Jinse Weekly is a weekly blockchain industry summary column launched by Jinse Finance, covering key news of the week, mining information, project dynamics, technological progress and other industry dynamics. This article is the news weekly, taking you through the major events in the blockchain industry this week.
Headline
▌Bitcoin market cap exceeds $1.56 trillion, hitting a new high
According to CoinGecko data, with Bitcoin price rising above $79,000, its market cap has also exceeded $1.56 trillion, currently reaching $1,565,097,248,040, a new all-time high. In addition, the total cryptocurrency market cap has risen to $2.84 trillion, up 3.1% in 24 hours, with Bitcoin's market dominance at 55.2% and Ethereum's at 13.5%.
▌Nansen analyst: Trump administration may approve the first ETH-backed ETF
Nansen analyst Edward Wilson said that with Trump's victory, the first ETH-backed exchange-traded fund (ETF) may be born, saying: "As the regulatory environment may be more favorable for cryptocurrencies, we may even see the Trump administration approve an ETH-backed ETF, which would fully leverage the advantages of ETH as an asset. If this happens, ETH will become an exciting asset worth watching. In other words, ETH is cool again." (Cointelegraph)
▌Musk's election campaign donations have a return rate of over 150 times
Musk, who is "All-in for Trump" in the 2024 US presidential election, has seen his net worth surge recently. On November 5, after Trump successfully ran for re-election as US president, Tesla's stock price rose 14%, pushing its market cap past $900 billion. According to the Bloomberg Billionaires Index, Musk's personal wealth has risen from $262 billion to $290 billion in the past 5 days, making him the world's newest richest person. According to public information, Musk donated a total of $177 million to the 2024 US presidential election, and in just the past 5 days, Musk's donation return rate has reached 158 times.
▌Former SEC chairman: Musk should not be prevented from joining the Trump administration
Former US Securities and Exchange Commission chairman Jay Clayton said in an interview with CNBC: "If Elon Musk wants to spend 20% of his time making America better, we should find a way to let Musk do it. We should have ethical rules, transparency, etc., but we should not prevent Elon Musk from joining the Trump administration."
▌A whale who spent 5 million USDC betting on Harris' victory is currently down $4.9 million
According to Lookonchain monitoring, a whale spent 5 million USDC betting on Harris winning the election and will lose all their funds. The current loss is about $4.9 million (-97.7%).
Policy
▌UK House of Lords supports the Digital Assets Property Act
Members of the UK House of Lords expressed support for the country's Digital Assets Property Act at a second reading meeting on Wednesday. The House of Lords Grand Committee generally believes that the Act will provide more clarity on how the legal system treats cryptocurrencies, and may mark another step forward for the UK in paving the way for domestic cryptocurrency use. The Act, drafted by the independent statutory body Law Commission, was launched in the UK in September. The Act adds a new "item" category to the category of property to help resolve legal disputes over cryptocurrencies. The Act will not only help judges in criminal proceedings where cryptocurrencies are stolen due to fraud or hacking, but will also help in the division of marital property.
▌Trump team considers Robinhood's chief legal and compliance officer Dan Gallagher as a candidate for SEC chairman
The Trump team is considering Robinhood's chief legal and compliance officer Dan Gallagher as a candidate for SEC chairman.
▌Bernstein: The SEC and Senate Banking Committee are expected to take a friendly stance towards cryptocurrencies after Trump takes office
Bernstein said that after Trump takes office, the US SEC and Senate Banking Committee are expected to take a friendly stance towards cryptocurrencies, and crypto assets are expected to be re-rated, as it is still unclear whether these assets qualify as securities. In addition, stablecoin and market structure bills are likely to make faster progress, which is good news for stablecoin issuers like Circle and Paxos, as well as crypto exchanges and brokers/dealers in the US.
▌Coinbase's chief legal officer: Hopes the SEC will stop prosecuting cryptocurrencies and start making rules
Coinbase's chief legal officer Paulgrewal.eth posted on social media, saying, "I hope the SEC understands what just happened in the election. On so many issues, voters have spoken loudly and clearly that they want change. Cryptocurrencies are no exception. Stop prosecuting cryptocurrencies, start dialoguing with cryptocurrencies. Start making rules now, there's no reason to wait any longer."
