Headline
▌BTC breaks through $76,000
The market shows that BTC has broken through $76,000, currently trading at $76,019.99, with a 24-hour increase of 0.39%. The market fluctuates greatly, please do a good job of risk control.
▌The Fed announces a 25-basis-point rate cut
The Federal Reserve announced a 25-basis-point rate cut, lowering the federal funds rate target range to 4.5% to 4.75%. This is the second rate cut by the Federal Reserve this year, in line with market expectations. On September 18, the Federal Reserve announced that it would lower the federal funds rate target range by 50 basis points to between 4.75% and 5%, officially kicking off this round of rate cuts.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $75,955.62, with a daily change of +0.5%;
ETH's latest trading price is $2,898.38, with a daily change of +6.7%;
BNB's latest trading price is $598.92, with a daily change of +1.2%;
SOL's latest trading price is $196.39, with a daily change of +5.3%;
Doge's latest trading price is $0.1937, with a daily change of -0.7%;
XPR's latest trading price is $0.5549, with a daily change of +2.5%.
Policy
▌Trump team considers nominating Robinhood's chief legal and compliance officer Dan Gallagher as SEC chairman
The Trump team is considering nominating Robinhood's chief legal and compliance officer Dan Gallagher as a candidate for SEC chairman.
▌Two pro-crypto Republicans win House seats, but control of the majority remains to be determined
Two Republican candidates running for U.S. House seats defeated their Democratic opponents in the 2024 election, narrowing the party's deficit in maintaining a House majority, but control of the majority remains to be determined.
Among them, Republican Jeff Hurd won the House election in Colorado's 3rd congressional district with 50.1% of the vote (89% of the ballots). Another Republican, Scott Perry, successfully won re-election in Pennsylvania's 10th congressional district, defeating Democrat Janelle Stelson.
During his term, Scott Perry voted in favor of the "21st Century Financial Innovation and Technology Act" (known as the FIT21 Act), which received bipartisan support in the House and is currently awaiting a vote in the U.S. Senate. According to Jeff Hurd's campaign website, the Republican plans to support "legislation similar to the FIT21 Act" and advocates "reasonable regulation of advanced technologies like cryptocurrencies".
▌Detroit to become the largest U.S. city to accept crypto for tax and fee payments
According to an official press release, Detroit will become the largest U.S. city to accept cryptocurrency payments, as starting in mid-2025, local residents will be able to use cryptocurrencies to pay taxes and other municipal fees through a secure platform managed by PayPal. Detroit Mayor Mike Duggan said in a press release: "Detroit is building a tech-friendly environment to empower residents and entrepreneurs. We are excited to be among the first major U.S. cities to explore blockchain civic applications and allow residents to use cryptocurrency as a payment method."
According to the 2020 U.S. Census, Detroit has a population of about 630,000, making it the 26th largest city in the U.S. Detroit was once the 4th largest city in the U.S. with a population of nearly 2 million in the 1950s. It is reported that currently three U.S. states (Colorado, Utah, and Louisiana) accept cryptocurrencies for state government fees.
▌Powell: I won't resign because of Trump
When asked at a press conference whether he would resign because of Trump, Federal Reserve Chairman Powell briefly replied: "No." When asked if the president has the power to fire him, Powell said, "The law doesn't permit that." Powell's chairman term will expire in May 2026. His board term will expire in January 2028. Most legal experts say he cannot be dismissed without cause before the end of his term.
Blockchain Applications
▌Coinbase introduces cbBTC to Solana, promoting DeFi development
Coinbase's bitcoin-backed cbBTC will be introduced to the Solana chain, in an effort to promote the development of its DeFi ecosystem. After the FTX collapse led to a lack of reliable bitcoin tokens on Solana, the introduction of cbBTC is expected to fill this gap and enhance on-chain liquidity. Data shows that currently nearly $10 million in cbBTC is available for Solana DeFi. Industry insiders believe that the widespread adoption of cbBTC may bring new growth opportunities to Solana DeFi.
Cryptocurrencies
▌Crypto company WonderFi CEO kidnapped, ransomed for $1 million
Dean Skurka, the CEO of Toronto-based crypto company WonderFi, was kidnapped and released after paying a $1 million ransom.
