Weekly Report | Trump announces victory; Federal Reserve cuts interest rates by 25 basis points; Biden: Will work to ensure a smooth transition to the Trump administration
He Yi: I am not the final decision-maker for the listing process; Andre Cronje: Coinbase has repeatedly requested listing fees and is willing to disclose all evidence for public verification.Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (11.4-11.10)"
Andre Cronje, co-founder of Sonic Labs, expressed his views on the recent controversy regarding exchange "listing fees." He stated, "Binance did not charge us a listing fee, but Coinbase has requested fees multiple times, offering $300 million, $50 million, $30 million, with the most recent offer being $60 million."
Some supporters of Coinbase responded by claiming that Andre may have contacted fake Coinbase listing workers and questioned Sonic Labs' background checks.
Andre responded again, saying, "I did not sign a non-disclosure agreement, so I am very willing to provide relevant proof (the price requests came from multiple employees/departments at Coinbase, made over the years via email, Telegram, and Slack). It can be argued that Coinbase can claim this is not a listing fee but other costs, but it will still translate into the listing costs for projects. I know Coinbase may legally make some cuts, but I am happy to publish all evidence and let the public scrutinize it."
According to official news, the Monetary Authority of Singapore announced plans to promote regulated and trusted tokenized forms of currency as common settlement assets to reduce settlement risks and market fragmentation. It is currently facilitating financial institutions to obtain common settlement assets, including the Singapore dollar wholesale central bank digital currency (CBDC). The initial test network SGD Testnet includes features such as settlement tools, programmability, and interoperability.
The test network SGD Testnet will be open to eligible financial institutions in Project Guardian and Project Orchid, with the first batch of participating institutions including DBS Bank, OCBC Bank, Standard Chartered Bank, and UOB, with use cases including payments and securities settlement.
According to Caixin, former Binance CEO Zhao Changpeng stated at the second Gulf Investment Forum held in Bahrain, "Many people do not know the good here."
Zhao also mentioned that he learned that Hong Kong peers are actively exploring RWA, but the price fluctuations of real-world assets are relatively small, making it difficult to form sufficient trading volume in the secondary market, and liquidity is likely to gradually shrink, waiting for innovators to propose truly liquidity-generating use cases.
In addition, Zhao expressed great optimism about investment opportunities in the Middle East, focusing not only on blockchain investments but also on AI and biotechnology in the GCC countries.
It is reported that after obtaining a license from the Central Bank of Bahrain to operate as a crypto asset service provider, Binance also received approval for a banking license from CBB, meaning Binance has fiat entry and exit channels locally.
On-chain detective ZachXBT responded to the incident of deploying the ERC-20z token, stating, "Zora's user interface currently does not inform creators that an ERC 20 token will be launched after the open edition NFT minting ends. If people continue to @ me in the posts, I will dilute this topic with more minting works that have no end date and may take other actions (replacing artworks on Zora with blank images). I never intended to let people speculate on the investigation; I just wanted a free digital collectible that can be permanently archived on the blockchain (e.g., see my previous Mirror article)."
Previously reported, according to GMGN data, the market value of the ERC-20z token deployed by ZachXBT exceeded $14 million before retreating.
According to Fortune, Binance CEO Richard Teng stated at the Singapore Insights Forum that despite Asia driving most of the growth in the financial system, Western companies will still be the main beneficiaries. Teng pointed out that Western companies, with their scale and influence on regulatory frameworks, will dominate in seizing growth opportunities. He called on policymakers to ensure local competitors have a fair chance and to allow broader experimentation.
According to a Deloitte report, digital wallet spending in the Asia-Pacific region reached $9.8 trillion in 2023, accounting for two-thirds of global spending. Vincent Iswara, CEO of Indonesian mobile wallet company Dana, described the Asian payment sector as the "Wild West," lacking unified standards. The cautious attitude of regulators has driven the rapid development of e-wallets and digital banks in the Asia-Pacific region.
Jessie Toh, Global CFO of Coda Payments, emphasized that mobile phones are key to financial inclusion and accessibility. She also noted that stablecoins are becoming increasingly popular in economies with currency fluctuations, providing users with tools to combat inflation and currency depreciation. Teng added that the growth of stablecoins outside the U.S. is driven by demand from residents of low-income countries, with young consumers using them as a way to protect funds and for low-cost transfers. Stablecoins also allow countries to gradually move away from the U.S.-dominated financial system.
