Headline
▌Tesla stock price surges 22%, Musk's wealth increases by over $26 billion overnight
On Thursday, October 24th Eastern Time, Tesla's stock price achieved its best performance in 11 years, and the wealth of the company's CEO and the world's richest person, Musk, also increased by more than $26 billion. Tesla's stock price rose 21.92% on Thursday, closing at $260.48 per share, marking its best single-day gain since 2013, and the company's market value increased by about $150 billion. The approximately 22% surge on Thursday was also the second-largest increase for the company since its IPO in 2010. According to the latest data from Forbes, Musk's current net worth is $269.8 billion (as of October 24th), and he gained $26.4 billion on Thursday, an increase of 10.83%.
▌Google: Enhancing transparency of AI editing in Google Photos
Google stated on its blog that to further improve transparency, it is making it easier to detect when Google AI editing is used in Google Photos. Starting next week, Google Photos will indicate within the app when Google's AI editing has been applied to a photo. Photos edited using tools like Magic Editor, Magic Eraser, and Zoom Enhance already contain metadata according to the IPTC technical standard to indicate they have been edited using generative AI. Now, Google will go a step further and display this information alongside file name, location, and backup status in the photo app. In addition to indicating when an image has been edited using generative AI, Google will also use IPTC metadata to signal when an image has been composed from elements of different photos using non-generative features. This work is still ongoing, and the company will continue to gather feedback and evaluate additional solutions to enhance transparency around AI editing.
Market
As of press time, according to Coingecko data:
BTC's latest trading price is $68,215.30, with a daily change of +2.5%;
ETH's latest trading price is $2,536.62, with a daily change of +0.7%;
BNB's latest trading price is $594.40, with a daily change of +1.8%;
SOL's latest trading price is $177.17, with a daily change of +3.7%;
Doge's latest trading price is $0.142, with a daily change of +1.5%;
XPR's latest trading price is $0.5316, with a daily change of +1.1%.
Policy
▌Pennsylvania House passes bipartisan bill to provide regulatory clarity for digital assets
According to a post by Fox Business reporter Eleanor Terrett on the X platform, the Pennsylvania House of Representatives has passed a bipartisan bill to provide regulatory clarity for digital assets, amid increasing federal-level uncertainty around cryptocurrency regulation. The bill was passed by a majority of 176 to 26 votes, including 76 Democrats and all 100 Republicans.
▌SEC requests to extend deadline for main briefs in Ripple case to January 15, 2025
A document shared by lawyer James K. Filan on the X platform shows that the US SEC has requested to extend the deadline for the main briefs in the Ripple case to January 15, 2025.
▌US government address moves $20 million in seized Bitfinex hacker funds to a new address again
According to Arkham monitoring data, the US government address has again moved $20 million worth of seized Bitfinex hacker tokens, including ETH/USDT, to a new address.
Blockchain Applications
▌DeFi protocol Synthetix V3 expands to Arbitrum
The DeFi protocol Synthetix V3 is expanding to Arbitrum, "marking a major step in its multi-chain journey".
The team stated: "With this release, Synthetix will bring high-performance perpetual contract trading to Arbitrum users, building on the proven success on Optimism and Base, where it has facilitated over $50 billion in trading volume. The perpetual contract market Kwenta has partnered with Synthetix to be the first to launch Synthetix V3 on Arbitrum."
▌Arbitrum developer Offchain Labs launches "fast withdrawals" feature, reducing withdrawal time from 7 days to 15 minutes
Offchain Labs, the original developer of Arbitrum, announced the launch of a new "fast withdrawal" feature, allowing selected Orbit chains and RaaS providers to enable withdrawal finality in 15 minutes, down from the usual 7-day wait time.
The team stated: "With the implementation of fast withdrawals, the withdrawal time has been reduced by over 90%, making the withdrawal process very similar to withdrawing from a traditional bank account. While not exactly the same, it is a substantial improvement over traditional blockchain standards, bringing it closer to the TradFi experience of fund transfers."
Cryptocurrencies
▌Circle CEO: Stablecoins may account for 5%-10% of global money supply in the next decade
Circle CEO Jeremy Allaire stated that as the adoption of digital currencies continues to grow and they become increasingly integrated into the global financial system, the stablecoin market could reach $5-10 trillion in the next decade.
