Headlines
▌Chainalysis faces $650 million defamation lawsuit over YieldNodes project
Blockchain analysis firm Chainalysis is facing a $650 million defamation lawsuit for allegedly wrongly labeling the YieldNodes project as a scam. The case will be heard in the New York Supreme Court on October 16. Plaintiff Exceptional Media claims that Chainalysis' erroneous classification has severely damaged its reputation and customer base, and was done with malice. Chainalysis has filed multiple motions to dismiss, arguing that the complaint failed to prove its analysis was incorrect, and insisting that YieldNodes may indeed have been an investment fraud. Chainalysis declined to comment on the case.
▌Fox News poll: Trump leads Harris 50% to 48% nationwide
A Fox News poll shows that former US President Trump leads US Vice President Harris 50% to 48% nationwide.
Market
As of press time, according to Coingecko data:
BTC last traded at $67,640.72, with a daily change of +1.0%;
ETH last traded at $2,613.89, with a daily change of +0.3%;
BNB last traded at $601.05, with a daily change of +1.0%;
SOL last traded at $154.33, with a daily change of -0.3%;
DOGE last traded at $0.1258, with a daily change of +7.1%;
XPR last traded at $0.5481, with a daily change of +1.3%.
Policy
▌US Congressman Byron Donalds: Trump may resolve "crypto regulatory gridlock"
US Congressman Byron Donalds spoke at BlockTower's investor day on Wednesday, stating that Trump may resolve the "crypto regulatory gridlock".
Donalds revealed that he shared a flight from Atlanta to Florida with former President Trump on Tuesday night. Donalds said the two discussed how to dismantle what he described as the regulatory "gridlock" posed by President Biden and Vice President Kamala Harris to the $2 trillion crypto industry, Harris being Trump's November opponent.
▌Lead Bank exec: Banks entering crypto need clear regulatory direction
Lead Bank co-founder Erica Khalili said at the Ripple Swell conference in Miami that banks entering the crypto space require significant investment and close relationships with regulators. She pointed out that clear regulatory policies and inter-agency cooperation are crucial for banks. While digital assets bring increased efficiency to capital markets, banks must have strategies to navigate regulations and be patient as rules constantly evolve. Khalili emphasized that deep understanding of products, technology and talent is required for successful crypto banking, as simply dipping a toe is unlikely to succeed.
Blockchain Applications
▌Robinhood launches desktop platform, adds Bitcoin futures trading on app
Robinhood has launched a desktop platform and added futures and index options trading, including stock indices, Bitcoin, energy, metals and currencies, to its mobile app.
▌DTCC launches digital sandbox to innovate capital market infrastructure
The Depository Trust & Clearing Corporation (DTCC) has launched the "DTCC Digital Launchpad" digital sandbox, providing a testbed platform for market participants and technology providers to pilot projects and drive innovation in capital market infrastructure. The sandbox aims to address key pain points in collateral management and provide DTCC's digital asset product suite to clients for use case development without major investment. Initial results will be published in Q1 2025. The move aims to establish an efficient, secure digital market infrastructure for the industry.
▌CFTC Commissioner: Markets work best when regulators don't intervene
CFTC Commissioner Summer Mersinger and former CFTC Chairman Chris Giancarlo discussed the SEC's regulatory approach at the BlockTower investor conference, with Mersinger stating: "We may not be the kind of agency that's going to come out and say we know better than all of you and tell you how things are going to work. We recognize that markets work best when regulators don't intervene."
Cryptocurrencies
▌Ethereum staker revenue down 30% from March peak
According to The Block data, Ethereum staker revenue has declined 30% from its March peak, with stakers earning $174 million in September, down from a high of $247 million in March.
Despite the decline in revenue, the validator community continues to grow. Ethereum now has 1.09 million validators, indicating increasing network security participation. While individual rewards have decreased, the growing number of validators suggests continued confidence in Ethereum's long-term prospects.
