Headlines
▌Circle announces it is the first stablecoin issuer to meet Canada's new listing rules
Circle announced that its regulated subsidiary has become the first stablecoin issuer to commit to complying with the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) Value Reference Crypto Assets (VRCAs) requirements. This helps Circle's USD-denominated stablecoin USDC be offered on registered crypto asset trading platforms in the Canadian market.
Registered crypto asset trading platforms operating in Canada and meeting VRCA requirements can continue to offer USDC after the CSA's deadline of December 31, 2024 to delist non-compliant stablecoins.
▌Trump nominates Billy Long as Commissioner of the U.S. Internal Revenue Service
Trump nominates former U.S. House of Representatives member Billy Long as Commissioner of the U.S. Internal Revenue Service. In addition, Trump nominated former Senator Kelly Loeffler as the director of the U.S. Small Business Administration.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $98,724.33, with a daily increase or decrease of +2.9%;
ETH's latest transaction price is $3,834.13, with a daily increase or decrease of +5.8%;
BNB's latest transaction price is $737.65, with a daily increase or decrease of -0.6%；
SOL's latest transaction price is 228.90 US dollars, with a daily increase or decrease of -2.8%；
DOGE's latest transaction price is 0.4299 yuan, with a daily increase or decrease of +5.0%；
XPR's latest transaction price is 2.37 US dollars, with a daily increase or decrease of -7.0%。
Policy
▌The U.S. State Department said that Yoon Seok-yeol's announcement of "emergency martial law" was a serious misjudgment
The U.S. State Department said that South Korean President Yoon Seok-yeol's announcement of "emergency martial law" was a serious misjudgment.
▌SEC Commissioner: I have worked with Paul Atkins and can't think of anyone better than him to be the Chairman of the SEC
"Crypto Mom" and U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce posted on the X platform: "At the SEC, we still have a lot of work to do to advance free markets, capital formation, investor choice and innovation. I am very happy that Paul Atkins will be back to lead this work. I worked with him during his last tenure at the agency, and I can't think of anyone better suited for this job than him."
Blockchain Applications
▌Magic Eden Air Investment Qualification Query Tool is now online
According to official news, Magic Eden's native token ME air investment qualification and allocation query tool is now online.
Cryptocurrency
▌YouTube crypto influencer content views hit a 12-month high
According to The Block, as of the week of November 25, the number of views of crypto influencer content on the YouTube platform reached 4.72 million, a 12-month high, and also showed that retail investors' interest in the digital asset field has been rekindled. Among them, Coin Bureau and Crypto Banter led the growth, with more than 1 million views per week, contributing greatly to the overall index. The current weekly pageviews are still below the all-time high of 9.3 million, suggesting that there is room for retail participation to grow.
▌Anchorage Digital: Cut off from cooperation by traditional banks in 2023 due to its involvement in cryptocurrencies
Nathan McCauley, CEO of Anchorage Digital, said that in January 2023, the company's partner bank said it would no longer work with them because they were "engaged in cryptocurrency business." It is reported that Anchorage itself is a federally chartered bank and is subject to OCC review, but was disqualified from participating in banking business due to its involvement in cryptocurrency.
▌Ethereum Foundation Researcher: Solana's golden age is coming to an end and will not pose a threat to Ethereum
Justin Drake, a researcher at the Ethereum Foundation, said that Solana's golden age is coming to an end and will not pose a threat to Ethereum.
Despite Solana's momentum, Drake said Ethereum is focused on long-term gains. "Solana is at its peak right now, but I think this will be the end of Solana's golden age, because all of Solana's competitive advantages in latency and throughput will disappear because the fundamental differences in the architecture make it non-scalable," he said.
Currently Ethereum developers rely heavily on Layer 2 to provide faster and lower transaction fees. Drake said: "I think Layer 1 is competing with Bitcoin, and Layer 2 is competing with Solana. So competing with Solana is not even within the scope of Layer 1's responsibilities, we should compete in terms of safety and health. So if Solana has any competition, it needs to come from applications and Layer 2."
Important Economic Dynamics
▌The three major U.S. stock indexes all hit record closing highs, and cryptocurrency concept stocks generally rose
The three major U.S. stock indexes closed higher collectively, with the Dow up 0.69%, closing above 45,000 points for the first time, the Nasdaq up 1.30%, and the S&P 500 up 0.61%. All three major stock indexes hit record closing highs. Trump chose Paul Atkins, a digital asset advocate and senior financial regulator, as Chairman of the U.S. Securities and Exchange Commission, and Bitcoin hit $99,000. Cryptocurrency concept stocks strengthened, with Bit Digital up more than 13%, MicroStrategy up nearly 9%, Canaan Technology up nearly 8%, Riot Platforms and Coinbase up nearly 7%.
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December rose to 77.5%
According to CME's "Fed Watch", the probability of the Federal Reserve maintaining the current interest rate unchanged by December is 22.5%, and the probability of a cumulative interest rate cut of 25 basis points is 77.5%. The probability of maintaining the current interest rate unchanged by January next year is 17.2%, the probability of a cumulative interest rate cut of 25 basis points is 64.5%, and the probability of a cumulative interest rate cut of 50 basis points is 18.2%.
▌Powell: I don't think the "shadow Fed chairman" needs to be discussed
Bessant, who was nominated by Trump as Treasury Secretary, suggested in Barron's that Trump publicly appointed a successor to Fed Chairman Powell as soon as he took office, which actually created a "shadow Fed chairman", which Powell opposed. "I don't think it's even on the table," Powell said on Wednesday. "There are a series of institutional relationships between the Fed and every administration. I fully think we can maintain the same relationship." Powell's term will end in early 2026.
▌Powell said the Fed could be more cautious and generally did not change expectations of rate cuts
Federal Reserve Chairman Powell said on Wednesday that the U.S. economy is stronger than when the Fed began cutting interest rates in September last year, making policymakers likely to be more cautious about further rate cuts. Powell said: "We can be a little more cautious as we try to find a neutral position."
Powell's comments on Wednesday seemed to align with more cautious policymakers and largely echoed the previous view that the Fed could "carefully" consider rate cuts and did not need to act in a hurry. Powell's remarks on Wednesday did not significantly change the current expectation of another 25BP rate cut in December.
Golden Encyclopedia
▌What is chain abstraction?
Chain abstraction is a concept that simplifies the user experience of blockchain technology and unifies transactions across multiple networks. Blockchain chain abstraction aims to solve this problem by hiding or "abstracting" the technology from users. This means that people don't know that they are using a blockchain or which blockchain they are using. Chain abstraction works by providing a single interface that enables users and developers to interact with multiple blockchains without having to manage the complexity of each individual chain.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.
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