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
▌MicroStrategy's BTC holdings currently have an unrealized profit of about $12.9 billion
At the current BTC price of $88,875.7, MicroStrategy's BTC holdings have an unrealized profit of about $12.9 billion. Previously, it was reported that as of November 11, 2024, MicroStrategy holds a total of 279,420 BTC, with a total purchase cost of about $11.9 billion and an average price of about $42,692.
▌The US dollar rises to a two-year high, with Wall Street unanimously bullish
The US dollar index rose to its highest level since November 2022 on Tuesday, pushing the euro to its lowest level in a year, and other currencies also came under pressure. The yen and the Canadian dollar also fell, heading towards a key psychological level. Since Trump's re-election, with the Republicans poised to sweep both houses of Congress, all the strategists on Wall Street have become unanimously bullish on the US dollar. According to recent strategy reports, JPMorgan Chase, Goldman Sachs and Citigroup all expect the US dollar to rise further on the current basis.
▌The US FBI seized the mobile phone and electronic devices of Polymarket CEO
On November 13 local time, the US FBI seized the mobile phone and electronic devices of Polymarket CEO Shayne Coplan. According to the New York Post, the FBI raided Coplan's residence in Soho, New York, and demanded the surrender of electronic devices. This action took place eight days after Polymarket successfully predicted Trump's victory in the 2024 presidential election, with trading volume exceeding $3 billion. An anonymous source said the FBI may suspect the platform of manipulating the election market, and believes this is the "political retaliation" of the previous government against Polymarket. Currently, the FBI has not responded to the incident, and Coplan has also not made any public comments.
▌18 US states have filed lawsuits accusing the SEC under Gary Gensler's leadership of "persecuting the cryptocurrency industry"
According to a post by Fox Business reporter Eleanor Terrett, 18 US states have filed lawsuits accusing the US Securities and Exchange Commission and its commissioners, under the leadership of agency head Gary Gensler, of overstepping their authority and illegally persecuting the cryptocurrency industry.
The lawsuit was signed by 18 Republican state attorneys general, detailing how the agency has engaged in "severe government overreach" against the $3 trillion cryptocurrency industry through enforcement actions, infringing on the states' right to regulate their economies.
Policy
▌Trump is looking for candidates who support cryptocurrencies for financial institutions
According to the Washington Post, President-elect Trump is preparing to take a more lenient stance towards cryptocurrencies in the US government, and is looking for key position candidates who are friendly to the crypto industry, while his senior advisers are consulting crypto executives on potential changes to federal policy. The initial discussions have focused on a range of financial regulatory agencies, including the SEC. According to five people familiar with the matter, Trump's advisers are considering placing current regulators, former federal officials and financial industry executives in important leadership positions, many of whom have publicly expressed support for cryptocurrencies. They warned that the discussion process is still in the early stages and the list of candidates is still changing.
▌A US judge has denied the former Celsius CEO's request to dismiss fraud and manipulation charges
The former CEO of the crypto platform Celsius, Alex Mashinsky, is facing criminal charges in the US, and his legal team has failed to dismiss two charges related to commodity fraud and manipulation of the Celsius (CEL) token price.
Judge John Koeltl has filed a document with the US District Court for the Southern District of New York, ruling that Mashinsky's legal team's arguments for dismissing the charges were "either meaningless or unfounded". The judge dismissed the motion to dismiss the two charges, leaving the seven counts in the indictment, and Alex Mashinsky's trial is scheduled to begin in January 2025.
▌US prosecutors seek to seize FTX founder SBF's cryptocurrencies
A year ago, FTX founder SBF was convicted of fraud, and in a document filed with a New York court on Tuesday, US prosecutors filed a lawsuit seeking to seize SBF's cryptocurrencies. His cryptocurrencies are held in an account, including Solana and Ripple, and as of December 12, 2023, they were worth $8.6 million, having appreciated to $18.5 million over the past 11 months, mainly due to the significant increase in the price of Solana.
▌Biden: The US will achieve an orderly and peaceful transition of power
The White House Press Secretary Karine Jean-Pierre said at the day's briefing that President Biden met with President-elect Trump at the White House for about two hours, and White House Chief of Staff Jeff Zients and the incoming White House Chief of Staff Susan Wills also attended the meeting. Karine Jean-Pierre said that Biden and Trump discussed important national security and domestic policy issues facing the US and the world, and Biden raised important matters in Congress, including funding the government and providing the disaster supplemental funding requested by the President. Finally, Biden reiterated that the US will achieve an orderly and peaceful transition of power.
