Headline
▌Nominees of Trump Threatened with Violence, FBI Launches Investigation
The FBI said it has noted multiple bomb threats and harassment incidents targeting nominees of the Trump transition team, and is working with law enforcement partners to investigate these incidents. The FBI stated that they will take all potential threats seriously and encourage the public to immediately report any suspicious incidents to law enforcement. Earlier, the transition team of President-elect Trump announced that several of Trump's cabinet nominees were subjected to violent threats from "non-Americans" on the evening of November 26 and the morning of November 27.
▌Vancouver Mayor Plans to Launch "Bitcoin-Friendly City" Initiative
Ken Sim, who became the mayor of Vancouver in 2022, announced that the city of Vancouver, Canada plans to add Bit to its balance sheet as part of its efforts to diversify its investments.
At the Vancouver City Council meeting held on November 26, Mayor Sim submitted a motion notice, scheduled to be proposed on December 11, titled "Preserving the City's Purchasing Power through Financial Resource Diversification: Becoming a Bit-Friendly City". As of November 27, the motion does not appear to have been published on the city government's website, and the Vancouver Mayor's Office declined to comment.
It is currently unclear whether the Vancouver mayor's motion is a response to local and federal governments in the US considering legislation to establish Bit reserves. After the 2024 elections, lawmakers in the Pennsylvania House of Representatives and the US Senate have proposed plans for the government to hold Bit as a reserve asset.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $95,888.47, with a daily change of +4.2%;
ETH's latest trading price is $3,653.58, with a daily change of +9.9%;
BNB's latest trading price is $644.33, with a daily change of +5.3%;
SOL's latest trading price is $241.36, with a daily change of +4.4%;
Doge's latest trading price is $0.4002, with a daily change of +3.4%;
XRP's latest trading price is $1.47, with a daily change of +5.0%.
Policy
▌Trump's New Government Cabinet Picks Finalized, Over 5 Are "Crypto Enthusiasts"
On November 23 local time, US President-elect Trump announced the nomination of Brooke Rollins as Secretary of Agriculture. With this, all cabinet members of Trump's new administration have been determined. In addition, Trump has nominated several high-level officials in the past few weeks. Looking at the new government's roster, in addition to well-known names in the crypto market such as Musk and Howard Lutnik, several cabinet members are staunch supporters of cryptocurrencies and have publicly disclosed their cryptocurrency holdings, including the nominated Vice President, Treasury Secretary, Commerce Secretary, Health and Human Services Secretary, and Director of National Intelligence.
▌Crypto Supporter Paul Atkins Emerges as Top Candidate for SEC Chair
According to informed sources, the transition team of US President-elect Trump has interviewed veteran financial regulator and conservative financial figure Paul Atkins, considering him as a candidate for the chair of the US Securities and Exchange Commission (SEC). The sources said that Atkins is the top contender to replace the outgoing Gensler. They said Trump is expected to make a decision in the coming days, but no decision has been made yet. Atkins served as an SEC commissioner during the George W. Bush administration, and later founded Patomak Global Partners, a consulting firm for major financial industry clients. He is a staunch supporter of digital assets and financial technology companies. He has also testified in Congress, discussing how to restructure the agency's operations and reduce some of the regulations that industry insiders consider repetitive or overly burdensome.
▌Bitwise Submits 10 Crypto Index ETF Applications to the US SEC
Bitwise has submitted applications to the US Securities and Exchange Commission (SEC) for 10 crypto index ETFs, including: Bit, XRP, Solana, Cardano, Uniswap, Polkadot, Chainlink, Eth, Avalanche, and Bit Cash.
▌Musk and Rajamarthinam to Visit Capitol Hill to Discuss US Federal Government Reform
On November 27 local time, US House Speaker Mike Johnson said that US entrepreneur Elon Musk and former Republican presidential candidate Vivek Ramaswamy will visit Capitol Hill on December 5 to discuss with House and Senate Republicans major reform ideas to "achieve regulatory rollback, administrative downsizing, and cost savings". Previously, US President-elect Trump announced on November 12 that Musk and Ramaswamy will jointly lead the proposed "Department of Government Efficiency" after he takes office, "paving the way to dismantle government bureaucracy, cut unnecessary regulations and wasteful spending, and restructure federal agencies".
