Daily Report | Tesla's Q3 financial report shows it has not sold any Bitcoin; Ripple CEO: Not communicating with regulators early was a mistake; Standard Chartered: Whether Trump wins the election determines the rise of the dollar
October 24 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Tesla's Q3 report shows it has not sold any Bitcoin
- Elon Musk's PAC receives warning from the U.S. Department of Justice, daily $1 million donations may violate federal law
- Denmark plans to tax unrealized capital gains on cryptocurrencies
- SHAR drops 90% suspected of being a rug pull, crypto KOL 0XSun admits to promoting and promises to urge the project to compensate
- Ripple CEO: Not communicating with regulators early was a mistake
- Famous investor Cai Wensheng: optimistic about Hong Kong's successful experience in Web3, which may even be conveyed to the mainland in the future
"What important events happened in the past 24 hours"
Tesla's Q3 report shows it has not sold any Bitcoin
According to Watcher.Guru, Tesla's Q3 report shows that the company did not sell any Bitcoin during the quarter.
Additionally, Tesla (TSLA.O) reported Q3 revenue of $25.18 billion, below market expectations of $25.4 billion, and up from $23.35 billion in the same period last year.
CNN reporters stated on social media that the U.S. Department of Justice has sent a letter to Elon Musk's Super PAC, warning that its daily $1 million donations may violate federal law.
Denmark plans to tax unrealized capital gains on cryptocurrencies
Denmark plans to tax unrealized capital gains on cryptocurrencies starting January 1, 2026, aiming to integrate cryptocurrencies like Bitcoin into the existing financial tax framework and treat them equally with other investment assets.
The new tax rules will apply to all cryptocurrencies purchased since the inception of Bitcoin in 2009.
The Danish government announced that starting in 2027, they will exchange data on Danish crypto investors internationally. They also plan to introduce a bill in early 2025 requiring crypto service providers to report customer transactions. This will help Denmark regulate approximately 300,000 Danes who own crypto assets and curb potential tax evasion.
The Solana ecosystem Memecoin SHAR launched last night, reaching a market cap of over $50 million before plummeting to $3 million, a drop of 95%.
On-chain detective ZachXBT tweeted that the SHAR meme token on Solana is involved with a conspiracy group and KOL manipulation.
In response, crypto KOL 0XSun stated, "I did take on a partnership with this project, but the reason I chose to cooperate was that I found the project relatively reliable after reviewing the materials and saw a profit opportunity, rather than just for the promotional fee. Moving forward, I will contact CLS and some friends who may have information about the project to urge the project to compensate for the losses, and I will also try to avoid such partnerships in the future. For any paid promotional collaborations, I will make it clear and ensure transparency."
Previously reported, according to Lookonchain monitoring, an insider sold 500 million SHAR (50% of the total supply) in a single transaction for 19,620 SOL ($3.38 million), causing the SHAR price to plummet by 96%.
Ripple CEO: Not communicating with regulators early was a mistake
Ripple Labs CEO Brad Garlinghouse admitted that his company should have engaged with U.S. regulators earlier. Now, after becoming the target of enforcement actions, the company and the cryptocurrency industry are scrambling to catch up.
Brad Garlinghouse stated at the Washington Fintech Week event, "I have been to Washington much more often in the past few years than in previous years. Looking back, I regret it. I think not acting sooner was a mistake, and we are working hard to make up for lost time."
Ripple is one of the U.S. cryptocurrency companies recently embroiled in legal disputes with the U.S. Securities and Exchange Commission, with many U.S. crypto executives claiming that the regulator is hostile and unfair to the industry.
Previously reported, Citigroup has terminated banking services for Ripple's CEO.
Famous angel investor Cai Wensheng stated in an interview that he is very optimistic about Hong Kong's successful experience and that it may even be conveyed to mainland China in the future.
Recently, I saw that a retired deputy governor of the People's Bank of China proposed that China should reconsider the development of cryptocurrencies. Although this does not represent an official statement, I believe it reflects a trend; mainland China is already rethinking the development of Web3 and cryptocurrencies.
This is not something that will happen overnight; I believe that in the coming years, China will definitely embrace Web3 and may even reopen digital currency trading.
It is reported that Cai Wensheng entered the internet field in 2000, founded 265.com in 2003, and was acquired by Google in 2007. He then transitioned to being an angel investor, investing in numerous companies such as Baofeng Video, 58.com, Internet Express, Optimization Master, CNZZ Data Statistics, China Webmaster Station, Yiming China, OKEX, and became a well-known angel investor in China.
According to Protos, five suspects in Austria were sentenced to prison for participating in a $16 million pyramid scheme that tricked 40,000 victims into investing in real estate and cryptocurrencies, with the perpetrators squandering the funds on luxury cars, private jets, and other luxury items.
The trial lasted 60 days and was dubbed the largest fraud case in Austrian history.
Police stated that the gang involved used complex methods to hide the flow of funds, making the case harder to solve. Ultimately, the five defendants were sentenced to 18 months to 5 years in prison, while five others were acquitted.
