Headlines
▌US SEC Officially Appeals XRP Ruling
The U.S. Securities and Exchange Commission (SEC) has officially appealed the ruling made by Judge Analisa Torres on XRP, reigniting the legal dispute over whether the sale of XRP by cryptocurrency exchanges meets the criteria for securities. The regulator has challenged key aspects of the court's decision, including the dismissal of the charges against Ripple executives and the non-cash XRP distributions. This outcome could have significant implications for the future of cryptocurrency regulation.
▌ARK Invest Report: ETH Exhibiting Treasury Bond-Like Properties
The latest report from ARK Invest suggests that ETH is exhibiting properties similar to U.S. Treasuries in the digital asset space. The ETH staking yield is seen as a metric to gauge smart contract activity and economic cycles in the digital asset realm, akin to the federal funds rate in traditional finance. The report emphasizes that while ETH is highly volatile, as one of the most mature cryptocurrencies, it is becoming a significant asset due to its widespread use as collateral and potential to generate yield. With the launch of spot ETH ETFs, ETH's adoption may increase, and its volatility could potentially decrease.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $67,384.36, with a daily change of -0.5%;
ETH's latest trading price is $2,605.62, with a daily change of -0.4%;
BNB's latest trading price is $592.54, with a daily change of -1.5%;
SOL's latest trading price is $150.45, with a daily change of -2.7%;
DOGE's latest trading price is $0.1296, with a daily change of +2.9%;
XRP's latest trading price is $0.5439, with a daily change of -0.9%.
Policy
▌US CFTC: Federal Court Allowing Kalshi to Launch Prediction Markets is "Erroneous"
Lawyers for the U.S. Commodity Futures Trading Commission (CFTC) argued in a brief filed with an appeals court that a federal judge "erroneously" allowed prediction market Kalshi to list and trade election contracts, reiterating many of the arguments it made in the lower court.
The judge ruled last month that the CFTC could not prohibit Kalshi from listing election contracts. The regulator sought a stay to prevent the company from launching the product before the appeal is resolved, but the court's judge ruled that the CFTC had not shown irreparable harm.
Blockchain Applications
▌HUMBL Granted U.S. Blockchain-Related Technology Patent
Blockchain company HUMBL announced that the U.S. Patent and Trademark Office (USPTO) has officially issued a patent for the company's blockchain technology.
According to the information provided, HUMBL's newly patented technology appears to be a blockchain-based monetary transaction system that will serve as a bridge between blockchain-based digital currencies and fiat currencies (and vice versa). This payment system will allow nearly any two wallets to transact, without the need for intermediaries other than the digital ledger itself, and HUMBL says the patent approval took over four years.
▌OrdinalsBot and IP Project Royalty Launch Elvis-Themed Ordinals NFTs
Ordinals service OrdinalsBot and the Bitcoin-focused intellectual property (IP) project Royalty have launched an Elvis Presley commemorative Ordinals NFT collection, "Elvis Side $Btc," which features 1,935 generative art pieces inspired by the work of licensed Elvis legacy artist Joe Petruccio.
Royalty plans to release a streamlined whitepaper in the coming weeks detailing how 5% of primary and secondary sales revenue will be used to fund the Elvis Legacy Council, a decentralized autonomous organization (DAO) aimed at "managing the future of the Elvis digital legacy."
▌Worldcoin Rebrands to World Network, Launches Layer2 Mainnet World Chain
Sam Altman-backed Worldcoin has officially rebranded to World Network (abbreviated as World) and launched its Layer2 mainnet World Chain. Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan will support the blockchain's launch. The blockchain is built using the OP Stack, and World Network states that user transactions account for around 44% of OP Mainnet activity, making it the largest application on the network.
Cryptocurrencies
▌Morgan Stanley Holds $272.1 Million in Bitcoin Spot ETF
Recent SEC filings show that Morgan Stanley holds $272.1 million in a Bitcoin spot ETF.
▌Crypto Industry Figures Condemn Trump-Backed World Liberty Financial
The early sale of World Liberty Financial tokens raised less than $13 million, far below its $300 million target. Crypto industry figures have condemned the poor sales performance of World Liberty Financial, calling it a "meme disguised as a utility project."
Two Prime CEO Alexander Blume stated: "Other than it having the Trump brand, I don't see anything interesting or unique about it. I think that's not enough for most people, and I think the crypto community was already skeptical of the project before it launched. It just seems like a cash grab, especially since it's not doing anything new."
▌Venmo US Users Can Now Buy Crypto Using MoonPay
According to the official announcement, Venmo's 60 million US users can now use MoonPay to purchase cryptocurrencies. Through this new integration, you can use your Venmo balance to buy tokens. MoonPay stated that the feature is now live and will soon be rolled out across the MoonPay partner network.
▌DEX's Share of Futures Trading Volume Fell to 3.26% in September
According to data from The Block, in September, the share of futures trading volume on decentralized exchanges (DEXs) compared to centralized exchanges (CEXs) fell from a peak of 5.18% in February to 3.26%.
This metric represents the ratio of futures trading volume on DEXs to that on CEXs, indicating that users seem to be gradually shifting towards centralized platforms. The data shows that Hyperliquid has become one of the largest DEX perpetual swap platforms, with a market share close to 50%.
Important Economic Dynamics
▌Bank of America: US Debt Crisis Worsening, Gold Becoming Ultimate Safe Haven
Bank of America has warned that as the national debt continues to rise, gold may become the ultimate safe haven asset for the U.S. market. The bank points out that gold is more attractive than U.S. Treasuries, especially in the face of potential debt crisis risks. Gold prices have continued to rise, approaching the historical high of $2,700 per ounce in 2024, and are expected to break through $3,000 in the future. At the same time, the economic plans of U.S. political candidates may further increase debt levels, prompting global central banks to increase their gold reserves.
▌86.2% Probability of 25BP Rate Cut by Fed in November
According to the CME "Fed Watch," the probability of the Federal Reserve cutting rates by 25 basis points in November is 86.2%, while the probability of maintaining the current rate is 13.8%. The probability of a cumulative 25 basis point rate cut by December is 24.4%, and the probability of a cumulative 50 basis point rate cut is 73.6%.
▌US Treasury Secretary Yellen: Promoting Growth in the Medium to Long Term Requires Focusing on the Supply Side of the Economy
U.S. Treasury Secretary Yellen believes that promoting growth in the medium to long term requires focusing on the supply side of the economy.
▌Latest Fed Tool Shows Ample Reserve Levels, Suggesting QT Can Continue
According to a new monthly indicator released by the Federal Reserve Bank of New York, the U.S. banking system's reserve levels remain ample. The New York Fed's first publication of a Reserve Requirement Elasticity Indicator showed that bank reserve levels were still sufficient as of October 11. This data is the latest evidence that the Federal Reserve can continue to reduce liquidity in the financial system through its Quantitative Tightening (QT) program. The performance of this data was in line with Wall Street strategists' expectations.
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 guiding meaning. Is proto an abbreviation for prototype? Is this the same dank meme folder you love? Both of these assumptions 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.
