Headlines
▌Financial services firm Cantor Fitzgerald: MicroStrategy to be included in the Nasdaq-100 Index next month
Bitcoin News posted on X platform that financial services firm Cantor Fitzgerald believes MicroStrategy will be included in the Nasdaq-100 Index next month.
▌Bitcoin's market dominance rises to 57%
According to data from The Block, Bitcoin's market share has reached a high of 57% so far this year, reflecting the growing share of Bitcoin in the total cryptocurrency market capitalization.
The Block analyst said that in the previous cycle, Bitcoin's dominance had dropped to 39%, which was in line with the DeFi craze and the subsequent Altcoin rebound. The current 57% dominance, coupled with Bitcoin's strong price performance, may indicate that the market is at the beginning of this cycle, and BTC is entering the price discovery phase.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $98,407.67, with a daily change of +4.3%;
ETH's latest trading price is $3,360.91, with a daily change of +9.4%;
BNB's latest trading price is $622.76, with a daily change of +2.7%;
SOL's latest trading price is $256.79, with a daily change of +8.8%;
Doge's latest trading price is $0.3863, with a daily change of +1.7%;
XRP's latest trading price is $1.26, with a daily change of +14.0%.
Policy
▌Cboe submits 4 Solana spot ETF listing applications to the US SEC
Bloomberg senior ETF analyst James Seyffart posted on social media that "Cboe has just filed applications for 4 Solana spot ETFs with the US SEC, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject the filings, the final deadline would be around early August next year."
▌Insider: Former SEC Commissioner Paul Atkins is expected to replace Gary Gensler as Chairman
According to insiders, former US Securities and Exchange Commission (SEC) Commissioner Paul Atkins is currently seen as the leading candidate to replace Gary Gensler as SEC Chairman. The previous top candidate, Robinhood's General Counsel Dan Gallagher, has basically withdrawn from the competition. Atkins, due to his free-market-oriented regulatory style and support for cryptocurrencies, has received widespread support from the business and cryptocurrency industries. Meanwhile, Gensler's decision not to seek reappointment as SEC Chairman has also won praise from the business community. The source indicates that the selection has not yet been finalized and may still change.
▌Companies including Circle, Ripple, etc. are vying for seats on Trump's promised crypto council
According to Reuters, a series of cryptocurrency companies including Circle, Ripple, Kraken, Coinbase, a16z, and Paradigm are vying for seats on the cryptocurrency advisory council promised by President-elect Donald Trump, seeking to have a voice in his planned US policy reforms.
Trump promised to establish a new council as part of a crypto-friendly government during a Bitcoin conference in Nashville in July. Insiders say his transition team is discussing how to organize and staff it, and which companies should be included.
▌DOGE leader Musk hints he is focusing on the SEC
The new co-head of the Department of Government Efficiency (DOGE) of the incoming Trump administration seems to be focusing on the efficiency of the work of the US Securities and Exchange Commission (SEC). Minutes after SEC Chairman Gensler announced on X that he would resign on January 20th, Musk responded on X: "Does the SEC really only work one day a month in the office?" Musk has been at odds with the SEC for years. In 2018, the tech billionaire agreed to pay a $20 million fine and resign as Tesla's chairman to settle a securities fraud investigation. The investigation stemmed from a tweet suggesting he had secured funding to take Tesla private. He has also been investigated by the SEC for disclosing stock purchases before acquiring Twitter, and has mocked the agency as the "short seller enrichment committee".
▌Trump's "Crypto Advisory Council" will establish the promised Bitcoin reserve
According to Reuters, Trump's "Crypto Advisory Council" is expected to establish the promised Bitcoin reserve.
Two sources said the crypto council may be under the White House National Economic Council (responsible for coordinating and implementing the President's economic policies) or a separate White House entity.
According to them and other industry sources, the council is expected to provide recommendations on digital asset policies, work with Congress to advance cryptocurrency legislation, establish the Bitcoin reserve promised by Trump, and coordinate among agencies including the SEC, CFTC, and Treasury Department. One source also said the council may include law enforcement representatives and former policymakers.
▌SEC Chairman Gary Gensler to step down on January 20
SEC Chairman Gary Gensler announced that he will step down on January 20.
Gary Gensler said: "The SEC is an extraordinary institution. Its staff and Commissioners are mission-driven, focused on protecting investors, facilitating capital formation, and ensuring our markets work for investors and issuers. The staff are true public servants, and it has been the honor of a lifetime to represent the American people and ensure our capital markets remain the envy of the world. I'm grateful to President Biden for entrusting me with this important responsibility. The SEC has accomplished our mission, and we have done so fearlessly in executing the law."
Blockchain Applications
▌The "metaverse" industry is "tempting", with many regions actively laying out the layout
From live streaming rooms to storm scenes, immersive broadcasting brings you to the scene; smart entities "see through the fire", and logistics innovation is within reach; VR exhibition halls let you transcend reality and create new exhibition trends... All of these are inseparable from the hot word "metaverse". In recent years, the metaverse has become a new hotspot in the digital economy, and an institution predicts that by 2030, the scale of China's metaverse market may reach 850 billion yuan. According to incomplete statistics, more than 150 metaverse-related policy documents have been issued at the national and provincial levels. These policies not only provide strong policy support for the development of the metaverse industry, but also ignite the enthusiasm of various regions to actively layout the metaverse industry. Beijing, Shandong Province, Henan Province and other places have successively introduced relevant policies to promote the innovative development of the metaverse industry. At the same time, various regions have also relied on their own advantages and characteristic resources to build a number of metaverse industry parks and innovation platforms. (Shanghai Securities News)
Cryptocurrencies
▌Charles Schwab President: Will consider offering spot crypto trading if regulations change
Charles Schwab President Rick Wurster said in a Bloomberg radio interview on Thursday that the company will consider offering spot cryptocurrency trading if US regulations allow, and this is more likely to happen after Donald Trump takes office as president.