▌Quantity Funds launches STKD Bitcoin and Gold ETF
Quantity Funds has announced the launch of the STKD Bitcoin and Gold ETF, aiming to hedge against future inflation and "currency debasement". The fund, with the ticker BTGD, seeks to provide investment exposure to both Bitcoin and Gold by investing in Bitcoin futures and ETFs as well as Gold futures and ETFs. The fund offers retail investors a model where every dollar invested in the ETF will provide 100% exposure to its Bitcoin and Gold strategies. The statement reads: "The Bitcoin strategy seeks to obtain the price return of Bitcoin by investing in Bitcoin futures and ETPs, while the Gold strategy seeks to obtain the price return of Gold by investing in Gold futures and Gold ETPs."
▌Thailand's SCB Bank to launch stablecoin cross-border payment service
Thailand's veteran bank Siam Commercial Bank (SCB) has announced a partnership with fintech firm Lightnet to provide stablecoin cross-border payment and remittance services for its customers. The service will allow customers to transact 24/7, 7 days a week, with significantly reduced costs. The service has reportedly passed the Bank of Thailand's regulatory sandbox testing.
▌Galaxy: Crypto VC cools, Q3 investment down 20% QoQ
According to the latest report from Galaxy Digital, the crypto venture capital market had a lackluster performance in the third quarter, with investment volume at $2.4 billion, down 20% quarter-over-quarter, and deal count declining 17%. The crypto industry has raised $8 billion in the first three quarters of the year, and is expected to see slightly higher investment in 2024 than 2023. Compared to the over $30 billion invested in 2021 and 2022, the current market enthusiasm has clearly waned, noted Galaxy Digital research head Alex Thorn.
▌a16z crypto report: Crypto active addresses and usage hit all-time highs
An a16z crypto research report released on Wednesday found that crypto active addresses and usage reached all-time highs this year. The report estimates that as of September, there are around 617 million global crypto holders, with 60 million monthly active users.
By 2024, monthly active crypto addresses are projected to exceed 220 million, with Base leading EVM chains with 22 million addresses, and Solana dominating non-EVM chains with over 100 million addresses. Mobile wallet users have also reached record highs this year, with the US accounting for 12% of global users.
Key Economic Developments
▌94.1% probability of 25BP Fed rate cut in November
According to the CME "Fed Watch", there is a 94.1% probability of the Fed cutting rates by 25 basis points in November, and a 5.9% probability of keeping rates unchanged. The probability of a cumulative 25 basis point cut by December is 13.4%, and a 50 basis point cut is 86.1%.
▌Goldman Sachs expects Fed to cut rates by 25BP consecutively from November 2024 to June 2025
Goldman Sachs expects the Federal Reserve to cut interest rates by 25 basis points in a row from November 2024 to June 2025, with the final interest rate range reaching 3.25%-3.5%; it expects the European Central Bank to cut interest rates by 25 basis points in October, followed by consecutive 25 basis point cuts until the policy rate reaches 2% in June 2025.
▌Goldman Sachs Trading Division: Expects the S&P 500 index to rise to 6,270 points by the end of the year
The S&P 500 index has set a new closing high 46 times so far this year, and Goldman Sachs' trading team says this trend is likely to continue until the last few months of 2024. Scott Rubner, Managing Director and Tactical Specialist of the firm's Global Markets, expects this U.S. stock benchmark index to potentially close the year well above 6,000 points. His calculations based on data dating back to 1928 found that the median historical return of the S&P 500 index from October 15 to December 31 is 5.17%. In election years, the median return is even slightly higher at over 7%, implying a year-end level of 6,270 points.
Jinse Finance
▌What is the Original Danks Sharding
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 meaning. Is proto an abbreviation for prototype? Is this the same dank folder in your favorite meme collection? Both of these guesses may be reasonably plausible, but they are incorrect. Protolambda and Dankrad Feist first proposed this idea, and they named it 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.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for informational reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