Blockchain Applications
▌Bit Miner IREN: In Talks with a Trillion-Dollar Company on Hosting AI Infrastructure
Daniel Roberts, co-CEO and co-founder of Sydney-based Bit miner IREN, said a mega-scale company (a major cloud service provider) has reached out to the company, potentially to host AI infrastructure at IREN's mining facility in Sweetwater, Texas. He said: "Two hours ago, we received an email from a multi-trillion-dollar mega-scale company expressing interest in Sweetwater," Roberts did not reveal many details.
Additionally, IREN's cost of Bit mining is around $29,000, far below the market price of around $96,000, and Daniel Roberts said the company has the opportunity to accumulate Bit at a discounted price compared to other companies paying the spot price.
▌European Parliament Approves New Commission Roster, Including Officials Likely to Oversee Crypto Rules
The European Parliament on Wednesday approved the Commission roster, which includes personnel who may oversee digital asset regulations, with Commissioners Stephane Sejourne, Maria Luis Albuquerque, and Henna Virkkunen likely to have cryptocurrencies within their purview.
In September, European Parliament President Ursula Von der Leyen proposed the Commission roster. While cryptocurrencies are not the core focus of these positions, the Commission will be responsible for ensuring the implementation of digital asset rules. Additionally, the EU's Crypto Asset Markets (MiCA) legislation will fully take effect by the end of December, so more work may be needed to ensure its implementation.
Cryptocurrencies
▌Crypto Trading Volume Exceeds Stock Market, Bit Surge Puts Pressure on South Korean Small-Cap Stocks
The rapid rise of Bit has put pressure on South Korea's small-cap stocks. Since Trump's election victory on November 5, Bit has surged nearly 35%, while the Kosdaq index, dominated by small-cap stocks, has fallen 8%, potentially making it Asia's worst-performing index this year. Analysts say part of the decline is due to retail investors selling stocks to invest in Bit, exacerbating the market cap erosion of about a fifth this year. Currently, the trading volume of South Korean cryptocurrency exchanges has exceeded that of the benchmark KOSPI index.
▌Arkham: Trump's Address Briefly Profited $3.5 Million from Airdropped TROG, GUA
According to Arkham monitoring, Donald Trump's address has temporarily gained $3.5 million due to the airdropped TROG and GUA. As of the time of writing, the 210.3 billion TROG held in Trump's address is worth $1.94 million, and the 1.388 billion GUA is worth $524,000, both of which are tokens airdropped to Trump by the developers.
▌Stablecoin trading volume reached $1.8 trillion in November
According to a report released by CCData on November 27, the stablecoin trading volume grew significantly by 77.5% this month, reaching $1.81 trillion as of November 25, which is expected to set a new annual high for the monthly trading volume of centralized exchanges.
The report stated that the total stablecoin market capitalization increased by 9.94% in November to $190 billion, surpassing the previous high of $188 billion recorded in April 2022 before the TerraUSD collapse. However, despite the growth, the market dominance has decreased from 7.22% in October to 5.54%, as investors and traders have diversified their investments into BTC and Altcoins.
▌CryptoQuant analyst: Ethereum's "second bull market" has already begun
CryptoQuant analyst crypto sunmoon stated that Ethereum's "second bull market" has already begun.
The analyst said that in previous cryptocurrency market bull runs, Ethereum has always experienced two waves of price increases, with the second bull market cycle significantly exceeding the price levels reached during the first bull market cycle.
Important Economic Dynamics
▌The probability of a 25-basis-point rate cut by the Fed in December is 66.5%
According to the CME "Fed Watch", the probability of the Fed maintaining the current interest rate in December is 33.5%, and the probability of a cumulative 25-basis-point rate cut is 66.5%. The probability of maintaining the current interest rate in January 2023 is 26.3%, the probability of a cumulative 25-basis-point rate cut is 59.5%, and the probability of a cumulative 50-basis-point rate cut is 14.2%.
Jinse Encyclopedia
An airdrop is essentially a surprise gift of cryptocurrency. Imagine opening a box and finding coins inside! This is similar to receiving a notification from a new blockchain project about free tokens or coins. Crypto airdrops involve the free distribution of digital assets to users' wallets or as an exchange for completing simple tasks, such as following the project on social media or joining their online community.
In the crypto ecosystem, airdrops play a crucial role. New projects use airdrops as a marketing strategy to increase awareness and build a user base. They are like free samples in a supermarket, attracting users to try out new products. From the user's perspective, airdrops provide an opportunity to acquire new cryptocurrencies with minimal effort, potentially leading to significant gains. These tokens are not just freebies but a way to participate in the ever-evolving digital economy.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles solely for informational purposes and does not provide any actual investment advice. Please everyone should establish the correct investment concept and be highly risk-aware.