U.S. Republican presidential candidate Donald Trump announced his victory in the 2024 presidential election.
Additionally, Trump expressed gratitude to all voters who supported him, his campaign team, and his family, and kissed his wife Melania Trump.
7、Trump: "God Spared Me for a Reason, and That Reason Is to Save Our Country"
According to Interface News, U.S. Republican presidential candidate Donald Trump delivered a speech in West Palm Beach, Florida, announcing his victory in the 2024 presidential election.
Trump stated, "People tell me, 'God spared me for a reason.' That reason is to save our country and make America great again. Now, we will accomplish this mission together."
Trump said, "The task ahead of us is not easy, but I will put every ounce of energy, spirit, and fighting spirit from the depths of my soul into the work you have entrusted to me."
8、Harris Gives Speech Acknowledging Defeat, Urges Supporters to Fight for Their Ideals
According to Jinshi News, on the afternoon of November 6, U.S. Vice President and Democratic presidential candidate Kamala Harris delivered a speech at Howard University in Washington, D.C.
Harris stated that she accepts the election results and will help Trump and his team complete the power transition peacefully. She told her supporters to accept her electoral defeat but urged them to continue fighting for the ideals she advocated during her campaign.
9、Over 250 Cryptocurrency-Supporting Candidates Elected to Congress in This Election
According to Fox Business, over 250 candidates supporting cryptocurrency were elected to the U.S. Congress in the 2024 election.
According to the latest data from Stand With Crypto, over 270 candidates supporting cryptocurrency secured congressional seats in this election.
Last night, CCTV-2 (CCTV Finance Channel) reported that "Bitcoin price soared to a historic high, reaching $75,000, with an increase of over 8%."
The report stated that Trump had previously promised to make the U.S. the world capital of Bitcoin and cryptocurrency and to establish strategic Bitcoin reserves.
According to Chainwire, cryptocurrency news and analysis platform CCN released a new report on the Canadian cryptocurrency market. The report shows that the Canadian cryptocurrency market has rapidly expanded over the past year, with an estimated 10% of Canadians currently holding some form of cryptocurrency. Bitcoin and Ethereum account for over 60% of the total market share in Canada, while other altcoins like Solana and Chainlink are also gaining attention.
The report points out that increased institutional interest, favorable regulatory frameworks, and enhanced public awareness of digital assets are the main factors driving market growth.
Additionally, new regulatory guidelines introduced by the Canadian government in 2024 further encourage cryptocurrency exchanges and individuals to participate more actively in the market.
According to Poster News, on November 6, Sichuan Leshan police disclosed an illegal operation case involving a major cross-regional underground bank crime network that spanned 13 provinces and involved over 38 billion yuan. Recently, the Leshan Intermediate Court made a ruling, sentencing three defendants to prison terms ranging from two years and six months to thirteen years and six months for illegal business operations and issuing false VAT invoices.
It is reported that the case involved virtual currency trading and cross-border fund transfers, with approximately 20 million pieces of mixed fund operation information. The special investigation team introduced that subsequently, public security organs across the country filed a total of 37 cases and arrested 176 criminal suspects, successfully dismantling this major cross-regional underground bank crime network involving 13 provinces and over 38 billion yuan. Currently, local authorities are further investigating and adjudicating related cases. Among them, the main perpetrator of this case was sentenced to thirteen years and six months in prison by the Leshan Intermediate Court.
13、Biden: Will Work to Ensure a Smooth Transition to the Trump Administration
U.S. President Joe Biden delivered a national address on Thursday, stating that he will work to ensure a smooth transition from the current administration to the incoming Donald Trump administration.
"Yesterday, I spoke with President-elect Trump to congratulate him on his victory, and I assured him that I instructed the entire government to cooperate with his team to ensure a peaceful and orderly transition. This is what the American people deserve." He added that he hopes Trump's recent victory in the 2024 presidential election will eliminate his doubts about the validity of the 2020 election. "I also hope we can address concerns about the fairness of the American electoral system. It is honest, fair, transparent, and trustworthy, regardless of winning or losing," Biden stated.
