Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you to a look at the major events in the blockchain industry this week.
▌Bitcoin's market value exceeds 1.56 trillion US dollars, setting a record high
Golden Finance reported that according to CoinGecko data, as the price of Bitcoin rose above $79,000, its market value also exceeded 1.56 trillion US dollars, currently reaching $1,565,097,248,040, setting a record high. In addition, the total market value of the current cryptocurrency market has risen to 2.84 trillion US dollars, a 24-hour increase of 3.1%, with Bitcoin accounting for 55.2% of the market value and Ethereum accounting for 13.5%.
▌Nansen analyst: Trump administration may approve the first pledged Ethereum ETF
Nansen analyst Edward Wilson said that with Trump's victory, it may lead to the birth of the first pledged Ethereum exchange-traded fund (ETF). He said: "Because the regulatory environment may be favorable to cryptocurrencies, we may even see the Trump administration approve the pledged ETH ETF, which will take full advantage of ETH as an asset. If this happens, then ETH will become an exciting asset worthy of attention. In other words, ETH is cool again." (Cointelegraph)
▌Musk's election donation return rate has exceeded 150 times
"All-in for" in the 2024 US election Musk, who is known as "Trump", has seen a surge in wealth recently. After Trump successfully ran for the US presidency again on November 5, Musk's Tesla rose 14%, with a market value of over $900 billion. Tesla has risen by more than 30% in the past five days. According to the Bloomberg Billionaires Index, Musk's personal wealth has risen from $262 billion to $290 billion in the past five days, making him the newest richest man in the world. According to public information, Musk donated a total of $177 million to the 2024 US election. In the past five days alone, Musk's donation return rate has reached 158 times.
▌Former SEC Chairman: Musk should not be prevented from joining the Trump administration
Former SEC Chairman Jay Clayton said in an interview with CNBC: "If Elon Musk wants to use 20% of his energy to make the United States a better place, we should find a way to make Musk do this. We should have ethical rules, transparency, etc., but we should not prevent Elon Musk from joining the Trump administration."
▌A whale who spent 5 million USDC betting on Harris' victory currently lost $4.9 million
According to Lookonchain monitoring, a whale who spent 5 million USDC betting on Harris to win the election will lose all funds. The current loss is about $4.9 million (-97.7%).
▌UK House of Lords supports Digital Asset Property Bill
Members of the UK House of Lords expressed support for the country's Digital Asset Property Bill at the second reading meeting on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step in the UK's efforts to pave the way for the use of cryptocurrencies in the country. The bill was drafted by the Law Commission, an independent statutory body, and introduced in the UK in September. The bill adds a new category of "articles" to the categories that fall under property to help resolve cryptocurrency legal disputes. The bill will not only help judges in criminal proceedings where cryptocurrencies are stolen due to fraud or hacking, but will also help divide marital property.
▌The Trump team is considering listing Robinhood Chief Legal and Compliance Officer Dan Gallagher as a candidate for the chairman of the U.S. Securities and Exchange Commission
The Trump team is considering listing Robinhood Chief Legal and Compliance Officer Dan Gallagher as a candidate for the chairman of the U.S. Securities and Exchange Commission.
▌Bernstein: The U.S. SEC and Senate Banking Committee are expected to take a friendly attitude towards cryptocurrencies after Trump takes office
Bernstein said that the U.S. SEC and Senate Banking Committee are expected to take a friendly attitude towards cryptocurrencies after Trump takes office, and crypto assets are expected to be re-rated because it is unclear whether these assets qualify as securities. In addition, both stablecoins and market structure bills may make faster progress, which is good for stablecoin issuers such as Circle and Paxos, as well as U.S. cryptocurrency exchanges and brokers/dealers.
▌Coinbase Chief Legal Officer: I hope the SEC will stop suing cryptocurrencies and start making rules
Coinbase Chief Legal Officer Paulgrewal.eth posted on social media, "I hope the SEC understands what happened in the election. On many, many issues, voters said loudly and clearly that they want change. Cryptocurrency is no exception. Stop suing cryptocurrencies and start talking to cryptocurrencies. Start making rules now, there is no reason to wait."
