The Golden 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
▌CZ: Currently focused on investing in the three fields of Web3 blockchain, AI and biotech
In a recent small-scale discussion, CZ said that he is currently focused on two things, one is the Web3 education platform Giggle Academy, and the other is investment, in which he is mainly focused on three sub-fields, namely Web3 blockchain, AI and biotech.
▌Ubisoft acquisition negotiations are still ongoing, with reports that Tencent is hesitating whether to increase its stake in the company
According to Reuters, the Ubisoft acquisition negotiations are still ongoing, with the Guillemot family, the owners of Ubisoft, still in discussions with Tencent and other investors about the acquisition of the company. Tencent is still hesitating whether to increase its stake in the company, but Tencent has designed negotiations to prevent "any potential hostile takeover of Ubisoft by other investors". Previous reports said that Ubisoft intends to be privatized after being acquired by Tencent, Tencent is the second largest shareholder of Ubisoft, holding a 10% stake, and Tencent has refused to comment on the matter. It is reported that Ubisoft has already entered the blockchain game field, and its first Web3 game "Champions Tactics: Grimoria Chronicles" has been launched, and it has also discussed cooperation with Arbitrum Foundation and Sequence to build Web3 games, and has invested in the blockchain game studio Cometh.
▌BlackRock IBIT, Microstrategy, Fidelity FBTC are currently the top three in terms of BTC holdings
According to monitoring by HODL15Capital, as of December 7, the top 15 entities in terms of BTC holdings include IBIT, Grayscale GBTC and BTC, MSTR, FBTC, ARKB, BITB, MARA, HODL, Tesla, Coinbase, HUT, BRRR, SQ, Tether, CLSK, etc., with the top three being: BlackRock IBIT: holding 523,735 BTC; Microstrategy (MSTR): holding 402,100 BTC; Fidelity FBTC: holding 212,385 BTC.
▌Analyst: Bitcoin may surge to $120,000 in Q1 of next year
Nigel Green, CEO of financial services consultancy deVere Group, expects that after breaking the psychological barrier, BTC may experience a short-term sell-off. "It's natural for some investors to lock in profits after such a sharp rise in such a short period of time. This sell-off may only be temporary, and then the momentum of BTC will further strengthen, and it may surge to $120,000 as early as the first quarter of next year." "BTC's extraordinary performance comes at a time when the market expects Trump 2.0 to create a more favorable regulatory framework for cryptocurrencies. Investors are betting on the incoming president's pro-crypto stance."
▌David Sacks, the crypto czar of the Trump administration, is a Solana supporter and an investor in Multicoin Capital
On December 6, according to Cointelegraph, David Sacks, the newly appointed crypto czar of the Trump administration, is a staunch supporter of Solana and also an investor in the crypto investment firm Multicoin Capital. In October 2021, David Sacks publicly disclosed on the 50th episode of the "All-In" podcast that he had purchased a large amount of Solana (SOL) at a discounted price. And he said that he did not sell SOL after the FTX collapse. He also mentioned that Solana has the potential to replace Ethereum and become the preferred blockchain platform. Previously, it was reported that Trump appointed David Sacks as the crypto czar. David Sacks' VC firm has invested in crypto projects such as dYdX and Lightning Labs.
Policy
▌Coinbase Chief Policy Officer: Trump will choose people with the same vision to be SEC chairman
Coinbase Chief Policy Officer Faryar Shirzad said that while he could not predict who Trump's SEC chairman pick would be, the president-elect "is very good at picking people who share his vision, and he has a very comprehensive platform when it comes to cryptocurrencies." He added: "I think as long as he picks someone who is going to drive change and shares his vision, that's good for America, good for society, and good for people who own cryptocurrencies." (CNBC)
▌The Wall Street Journal: Once Trump returns to the White House, the US SEC may relax legal actions against crypto exchanges
Bitcoin.com News stated on the X platform that an article in The Wall Street Journal pointed out that once Donald Trump returns to the White House, the US Securities and Exchange Commission may relax legal actions against cryptocurrency exchanges.