▌French regulator examines crypto prediction platform Polymarket
The French National Gambling Authority (ANJ) is reviewing the operations of the cryptocurrency-based prediction market platform Polymarket to determine if it complies with local rules, after user demand surged during the US presidential election. An ANJ spokesperson said on Thursday: "We are aware of this website and are currently checking its operations and whether it complies with French gambling regulations." According to crypto news outlet The Big Whale on Tuesday evening, ANJ is expected to ban French users from accessing Polymarket. Previously, Polymarket confirmed that an anonymous trader who placed large bets on the platform supporting Trump's victory was French. Calculations show that this trader, known as Fredi9999, is expected to make around $48 million in betting profits across four accounts. According to government website rules, any new gambling market must be pre-authorized by the ANJ.
Blockchain Applications
▌Robinhood, Kraken and others support the new compliant stablecoin USDG
The compliant stablecoin USDG issued by Paxos in Singapore has received support from crypto firms such as Robinhood, Kraken and Galaxy Digital. The stablecoin complies with Singapore's upcoming stablecoin framework, and the yield on the reserve assets will be distributed to partners to promote the application and ecosystem of USDG. Partners like Anchorage provide USDG in 50 US states, while DBS Bank is responsible for managing and custodying the reserve funds.
▌Stacks co-founder: Established a new entity Bitcoin L2 Labs and raised $20 million in funding
On November 8, Stacks co-founder Muneeb Ali posted on the X platform that "We have established a new Stacks entity 'Bitcoin L2 Labs', raised $20 million in funding, and will focus on core development. Adriano DiLuzio (former Algorand Labs member) will serve as CTO and lead the development of Stacks core and SBTC." According to the Bitcoin L2 Labs website, with around $20 million in funding support, assistance from the Stacks Foundation, and collaboration with various working groups, Bitcoin L2 Labs is building a dedicated base for Stacks core development. Bitcoin L2 Labs will take a product-driven approach to enable the ecosystem to roll out key features faster and provide regular updates on core development progress.
▌Ethereum Foundation launches the first short-term Pectra testnet Mekong
The Ethereum Foundation stated that after going through a scope assessment for the Pectra fork, a successful interoperability event, and four development networks, it is now launching the first short-term Pectra testnet Mekong. The Mekong testnet includes all the EIP proposals that will be used for the Ethereum Pectra fork. These changes include user experience (UX) improvements through EIP-7702, staking changes through EIP-7251, and changes to the deposit and exit mechanisms through EIP-6110/EIP-7002.
▌Paul Chan: The HKMA and Saudi PIF have set up a $1 billion fund to invest in fintech and other areas
Here is the English translation:Hong Kong Financial Secretary Paul Chan published a blog post, in which he stated that the delegation he led to Riyadh, Saudi Arabia last week achieved fruitful results. The Hong Kong Monetary Authority and the Public Investment Fund (PIF) of Saudi Arabia signed a memorandum of understanding to jointly establish a $1 billion investment fund, which will invest in businesses from Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area in the manufacturing, renewable energy, fintech and healthcare sectors in Saudi Arabia. In addition, a fintech company from Hong Kong's Cyberport signed a business agreement with a local partner.
▌Solidity 2.0 Developer Vlayer Completes $10 Million Pre-Seed Funding Round
Vlayer, a crypto startup developing Solidity 2.0, has completed a $10 million pre-seed funding round, with investments from a16z Crypto Startup Accelerator (CSX), Credo Ventures, BlockTower Capital and others. Vlayer is a crypto startup developing verifiable data infrastructure, which it calls Solidity 2.0. Its goal is to enable developers to verify and integrate real-world data into Ethereum smart contracts.
Cryptocurrencies
▌Doge Market Cap Surpasses XRP to Become 7th Largest Cryptocurrency
According to the latest data from CoinGecko, Doge has surged nearly 30% in the past 24 hours, currently trading at $0.2104, with a market cap of over $30.8 billion, surpassing XRP ($30.3 billion) to become the 7th largest cryptocurrency by market cap.
