Headlines
▌Trump Family Crypto Project WLFI Bought $250,000 ENA and Exchanged 103 cbBTC for WBTC 4 Hours Ago
According to Onchain Lens monitoring, about 4 hours ago, the Trump family crypto project WLFI (World Liberty) spent $250,000 USDC to purchase 231,726 ENA, and exchanged 103 cbBTC worth $10.36 million for WBTC. So far this month, it has spent:
-$30 million USDC to purchase 8,105 ETH;
-$10 million USDC to purchase 103 cbBTC (exchanged for WBTC);
-$2 million USDC to purchase 78,387 LINK;
-$1.91 million USDC to purchase 6,137 AAVE;
-$750,000 USDC to purchase 741,687 ENA;
-$250,000 USDC to purchase 134,216 ONDO.
▌Federal Reserve Cuts Interest Rates by 25 Basis Points
The Federal Reserve concluded its 2024 annual interest rate decision, deciding to lower the benchmark interest rate by 25 basis points to the 4.25%-4.50% range, marking the third consecutive rate cut, in line with expectations. In the eight decisions this year, the Federal Reserve has cumulatively cut rates by 100 basis points, with one 50-basis-point cut and two 25-basis-point cuts, while keeping rates unchanged in the other five decisions.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $100,610, with a daily change of -5.5%;
ETH's latest trading price is $3,646.73, with a daily change of -6.6%;
BNB's latest trading price is $691.22, with a daily change of -4.1%;
SOL's latest trading price is $207.61, with a daily change of -7.8%;
DOGE's latest trading price is $0.36, with a daily change of -9.1%;
XPR's latest trading price is $2.33, with a daily change of -9.7%.
Policy
▌Powell: The Federal Reserve Has No Intention of Holding Bitcoin
Currently, there is ongoing debate around whether the incoming Trump administration will establish a Bitcoin reserve. Federal Reserve Chairman Powell stated that the Federal Reserve has no intention of holding Bitcoin. Powell said in the post-FOMC meeting press conference: "We're not permitted to hold Bitcoin." Regarding the legal issue of holding Bitcoin, Powell said, "That's something for Congress to consider, but we have no intention of seeking to change the law."
▌Trump, Musk Oppose Spending Bill, House Speaker Proposes "Plan B"
According to The Hill, House Republican Speaker Johnson is considering a "Plan B" to fund the government before the Friday government shutdown deadline, as Republicans both inside and outside Congress, including those from Trump's team, are criticizing his spending plan. Trump earlier also told a Fox News host that he is completely opposed to the continuing resolution spending bill. This is in line with the view of "Trump's buddy" Musk, who said any lawmakers supporting the bill should be voted out. Two people familiar with the matter said Johnson is considering an alternative of a "clean" continuing resolution. This would require abandoning the additional provisions, including disaster aid and economic assistance to farmers, that were included in the initial 1,500-page spending plan negotiated by congressional leaders.
▌U.S. Federal Judge Rules Coinbase Can Delist WBTC
U.S. Federal Judge Araceli Martínez-Olguín ruled to deny the temporary restraining order request from Hong Kong company BiT Global, allowing Coinbase to proceed with its plan to delist Wrapped Bitcoin (WBTC) from its platform. The judge found that BiT Global failed to demonstrate that Coinbase's action would cause it "immediate and irreparable harm".
Blockchain Applications
▌Arkham Announces Integration of Sui Blockchain Data
According to the official announcement, Arkham has announced the integration of Sui blockchain data, including entity/address pages, Arkham dashboards, real-time alerts, visualization tools/trackers, etc. It is reported that the Sui ecosystem has seen significant growth in recent months, with transaction volume reaching about $2.93 billion in the past 7 days, and the value of stablecoins on the network reaching $300 million.
▌Deutsche Bank Launches Layer 2 Network Based on ZKsync Technology
German financial giant Deutsche Bank is developing an Ethereum Layer 2 blockchain network based on ZKsync technology. The project aims to address the compliance challenges of public blockchains in regulated finance by improving transaction efficiency and strengthening regulatory compliance.
This development is part of the Project Guardian initiative led by the Monetary Authority of Singapore (MAS), and Deutsche Bank's L2 network is named Project Dama 2. The project has gathered 24 financial institutions to explore the possibilities of blockchain asset tokenization.