▌People's Court Daily: Stealing virtual currency constitutes the crime of theft and the crime of illegally obtaining computer system data
The People's Court Daily published an article "Criminal Law Characterization of Illegal Theft of Virtual Currency", which pointed out that stealing virtual currency constitutes the crime of theft, as virtual currency has economic value, including utility, scarcity and disposability. Scarcity is reflected in the fixed total amount of virtual currency, which is not infinitely available. Disposability is reflected in the use of asymmetric encryption technology for virtual currency, where one can control the virtual currency after obtaining the address and private key. Utility is reflected in the fact that virtual currency is a specific data encoding that must be generated through "mining". The article also pointed out that stealing virtual currency constitutes the crime of illegally obtaining computer system data, as virtual currency has data attributes, and the illegal theft of virtual currency constitutes the crime of illegally obtaining computer system data. In terms of determining the amount of stolen virtual currency, it is more reasonable to calculate the amount of virtual currency involved in the case at the time the crime was committed, rather than the time the victim purchased the virtual currency.
▌The UK FCA has issued a warning against Pump.fun, saying it is providing financial services or products without authorization
According to the official website, the UK Financial Conduct Authority (FCA) has issued a warning against Pump.fun, stating that "the firm may be providing or promoting financial services or products without our authorization. You should avoid doing business with this firm and be wary of scams." Previously, it was reported that Pump.fun had banned UK users from using the platform due to local legal and regulatory issues.
▌Trump: David Sacks will work to establish a legal framework for crypto, ensuring the crypto industry thrives in the US
In his appointment statement for David Sacks, Trump stated that Sacks will work to establish a legal framework that will provide the clarity the crypto industry has long demanded, and allow it to thrive in the US. Analysts point out that David Sacks is expected to help lead the realization of Trump's campaign promise to relax regulation of the crypto industry. This position is expected to provide a direct channel to the White House for crypto advocates, and serve as a liaison between Trump, Congress, and federal agencies related to digital assets (including the SEC and CFTC). In the field of AI, David Sacks will help Trump put his stamp on an emerging technology whose use has seen explosive growth in recent years. David Sacks will be at the forefront of deciding how the federal government will adopt and regulate the use of AI, as the progress and consumer adoption of AI technology brings both widespread benefits and risks involving national security, privacy, employment, and other areas.
Blockchain Applications
▌Ripple CTO: Still hopes to launch the stablecoin RLUSD by the end of the year
Ripple Chief Technology Officer David Schwartz said he still hopes to launch its stablecoin RLUSD by the end of the year. But the upcoming holidays may cause the release to be delayed.
▌Cadenza, an investment firm focused on blockchain and AI, has completed a $50 million fundraise for its early-stage AI venture fund
Cadenza, a venture capital firm focused on blockchain and artificial intelligence, announced that its early-stage AI venture capital fund has completed a $50 million fundraising. The new fund will focus on pre-seed and seed-stage investments, with a focus on infrastructure and enterprise applications. Cadenza's current portfolio in the Web3 space includes: Web3 infrastructure Validation Cloud, Malaysian digital asset exchange Hata, Web3 API platform Uniblock, L1 blockchain Linera, and crypto wallet application Zulu.
▌a16z's 2025 crypto trends: decentralized chatbots, on-chain government bonds
a16z outlined the key areas of the crypto industry for the coming year, emphasizing tokenization use cases and the integration of artificial intelligence and blockchain technology as potential growth drivers. According to a16z's report, applications powered by AI and running on-chain are expected to bring at least three emerging trends across the industry: AI-driven wallets, decentralized autonomous chatbots, and identity verification solutions. The firm believes that decentralized chatbots can be used for social media content and asset management through a trusted execution environment: "By running a set of permissionless nodes coordinated by a consensus protocol, chatbots could even become the first truly autonomous, billion-dollar entity." Another trend expected to emerge by 2025 is related to stablecoins. Over the past few months, the industry has established a market suitable for global remittances, with several companies and protocols launching new stablecoins pegged to the US dollar. a16z predicts that starting next year, stablecoins will gradually replace everyday credit card transactions. Furthermore, as infrastructure matures, it is expected that by 2025 there will be more "unconventional assets" on-chain, enabling cross-sector tokenization. The report predicts that previously overlooked assets, such as biometric data, will generate new revenue streams. It notes that "individuals can tokenize their own biometric data; then rent out that information to companies through smart contracts." It also adds that decentralized science protocols for collecting medical data have become possible, allowing users to profit from previously undeveloped resources. On-chain trading of government bonds is another prospect for 2025 and beyond. Supported by the institutional adoption of digital assets, the market for government security-backed tokens is expected to thrive starting in 2024. Looking ahead, a16z expects governments themselves to explore the benefits of issuing debt on-chain.
