Headlines
▌Ripple CEO: Stablecoin RLUSD Approved by New York Department of Financial Services
Ripple CEO Brad Garlinghouse announced on the X platform that the stablecoin RLUSD has been approved by the New York Department of Financial Services (NYDFS), and the list of exchanges and partners will be launched soon.
▌Microsoft Shareholders Vote Against Bitcoin Investment Proposal
The voting results show that Microsoft's major shareholders on Tuesday rejected the company's Bitcoin investment proposal. Microsoft's board of directors had earlier urged shareholders to reject a proposal from the National Center for Public Policy Research, which suggested that the company invest 1% of its total assets in Bitcoin to hedge against inflation. At the annual meeting, MicroStrategy chairman Michael Saylor gave a three-minute speech trying to convince Microsoft shareholders to support this proposal. His company has invested billions of dollars in Bitcoin. Data shows that Microsoft's largest shareholders are institutional investors, including Vanguard and BlackRock.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $96,643.19, with a daily change of -0.5%;
ETH's latest trading price is $3,628.53, with a daily change of -1.9%;
BNB's latest trading price is $676.37, with a daily change of -1.4%;
SOL's latest trading price is $213.85, with a daily change of -1.0%;
DOGE's latest trading price is $0.395, with a daily change of -3.9%;
XRP's latest trading price is $2.36, with a daily change of +7.5%.
Policy
▌Trump: Appoints Andrew Ferguson as Chair of the Federal Trade Commission
President-elect Trump stated that he will appoint Andrew Ferguson as the Chair of the Federal Trade Commission (FTC).
▌El Salvador and Argentina Regulators Sign Agreement to Help Develop Crypto Industry in Both Countries
The regulators of El Salvador and Argentina have signed an agreement to help develop the crypto industry in both countries. Juan Carlos Reyes, the president of El Salvador's highest crypto regulator, the National Digital Assets Commission (CNAD), stated that the agreement will help El Salvador expand its influence by establishing strategic partnerships. While the details of the transactions are unclear, Reyes said the agreement aims to enable the two regulators to share knowledge and experience to promote crypto innovation.
▌U.S. Judge Cancels Sentencing for Former Celsius Executive After Alex Mashinsky Pleads Guilty
Roni Cohen-Pavon, the former Chief Revenue Officer of the crypto lending platform Celsius, will not be sentenced on December 11th, after former CEO Alex Mashinsky reached a plea agreement with U.S. prosecutors.
In a filing submitted to the U.S. District Court for the Southern District of New York, Judge John Koeltl approved a request from U.S. Attorney Damian Williams to adjourn Cohen-Pavon's sentencing hearing until after Mashinsky's sentencing hearing, which is scheduled for April 2025. Williams stated that Cohen-Pavon's information "may be relevant" to Mashinsky's sentencing hearing.
Roni Cohen-Pavon pleaded guilty to U.S. criminal charges in 2023 and has been granted bail to travel to Israel.
▌Trump to Focus Heavily on Bitcoin Price During Presidency
According to Axios, citing an anonymous source, Trump will "focus very heavily on the price of BTC" during his presidency and "hopes" for Bitcoin to reach $150,000. Axios described cryptocurrency as the politician's "other stock market."
Blockchain Applications
▌Messari: Solana DEX Raydium's Monthly Trading Volume Surpassed Uniswap for the Second Consecutive Month
According to a report by Messari, the decentralized exchange (DEX) Raydium's monthly trading volume has surpassed Uniswap for the second consecutive month. In November, Raydium, the native platform on Solana, had a monthly trading volume about 30% higher than Uniswap, at around $30 billion.
The Messari report stated that Raydium's "success is largely attributable to its dominance within the Solana ecosystem," and added that the DEX has consistently accounted for over 60% of daily DEX trading volume on the Layer 1 blockchain network, with meme coin trading becoming a significant driver of Raydium's trading volume, accounting for 65% of its monthly trading volume in November, a new high.
Cryptocurrencies
▌Synthetix Announces Acquisition of Leveraged Token Platform TLX Through Token Swap
Synthetix has announced the acquisition of the leveraged token platform TLX through a token swap transaction, which has been approved by SIP-412 and TIP-14 previously.
Synthetix stated that it is collaborating with the TLX team to optimize several parameters in the current implementation, and is fully committed to launching on the Base chain. The plan is to complete a comprehensive review, implement parameter improvements, and redeploy all contracts in the coming weeks. Once done, Synthetix said it will announce a generous leveraged token incentive program to welcome 2025.
▌Uniswap Foundation Grants $110,000 to Blockful for Governance Security Audit
The Uniswap Foundation has announced a $110,000 grant to Blockful to conduct a governance security audit, aimed at enhancing the resilience of the Uniswap protocol's governance system.