Rick Wurster said: "When the regulatory environment changes, we will enter the spot cryptocurrency space, and we do expect that change to happen, and we are preparing for that possibility."
He also said: "Cryptocurrencies have certainly attracted a lot of attention, and a lot of people have made a lot of money from them, and I haven't bought any cryptocurrencies, and now I feel pretty stupid." Wurster added that he is not planning to invest in cryptocurrencies for now, but he supports Schwab clients who want to invest in the field.
▌Trump's media tech group may be considering launching a crypto payment service called Truth Fi
According to The New York Times, based on a trademark application filed this week, the Trump Media & Technology Group has filed an application for a cryptocurrency payment service called Truth Fi, describing it as a platform for cryptocurrency payments, financial custody services, and digital asset trading. The application does not provide details on how the project would operate or how close it is to completion, but the move appears to be an attempt by the group to diversify its business beyond the Truth Social social media platform. Any large-scale cryptocurrency project would likely require the Trump Media & Technology Group to acquire another company, as it has fewer than 36 employees. This week, the stock price of the cryptocurrency trading platform Bakkt soared after the Financial Times reported that Trump Media was in talks to acquire the platform.
▌Musk posts content with banana emoji
Musk retweeted a comment "Elon is the undisputed meme king. (banana emoji)" and replied "(banana emoji) for scale".
▌Galaxy CEO: Bitcoin breaking $100,000 is inevitable, but a correction may occur
Galaxy Digital founder and CEO Michael Novogratz stated that Bitcoin, in its strong rebound after the US election, is poised to break the closely watched $100,000 mark, but this does not mean it will continue to rise. While Bitcoin reaching six figures is "inevitable" and it may continue to rise, it will ultimately correct. There is currently a large amount of leverage in the cryptocurrency market, and the crypto community has become highly leveraged, so a market correction is imminent.
Additionally, Michael Novogratz warned that stocks like MicroStrategy, whose trading is similar to Bitcoin leverage trading, may face greater adjustments.
▌Nasdaq-listed Steakholder Foods approves purchase of cryptocurrencies as reserve assets
Nasdaq-listed Steakholder Foods Ltd. announced that its board of directors has approved the purchase of up to $1 million worth of Bitcoin or a diversified basket of cryptocurrencies.
Steakholder Foods CEO Arik Kaufman stated: "As the demand for cryptocurrencies continues to grow, and their acceptance as an asset class increases, we believe that Bitcoin or a diversified basket of cryptocurrencies, including Bitcoin, will become a powerful financial reserve asset for the company. Given the recent approvals of cryptocurrency ETFs and the increasing support from institutional investors, cryptocurrencies can be a good complement to our financial strategy, with the potential to provide useful store of value."
Important Economic Dynamics
▌New York Fed says bank reserves are sufficient, indicating no obstacles to continued balance sheet reduction
The latest data from the New York Fed shows that the Federal Reserve has not encountered any obstacles in continuing to reduce the size of its balance sheet. The New York Fed reported on Thursday that its reserve requirement elasticity indicator was -0.15 on November 13, remaining stable compared to a month earlier. The New York Fed stated in its report that "reserves remain ample". This index, which began being publicly released a month ago, is intended to indicate the adequacy or tightness of bank reserves. A turn to negative values could suggest increasing tightness in bank reserves, which would directly signal that the Federal Reserve's ongoing efforts to reduce its bond holdings through quantitative tightening (QT) are continuing. The New York Fed's indicator suggests that this process does not need to be immediately halted, which is in line with recent statements by Fed officials and market expectations that quantitative tightening is expected to end at some point next year.
▌Shanghai Securities News: The upside for the US dollar is limited, and the renminbi exchange market is showing positive signals
The US dollar index has been shining in the foreign exchange market recently - the US dollar index has risen sharply in the past half month, breaking through 104, 105, and 106 in succession, rising more than 2.5% since November. Despite external headwinds, the previously strong renminbi has recently seen a slight decline. However, market participants have observed that the renminbi exchange market is continuing to show positive signals. And with the arrival of the year-end settlement season, the downward pressure on the renminbi in the short term may come to an end.
▌The probability of a 25-basis-point rate cut by the Federal Reserve in December is 55.9%
According to the CME "Fed Watch", the probability of the Federal Reserve maintaining the current interest rate in December is 44.1%, and the probability of a cumulative 25-basis-point rate cut is 55.9%. The probability of maintaining the current interest rate in January next year is 33.7%, the probability of a cumulative 25-basis-point rate cut is 53.1%, and the probability of a cumulative 50-basis-point rate cut is 13.2%.
Jinse Encyclopedia
Dogwifhat was launched in November 2023 and is a Solana-based Altcoin, with the image of a Shiba Inu wearing a pink knit hat. WIF does not position itself as a symbol of progress or a vision of the future, but maintains simplicity and embraces its meme identity, without any grand ambitions. Even the code "WIF" is a misspelling of "with", which is a typical meme form, highlighting the playfulness of the token.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept, and must improve risk awareness.