▌French regulators launch review of crypto prediction platform Polymarket
The French National Gaming Authority (ANJ) is reviewing the operations of Polymarket, a cryptocurrency-based prediction market platform, to determine whether it complies with local rules following a surge in user demand during the U.S. presidential election. "We are aware of the site and are currently checking its operations and compliance with French gambling regulations," an ANJ spokesperson said Thursday. ANJ is expected to ban French users from accessing Polymarket, according to crypto news outlet The Big Whale late Wednesday. Earlier, Polymarket confirmed that an anonymous trader was French who made large bets on the platform in support of Trump's election victory. Calculations show that the trader, whose username is Fredi9999, is expected to make about $48 million in betting profits in four accounts. According to regulations on the government website, operating any new gambling market must be authorized by ANJ in advance.
▌Robinhood, Kraken, etc. support the new compliant stablecoin USDG
Paxos' compliant stablecoin USDG issued in Singapore has been supported by several crypto companies such as Robinhood, Kraken and Galaxy Digital. The stablecoin complies with Singapore's upcoming stablecoin framework, and the reserve asset income will be distributed to partners based on their contributions to promote the application and ecological construction of USDG. Partners such as Anchorage provide USDG in 50 states in the United States, and DBS Bank is responsible for the fund management and custody of its reserves.
▌Stacks co-founder: Established a new entity Bitcoin L2 Labs and obtained $20 million in financing
On November 8, Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, posted on the X platform: "We have established a new Stacks entity 'Bitcoin L2 Labs', obtained $20 million in financing, and focused on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as CTO and lead the development of Stacks core and SBTC." According to the official website of Bitcoin L2 Labs, with approximately $20 million in funding support, assistance from the Stacks Foundation, and collaboration with various working groups, Bitcoin L2 Labs is building an exclusive base for Stacks core development. Bitcoin L2 Labs will adopt a product-driven approach to enable the ecosystem to launch key features faster and regularly update the progress of core development.
▌The Ethereum Foundation launches the first short-term Pectra testnet Mekong
The Ethereum Foundation said that after a scope assessment of the Pectra fork, a successful interoperability event, and four development networks, it is now launching the first short-term Pectra testnet Mekong. The Mekong testnet contains all EIP proposals that will be used for the Ethereum Pectra fork. These changes include user experience (UX) improvements implemented through EIP-7702, pledge changes implemented through EIP-7251, deposit and withdrawal mechanism changes implemented through EIP-6110/EIP-7002, etc.
▌Chan Mo-po: HKMA and Saudi PIF set up a US$1 billion fund to invest in financial technology and other fields
Hong Kong Financial Secretary Chan Mo-po released the Secretary's Essay, in which he said that the visit to Riyadh, Saudi Arabia, led by a delegation last week, was fruitful. The Hong Kong Monetary Authority and the Saudi Arabian Public Investment Fund (PIF) signed a memorandum to jointly establish a US$1 billion investment fund, which will invest in the business of Hong Kong and Guangdong-Hong Kong-Macao Greater Bay Area companies in the fields of manufacturing, renewable energy, financial technology and healthcare in Saudi Arabia. In addition, a financial technology company from Hong Kong Cyberport signed a business agreement with a local partner.
▌Solidity 2.0 developer Vlayer completes $10 million pre-seed round of financing
Vlayer, a crypto startup developing Solidity 2.0, has completed a $10 million pre-seed round of financing, with participation from a16z Crypto Startup Accelerator (CSX), Credo Ventures, BlockTower Capital, etc. According to reports, Vlayer is a crypto startup developing a verifiable data infrastructure, calling it Solidity 2.0. Its goal is to enable developers to verify and integrate real-world data in Ethereum smart contracts.
▌DOGE market value surpasses XRP to become the seventh largest cryptocurrency by market value
According to the latest data from CoinGecko, DOGE has risen by nearly 30% in the past 24 hours and is now reported at $0.2104. Its market value has exceeded $30.8 billion and reached $30,854,898,813, surpassing XRP ($30,369,732,147) to become the seventh largest cryptocurrency by market value.