Allaire said he expects stablecoins to account for 5%-10% of the global $100 trillion money supply over the next 10 years, as the technology will spread in a similar way to Web2 innovations like online video and e-commerce. He said: "We are in the early stages of stablecoin adoption, but within the next 10, 20 years, this technology will become a part of the global financial system."
▌Standard Chartered analyst predicts Bitcoin could break $73,000 on US election day
Standard Chartered analyst Geoff Kendrick expects Bitcoin to potentially break its all-time high of $73,000 on the US presidential election day. The prediction is based on an analysis of Bitcoin derivatives and trading volumes. Kendrick stated that if Donald Trump wins the election, option prices could rise around 4%, with the overall price potentially increasing 10% in the following days. Additionally, the open interest in Bitcoin call options expiring on December 27th shows a strike price of $80,000, suggesting prices could rapidly approach that level.
▌Microsoft to include "assessment of Bitcoin investment" as a voting item at December shareholder meeting
Documents filed by Microsoft with the US Securities and Exchange Commission (SEC) show that the "assessment of Bitcoin investment" will be a voting item at the company's shareholder meeting on December 10th. The proposal was submitted by the conservative think tank National Center for Public Policy Research, but Microsoft's board recommends shareholders vote against it. The board believes the proposal is "unnecessary" and states that the company's management has already thoroughly considered Bitcoin and other cryptocurrencies, and will continue to monitor related trends to inform future decisions.
▌Fireblocks launches $1 million developer grant program to boost PYUSD adoption
Digital asset management platform Fireblocks has announced a $1 million developer grant program to boost PYUSD adoption.
Fireblocks' grant program provides funding to companies holding PYUSD balances on the Fireblocks platform, incentivizing them to build innovative blockchain-based products. Eligible individual projects can receive up to $60,000 in program funding.
Fireblocks Payments and Network Senior Vice President Ran Goldi said in a statement: "Our pilots have already demonstrated the transformative impact PYUSD can have, and we look forward to seeing enterprises create real-world use cases that fully leverage the benefits of stablecoins."
▌Solana network's daily fee revenue hits a new high of around $8.7 million
According to Blockworks Research data, Solana's fee revenue hit a new record high on October 23rd, reaching nearly $8.7 million, up from slightly under $8 million the previous day. This figure is said to encompass all revenue sources, including base fees, priority fees, and tips.
▌Bitcoin whale holdings reach an all-time high
According to Cryptoquant data, Bitcoin whales currently hold around 670,000 BTC, the highest level ever recorded. This is undoubtedly a positive long-term signal.
From the chart, it can be seen that when the whale holding volume is at a high level, Bitcoin often shows a sideways or moderately downward trend. This accumulation phase can be described as the calm before the storm in the medium to long term.
The real growth wave of Bitcoin begins when whales gradually reduce their holdings, until the percentage change in their holdings becomes negative. Finally, if the historical high of Bitcoin is not updated between the US presidential election and November 28 (+/- 21 days), it will indicate that the current bull market cycle has serious problems, and things will get very bad.
Important Economic Dynamics
▌ The probability of a 25BP rate cut by the Fed in November is 96.3%
According to the CME "Fed Watch", the probability of the Fed cutting 25 basis points in November is 96.3%, and the probability of keeping the current interest rate unchanged is 3.7%. The probability of keeping the current interest rate unchanged in December is 1%, the probability of a cumulative 25 basis point rate cut is 28.5%, and the probability of a cumulative 50 basis point rate cut is 70.5%.
▌ ECB Governing Council member Müller: The best policy choice is to cut rates prudently
ECB Governing Council member Müller said that the best policy choice is to cut rates prudently; he is not worried about falling behind the situation; he still believes we will see a gradual economic recovery.
▌ ECB Governing Council member Wunsch: At this stage, we do not need to discuss a 50 basis point rate cut
ECB Governing Council member Wunsch said that at this stage, we do not need to discuss a 50 basis point rate cut; currently there is no evidence to support us discussing such a policy outlook; the European economy is weaker than we originally estimated; internal inflation is still very high; central bank policy depends on the data.
Jinse Encyclopedia
Dynamic resharding is a relatively new term, with the marketing team of the NEAR Protocol calling it the "Holy Grail of sharding", but it has also created a new vocabulary that cannot be immediately understood. Based on the concept of blockchain sharding, resharding occurs when the network adjusts the number of shards based on the load. Overloaded shards can become two shards, while two underutilized shards can become one.
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.
