Headlines
Steak 'n Shak Announces Establishment of Strategic Bitcoin Reserve
American fast-food chain Steak 'n Shak announced the establishment of a strategic Bitcoin reserve, where all payments made in Bitcoin will be deposited. Over the next 12 months, Steak 'n Shak will donate 210 satoshis from the sale of every Bitcoin meal to the Open Sats Initiative, Inc.
BTC falls below $110,000
Market data shows that BTC has fallen below $110,000 and is currently trading at $109,995.39, a 24-hour increase of 1.75%. Market volatility is high; please manage your risk accordingly.
Market Trends
As of press time, according to CoinGecko data:
The price of BTC is $109,454, up 9.6% in the last 24 hours.
The price of ETH is $3,843.84, up 1.2% in the last 24 hours.
BNB price is $1,087.57, up 0.9% in the last 24 hours;
SOL price is $187.02, up 1.4% in the last 24 hours;
The price of DOGE is $0.1863, up 2.0% in the last 24 hours.
XRP price is $2.51, up 2.9% in the last 24 hours;
TRX is priced at $0.2966, up 1.9% in the last 24 hours.
WLFI is priced at $0.2134, up 19.8% in the last 24 hours.
policy
The chairman of the U.S. House Agriculture Committee and the acting chairman of the CFTC discussed expanding regulatory authority over cryptography.
According to crypto journalist Eleanor Terrett, House Agriculture Committee Chairman Glenn "GT" Thompson met with Acting Commodity Futures Trading Commission (CFTC) Chairwoman Caroline D. Pham on Thursday to discuss how the commodity regulator will prepare for expanding its regulatory authority over cryptocurrencies and advancing related rule-making next year—a move based on expectations of the passage of market structure-related legislation. Previously, Thompson had met last week with Senate Agriculture Committee Chairman John Boozman to discuss similar topics.
The US Department of Defense approved the provision of long-range Tomahawk missiles to Ukraine, with the final decision-making authority transferred to Trump.
According to CNN, three officials from the US and Europe familiar with the matter revealed that the Pentagon has assessed that providing Ukraine with long-range Tomahawk missiles would not weaken the US military's existing stockpile, and has therefore given the green light to the White House, leaving the final political decision to US President Trump. Earlier this month, Trump made it clear during a working lunch with Ukrainian President Zelensky that he was unwilling to provide the missiles, stating that "we cannot give up the weapons stockpile we need to defend our country." The Joint Chiefs of Staff submitted its assessment report to the White House earlier this month, just as Zelensky was continuing to lobby for the acquisition of the missiles—Ukraine hopes to use their approximately 1,600-kilometer range to more effectively strike deep energy facilities within Russia. Two European officials pointed out that this assessment has encouraged European allies, who believe the US now lacks a legitimate reason to refuse to provide the missiles. It is noteworthy that just days before meeting with Zelensky, Trump publicly stated that the US "has a large number of Tomahawk missiles that can be provided to Ukraine."
The U.S. Tenth Circuit Court of Appeals upheld the Federal Reserve's decision to reject Custodia's request for a master account.
According to crypto journalist Eleanor Terrett, the U.S. Tenth Circuit Court of Appeals has ruled in favor of the Federal Reserve in the Custodia v. Federal Reserve case, awarding a 2-1 decision that rejected Custodia's request to force the central bank to open a master account for it.
Trump denies having decided to launch a military strike against Venezuela .
US President Donald Trump denied that he had decided to strike military targets in Venezuela, contradicting media reports that he had approved the attack. When asked by reporters aboard Air Force One on Friday whether he had made a decision, Trump briefly replied, "No." Earlier that day, the Miami Herald reported that the Trump administration had decided to attack military facilities in Venezuela, and that the strike could begin at any time. When asked about the report, White House spokeswoman Anna Kelly stated that "anonymous sources have no idea what happened" and emphasized that any official statement would be issued by the president himself.
Blockchain applications
The block generation time and median transaction fee of the Aptos network are both at historical lows.
According to Token Terminal, the block generation time and median transaction fee of the Aptos network are both at historical lows.
Central Bank of Malaysia launches three-year tokenization exploration program
Bank Negara Malaysia has announced a three-year exploration plan for the tokenization of Real-World Assets (RWA), establishing a "Digital Asset Innovation Center" and an industry working group to solicit feedback from the industry on potential applications such as supply chain finance and Islamic finance.