14、Data: Federal Reserve Cuts Interest Rates by 25 Basis Points
The Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut, in line with market expectations. (Jinshi)
The Ethereum Foundation released its 2024 report, stating that as of October 31, 2024, the EF (Ethereum Foundation) has asset reserves of approximately $970.2 million, of which $788.7 million are crypto assets and $181.5 million are non-crypto investments and assets.
Most of our crypto holdings (99.45%) are held in the form of ETH. These ETH account for 0.26% of the total ETH supply as of October 31, 2024. We choose to hold most of our reserves in ETH. The Ethereum Foundation believes in the potential of Ethereum, and our ETH holdings reflect this long-term perspective. At the same time, the goal of EF's asset reserves is to provide funding support for important public goods in the Ethereum ecosystem for the coming years.
To achieve this goal, we must follow a conservative fiscal management policy to ensure that there are sufficient resources even during prolonged market downturns. This requires regularly selling ETH to ensure adequate reserves for the coming years and increasing our fiat reserves as planned during bull markets to fund expenditures during bear markets.
According to CryptoSlate, BlackRock's iShares Bitcoin Trust (IBIT) has become the third highest fund in the U.S. ETF market in terms of net inflows year-to-date in 2024, attracting $26.174 billion.
As of now, IBIT's year-to-date return is 48.52%, with assets under management reaching $30.1 billion, surpassing many traditional ETFs in both net inflows and performance. Additionally, IBIT's year-to-date return is nearly twice that of the second highest return among the top ten funds by flow ranking. However, IBIT's total assets under management (AUM) are more than ten times smaller than those of the other top four funds.
Just yesterday, on November 7, IBIT saw a net inflow of $1.1 billion in a single day, exceeding the annual inflow of all ETFs in the U.S. outside the top 150. This significant inflow surpassed the total annual inflow of most of the approximately 3,300 ETFs in the U.S. market.
17、He Yi: I Am Not the Final Decision Maker in the Listing Process
Binance co-founder He Yi posted on the X platform, stating, "I am not the final decision maker in the listing process. Some people even asked if there is a process for futures listings. There is no application entry for futures listings, and the listing fee for Binance futures is $0. Listing on Binance futures does not guarantee listing on the spot market."
18、Data: Tesla's Market Value Reaches $1 Trillion Again
Tesla's stock opened today with an increase of nearly 5%, reaching a new high since September 2022, with a total market value again reaching $1 trillion.
According to 8marketcap data, Tesla's market value is currently approximately $1.008 trillion, with a 24-hour increase of 5.8%.
19、Data: Musk's Net Worth Exceeds $300 Billion
According to DEGEN NEWS, Tesla and SpaceX founder Elon Musk's net worth has surpassed $300 billion, reaching $300.3 billion, an increase of $10 billion from the previous day, with a growth rate of 3.43%.
Zhao Changpeng posted on social media, stating that when Bitcoin continues to set historical highs, appropriate risk management should be applied. There will be many lows (and highs) in the future, and one should ensure they can handle them, control their greed, and not put all their eggs in one basket.
"What Exciting Articles Are Worth Reading This Week (11.4-11.10)"
Cryptocurrency payments are one of the hottest sectors recently. In addition to Stripe's $1 billion acquisition of stablecoin payment startup Bridge, creating the largest acquisition in crypto history, many mainstream financial institutions have begun to accelerate their layout in cryptocurrency payments:
- PayPal completed its first commercial payment using stablecoin PYUSD.
- Visa launched the tokenized asset platform VTAP to help banks issue fiat-based tokens.
- BlackRock partnered with Ethena to launch a new stablecoin supported by BlackRock BUIDL.
- Coinbase and A16Z jointly invested in AI cryptocurrency payment company Skyfire.
- ……
Cryptocurrency payments are also showing a financing boom. In the cryptocurrency payment financing statistics article published by ChainCatcher in September, it can be seen that recent financing in cryptocurrency payments has gathered giants from various fields such as payments, stablecoins, and traditional finance. Visa, Tether, Circle, JPMorgan, and Standard Chartered are all vying to enter, with top capital like Sequoia Capital, Temasek, and A16Z also placing bets.
Recently, well-known investment fund Qiming Venture Partners' investor Larry Liu published a lengthy series article titled “The Last Big Thing—Cryptocurrency Payments”, systematically exploring the future of cryptocurrency payments from the perspectives of payment historical changes, current status, and trends. ChainCatcher has compiled this.