▌Detroit will become the largest city in the United States to accept cryptocurrency payments for taxes and other fees
According to an official press release, Detroit will become the largest city in the United States to accept cryptocurrency payments. Starting in mid-2025, local residents can use cryptocurrency to pay taxes and other municipal fees through a secure platform managed by PayPal. Detroit Mayor Mike Duggan said in a press release: "Detroit is building a technology-friendly environment that empowers residents and entrepreneurs. We are excited to be one of the first major U.S. cities to explore civic applications of blockchain and allow residents to use cryptocurrency as a payment method." According to the 2020 U.S. Census, Detroit has a population of approximately 630,000, making it the 26th most populous city in the United States. Detroit was once the fourth most populous city in the United States, with a population of nearly 2 million in the 1950s. According to reports, three U.S. states (Colorado, Utah and Louisiana) currently accept cryptocurrency as a payment method for state government fees.
▌SOL's market value surpasses BNB to become the fourth largest cryptocurrency by market value
According to the latest data from CoinGecko, SOL has risen by nearly 6% in the past 24 hours and is now at $199.24. Its market value is nearly $94 billion, reaching $93,946,886,618, surpassing BNB (US$87,804,310,919) to become the fourth largest cryptocurrency by market value.
▌The total market value of cryptocurrencies exceeds $2.8 trillion
According to CoinGecko data, the total market value of cryptocurrencies has exceeded $2.8 trillion, currently at $2.841 trillion, with a 24-hour increase of 3%. In addition, BTC has a market share of 55% and ETH has a market share of 13.6%.
▌Trump's second son: Our family loves cryptocurrency and thanks the community for supporting WLFI
On November 1, Eric Trump, the second son of Trump and current executive vice president of the Trump Group, wrote that our family loves cryptocurrency and thanks the community for its strong support for World Liberty Financial. Looking forward to the future!
▌Fitch: October non-farm payrolls "real number" may be 119,000
Fitch said that one way to try to see through the volatility of US employment is to add the strike impact estimated by the Bureau of Labor Statistics (BLS) (44,000) to the employment growth data in October, and then take the three-month moving average, which results in a figure of 119,000, which is slower than the average of 207,000 per month in the first half of this year, but far from a sharp decline. Given the broader evidence that consumer power is still continuing, the Fed is unlikely to attach great importance to the overall 12,000 figure.
▌Institutions: Maintain a bullish stance on gold
Gold futures prices fell and will close lower this week. Ole Hansen, head of commodity strategy at Saxo Bank, said that precious metals such as gold had a strong rebound on the eve of the US election. However, gold prices fell sharply after the simultaneous surge in the US dollar and yields forced gold prices to fall. Hansen believes that even so, there is no reason to change the bullish stance on precious metals. In the worst case scenario, the pullback in the past week was a healthy response to weeks of buying focused on the US election. He added that gold will be supported by three aspects: the continued deterioration of the US debt situation as President-elect Trump increases unfunded spending, central banks buy more gold reserves, and tariffs trigger inflation concerns.
▌Barclays: The Federal Reserve is expected to cut interest rates only twice in 2025, each time by 25 basis points
Barclays said that the Federal Reserve is expected to cut interest rates only twice in 2025, each time by 25 basis points, compared with the previous forecast of three rate cuts. The Bank of England is expected to keep interest rates unchanged at its December meeting, compared with the previous forecast of a rate cut.
▌Fed Kashkari: Strong economy may mean fewer rate cuts
Minneapolis Fed President Neil Kashkari said in an interview with the media on Saturday that this matter (rate cut) is really not too dependent on short-term plans between Congress and the new government-it is actually about productivity and economic growth. If this growth can continue and our economy becomes more efficient in structure, then this tells me that we may not cut interest rates so much.
▌The Bank of England cut interest rates by 25 basis points to 4.75%, in line with market expectations
The Bank of England cut interest rates by 25 basis points to 4.75%, in line with market expectations. The Bank of England said that 8 members voted in favor of a 25 basis point rate cut and 1 member supported maintaining it unchanged.
ZKasino users continue to wait for promised refunds as accusations of an exit scam grow louder. The project's future remains uncertain, with significant legal and financial challenges ahead.
Bernice$21M worth of wstETH returned to ZKasino's multisig wallet, renewing victims' hope amid investigations and arrests following the alleged exit scam.
WeiliangVitalik Buterin criticizes ZKasino for exploiting zero-knowledge proofs, leading to a $32M rug pull and significant backlash from the crypto community.
WeiliangZKasino faces backlash for misusing $33M in funds, misleading investors with unfulfilled technology promises, leading to accusations of fraud and distancing by investors.
Miyuki