Blockful will analyze key governance data, identify potential vulnerabilities, and create a public dashboard to monitor governance security metrics, in order to improve the security for the Uniswap community and the broader DeFi space.
▌Bridgewater Founder Ray Dalio: Will Invest in "Hard Monies" Like Gold and Bitcoin, Avoid Debt Assets
Hedge fund Bridgewater founder and billionaire investor Ray Dalio said in a speech at a financial conference in Abu Dhabi on Tuesday that he will invest in "hard monies" like gold and Bitcoin, while avoiding debt assets, as most major economies face rising debt levels.
He said: "I think the debt money problem may be about to hit, and I want to be in some hard monies like gold and Bitcoin." Dalio mentioned that the debt levels of all major countries, including the U.S., have reached "unprecedented" levels, and stressed that the current debt levels are unsustainable. He warned: "There's no way these countries can get out of this without a debt crisis and currency depreciation in the coming years."
▌Bloomberg Analyst: BlackRock's IBIT AUM Equivalent to 50 Europe-Focused ETFs Combined
Bloomberg analyst Eric Balchunas posted on the X platform that BlackRock's IBIT AUM is equivalent to the combined AUM of 50 Europe-focused ETFs (regional + single country), which have existed for 20 years. Additionally, ETF and tech strategist Todd Sohn believes the investment environment in Europe has bottomed out and cannot get any worse.
▌CryptoQuant: Over 2.66 Billion XRP Transferred to Binance in the Past 30 Days, the Highest Since April 2024
CryptoQuant monitoring data shows that over 2.66 billion XRP tokens have been transferred to the Binance exchange in the past 30 days, the highest amount of whale deposits of XRP since April 2024.
CryptoQuant analysts stated that the large inflows indicate that major XRP holders are actively moving XRP through the network and interacting with Binance as an exchange, as whale deposits often signal potential strategic shifts, as these players have large disposable assets.
▌Digital Asset Holding Company COSIMO Completes $25 Million Funding Round
The digital asset holding company COSIMO, founded in 2014, has completed a $25 million financing round, led by Eolas Capital co-founder, Bridgewater Associates and former Mellon Investment Corporation executive Des Mac Intyre.
According to the announcement, COSIMO is involved in multiple crypto sectors, including tokenized venture capital, custody and yield hedge funds. Over the past decade, COSIMO has expanded into multiple cryptocurrency sub-industries and plans to become a competitor to cryptocurrency management and service provider Galaxy Digital. Co-founder Ciaran Haynes stated that the company is planning to release a series of new announcements, including a new project involving the "creator economy".
Important Economic Dynamics
▌The probability of a 25-basis-point rate cut by the Fed in December is 85.8%
According to the CME "Fed Watch", the probability of the Fed maintaining the current interest rate in December is 14.2%, and the probability of a cumulative 25-basis-point rate cut is 85.8%. The probability of maintaining the current interest rate in January 2023 is 10.5%, the probability of a cumulative 25-basis-point rate cut is 67.5%, and the probability of a cumulative 50-basis-point rate cut is 22%.
▌Yellen: Has spoken with nominated Treasury Secretary Scott Bessent, discussed the broad responsibilities of the Treasury Department
U.S. Treasury Secretary Yellen stated that she has spoken with Trump's nominee for Treasury Secretary, Scott Bessent, and discussed the broad responsibilities of the Treasury Department.
Yellen said she informed the Treasury Secretary nominee Bessent that the Treasury Department has professional staff who uphold principles of integrity and can provide reliable analysis. She also expressed concerns about fiscal responsibility, and that we need to reduce the deficit. She hopes Congress can find a way to pay for any extension of the individual tax cuts passed by Trump in 2017.
Jinse Encyclopedia
Rollup is a way of processing transactions on a Layer 2 protocol that can free up precious space on the underlying layer. Rollup will batch transactions on the second layer, sometimes bundling dozens at a time, and then roll them up together before sending the data back to Layer 1. There are two main types of Rollup, Optimistic and Zero-Knowledge (ZK) proofs. Optimistic Rollup is a fairly straightforward term. This means the Rollup runs on an "optimistic" approach, assuming transactions are valid unless a validator proves them wrong. They only check the validity of transactions if there is a dispute. ZK Rollup will prove transactions without revealing any transaction data. Hence the "zero-knowledge" moniker. ZK Rollup provides instant finality, as the cryptographic proof guarantees the data is valid. In many ways, Rollup to your standard blockchain transactions is like a Calzone to a regular pizza slice. By rolling it up, you can fit more in.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and do not constitute actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
