Web3 AI Daily Review (2024/12/6)
On December 6, Trump announced the appointment of PayPal co-founder David Sacks as the head of artificial intelligence and cryptocurrency affairs at the White House. In the statement, Trump said Sacks would work to establish a legal framework to meet the cryptocurrency industry's demand for clarity, thereby promoting its development in the United States.I. Attention Value - Market Highlights
1. Market Trends
(1) Macroeconomic Environment:
l Trump appoints David Sacks as head of White House AI and cryptocurrency affairs
On December 6, Trump announced the appointment of PayPal co-founder David Sacks as the head of White House AI and cryptocurrency affairs. In the statement, Trump indicated that Sacks would work to establish a legal framework to meet the cryptocurrency industry's demand for clarity, thereby promoting its development in the United States.
David Sacks is a South African-American entrepreneur and investor with over 25 years of successful business experience. He is a general partner at Craft Ventures, a venture capital firm. Public information shows that Craft Ventures has invested in cryptocurrency projects including dYdX, Lightning Labs (the developer of the Lightning Network), Bitcoin financial service provider River Financial, and the decentralized domain and certificate authority Handshake.
Sacks' appointment is seen as a continuation of Trump's support for the cryptocurrency industry, suggesting that more policies may lean towards easing regulations on the sector in the future. In this new role, Sacks will be at the forefront of how the federal government adopts and regulates AI technology. With the rapid development of AI technology and its widespread application among consumers, this field brings many benefits but also raises risks related to national security, privacy, and employment. Sacks' work will significantly influence government policy-making in these critical technology areas.
(2) Web3 Sector:
l BTC experiences violent fluctuations, leading to mass liquidations
Around 6:30 AM Beijing time on December 6, Bitcoin experienced severe volatility after reaching a historic high of nearly $104,000, with prices rapidly dropping to around $91,000, resulting in large-scale liquidations in the market. According to Coinglass data, approximately 210,000 investors were liquidated in the past 24 hours, with the total liquidation amount reaching $720 million, including $615 million in long positions and $104 million in short positions. The liquidation amount for Bitcoin contracts alone reached $447 million. Currently, the Bitcoin price has rebounded to $98,000. This price spike did not affect other altcoins. Additionally, data shows that the funding rate for Binance's Bitcoin USDT contracts hit a record high for this bull market yesterday, peaking at 0.0724%, but recovered to 0.0161% during the rapid decline early this morning.
2. Hot Events
(1) Macroeconomic Environment:
l Investors focus on the potential impact of U.S. non-farm payroll data on the Bitcoin market
Investors are currently closely watching the upcoming U.S. non-farm payroll data set to be released on December 6, Eastern Time, which could impact the Federal Reserve's monetary policy and further affect the Bitcoin market. According to analysis by Jag Kooner, head of derivatives at Bitfinex, the market generally expects positive performance in the non-farm payroll data for November. If the data is strong, the Federal Reserve may slow down its rate cuts, leading to a stronger dollar, which could suppress risk assets, including Bitcoin. Nevertheless, market expectations for a rate cut at the Federal Reserve's December meeting still lean towards a cut. Data from the Chicago Mercantile Exchange indicates that the market widely believes there is over a 70% probability of a 25 basis point rate cut in December. Lower interest rates typically stimulate market liquidity, providing support for risk assets, which could positively impact Bitcoin prices.
(2) Web3 Sector:
l Financial Times Alphaville issues apology letter: Reflecting on negative reporting on cryptocurrency
On December 5, Alphaville, a column under the Financial Times, issued an "apology letter" in response to its negative reporting on cryptocurrency over the past 14 years. The letter stated that as Bitcoin's price surpassed $100,000, many readers felt they deserved an apology. The letter mentioned:
"Our content may have conveyed that Bitcoin is a negative-sum game, inefficient as a means of value exchange, and that its price is unrelated to any actual utility. We deeply apologize if you missed investment opportunities due to our reporting over the past 14 years, and we are also pleased for your holdings' increase. If you believe our cynical attitude supports traditional finance, we also apologize for that, as we hold a critical view of traditional finance as well."
However, this apology did not gain recognition from the crypto community, with many considering it a "fake apology." Commentators pointed out that Alphaville still maintains its skeptical attitude towards Bitcoin and reiterated its views on Bitcoin's inefficiency as a medium of exchange and its flaws as a store of value in the letter.
3. Hot Narratives
l New trends in the crypto market: AI agents and decentralized science (DeSci) leading the narrative in 2024
On December 6, Andrei Grachev, co-founder of DWF Labs, posted on social media: "AI agents and DeSci seem to be the next hot topics in the market." He emphasized that both are community-driven, scalable, and align with the global enthusiasm for AI and technology. Grachev believes these emerging fields can be launched anywhere without relying on venture capital, making them more flexible and promising.
With the rapid development of AI technology, market attention towards its applications is increasing, especially in the cryptocurrency and blockchain sectors. DeSci, as an emerging trend, aims to utilize blockchain technology to improve the transparency and accessibility of scientific research. Grachev's comments reflect an optimistic outlook on the future development of these fields, believing they may attract more investors and developers.
Additionally, according to the "Messari Theses 2024" report released by Messari, analysts are also optimistic about the prospects of combining AI with cryptocurrency, viewing it as one of the important investment trends for the future. The report mentions that emerging narratives such as DePIN, DeSoc, and DeSci are gaining increasing attention, signaling new growth points for the market.
II. Attention Value - Hot Projects
1. Project Introduction
l $GOD | AI agent | @god
- GOD has introduced the anti-agent SATAN through Nous Research, significantly increasing participation. This dynamic pairing seems to have rekindled interest among users and investors, and ordinary people are also looking forward to it, so future developments need to be closely monitored.
III. Attention Value - Sector Rotation
1. Hot Sectors
Source: Dune, Dot Labs
Source: Dune, Dot Labs
2. Internal Sector
Source: Dune, Dot Labs
