Headline
▌BTC Breaks $99,000
The market shows that BTC has broken through $99,000, currently trading at $99,004, with a 24-hour increase of 0.43%. The market fluctuations are relatively large, please manage the risks accordingly.
▌Perspective: Quantum Computing May Crack Lost Bitcoins, Challenging the Scarcity Narrative
The progress of quantum computing technology may redefine the traditional notion that lost Bitcoins cannot be recovered. The article points out that some early-generated and long-abandoned wallets (such as Satoshi Nakamoto's wallet), due to their owners' inability to migrate the keys to more secure encryption algorithms, may face risks from quantum computing breakthroughs in old encryption technologies. This may cause some Bitcoins that were considered permanently lost to recirculate, thereby changing the scarcity narrative. Although Bitcoin developers can protect active wallets through protocol upgrades, and the network's adaptability is sufficient to meet the challenges of the quantum era, old wallets may become more vulnerable to future attacks, posing new challenges to the security of the Bitcoin network.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $99,827.48, with a daily change of +1.3%;
ETH's latest trading price is $3,510.85, with a daily change of +0.7%;
BNB's latest trading price is $704.62, with a daily change of +0.1%;
SOL's latest trading price is $198.70, with a daily change of +1.0%;
DOGE's latest trading price is $0.3375, with a daily change of +0.4%;
XRP's latest trading price is $2.31, with a daily change of -0.1%.
Policy
▌Perspective: Trump's Bitcoin Reserve Plan May Become a Watershed Moment for the Crypto Market
Trump publicly supports a Bitcoin reserve plan, pushing the U.S. government to stockpile Bitcoin as a strategic asset. The plan has received support from political figures including Porter and Lummis, and has drawn bipartisan attention. Trump's support has given this previously marginalized concept political momentum and become a watershed moment for the crypto market. A Democratic Congresswoman from California and a Republican Senator from Wyoming have proposed incorporating Bitcoin into the U.S. reserve assets, partly relying on the U.S. gold reserves. However, critics argue that this could strengthen the U.S. financial dominance and pose a challenge to the decentralization ethos of Bitcoin. Nevertheless, supporters believe this move could help address the debt crisis and drive global financial innovation.
▌Hashgraph Group Obtains Fund Management License in Abu Dhabi, to Launch $100 Million Web3 Fund
Switzerland-based Hashgraph Group has obtained a fund management license from the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. Hashgraph Group's Hashgraph Ventures Manager has received the license, allowing it to launch a $100 million Web3 venture capital fund from ADGM.
Hashgraph Group will contribute $20 million, or 20% of the fund, as seed capital. The fund will focus on investing in startups and established companies within the Hedera ecosystem. The fund will prioritize strategic investments in Web3 and deep tech areas (developing AI, blockchain, robotics, and quantum computing solutions).
Blockchain Applications
▌Agridex on Solana Completes First Coffee Transaction, May Trigger a Wave of Agricultural Asset Tokenization
Agridex, a platform on the Solana blockchain, has completed its first coffee transaction, with the British brand Tiki Tonga exporting coffee to South Africa, settling the payment in South African Rand to Pound Sterling, with a transaction fee of only 0.5%, much lower than the traditional 5% to 7% cross-border fees. Agridex also supports instant settlement for various agricultural products, including livestock, wine, and olive oil.
Cryptocurrencies
▌Pump Science: Token Economics Design Completed
Pump Science posted on the X platform that the token economics design has been completed, including: 5% of the future token supply will be allocated to previous token holders (during migration); holding more PS tokens (RIF, URO) can earn new tokens in the future; this will continue as long as new products are launched (forever).
In addition, Pump Science stated that BIO Protocol will airdrop BIO to holders of URO and RIF, awaiting governance approval to connect BIO to Solana, and more airdrops are being considered.
▌Analysis: Bitcoin Derivatives Data Suggests Price May Break Above $105,000
According to Cointelegraph's analysis, Bitcoin has recently risen 6.5% and broken through $98,000, but failed to break the key resistance level. Derivatives market data shows that Bitcoin maintains a neutral to bullish stance, indicating that price volatility has not significantly impacted market sentiment. This supports the possibility of Bitcoin continuing to rise above $105,000.
▌Report: Crypto OTC Trading Volume Has Surged in Recent Months, Election Results Become a Key Driver
Several crypto trading companies have recently reported that over-the-counter (OTC) trading volume has surged in recent months, with election results becoming an important driver. Kraken's institutional business manager Tim Ogilvie stated: "OTC trading is currently exceptionally active, with trading volume surging along with price increases." He revealed that Kraken's OTC trading volume has grown by 220% year-over-year, and other trading companies have reported similar growth.
Wintermute's OTC trader Jake Ostrovskis pointed out that the market was relatively calm mid-year, but as the elections approached and prices rose, market participants began actively preparing for the election results. Similarly, GSR's trader Embert Lin said the company's trading volume has increased significantly since the election. With the rise in prices of Bitcoin, Ethereum, and Altcoins, project and investor enthusiasm for managing funds and risks at these price levels has increased significantly, and they are also seeking new opportunities to access crypto assets beyond BTC and ETH.
A trader at an OTC trading firm privately revealed that the recent trading volume has easily reached the level of the 2021 crypto market peak. Additionally, BitGo's Go Network head Brett Reeves noted that the election results are the main driver behind the recent surge in trading volume, with two-thirds of the volume generated within three months after the election results were announced.
▌An Ethereum ICO Whale Deposited 4,160 ETH, Approximately $14.5 Million, into Kraken 3 Hours Ago
According to Spot On Chain monitoring, 3 hours ago, an Ethereum ICO whale deposited 4,160 ETH (approximately $14.5 million) into Kraken. It is worth noting that this whale obtained 20,000 ETH (worth $6,200 at the time) in the Genesis Block in July 2015, using it as collateral to earn rewards, and frequently selling during peak periods, and still holds approximately 7,043 ETH ($24.6 million).
Important Economic Dynamics
▌US Media: Democrats Don't Like Trump, But They're Eagerly Awaiting Biden's Departure
According to the Capitol Hill newspaper, US President Biden is preparing to quietly leave the White House. His public appearances after the election have hardly attracted media attention. In contrast, Trump has already occupied most of the public's attention even before his second inauguration. Republicans say Biden's absence from major moments is to be expected. However, Democrats have not taken any action to support their party leader, but have instead expressed their expectation of Biden's resignation, even though they do not like the person who will take over next. Some Democrats say they do not mind Trump hogging the limelight in the last month, and point out that his behavior is not improper and seems more restrained than it was eight years ago. Some sources say that Biden's pardon of his son has made Democrats "disgusted" and "thoroughly" angry with the "entire Biden world." This is a feeling that many Democrats already have about Biden, and they believe Biden should choose not to run for re-election, or should withdraw from the 2024 race earlier. Former Democratic National Committee official Ivan Zapien said: "Failure is not fun... I wouldn't say it's Biden fatigue, it's more like a 'well, it's too bad, let's get ready for the next (election)' kind of feeling."
▌The probability of the Federal Reserve keeping interest rates unchanged in January 2023 is 91.4%
According to the CME "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in January 2023 is 91.4%, and the probability of a 25 basis point rate cut is 8.6%. By March 2023, the probability of keeping the current interest rate unchanged is 52.1%, the probability of a cumulative 25 basis point rate cut is 44.2%, and the probability of a cumulative 50 basis point rate cut is 3.7%.
Jinse Finance
▌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 trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equivalent to 1 US dollar. 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 Blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and must improve risk awareness.
