Headline
▌Musk's "Million Dollar Giveaway" Allowed to Continue
In the run-up to the U.S. presidential election on Tuesday, Musk's daily giveaway of a million dollars to voters has evaded a legal challenge from the Philadelphia district attorney, as a Pennsylvania judge refused to block the activity. Pennsylvania is a key swing state. The Pennsylvania judge dismissed the district attorney's request to halt the contest, which the latter claimed was an illegal lottery. Musk's lawyers argued at the hearing that the contest winners were not randomly selected. The selection of winners was based on whether they were "suitable" to serve as public spokespeople for Musk's political action committee, often based on their personal stories. The judge then made the ruling shortly after without any further deliberation.
▌Trump: We Will Make America Wealthy Again
Former U.S. President Trump said that our economy is the worst since the Great Depression of 1929, and it's going to get even worse. We will make America wealthy again, and most importantly, we will make people able to afford the prices in America again. The prices are just too high.
Plans to significantly reduce taxes on workers and small businesses. We will not tax tips, overtime pay, and social security benefits. To quickly reduce inflation, I will end Harris' war on American energy and lower energy prices. We will cut energy prices in half.
Market
As of the time of writing, according to Coingecko data:
BTC last traded at $67,791.06, with a daily change of -1.4%;
ETH last traded at $2,396.54, with a daily change of -2.4%;
BNB last traded at $552.04, with a daily change of -0.9%;
SOL last traded at $157.66, with a daily change of -2.9%;
DOGE last traded at $0.1582, with a daily change of +4.7%;
XPR last traded at $0.5031, with a daily change of +0.3%.
Policy
▌OpenAI in Talks with Regulators to Become a For-Profit Company
It is reported that OpenAI is in preliminary discussions with regulators, seeking to transition the $157 billion company from a non-profit to a for-profit structure. According to two people familiar with the matter, the company is in early negotiations with the California Attorney General's office regarding the process of changing the company's structure. In this process, regulators may closely examine how OpenAI assesses a range of high-profit intellectual properties, such as its ChatGPT.
Blockchain Applications
▌Memecoin Trading Tool Hype Launches "President Memecoin Index"
Hype, a memecoin trading platform based on Solana and Base, has launched the "President Memecoin Index", allowing traders to track and trade tokens related to the upcoming U.S. presidential election.
Cryptocurrencies
▌Bitcoin Mining Difficulty Rises 6.24% to 101.65 T, Hitting New High
According to CloverPool data, the Bitcoin mining difficulty saw an upward adjustment at block height 868,896 (6:28:08 today), rising 6.24% to 101.65 T, setting a new all-time high. The current 7-day average network hashrate is 721.25 EH/s.
▌$89.5 Million Net Outflow from Bitcoin ETFs, $31.9 Million from Ethereum ETFs Yesterday
According to Farside Investors' monitoring data, the fund flow data for U.S. spot Bitcoin ETFs and spot Ethereum ETFs on November 4th was as follows:
Spot Bitcoin ETFs: $89.5 million net outflow, GBTC $63.7 million net outflow.
Spot Ethereum ETFs: $31.9 million net outflow, ETHE $10.8 million net outflow.
▌Robinhood, Kraken, and Others Support New Compliant Stablecoin USDG
USDG, the compliant stablecoin issued by Paxos in Singapore, has gained the support of crypto firms such as Robinhood, Kraken, and Galaxy Digital. The stablecoin complies with Singapore's upcoming stablecoin framework, and the yield on its reserve assets will be distributed to partners to promote the application and ecosystem development of USDG. Partners like Anchorage provide USDG in 50 U.S. states, while DBS Bank manages and custodies the reserve funds.
▌Bitcoin to Barclays U.S. Treasury ETF Ratio Hits Record High
According to Van Straten data, the ratio of Bitcoin to the Barclays iShares 20+ Year Treasury Bond ETF (TLT) has reached a new all-time high. Last week, as BTC approached its March high above $73,000, its trading price reached 800 times the value of the TLT. This figure is higher than the previous peak of 466 times in November 2021.
The Barclays long-term U.S. Treasury bond ETF (TLT) has fallen 8% so far this year, while Bitcoin has risen 55%. Van Straten analysts suggest the lack of price appreciation incentive may be a factor, as TLT has $60 billion in total assets. The relative performance may indicate investors are shifting some portfolio allocation from long-term U.S. Treasuries to Bitcoin.
▌Medical Device Company Semler Scientific Buys Another 47 BTC
Medical device company Semler Scientific (SMLR) reported in its Q3 earnings that it has purchased an additional 47 BTC for $3 million since disclosing its Bitcoin holdings in late August. As of November 4th, the company holds 1,058 BTC at a total cost of $71 million, which is worth around $71.4 million based on Bitcoin's current price of $67,500.
Semler Scientific Chairman Eric Semler stated: "We are seizing the opportunity to maximize shareholder value by increasing our Bitcoin holdings. We plan to continue purchasing Bitcoin using operating cash and cash proceeds from our ATM business. Additionally, we are exploring other financing options to enable us to acquire more Bitcoin."
▌UK's First Pension Fund Directly Invests 3% of Assets in Bitcoin
The UK's first pension fund has, with the assistance of consulting firm Cartwright, directly invested 3% of its assets in Bitcoin, rather than through ETFs or other indirect means. This decision was reached after in-depth discussions with the fund's trustees, focusing on ESG factors and security, with the private keys managed by five independent institutions. Cartwright also plans to launch a Bitcoin employee benefit program, allowing companies to pay Bitcoin directly to employees' wallets, with multiple companies already expressing interest.
Key Economic Dynamics
▌Outlook: Inflation Not Declining Significantly, Fed May Adjust Inflation Rhetoric
Analysts expect the U.S. to raise rates by 25 basis points this week, but Bank Policy Research Institute chief economist Neilsen says the Fed may provide some clues that its view on inflation is changing. Neilsen wrote that the Fed's previous policy statement said the "committee is more confident that inflation will move back towards 2%," but given that the 12-month weighted average core CPI and PCE inflation data have not declined significantly since the summer, Fed officials will find it difficult to reiterate their increased confidence. Neilsen says Powell may use his remarks to pave the way for the Fed to pause rate hikes at its final meeting of the year in December.
▌U.S. Stock Indexes Decline, Major Tech Stocks Fall
The three major U.S. stock indexes fell collectively, with the Dow Jones Industrial Average down 0.61%, the Nasdaq down 0.33%, and the S&P 500 index down 0.28%. Most large-cap tech stocks fell, with Tesla and Intel down more than 2%, Google, Amazon, and Meta down more than 1%, and Apple, Netflix, and Microsoft down slightly. Nvidia rose slightly, with a market capitalization of $334 billion, approaching Apple's, and briefly regaining the title of the world's most valuable company during the session. Trump-concept stocks surged, with Trump Media & Technology Group up over 12%.Jinse Finance
▌What is the Aptos blockchain?
Aptos aims to become a fast, scalable, and reliable blockchain that supports decentralized applications (DApps), with the goal of accelerating the development of Web3. Avery Ching and Mo Shaikh launched the Aptos blockchain on October 12, 2022. It aims to achieve high throughput and low latency, meaning it can process around 160,000 transactions per second and verify them in less than 1 second on average. Aptos natively integrates the Move language to provide these fast, secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything needed to "build your big idea," even combining it with artificial intelligence to make it easy for both beginners and experts to use Web3.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for informational reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