Barclays: European stock markets have priced in a Trump victory
According to Jinshi, Barclays Bank stated that European stock markets have reflected the possibility of a Trump victory.
The company noted that since early spring this year, a basket of European exporters (those most affected by tariffs) has underperformed the benchmark Stoxx Europe 600 index by 15%.
Barclays Bank stated that this reflects that investors are preparing for Trump's proposed tariff policies, which have been a core part of his presidential campaign, and investors expect him to win.
Web3 data and AI company Validation Cloud completes $10 million new round of financing
According to a press release, Web3 data and AI company Validation Cloud announced it has secured $10 million in financing from True Global Ventures, with plans to use the funds to expand its AI products and achieve seamless access to Web3 data.
The company's product platform consists of three parts: staking, node API, and data and AI. In terms of staking, Validation Cloud's staked assets have exceeded $1 billion. Some of Validation Cloud's clients include Chainlink, Aptos, Consensys, Stellar, and Hedera.
Crypto market maker Portofino Technologies faces mass employee exodus after firing its co-founder and CFO
According to CoinDesk, Swiss-based cryptocurrency market maker Portofino Technologies received approval from the UK's Financial Conduct Authority (FCA) earlier this year to serve institutional cryptocurrency clients in the UK. However, in recent months, the company has seen a mass exodus of employees following the firing of its co-founder and CFO.
In July, Portofino's COO and co-founder Alex Casimo and CFO Jae Park were both fired. This subsequently triggered resignations from strategic and operations director Vincent Prieur, global business development director Shane O'Callaghan, and many other employees.
Insiders revealed that since the firing of these two executives, 10 to 12 people have left or are in the process of leaving, accounting for 30%-40% of the company's total staff at the time.
Standard Chartered: Trump's victory will determine the dollar's rise
Standard Chartered estimates that 60% of the dollar's appreciation in October is related to increased bets on Trump winning the November 5 election.
The dollar index has risen more than 3% this month, on track for its best monthly performance since 2022. Many analysts state that given the prospect of high tariffs and the resulting market volatility, Trump's election as president would boost the dollar, as market volatility often favors safe-haven assets.
Steven Englander, global head of G10 FX research at Standard Chartered, stated that as the likelihood of Trump's victory rises, the dollar strengthens. This has a greater impact on forex than on fixed income.
Englander estimates that the market expects the probability of Trump's victory to be close to 70%, and if this probability is confirmed, there will be room for profit-taking in a divided Congress. If the Republicans gain control of both houses, it could impact the market.
Data: Bitcoin prices usually drop after new coins are listed on Upbit
According to statistics from the Korean community minchoisfuture, the price changes of Bitcoin after new coins are listed on Upbit have been analyzed cumulatively for 16 recent listings, finding that within 24 hours of a new coin being listed on Upbit, Bitcoin prices tend to decline.
It is reported that there is a popular term in the Korean community "석우절" (Seok Woo Festival, Seok Woo is the chairman of Upbit), meaning that whenever Upbit lists a new coin, the market will drop.
"What are the exciting articles worth reading in the past 24 hours"
ALL IN Trump, Musk's 'American Election' business strategy
If asked what is different about this U.S. election compared to previous ones, the ever-eloquent former President Trump might express numerous grievances, such as the sudden change of competitors, the lack of funding advantages, and even a failed assassination attempt. However, if asked who he is most grateful to in this election, Musk would undoubtedly be one of Trump's answers.
In this year's election, Musk unexpectedly took a firm stand with Trump, not only spending $75 million on campaign funds in Q3 to show his determination but also actively campaigning on public platforms. Recently, he even launched a lottery project to rally public support. In terms of both manpower and funds, Musk's contributions can be described as exhaustive.
Such a clear alignment is not a wise move for a highly influential and controversial entrepreneur. In an uncertain election, a slight misstep could lead to a party shipwreck, and the loser faces not only political failure but also potential personal safety risks.
Rewind a few years, and Musk and Trump were clearly not on friendly terms; their verbal sparring often played out on public platforms, with Trump even mocking Musk for begging for subsidies at the White House. What could have led Musk to bury the hatchet and offer such heartfelt assistance?
In the precarious undercurrents of the election, the business of money and power is also secretly underway.
"Windfall" effect: Why do you tend to go all in after making a profit?
Today, I want to talk about the "windfall effect."
The "windfall effect" is a phenomenon in behavioral finance, referring to investors being more inclined to take risks after making profits because they view these profits as "windfalls" rather than their own funds.
This effect originates from a concept in gambling: when gamblers win money, they often feel they are playing with the casino's money, making them more willing to take risks than when using their own capital.
Feel free to share your thoughts on this.
Price is not everything for a project; its development largely depends on market conditions, project quality, and the hype surrounding its narrative.
Last night, the Solana ecosystem meme project SHAR launched and its price briefly approached $0.06, with a market cap reaching nearly $40 million. Subsequently, on-chain detective ZachXBT pointed out that the project is involved with a "conspiracy group" and KOL manipulation, according to leaked documents, the project claims to have 50 "first-tier" KOLs involved.
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