▌Trump announces that his four senior campaign advisers will hold senior White House positions
On November 13 local time, President-elect Trump announced that his four senior campaign advisers will hold senior White House positions in his second term. According to reports, Stephen Miller will serve as Assistant to the President, as well as Deputy Chief of Staff for Policy and Homeland Security Advisor. James Blaire will serve as Assistant to the President and Deputy Chief of Staff for Legislative, Political and Public Affairs. Tyler Budowich has been appointed Assistant to the President and Deputy Chief of Staff for Communications and Personnel. Dan Scavino will also serve as Assistant to the President and Deputy Chief of Staff.
▌Republican Senator John Thune elected Senate Majority Leader, supports crypto legislation
Republican Senator John Thune of South Dakota has been elected Senate Majority Leader in 2025. Thune has been involved in pushing the Digital Commodity Consumer Protection Act (DCCPA), which aims to provide a legal definition for digital commodities and bring their trading under the Commodity Futures Trading Commission (CFTC) regulation. In addition, he also supports the repeal of the accounting rule SAB 121 for crypto assets and the reform of crypto industry regulation. Thune has long been committed to promoting crypto-related legislation and supporting the legalization and regulatory development of the industry.
Blockchain Applications
▌Aave Labs and Lens parent Avara launch the Family Wallet crypto wallet
Aave Labs and Lens' parent company Avara have announced the launch of the Family Wallet, with the team calling it a "secure, user-friendly crypto wallet for everyone" that "provides in-app messaging, NFT support, DeFi integration and advanced security features."
Previously reported, about a year ago, Aave Companies acquired the development team behind Family, Los Feliz Engineering, and renamed it Avara.
▌World identity verification service launched in Brazil
OpenAI founder Sam Altman's World project (formerly Worldcoin) has announced that the World ID identity verification program has launched in Brazil, with Brazil becoming an attractive region for World as the project intensifies efforts to increase its total registration. According to World Bank data for 2023, not only is the country relatively crypto-friendly, but it also has a population of over 215 million.
▌Huma Finance expands to the Solana blockchain
Huma Finance has expanded to the Solana blockchain, providing instant liquidity support for cross-border remittances, digital asset credit cards and global t+0 payments. The protocol has already been running on Ethereum Layer 2 networks such as Polygon, Celo and Scroll.
▌Phantom wallet iOS update causes app reset, reminding users to back up recovery phrases
Phantom wallet recently reminded iOS users that some users encountered the "app reset" issue after the update, resulting in inability to access the wallet. The problem seems to be limited to the iOS version, and users who have not backed up the recovery phrase have lost access to their funds. Phantom emphasized that users can restore their wallets through the recovery phrase, and has released an update to prevent more users from being affected. The company reminds users to properly keep the recovery phrase to avoid losing funds. Recently, some users have reported losing their wallets and funds due to updates, with some users losing over $1 million.
▌The UK Treasury will launch a pilot to issue digital government bonds using distributed ledger technology
The UK Treasury said in a statement on Thursday that the UK government will launch a pilot to issue digital government bond-like instruments using distributed ledger technology (DLT). The UK Treasury said: "The government will launch a pilot to provide a digital government bond instrument using distributed ledger technology (DLT) to demonstrate the government's commitment to innovation in financial services." DLT is the underlying technology of crypto assets, where each node can store and update data.
Tulip Siddiq, Economic Secretary to the UK Treasury, said the Labour Party will soon announce its plans in the cryptocurrency sector. Bloomberg cited unnamed sources as saying that the Labour Party is likely to follow in the footsteps of the previous Conservative government in drafting stablecoin and staking legislation.
Cryptocurrency
▌OpenAI CEO: I am confident in the bright future of cryptocurrencies
OpenAI CEO Sam Altman posted on the X platform: "Over the past year, Worldcoin has made amazing progress, and I'm incredibly proud of the team, especially alexblania's leadership! A rare combination of vision and execution. Overall, I'm confident in the bright future of cryptocurrencies!"
▌Bitcoin market cap surpasses silver market cap
The market capitalization of Bitcoin has surpassed the market capitalization of silver, becoming the world's eighth largest asset. The current market capitalization of Bitcoin is $1.741 trillion, while the market capitalization of silver is $1.735 trillion.
▌Stablecoin supply increased by $5.4 billion after the US election
Since the US election, the supply of the two major stablecoins, Tether (USDT) and Circle (USDC), has increased by $5.4 billion in one week. Analysts point out that this growth reflects the rising demand for crypto assets. Data shows that the supply of USDT and USDC on different networks has reached record highs, indicating the diversified development of stablecoin demand.
▌Analyst: The potential peak of Bitcoin price may come around late May 2025
According to the Copper report, based on historical data, the potential peak of Bitcoin's price may come around late May 2025. Analysts have studied the historical growth of Bitcoin's market capitalization in different bull and bear market cycles, and believe that the average duration of Bitcoin's cycles is about 756 days. Analysts say that as of now, Bitcoin is in the 554th day of the current cycle, which began around mid-2023. The report states that "based on the average cycle duration, this timeline suggests that Bitcoin may reach its peak in around 200 days, or mid-2025."