▌Detroit to Become Largest US City to Accept Crypto for Tax and Fee Payments
According to an official press release, Detroit will become the largest US city to accept cryptocurrency payments, as starting in mid-2025, local residents will be able to use crypto to pay taxes and other municipal fees through a secure platform managed by PayPal. Detroit Mayor Mike Duggan stated in a press release: "Detroit is building a tech-forward environment to empower our residents and entrepreneurs. We are excited to be among the first major American cities to explore blockchain civic applications and allow residents to use cryptocurrency for payments." With a population of around 630,000 as of the 2020 US Census, Detroit is the 26th largest city in the US. Detroit was once the 4th largest US city, with a population of nearly 2 million in the 1950s. According to reports, three US states (Colorado, Utah and Louisiana) currently accept crypto for state government fees.
▌SOL Market Cap Surpasses BNB to Become 4th Largest Cryptocurrency
According to the latest data from CoinGecko, SOL has risen nearly 6% in the past 24 hours, currently trading at $199.24, with a market cap of nearly $94 billion, surpassing BNB ($87.8 billion) to become the 4th largest cryptocurrency by market cap.
▌Crypto Market Cap Surpasses $2.8 Trillion
According to CoinGecko data, the total cryptocurrency market cap has surpassed $2.8 trillion, currently standing at $2.841 trillion, with a 24-hour increase of 3%. BTC dominance is 55%, while ETH dominance is 13.6%.
▌Trump Jr.: Our Family Loves Crypto, Grateful for Community Support for WLFI
On November 1, Eric Trump, the executive vice president of the Trump Organization and son of former US President Donald Trump, posted that our family loves cryptocurrency, and thanked the community for their support of World Liberty Financial.
Important Economic Dynamics
▌Fitch: October Nonfarm Payrolls "True Figure" May Be 119,000
Fitch stated that one way to look through the volatility in US employment is to add the BLS's estimated strike impact (44,000) to the October employment growth number, then take the 3-month moving average, which would yield a figure of 119,000, slower than the 207,000 monthly average in the first half of the year, but far from a sharp decline. Given broader evidence of consumer strength, the Fed is unlikely to put much weight on the headline 12,000 number.
▌Firm: Maintaining Bullish Stance on Gold
Gold futures prices have declined, with the weekly close set to be on the weaker side. Ole Hansen, Head of Commodity Strategy at Saxo Bank, stated that gold and other precious metals saw a strong rebound in the run-up to the US election. However, the sharp decline in gold prices was driven by a simultaneous surge in the US dollar and yields. Hansen believes there is no reason to change the bullish stance on precious metals. At worst, the past week's correction is a healthy response to the buying seen in recent weeks, with the US election as the main focus. He added that gold will be supported by three factors: the continued deterioration of the US debt situation as the president-elect Trump increases unfunded spending, central banks buying more gold reserves, and inflation concerns triggered by tariffs.
▌Barclays: Expects Fed to Hike Rates Twice by 25bps in 2025, Down from Previous Forecast of Three Hikes
Barclays stated that it expects the Federal Reserve to hike rates twice by 25 basis points in 2025, down from its previous forecast of three hikes. It also expects the Bank of England to keep rates unchanged at its December meeting, versus a previous forecast of a rate cut.
▌Fed's Kashkari: Robust Economy May Mean Fewer Rate Cuts
Minneapolis Fed President Neel Kashkari said in a media interview on Saturday that this (rate cuts) really doesn't depend so much on the short-term plans between Congress and the new administration - it's actually about productivity and economic growth. If that growth can be sustained, and our economy becomes more structurally efficient, that tells me we may not need to cut rates as much.
▌Bank of England Cuts Rates by 25bps to 4.75%, in Line with Market Expectations
The Bank of England cut rates by 25 basis points to 4.75%, in line with market expectations. The BoE stated that 8 committee members voted for the 25bps rate cut, while 1 member voted to keep rates unchanged.
