issue of regulating stablecoins by the regulatory agencies. The prospects for this bill would be even higher if Trump wins."
▌FinCEN Accuses TD Bank of Failing to Report Suspicious Crypto Activity, Faces Over $3 Billion in Money Laundering Fines
The Financial Crimes Enforcement Network (FinCEN) has accused banking giant TD Bank of failing to report suspicious activity from an anonymous group of international cryptocurrency traders. FinCEN said that over a nine-month period, TD Bank processed more than 2,000 transactions for a company called "Customer Group C" (allegedly engaged in sales financing and real estate). Customer Group C had misrepresented to TD Bank that its expected annual wire transfer activity would not exceed $1 million, when in fact it allegedly conducted over $1 billion in transactions through TD Bank.
According to the U.S. Department of Justice, on October 10, TD Bank was fined $3.09 billion for violations of the Bank Secrecy Act and money laundering, and was placed under a four-year monitoring program to address the same violations.
Blockchain Applications
▌dYdX Launches Trump 2024 Election Prediction Market Perpetual Contract
The dYdX Foundation announced the launch of a Trump 2024 election prediction market perpetual contract, allowing traders to take long or short positions in a fully decentralized environment based on the probability of Trump's victory.
Cryptocurrencies
▌Galaxy: Harris More Crypto-Friendly Than Biden, But Not as Much as Trump
According to analysis by Galaxy Research, U.S. presidential candidate Kamala Harris is more crypto-friendly in her policies than incumbent President Biden, but not as much as Trump. Harris has promised to improve the regulatory environment for the U.S. crypto industry, but takes a more cautious stance on issues like taxation, Bitcoin mining, and self-custody, while Trump supports Bitcoin mining and promises to protect self-custody rights. Nevertheless, Harris' policies may be more constructive than Biden's.
▌Santiment: As BTC Breaks Above $66K, Market Sentiment Turns Increasingly Optimistic
According to Santiment on X platform, as Bitcoin surged earlier this week and briefly rose above $66,000, traders are looking for opportunities in the GameFi and Meme coin sectors. The elevated discussion rates between these Altcoin sectors indicate a sustained increase in interest levels. Historically, this suggests the crowd's perception of the market is gradually becoming more optimistic. Given the market has now risen for 5 consecutive weeks, a mild FOMO is expected to persist, with more speculative assets generating increasing discussion until a pullback injects fear back into the narrative.
▌Bitfinex: Bitcoin Selling Pressure Eases, Market Outlook Still to Be Observed
The Bitfinex Alpha analysis report shows that last week, Bitcoin price fell over 11% from its late September high of $66,587 to a low of $58,943 on October 10, under the influence of heavy selling in the spot market. Currently, the selling pressure has eased, and Bitcoin price has rebounded quickly. On-chain indicators show that the realized price of short-term holders (around $63,000) is a key resistance level. If Bitcoin can break through this level, it may signal further bullish momentum; otherwise, it may retest lower support levels around $59,000 or even $55,000. In addition, the Mt. Gox trustee has extended the repayment deadline for creditors to October 31, 2025, easing market concerns about potential Bitcoin sell-offs.
▌Trader Eugene: Hoping for Slow Bitcoin Appreciation in October, Surge to $100K After Trump's Election
Trader Eugene Ng Ah Sio posted on social media, "In an ideal world, this is what I'd like to see: slow appreciation for the rest of October, let Trump take the White House, and then Bitcoin surges to $100,000."
Important Economic Dynamics
▌Fed's Kashkari: Generative AI Has Shown Real Potential
Federal Reserve's Kashkari stated that generative AI, after two years of development, appears to have shown real potential.
▌87.7% Probability of 25BP Fed Rate Cut in November, 12.3% Probability of No Cut
According to the CME "Fed Watch", the probability of the Fed cutting rates by 25 basis points in November is 87.7%, and the probability of keeping the current rate unchanged is 12.3%. The probability of a cumulative 25 basis point rate cut by December is 19.7%, the probability of a 50 basis point cut is 79.1%, and the probability of a 75 basis point cut is 0%.
▌Fed's Kashkari: U.S. Inflation Will Decline Further
Fed's Kashkari said the Fed has made significant progress on inflation, and the labor market is performing strongly; there is ample evidence that U.S. inflation will decline further.
▌Fed's Kashkari: Bitcoin Still Utterly Useless
Fed's Kashkari said that Bitcoin has existed for over a decade, but it is still utterly useless.
Kashkari has repeatedly expressed skepticism about cryptocurrencies, arguing that Bitcoin and other cryptocurrencies are mainly used for speculation and illegal activities, and lack intrinsic value.
▌Major U.S. Stock Indexes Collectively Rise
The three major U.S. stock indexes collectively rose, with the Nasdaq up 0.87%, the S&P 500 up 0.77%, and the Dow up 0.47%. Among them, the S&P 500 and the Dow hit new all-time highs, and the Nasdaq reached a new high in about 3 months. Most large-cap tech stocks rose, with Nvidia up over 2% to a new all-time closing high; Apple and Google up over 1%, Microsoft, Tesla, and Meta up slightly; Netflix down over 1%, and Amazon down slightly. Trump-concept stocks rose sharply, with Trump Media & Technology Group up over 18%.
▌Fed Governor Waller: Fed Should Be More Cautious on Rate Cuts Than September Meeting
Fed Governor Waller said the Fed should be more cautious on rate cuts than the September meeting. The basic expectation is to gradually lower the policy rate over the next year, and the current policy rate is at a restrictive level; if the economy develops as expected, the policy can be "steadily" adjusted to a neutral stance.
Jinse Finance
Sharding is a method of dividing the ledger into smaller parts (called shards). But proto-danksharding is one of the most opaque terms in the crypto lexicon. The term doesn't have any particular guidance. Is proto an abbreviation for prototype? Is this the same dank meme folder you love? Both of these guesses may be quite reasonable, but they are both wrong. Protolambda and Dankrad Feist first proposed this idea, and they named the idea after themselves, proto-danksharding is a type of transaction that accepts the aforementioned blobs. The solution using blobs aims to overcome Ethereum's long-standing high gas fees and low transaction throughput issues.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and must improve risk awareness.
