Headlines
▌US Senator Cynthia Lummis Proposes Allowing the Federal Reserve to Hold Bitcoin
US Senator Cynthia Lummis from Wyoming recently mentioned the possibility of transforming Bitcoin into a reserve asset, and proposed how to implement this plan, including involving the Federal Reserve.
Lummis said she hopes to empower the Federal Reserve to purchase and hold BTC as part of a larger strategic Bitcoin reserve program to address the national debt issue. I want to hand it over to them. I hope our federal government will have a strategic Bitcoin reserve to help support the US dollar as the world's reserve currency.
▌MicroStrategy's Bitcoin Purchases Exceed 2021 Bull Market Levels
According to the Saylortracker page, MicroStrategy purchased 27,200 BTC on November 10, 2024, at around $74,000 per coin. MicroStrategy then purchased 51,780 BTC on November 17, and subsequently purchased 55,500 BTC on November 24 at around $97,000 per coin, setting a new record for the largest BTC purchase ever.
During the 2020-2021 bull market, MicroStrategy's largest acquisition was 29,646 bitcoins on December 21, 2020, when the price of Bitcoin was around $21,000.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $94,858.45, with a daily change of -2.4%;
ETH's latest trading price is $3,268.93, with a daily change of -1.9%;
BNB's latest trading price is $648.19, with a daily change of -2.2%;
SOL's latest trading price is $179.51, with a daily change of -0.5%;
DOGE's latest trading price is $0.3112, with a daily change of -2.2%;
XRP's latest trading price is $2.19, with a daily change of -2.1%.
Policy
▌Trump: Bo Hines to Become Executive Director of Presidential Digital Assets Advisory Council
According to Tree News, former college football player and Republican House nominee Bo Hines will become the Executive Director of the Presidential Digital Assets Advisory Council (Crypto Council).
▌El Salvador Strengthens Support for Bitcoin: Purchases Bitcoin in Violation of IMF Agreement
The Salvadoran government has clearly stated that it will continue to promote Bitcoin as part of its economic strategy, even though the country has signed an agreement with the International Monetary Fund to gradually phase out its Bitcoin operations.
Stacy Herbert, director of El Salvador's Bitcoin Office, clarified that even after the agreement, the country will continue to purchase Bitcoin at an "accelerated" pace as part of its strategic Bitcoin reserve strategy. Herbert also explained on social media that Bitcoin will remain legal tender, and the government will continue to sponsor several cryptocurrency-focused educational programs.
▌Pulsechain Founder Listed on Europol's Finland Wanted List for Fraud
Richard Shueler, the founder of Hex, Pulsechain, and Pulsex, has been placed on Europol's Finland wanted list for fraud. He is alleged to have failed to submit corporate tax returns and provide income information. He also faces charges of assaulting a minor.
Blockchain Applications
▌Sui Integrates with SatLayer to Enable Bitcoin Rehypothecation
Bitcoin rehypothecation platform SatLayer announced on Wednesday that it will expand the use of Bitcoin in decentralized finance to the fast Layer 1 blockchain Sui, which launched last year.
SatLayer said in a statement that with Sui's focus on fast transaction speeds, SatLayer's integration will enable developers to leverage the $21 trillion Bitcoin market to build DeFi applications that aim to exclude third parties from transactions and lending.
▌Hamster Kombat: Season 2 to Build HamsterVerse Foundation with Three Games, Launching Closed Beta
Hamster Kombat announced that Season 2 will start with three games instead of one, and they will form the foundation of the Hamster Verse, the entertainment ecosystem built around the Hamster Kombat characters and storylines. All Hamster Verse games will regularly use the HMSTR token. The team is launching a closed Beta test.
Cryptocurrencies
▌Vancouver Mayor Ken Sim: Bitcoin is the Best Performing Asset in the Past 16 Years
Vancouver Mayor Ken Sim: Bitcoin is the best performing asset in the past 16 years. It's better than gold. It can't be seized by military force. It can make Vancouver a world leader in Bitcoin innovation.
▌Securitize Proposes Using BlackRock's BUIDL Fund as Collateral for Frax USD
Securitize, the broker of the BUIDL digital liquidity fund, has submitted a Frax improvement proposal to add BUIDL as a supporting collateral asset for the Frax USD stablecoin.
According to the improvement proposal, using BUIDL as a collateral reserve asset can provide yield opportunities, deeper liquidity and transfer options, and reduce counterparty risk due to the backing of BlackRock, the world's largest asset manager.
▌Analyst: Major Western Trading Platforms to Go on Christmas Break, Deleveraging Rally Possible Before Trump's Inauguration
Adam from Greeks.live posted on social media that this Wednesday is Christmas, and major Western trading platforms will enter a holiday break. Crypto funds usually see outflows this week. ETFs are the main external source of funds for the crypto market, and the outflow pressure on the crypto market is significantly higher than in previous years due to the risk-averse sentiment.
This bull market has not seen a significant correction yet. With the tight liquidity during the Christmas holiday, a deleveraging rally is not ruled out before Trump's inauguration at the end of January. The options market has nearly $12 billion in options expiring, accounting for over 40% of the current open interest, and whales and market makers are actively adjusting their positions. It's a good opportunity to occasionally find good bargains by closely watching the market.
▌Arthur Hayes Deposits 2 Million ENA Worth $2.06 Million into Bybit
According to OnchainLens, 2 hours ago Arthur Hayes has deposited 2 million ENA, worth $2.06 million, into Bybit, at an average price of $0.97. Previously, he had redeemed 9.01 million ENA and deposited 7 million USD worth of ENA into Binance.
Important Economic Dynamics
▌Keras Creator: The Economics of AI is About to Change Dramatically
Renowned AI expert, Keras creator François Chollet posted on X that an important thing to understand about the future is that the economics of AI is about to change dramatically. We will soon enter a world where the cost of compute can be directly translated into capability - for the first time in software history, marginal cost will become paramount.
Jinse Encyclopedia
▌What is Ripple Labs' RLUSD Stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, is intended to provide a stable digital currency for transactions and trading. As a stablecoin pegged to the US dollar, 1 RLUSD is equivalent to 1 USD. Each RLUSD is maintained at a 1:1 peg. These collateral assets are either US dollar deposits or cash equivalents.
Disclaimer: Jinse Finance, as a Bit and Block information platform, the content of the articles published is for information reference only and not as actual investment advice. Everyone should establish the correct investment concept and must increase risk awareness.
