Headline
▌BTC breaks through $72,500
The market shows that BTC has broken through $72,500, currently trading at $72,502, with a 24-hour decline of 0.12%. The market is highly volatile, please manage your risks accordingly.
▌Coinbase's board approves $1 billion stock buyback plan
Coinbase announced that its board of directors has authorized and approved a stock buyback program of up to $1 billion of the company's Class A common stock, with no expiration date. The specific timing and amount of any repurchases will depend on market conditions.
The company added that the repurchases will be made at the company's discretion and that it has "no obligation to repurchase any amount or number of shares of Class A common stock, and the plan may be modified, suspended, or terminated at any time."
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $72,375.45, with a daily change of -0.2%;
ETH's latest trading price is $2,660.20, with a daily change of +1.0%;
BNB's latest trading price is $595.66, with a daily change of -1.5%;
SOL's latest trading price is $175.20, with a daily change of -2.1%;
Doge's latest trading price is $0.1701, with a daily change of -3.3%;
XRP's latest trading price is $0.5234, with a daily change of -0.8%.
Policy
▌The U.S. government has sold the ANT tokens seized from Alameda Research before the token's destruction
According to Arkham data, the U.S. government has sold the ANT tokens seized from Alameda Research, which is the first time the wallet has moved funds in nearly two years, with about $974,000 worth of cryptocurrencies remaining in the wallet. In November 2023, Aragon (token ANT) voted to dissolve and redeem the ANT tokens with 86,343 ETH (worth $155 million at the time), and users must exchange their ANT tokens before November 2, 2024. After the redemption, all ANT tokens will be destroyed, meaning "there is no longer any meaning in continuing to hold ANT."
▌U.S. Treasury: CBDC should replace stablecoins
According to a report released by the U.S. Treasury Department on Wednesday, the U.S. Treasury is concerned about the growth of the stablecoin market and believes that privately issued stablecoins should ultimately be replaced by central bank digital currencies (CBDCs) backed by the government.
The report written by the Treasury Department's Office of Debt Management states: "Similar to how 'wildcat' currencies issued by private banks were ultimately replaced by government-backed central bank money in the late 19th century, CBDCs may need to replace stablecoins as the predominant form of digital money underpinning tokenized transactions."
▌FTX CEO hints former executive Nishad Singh should continue to assist bankruptcy case
John Ray, who took over as FTX's CEO in November 2022, stated that the cooperation of former FTX engineering director Nishad Singh is "critical" to maximizing recoveries for creditors in the company's Chapter 11 case. Singh's lawyer submitted a sentencing letter from John Ray to the U.S. District Court for the Southern District of New York, detailing the former engineering director's assistance in the company's bankruptcy case. John Ray stated that Nishad Singh and the debtors are working on an agreement that would require the former FTX executive to "provide ongoing cooperation," which may include testifying in bankruptcy court and "locating and recovering assets."
▌U.S. Treasury: Stablecoin growth is increasing demand for Treasuries
In its latest report, the U.S. Treasury Department noted that the growth of stablecoins is slightly increasing the demand for short-term Treasuries. Although the market size of digital assets remains relatively small, the report emphasizes that the rapid growth of cryptocurrencies such as Bitcoin, Ethereum, and stablecoins has not significantly eroded the demand for U.S. Treasuries. It is estimated that $120 billion in stablecoin collateral is invested in U.S. Treasuries, with Tether holding $81 billion in short-term Treasuries.
Blockchain Applications
▌Base has enabled fault proof on mainnet
Coinbase's Layer 2 chain Base has enabled fault proof on mainnet. According to a Base blog post, "Fault proof is a critical component of the transition from Stage 0 to Stage 1, where cryptocurrencies have 'full training wheels' in Stage 0 and 'limited training wheels' in Stage 1. This year, the Base core team has worked closely with Optimism to bring the OP stack's fault-proof system to Base. This has enabled a decentralized approach to proposing and verifying L2 state, paving the way for greater community participation."
Cryptocurrencies
▌Canary Capital files for a spot Solana ETF with the U.S. SEC
According to a public filing, Canary Capital has filed for a spot Solana ETF with the U.S. SEC, making it the second company after VanEck & 21Shares to apply for a Solana ETF. According to the filing, the fund aims to "provide exposure to the price of Solana ('SOL')." The trustee and management information has not been disclosed.
Canary Capital has previously filed registration statements for a spot Litecoin ETF and an XRP ETF.
