The Fed's decision and the US election will be important turning points for the crypto market
The key events coming up this week include the US election, the Fed's decision, and central bank interest rate decisions. The election results between Trump and Harris could directly impact the stock market, the US dollar, cryptocurrencies, gold, and other sectors. Due to the non-farm employment data hitting a four-year low, the market expects the Fed to likely cut interest rates by another 25 basis points in its decision this week. These matters will directly affect the future trend of the global economy.
Bitcoin mining companies earned $1.02 billion in October, a new high in months
In October, Bitcoin mining companies earned $1.02 billion, the highest level since April 2024, up 25% from September. This revenue includes $976.22 million from block rewards and $44.78 million from transaction fees, highlighting the strong growth in mining profitability.
Insufficient stablecoin growth, limited Bitcoin liquidity demand
CryptoQuant CEO Ki Young Ju pointed out that although the supply of stablecoins in the crypto market is constantly increasing, the growth rate is not enough to significantly improve Bitcoin's liquidity or drive a substantial price increase. This is mainly because the current exchange Bitcoin holdings are six times that of stablecoins, with only 21% of stablecoins held on exchanges, far below the over 50% in 2021. The lack of stablecoin holdings on exchanges greatly limits Bitcoin's market liquidity and market demand.
VanEck research head: The US Treasury's stance on stablecoins is outdated
VanEck's head of digital asset research, Matthew Sigel, said the US Treasury's stance on stablecoins is outdated. He believes stablecoins can operate safely within a global regulatory framework and pointed out that modern stablecoins provide real-time data and transaction transparency, making previous concerns irrelevant given technological advancements.
Russia establishes a regulatory framework to regulate the cryptocurrency mining industry
Following the signing of a law by President Putin in August, the Russian government has now introduced a regulatory framework for cryptocurrency mining. The law legally recognizes the legitimacy of cryptocurrency mining activities, sets relevant safety and operational standards for miners, and formulates guidelines for operating digital financial asset transactions on authorized platforms, marking a structured regulatory approach to the crypto sector in Russia.
A large number of wealthy Americans plan to leave the US after the election
CNBC reported that a large number of wealthy Americans are planning to leave the US indefinitely due to concerns about potential political and social unrest in the country after the US presidential election. Immigration experts and lawyers noted that more and more affluent Americans are expressing concerns about potential turmoil and instability in the US, and they will choose to leave the country regardless of the November 5th election result.