Cryptocurrencies
▌Avalanche May Airdrop to Retro9000 Voters for Christmas
The Avalanche Foundation posted on X that it will conduct a RETRODROP activity and attached a suspected airdrop icon, stating that it "will have a Christmas surprise ready for those who voted for Retro9000".
Previously, Avalanche announced a $40 million grant program called Retro9000, aimed at rewarding developers building on Avalanche9000.
▌Kelp DAO Announces KERNEL Token Economics, 20% for Airdrops
The Kelp DAO re-staking project announced the KERNEL token economics on the X platform, with 20% allocated for airdrops; 35% for future community rewards; 5% for the ecosystem and partners; 20% for private sales; and 20% for the team and advisors. Additionally, 20% of the tokens will be airdropped over 3 airdrop seasons.
▌Placeholder Partner: Market Pullback After Fed FOMC Meeting, Avoid Over-Trading
Placeholder partner Chris Burniske posted on X: "If you're kicking yourself for not selling before the market pullback after the Fed FOMC meeting, know that you really didn't have a big edge in predicting the market's reaction. Take this as an opportunity to slow down. Don't over-trade. In the long run, as long as you're patient, you'll be fine."
▌JPMorgan: Trump Victory Opens New Era for US Crypto, CFTC Chair Nomination Key
JPMorgan (JPM) said in a report on Wednesday that Donald Trump's victory in the November presidential election has ushered in a new era for U.S. cryptocurrency, noting that the total crypto market cap has risen by around 65% since his election.
Led by analyst Kenneth Worthington, they wrote: "Not only does the new administration bring crypto-friendly sentiment, but it also appears enthusiastic about promoting the asset class; Trump's nomination of the CFTC chair is a missing piece in the government's support for the crypto agenda. This position is important as it could play a key role in regulating Bitcoin (BTC) and Ethereum (ETH)."
Key Economic Dynamics
▌Analyst: Concerns About the Federal Reserve Resuming Rate Hikes May Be Premature
Analyst Jersey said that while some are concerned that the policies of the new U.S. administration could lead to inflation, prompting the Federal Reserve to raise rates before the end of 2025, this may be premature, as the implementation of new policies will take a long time. However, considering the next step is likely to be rate hikes, which seemed unlikely just four months ago, the yield curve may steepen. But such actions may not occur until we have more data.
▌Hong Kong Monetary Authority Cuts Rates by 25 Basis Points
The Hong Kong Monetary Authority lowered the benchmark interest rate by 25 basis points to 4.75%, following the Federal Reserve's overnight announcement of a 25-basis-point rate cut.
▌Trump and Vance Issue Joint Statement Calling on Congress to Start Discussing Debt Ceiling Now
The president-elect Trump and vice president-elect Pence issued a joint statement on X, stating that "raising the debt ceiling is not a good thing, but we would rather do so during Biden's tenure." "If the Democrats are not willing to cooperate on the debt ceiling issue now, who will believe they will cooperate with us in June when we are in power? Let's have this debate now," Trump and Pence said in the statement. Trump and Pence also called on Congress to "pass a streamlined spending bill so that Senate Majority Leader Schumer and the Democrats cannot have their way."
Jinse Finance
Rollup is a way of processing transactions on a Layer 2 protocol that can free up precious space on the underlying layer. Rollup will fold transactions one by one on the second layer, sometimes folding dozens of times, and then roll them together and send the data back to Layer 1. There are two main types of Rollup, Optimistic and Zero-Knowledge (ZK) proofs. Optimistic Rollup is a fairly straightforward term. This means that Rollup runs on an "optimistic" approach, assuming transactions are valid unless proven otherwise by validators. They only check the validity of transactions when there is a dispute. ZK Rollup will prove transactions without revealing any transaction data. Hence the term "zero-knowledge". ZK Rollup provides instant finality because the cryptographic proof guarantees the data is valid. In many ways, Rollup to your standard blockchain transaction is like Calzone to a regular pizza slice. By rolling, you can pack in more.
Disclaimer: Jinse Finance, as a blockchain information platform, the content of the articles published is for reference only and not as actual investment advice. Please everyone establish the correct investment concept and must improve risk awareness.