▌Riot Platforms lowers hash rate expectations, reports $154 million net loss in Q3
Crypto miner Riot Platforms reported a net loss of $154.4 million, or $0.54 per share, for the third quarter, compared to a net loss of $84.4 million ($0.32 per share) in the second quarter. Q3 adjusted EBITDA loss was $3.6 million, slightly higher than the $3.1 million loss a year earlier. Riot Platforms produced 1,104 BTC in the third quarter, flat compared to 1,106 BTC a year ago.
Riot Platforms now expects its self-mining hash rate to reach 34.9 EH/s by the end of 2024, down from the previous target of 36.3 EH/s. The revised forecast is due to the slower-than-expected expansion of the newly acquired facility in Kentucky, which is now planned to be operational by 2025. Riot has also lowered its 2025 target from 56.6 EH/s to 46.7 EH/s.
▌Robinhood's Q3 crypto trading volume reaches $14.4 billion, up 112% year-over-year
Robinhood reported its third-quarter results, showing that retail interest in cryptocurrencies remains strong, with crypto trading volume reaching $14.4 billion, up 112% year-over-year. Although this is down from $21.5 billion in the second quarter and $36 billion in the first quarter, stock trading volume grew 65% year-over-year to $286.2 billion. Robinhood's total trading revenue grew 72% to $319 million, with crypto trading revenue at $61 million, up 165%, but down from $81 million in the previous quarter. The company's assets under custody (AUC) grew 76% year-over-year to $152.2 billion, benefiting from net deposits and asset appreciation.
▌Founder of crypto financial services firm MyTrade pleads guilty to market manipulation and fraud conspiracy
According to a U.S. Department of Justice announcement, the founder of the crypto financial services firm "MyTrade," Liu Zhou, has pleaded guilty to charges of market manipulation and fraud conspiracy. U.S. District Court Judge Angel Kelley is scheduled to sentence him on February 27, 2025. The DOJ stated that MyTrade, through its "MyTrade MM" website and online application, provided financial services to crypto customers, including wash trading of customers' cryptocurrencies across multiple crypto exchanges. MyTrade MM was required to cease providing "trade volume support" services and permanently disable its wash trading bots, which conducted millions of dollars' worth of wash trades in around 60 different cryptocurrencies per day. MyTrade MM was also required to add the following disclaimer on its website: "Trade volume support is a form of wash trading, which is illegal under U.S. law."
▌MicroStrategy plans to raise $42 billion over the next 3 years to buy more Bitcoin
MicroStrategy reported its Q3 2024 financial results, with 252,220 BTC held as of the end of the third quarter, generating a 17.8% return on BTC since the beginning of the year.
The company also announced a $42 billion capital plan, stating that under the leadership of Executive Chairman Michael Saylor, the company will raise $21 billion in equity and issue $21 billion in bonds over the next three years, and use the additional capital to purchase more BTC as a financial reserve asset in order to achieve higher BTC returns.
MicroStrategy last disclosed information in mid-September, when the company announced the purchase of 7,420 BTC for $458.2 million, bringing its total BTC holdings to 252,220 BTC.
Important Economic Dynamics
▌ The probability of the Fed cutting rates by 25BP in November is 95.5%
According to the CME "Fed Watch", the probability of the Fed cutting 25 basis points in November is 95.5%, and the probability of keeping the current rate unchanged is 4.5%. The probability of keeping the current rate unchanged in December is 1.2%, the probability of a cumulative 25 basis point rate cut is 28.3%, and the probability of a cumulative 50 basis point rate cut is 70.5%.
▌ The three major US stock indexes fell collectively, with the Nasdaq down 0.56%
The three major US stock indexes fell collectively, with the Dow down 0.21%, the Nasdaq down 0.56%, and the S&P 500 down 0.33%. Chip stocks fell across the board, with AMD down over 10%, Qualcomm and Asml down over 4%, Intel down over 2%, Nvidia and TSMC down over 1%. Trump concept stocks weakened, with Trump Media & Technology Group down over 22%, Phunware down over 14%, and Rumble down over 8%. Google rose nearly 3%, with cloud business revenue up 35% year-over-year.
Jinse Encyclopedia
▌What is the Aptos blockchain?
Aptos aims to become a fast, scalable and reliable blockchain that supports decentralized applications (DApps), with the goal of accelerating the development of Web3. Avery Ching and Mo Shaikh launched the Aptos blockchain on October 12, 2022. It aims to achieve high throughput and low latency, meaning it can process around 160,000 transactions per second and verify them in less than 1 second on average. Aptos natively integrates the Move language to provide these fast, secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything needed to "build your big idea", even combining with AI to make it easy for both beginners and experts to use Web3.
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 improve risk awareness.