The report also points out that the expected peak of Bitcoin may coincide with the possibility of a US economic recession. Analysts emphasized a report from JPMorgan, which said there is a 45% chance of a recession in the second half of 2025, overlapping with their predicted Bitcoin peak time.
▌A dormant address holding 426 BTC was activated after 13.3 years of inactivity
According to Whale Alert monitoring, a dormant address holding 426 BTC was activated two minutes ago after 13.3 years of inactivity, and the current value of these BTC has reached approximately $36,620,098.
▌Fed official Kashkari, who once harshly criticized Bitcoin, says he will keep an open mind on cryptocurrencies
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, recently said he will keep an open mind on cryptocurrencies. Kashkari has been one of the strongest opponents of cryptocurrencies for years, previously calling them "worthless", "fraudulent" and "nonsense".
Neel Kashkari said in an interview in New York on Tuesday: "I will keep an open mind." However, Kashkari still questioned the significance of cryptocurrencies in the conversation. He said the industry has existed for a long time but has not been widely adopted, indicating a lack of practicality.
▌Silk Road founder Ross Ulbricht says he believes Trump will "fulfill the commutation promise"
Ross Ulbricht, the founder of Silk Road, is currently serving a life sentence in federal prison. He tweeted for the first time since the US election, expressing hope that President-elect Donald Trump will fulfill his commutation promise.
Ross Ulbricht was sentenced to life in prison in 2015 for money laundering, computer hacking and drug trafficking conspiracy. Ulbricht said in an X post: "I am very grateful to everyone who voted for President Trump on my behalf. I believe he will fulfill his promise and give me a second chance. After spending more than 11 years in the dark, I finally see the light of freedom at the end of the tunnel, and I am very grateful to Trump."
According to media reports from PolitiFact in 2020, Trump only fulfilled or partially fulfilled about 27% of his campaign promises in the first three years of his previous term in office.
▌89% of new tokens were issued on the Solana network last week
According to data from The Block, 89% of new tokens were issued on the Solana network last week. DEXes launched 181,000 new tokens, with memecoins on platforms like pump.fun being the main driver of this activity. Although the issuance volume was large, only about 1% of the tokens were successfully listed on Raydium. Solana is able to handle a large number of transactions without significantly increasing fees, supporting this ongoing activity.
▌Bitfinex hacker Ilya Lichtenstein sentenced to 5 years in prison for laundering 120,000 BTC
Ilya Lichtenstein was sentenced to 5 years in prison for his involvement in the 2016 Bitfinex exchange hack and money laundering activities. This sentence was based on Lichtenstein's cooperation with the investigation, and the prosecution recommended a reduced sentence. Lichtenstein and his wife Heather Morgan jointly planned the money laundering, using methods such as crypto mixers, layered transactions, and the Dark Web to clean the approximately 120,000 stolen BTC, which were worth as high as $72 million at the time and are now worth $10.7 billion. Lichtenstein and Morgan pleaded guilty to related money laundering charges in August 2023. Morgan's sentencing is scheduled for November 18, and the prosecution has recommended an 18-month sentence.
Important Economic Dynamics
▌The probability of a 25 basis point rate cut by the Fed in December is 65.1%
According to the CME "Fed Watch", the probability of the Fed maintaining the current interest rate in December is 34.9%, and the probability of a cumulative 25 basis point rate cut is 65.1%. The probability of maintaining the current interest rate in January 2023 is 23%, the probability of a cumulative 25 basis point rate cut is 54.8%, and the probability of a cumulative 50 basis point rate cut is 22.3%.
▌US Congressman: If the 2017 tax cut policy is made permanent, the Fed may reduce rate cuts
US Congressman Nouriel Roubini said that if the 2017 tax cut policy is made permanent, the Fed may reduce rate cuts.
▌Fed's Harker: The Fed must "very closely monitor" financial technology
Fed's Harker said the Fed must "very closely monitor" financial technology.
▌Bridgewater: Expects the US economy to grow strongly during Trump's term
Karen Karniol-Tambour, Co-Chief Investment Officer of Bridgewater Associates, said on Tuesday that holding US stocks is a "good thing", and she expects the economy to see strong growth during President Trump's term. Karniol-Tambour said the prospects for US economic growth are driving the stock market higher, even though Trump's victory in the November 5 presidential election pushed the 10-year Treasury yield to a four-month high. She said: "We may still have room for growth, even with tariffs in place, and there are a lot of unknowns." Since Trump's election win, the S&P 500 index has risen nearly 5%.