The report states that Skurka was forcibly shoved into a car in downtown Toronto and kidnapped. He was later released after transferring $1 million. The crypto executive said he is "safe and the company's client funds and data have not been affected." Police say the investigation is ongoing but have not disclosed further details.
▌Polymarket whales bet big on Trump, 86% of users lose
During the recent U.S. election, trading volume on the prediction market platform Polymarket surged, reaching nearly $2.5 billion in October and over $1.2 billion in November. While a few "whale" users who bet on Trump's victory made huge profits, data shows that 86% of Polymarket users actually lost money. Out of the 371,000 user wallets, only 4,004 achieved profits over $1,000. Some users tried to gain through high-frequency trading in hopes of future token airdrops, but many ended up losing. Additionally, Polymarket is facing a compliance investigation in France, which may lead to a ban.
▌Jack Dorsey's Block to increase investment in Bitcoin mining, shut down previous "Web5" project
Block (SQ), the payment company founded by Twitter co-founder Jack Dorsey, plans to refocus on building equipment for Bitcoin (BTC) miners and its self-custodial crypto wallet, partly by abandoning the creation of the so-called "Web5" (launched in June 2022) decentralized internet, and reducing investment in the music streaming app Tidal.
This decision was announced the same week that Trump won the U.S. presidential election, as he had promised a more crypto-friendly environment for the country, with Bitcoin mining being one of the industries he pledged to support during his campaign.
In addition to the letter to shareholders, Block also released its third-quarter financial results on Thursday. According to FactSet data, the company's revenue was $59.8 billion, lower than the $62.4 billion average expected by Wall Street analysts. Subsequently, the company's stock price fell by as much as 10%.
▌Galaxy Digital signs agreement to convert its 800MW mining capacity into high-performance computing
New York-based Galaxy Digital stated in its Q3 earnings report that it has signed a non-binding term sheet with an unnamed U.S. hyperscaler to convert all of its 800 megawatts (MW) of power capacity into high-performance computing (HPC). The hyperscaler is a specialized provider of large-scale computing power.
This move comes as the Bitcoin halving has led to declining profits for the company and the entire mining industry. Galaxy's Helios mining facility in West Texas has been approved for 800MW of power capacity, with 200MW currently in operation. The statement said the facility also has 1.7 gigawatts (GW) of power capacity under study and pending potential permitting. Galaxy said that despite an 11% increase in total hash rate or mining capacity due to the halving, mining revenue decreased by 23% from the previous quarter due to the halving, increased mining difficulty, and seasonal operational reductions.
Important Economic Dynamics
▌The Fed's balance sheet falls below $7 trillion
The Federal Reserve's balance sheet has fallen below $7 trillion for the first time since August 2020, meaning the Federal Reserve has reduced its balance sheet by about $2 trillion in this round of balance sheet reduction. The Federal Reserve previously stated in its latest statement that it will maintain the scale of balance sheet reduction, reducing $25 billion in U.S. Treasuries and $35 billion in MBS per month. ▌The Hong Kong Monetary Authority cuts interest rates by 25 basis points The Hong Kong Monetary Authority has lowered the benchmark interest rate by 25 basis points to 5%, after the Federal Reserve announced an interest rate cut of 25 basis points earlier this morning. ▌U.S. money market fund assets reach a record high of $6.59 trillion The assets of U.S. money market funds have reached a record high, as investors continue to flock to this asset class in search of relatively higher returns, facing the Federal Reserve's entry into the interest rate cut cycle. Data from the Investment Company Association (ICI) shows that about $79.5 billion flowed into U.S. money market funds in the week ending November 6, pushing the total assets to $6.59 trillion. The inflow of funds comes on the eve of the Federal Reserve's decision on Thursday, where the Federal Reserve is expected to cut interest rates by 25 basis points as expected. ▌Institution: Powell provided almost no new guidance on rate cuts Jackson Garton, co-chief investment officer of Makena Capital Management, said that Powell remained silent on providing new forward guidance in his press conference, and did not comment on any changes to the economic outlook summary. Short-term U.S. Treasury yields changed little during Powell's speech. Garton still believes the Federal Reserve may choose to cut rates again in December, but is uncertain. He said: "I think the chances of another 25 basis point cut at the next meeting are more than 50%, but I'm not 100% sure."