▌Coinbase integrates Apple Pay into its fiat-to-crypto on-ramp service
According to developer documentation, the US crypto exchange Coinbase is integrating Apple Pay into its fiat-to-crypto on-and-off-ramp service. The product, called Coinbase Onramp, provides a one-click buy feature aimed at reducing the friction users experience when funding their self-custody wallets. Coinbase said in a statement that using crypto typically involves "a lot of friction, causing users to abandon." Onramp, previously called Coinbase Pay, is essentially a software development kit (CDK) and a set of APIs that allow developers to embed fiat-to-crypto conversion functionality into their mobile or web applications and browser extensions.
▌201st Ethereum ACDE meeting: EIP-7691 approved for inclusion in Pectra hard fork agenda
Galaxy Research VP Christine Kim summarized the 201st Ethereum Core Developers Execution (ACDE) conference call, bringing Ethereum (ETH) one step closer to finalizing the agenda for the Pectra (Prague-Electra) hard fork, the most significant update since The Merge. The Ethereum ACDE consensus meeting also approved a key EIP-7691 for blobs, meaning that increased blob throughput will be included in the 2025-2026 Pectra hard fork agenda. If all goes well, the number of blobs per Ethereum block will increase from 6 to 9. Additionally, EIP-7639 and EIP-4803 have been submitted for further discussion and may also be included in the Pectra roadmap. Developers also revealed that the previously encountered issues with the Mekong testnet have been resolved, and the testing process will proceed to Devents 5 and 6.
Cryptocurrencies
▌Crypto trading volume surpasses $10 trillion for the first time in November
Crypto trading volume reached a new all-time high in November, with the combined spot and derivatives trading volume on centralized exchanges exceeding $10 trillion. According to data compiled by CCData, last month's total trading volume doubled. The crypto market soared on optimism that the newly elected Trump administration would provide a more favorable regulatory environment for the industry, with the market benchmark Bitcoin jumping 38% to a new high near $100,000. "This sentiment is clearly reflected in the increased demand for assets like Ripple, which have historically faced stricter regulatory scrutiny," said CCData senior research analyst Jacob Joseph. Institutional optimism is also evident, with a significant increase in CME trading volume and heavy inflows into spot Bitcoin ETFs over the past month.
▌The ETF Store president: 9 out of the top 10 ETFs by AUM are crypto-related
The ETF Store president Nate Geraci stated that by 2024, 670 ETFs have been launched, and 9 out of the top 10 ETFs by assets under management (AUM) are crypto-related, completely dominating the landscape (including the top 11 ETFs due to the inclusion of GBTC).
▌PEPE market cap surpasses Litecoin, ranks 25th among cryptocurrencies
Market data shows that with PEPE price breaking above $0.000026 to a new all-time high this morning, its market cap has also briefly surpassed $11 billion, currently standing at $10.68 billion, overtaking Litecoin to rank 25th among cryptocurrencies by market value.
▌Excluding Satoshi Nakamoto, the top 5 Bitcoin holders control nearly 10% of the circulating supply
According to timechainindex data, excluding Satoshi Nakamoto, the current top 5 Bitcoin holders control 9.9% of the circulating BTC supply: 1) Coinbase is the largest single holder, with 1,123,520.49 BTC worth over $112 billion; 2) Binance exchange ranks second, holding 686,997.40 BTC worth $68.9 billion as of December 7; 3) BlackRock is next with 520,861 BTC, valued at around $52.2 billion; 4) MicroStrategy, a public company, holds 402,099.99 BTC worth $40 billion; 5) Centralized crypto exchange Bitfinex ranks fifth with 350,262.05 BTC, valued at around $35.04 billion. Bitcoin holder entities ranked 6-10 are: Grayscale, Fidelity, the US government, "Individual X 01 - HTX Origin", and Kraken. Excluding Satoshi, the top 10 Bitcoin holders now collectively hold around 14.82% of the total circulating supply.