The first article in this series discusses the panoramic view of traditional payment systems from the origins of credit card payments to modern digital transformation.
This article is the second part, exploring the unique advantages of blockchain technology in payments and assessing the current state of cryptocurrency payments. The final part will analyze emerging trends and revolutionary possibilities.
2、After the U.S. Election, How Long Will the Hype Around Polymarket and Prediction Markets Last?
New users of Polymarket are likely to continue using the platform after the U.S. election cycle. About 4/3 of users trade on non-election-related topics, indicating sustained interest in diverse topics.
3、Full Text of the Federal Reserve Statement: Cuts Interest Rates by 25 Basis Points, No Votes Against
On November 8, the Federal Reserve announced a 25 basis point cut to 4.5%-4.75%, in line with market expectations. This decision was unanimously passed, with the policy statement's wording remaining largely unchanged, continuing to emphasize close monitoring of risks to dual objectives, but removing the phrase "more confident that inflation is sustainably moving toward the target," and did not issue any clear signals regarding future rate cuts, nor did it comment on the results of the U.S. election in any way.
4、The Hidden Cryptocurrency Beneficiaries in the U.S. Election
On November 6, 2024, the most dramatic U.S. election in history came to a close. Trump, dubbed the "crypto president," successfully won, which may mean that crypto has officially entered the White House. Meanwhile, Bitcoin broke through the $75,000 mark, setting a new historical high. The hidden interest groups and beneficiaries behind this will gradually come to light.
5、The First "Crypto President" Is Born! The Wheel of Cryptocurrency's Fate Has Started Turning
Trump has been elected! The first cryptocurrency president of the White House has been born!
On November 6, Beijing time, the most dramatic presidential election in U.S. history finally came to an end. According to real-time election data from Fox News, Trump defeated Harris, who received 62.142405 million votes, with a margin of 67.121735 million votes, successfully obtaining 277 electoral votes, surpassing the 270-vote threshold to win the 2024 U.S. presidential election.
Trump's continued lead and successful election have propelled BTC to briefly break through $75,000, setting a historical high, and all sectors of cryptocurrency have entered a period of widespread increase.
The 2024 U.S. election is destined to leave a significant mark in cryptocurrency history. Since the birth of Bitcoin, cryptocurrency has gone through 16 years and three election cycles, finally entering the campaign stage of the U.S. election in a meaningful way.
Behind politicians like Trump playing the "crypto card" is the growing strength of cryptocurrencies like Bitcoin and the accumulation of power from crypto voters.
Regardless of whether Trump's crypto promises materialize after taking office, the wheel of cryptocurrency's fate may have already begun to turn.
6、Selling "Trump": The Trump Family Has Earned Millions from "Brand Licensing" to Crypto Projects
On November 5, local time, the voting dust settled in the 60th presidential campaign in the U.S., and whether Donald Trump or Kamala Harris would move into the White House became a focus of global attention and a new change in the crypto world.
Since the beginning of the campaign, Trump has repeatedly expressed support for the development of cryptocurrencies. If he successfully returns to the White House, the strict regulatory policies on cryptocurrencies in the U.S. may change, injecting new vitality into the industry. At the Bitcoin 2024 conference, Trump stated in his speech that if elected again, he would ensure the government retains 100% of its Bitcoin holdings and would classify Bitcoin as a strategic reserve asset for the U.S.
Trump is not only a supporter of the crypto market but also a direct participant. During the campaign, he received donations from crypto whales and institutions and personally engaged in multiple crypto projects. The income from NFT and DeFi crypto projects he participated in through OEM licensing has exceeded $10 million.
According to data from the Arkham platform, on November 5, the value of the crypto assets held in Trump's wallet address was already $6.15 million, peaking at $25 million in June this year, with nearly 1,000 Ethereum held, valued at $2.38 million.
7、Opinion: Trump, Who Is Heavily Backed by Crypto Voters, May Betray This Industry
This year, the crypto industry finally has its "friend," named Donald Trump. For years, this industry has been searching for a political spokesperson, someone who can guide its liberation of thought and bring its ideas to a broader audience. Now, that person is Trump.