Cryptocurrency
Analysts are bullish on Coinbase: Derivatives and stablecoins will be the main drivers of future growth.
Coinbase reported third-quarter revenue of $1.9 billion, a 37% increase from the previous quarter, driven by increased Ethereum trading activity and subscription service revenue. While the proportion of Bitcoin trading declined slightly, several Wall Street firms believe the company has successfully diversified its business and are optimistic about the long-term growth potential of its derivatives, stablecoins, and the Base network. William Blair pointed out that Coinbase has transformed from a pure trading platform into a crypto-financial infrastructure company, expecting profit margins to rise to over 60%. JPMorgan called the quarter "stronger than expected," but cautioned that acquisitions and expansions will drive up costs. Benchmark highlighted a 7% sequential increase in stablecoin revenue. Bernstein likened Coinbase to a "crypto AWS," predicting that its Base ecosystem and potential future token issuances will be key catalysts.
Goldman Sachs: Cryptocurrencies now account for 1% of global investment portfolios.
According to Goldman Sachs, cryptocurrencies now account for 1% of global investment portfolios.
Coinbase : We are aware that some users may experience performance degradation when conducting transactions.
Coinbase Global: We are aware that some users may experience performance degradation when making transactions.
Important economic developments
Federal Reserve's Hamak remains open to reforming the policy interest rate target.
Cleveland Federal Reserve President Hamak said Friday that she is open to reforming the interest rate target used by the Fed to implement monetary policy. Speaking at an event hosted by the Dallas Fed, she noted profound changes in the money market structure, indicating a shift from the current federal funds rate target to other interest rate indicators. "I think it's time to explore more broadly how to best implement monetary policy," Hamak emphasized in her remarks. This statement echoes her recent consensus with Dallas Fed President Logan that financial market pricing mechanisms have gradually moved away from the traditional anchoring effect of the federal funds rate.
Spot gold fell $50.29, or 1.25%, during the day.
Spot gold fell $50.29 during the day, currently trading at $3,974.27 per ounce, a drop of 1.25%.
▌Federal Reserve's Bostic: I'd prefer interest rates to remain unchanged this week
Federal Reserve official Bostic said he would have preferred interest rates to remain unchanged this week, but ultimately supported a rate cut this week due to tensions between various tasks.
Morgan Stanley: Investors should seek protection against dollar depreciation sooner rather than later.
Morgan Stanley: Investors should seek protection against a depreciating dollar sooner rather than later. The dollar is likely to fall as investors reassess the neutral level of the Federal Reserve funds rate and increase hedging.
Golden Encyclopedia
Will Google's Willow quantum chip affect Bitcoin's security?
Google's Willow chip marks a new era in quantum performance, enabling complex computations with significant implications for various industries, including cryptography. With the rollout of its 105-qubit Willow chip, built on the company's Sycamore processor, quantum computing has reached a major milestone. Willow nearly doubles the number of qubits in Sycamore, unlocking the ability to handle exponentially more complex computations. One of Willow's most notable advancements is its progress in quantum error correction, a crucial step towards scalable, fault-tolerant quantum systems. In benchmarks such as random circuit sampling (a test of a quantum computer's ability to solve complex problems), Willow completed tasks in minutes that would take conventional supercomputers billions of years to accomplish.
Quantum computers using algorithms like Shor and Grover have the potential to solve complex problems exponentially faster, potentially breaking traditional cryptographic algorithms. The rollout of powerful quantum computers like Willow has raised concerns about their impact on cryptographic security, including the Willow chip's potential influence on cryptocurrencies. Bitcoin and many other blockchain systems rely on cryptographic algorithms designed to resist classical attacks. However, the potential impact of quantum computing on cryptographic security has raised concerns. Google's Willow quantum chip currently does not pose a direct threat to Bitcoin's cryptographic system. Breaking Bitcoin's ECDSA or SHA-256 requires at least 1,500-3,000 fault-tolerant logic qubits, far exceeding Willow's capabilities. The scalability of current quantum systems is insufficient to challenge Bitcoin's robust defenses. Bitcoin's layered cryptographic structure, combining ECDSA and SHA-256, ensures resistance to today's quantum technologies. This technological gap currently guarantees the security of Bitcoin's cryptographic protections.