▌US spot Bitcoin ETFs see $2.744 billion inflow this week, second-largest weekly inflow on record
According to Spot On Chain, the US crypto ETF inflows this week (December 2-6, 2024) were as follows: $2.744 billion into BTC, $844.9 million into ETH. These inflows mark the second-largest weekly inflow for BTC ETFs since launch, and the largest-ever weekly inflow for ETH ETFs. Both BTC and ETH ETFs experienced inflows for the entire week. BlackRock's IBIT and ETHA added 26,833 BTC ($2.65 billion) and 150,900 ETH ($5.81 billion) this week, now holding around 523,687 BTC ($523.8 billion) and 846,123 ETH ($33.8 billion).
Key Economic Developments
▌Grayscale: US jobs data suggests rate cut likely in December, crypto rally can continue into the new year
Grayscale Investments research head Zach Pandl stated that the November nonfarm payrolls data came in higher than expected. However, the data also showed a rise in the unemployment rate, which may compel the Federal Reserve to cut rates later this month. He said: "Today's employment report may cement the case for the Fed to cut rates again at its upcoming meeting. Other things equal, lower official rates tend to put downward pressure on the dollar's value and be supportive of other currencies, including Bitcoin. While BTC has pulled back from above $100,000 yesterday, Grayscale Research believes the crypto rally can continue into the new year."
▌Seaborn Bank: Trump's tariffs may benefit cryptocurrencies, the market may double to over $10 trillion
Seaborn Bank strategist John Hardy said that if US President-elect Trump's proposed trade tariffs prompt other countries to seek alternatives to the US dollar, the cryptocurrency market and gold could benefit. Tariffs would have a terrible impact on global trade, as they would cut off the needed supply of US dollars. The BRICS countries may use digital currencies backed by gold as a way to conduct transactions. Cryptocurrency-pegged stablecoins may also be used. The crypto market could double to over $10 trillion, while the US dollar could depreciate 20% against major currencies and 30% against gold.
▌Fed's Bullard: Firmly committed to 2% inflation target, labor market trending towards stability
Federal Reserve official Bullard said the US is moving towards the 2% inflation target, and emphasized that this target should not be reconsidered. He believes the overall improvement in inflation is encouraging, with recent productivity growth concentrated in high-tech sectors, showing long-term potential. Meanwhile, the labor market is gradually returning to balance from overheating, with strong recent job growth and the ratio of job openings to unemployment indicating a sustainable state. Bullard expects future interest rates may decline slightly, but the specific decision will still depend on inflation and consumption data.
▌Fed's Harker: It may be time for the Fed to slow the pace of rate cuts
Federal Reserve's Harker said on Friday that it may be time for the Fed to slow the pace of interest rate cuts. She believes the Fed's policy rate may not be much higher than the neutral level. Harker pointed out that financial markets expect the Fed to only cut rates once in the next two meetings, and said this expectation is consistent with her view. She said inflation, economic growth and the labor market remain stronger than the Fed's September projections. Harker's remarks are one of the clearest indications from Fed officials recently, suggesting the Fed's policy stance may no longer be firmly committed to cooling inflation and economic growth.
▌Grayscale: US employment data suggests a rate cut in December, crypto rally can continue into the new year
Grayscale Investments research head Zach Pandl said the November non-farm payrolls data exceeded expectations. However, the data also showed the unemployment rate rising, which may force the Fed to cut rates later this month. He said: "Today's employment report may solidify the case for the Fed to cut rates again at its upcoming meeting. Other things being equal, lower official interest rates tend to put downward pressure on the US dollar's value and be supportive of other currencies, including Bitcoin. Although BTC has pulled back from above $10,000, Grayscale Research believes the crypto rally can continue into the new year."