He stood on the stage of the Nashville Bitcoin Conference, expressing how much he likes people in the crypto industry. He announced the establishment of a Bitcoin strategic reserve. He promised to release Ross Ulbricht. He distributed hamburgers at PubKey in New York. He even established his own DeFi project—World Liberty Financial—and developed an internal management model (what better way to demonstrate loyalty to cryptocurrency?).
Trump said what cryptocurrency wanted to hear and did what cryptocurrency wanted to do, thus attracting millions of dollars in donations. Loudmouths rallied for him, while cultural warriors expressed hatred in performances. He occupies the political space that the Biden administration and Harris's campaign team could have occupied if they were not so submissive to the Warren wing. Everything he says is right because Trump always says what people want him to say. He fits the goals of the crypto party perfectly because his politics can adapt to any situation, and the crypto party desperately needs a friend.
I must admit that all of this makes me personally uncomfortable, not because I have any fondness for Harris, but because Trump has long been an unreasonable friend. He could easily take a completely opposite view on cryptocurrency if it benefits him, and he has already done so. I am very concerned about the crypto industry's embrace of Trump because I find it hard to believe that Trump's principles align with those that attracted me to cryptocurrency.
So, as an industry, what are the three reasons we should be cautious about?
Cryptocurrency payments are one of the hottest sectors recently. In addition to Stripe's $1 billion acquisition of stablecoin payment startup Bridge, creating the largest acquisition in crypto history, many mainstream financial institutions have begun to accelerate their layout in cryptocurrency payments:
- PayPal completed its first commercial payment using stablecoin PYUSD.
- Visa launched the tokenized asset platform VTAP to help banks issue fiat-based tokens.
- BlackRock partnered with Ethena to launch a new stablecoin supported by BlackRock BUIDL.
- Coinbase and A16Z jointly invested in AI cryptocurrency payment company Skyfire.
- ……
Cryptocurrency payments are also showing a financing boom. In the cryptocurrency payment financing statistics article published by ChainCatcher in September, it can be seen that recent financing in cryptocurrency payments has gathered giants from various fields such as payments, stablecoins, and traditional finance. Visa, Tether, Circle, JPMorgan, and Standard Chartered are all vying to enter, with top capital like Sequoia Capital, Temasek, and A16Z also placing bets.
Recently, well-known investment fund Qiming Venture Partners' investor Larry Liu published a lengthy series article titled "The Last Big Thing—Cryptocurrency Payments," systematically exploring the future of cryptocurrency payments from the perspectives of payment historical changes, current status, and trends. ChainCatcher has compiled this.
The first article in this series discusses the panoramic view of traditional payment systems from the origins of credit card payments to modern digital transformation. The second article explores the unique advantages of blockchain technology in payments and assesses the current state of cryptocurrency payments and the challenges they face.
This article is the final part, analyzing emerging trends and innovative solutions that can overcome existing barriers in payments. The author states that the rise of non-custodial payment solutions and the integrated development of payments with DeFi may fundamentally reshape the way value is transferred in the cryptocurrency era.
On November 6, Trump won the U.S. election, and his return to the White House means the Trump 2.0 era is about to begin. Benefiting from his friendly attitude toward the crypto industry, BTC has repeatedly set historical highs, pushing toward the $80,000 mark, while altcoins have welcomed a long-awaited upward trend.
Due to the strong upward momentum of this crypto market, many investors are concerned that the current crypto market may be somewhat overheated. Those who have already entered the market are also considering the market direction after Trump's victory and even making investment plans for when Trump officially takes office next year. In response, Jinse Finance has summarized the recent predictions and potential positive and negative events from various authoritative institutions regarding the future market.
10、The Wind Is Rising: U.S. Regulation Fully Shifts to "Crypto-Friendly" Policies
As the U.S. election voting is about to conclude, as of the time of writing, according to data from FOX, Trump is temporarily leading with 248 votes, needing only 22 more votes to reach 270 and ultimately become the winner of the 2024 U.S. presidential election. Combined with Trump's previously reiterated "crypto-friendly stance," the market's direction has rapidly shifted, and there is a strong trend in U.S. politics toward "fully embracing crypto-friendly regulation." Odaily Planet Daily will briefly summarize the current situation of the U.S. cryptocurrency industry in this article for readers' reference.
