Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, mining information, project updates, technological advancements, and other industry dynamics. This article is the news segment of the weekly summary, giving you a glimpse into the major events in the blockchain industry this week.
Headlines
▌Libya's computing power accounts for approximately 0.6% of the global total
According to market news: Libya's cheap and subsidized electricity has fueled a covert Bitcoin mining boom, with its computing power accounting for approximately 0.6% of the global total. This phenomenon has exacerbated the burden on the local power grid, forcing the authorities to continuously escalate their crackdown.
▌Security Alert: GitHub Project Emerges as "Copy-Trading Bot" Steals Private Keys from Malicious Projects
The GitHub project polymarket-copy-trading-bot has been infected with malicious code. Upon startup, this program automatically reads the user's wallet private key from their .env file and transmits it to the hacker's server via a hidden malicious dependency package [email protected], resulting in the theft of assets.
▌Crypto Industry Reacts Intensively to US Senator Cynthia Lummis's Decision Not to Seek Re-election
US Senator Cynthia Lummis's announcement that she will not seek re-election has sparked a reaction within the crypto industry.
US Senator Cynthia Lummis's announcement that she will not seek re-election has triggered a reaction within the crypto industry.
▌British fintech company Revolut clashes with former employees over stock award tax issues
British fintech company Revolut has clashed with several former employees over high tax burdens after exercising their stock awards. These employees believe that the information they received previously was inconsistent with the final tax treatment, creating a contradiction between their tax knowledge and expectations. This conflict involves Revolut's tax arrangements and communication methods when employees leave or cash out their stock awards; currently, the two sides disagree on how to handle the relevant tax issues.
▌Techub News Clarifies Founder Alma Has No Founding Affiliation with Central Research
On December 21, Techub News issued a clarification regarding recent false information appearing on social media: Techub News founder and CEO Alma has never participated in the founding of Central Research, nor has he served as its 'co-founder' or any similar position; all related statements are untrue; Big Demo Day is a public startup roadshow brand event with multi-party cooperation, supported by organizations such as Hong Kong Cyberport. Techub News only participated in some sessions as a co-organizer and media partner, and was not involved in Central Research's internal governance, personnel appointments, or operational management. Simply equating this event with its 'internal activities' or interpreting Alma's public appearances as involvement in its operations are all misinterpretations.
On December 21, in response to recent false information appearing on social media, Techub News issued a clarification: Techub News founder and CEO Alma has never participated in the founding of Central Research, nor has he served as its 'co-founder' or any similar position; all related statements are untrue.
Cryptocurrency
▌Bitcoin miners' revenue has dropped 11% since mid-October and they are facing the risk of capitulation
According to market news: Bitcoin miners are facing the risk of capitulation, as their revenue has dropped 11% since mid-October due to a divergence between revenue and mining difficulty.
▌US Bitcoin spot ETFs saw a net outflow of $497.1 million this week
According to Farside monitoring data, US Bitcoin spot ETFs saw a net outflow of $497.1 million this week, while US Ethereum spot ETFs saw a net outflow of $643.9 million this week.
▌Arthur Hayes: The altcoin bull market has never ended, traders have just missed the leading coins
While many cryptocurrency traders are still waiting for the next altcoin season, BitMEX co-founder Arthur Hayes stated that the altcoin season is actually ongoing.
▌The U.S. Treasury repurchased $2 billion in Treasury bonds, bringing the total repurchases this week to $6 billion
According to Assemble AI, the U.S. Treasury repurchased $2 billion in Treasury bonds, bringing the total repurchases this week to $6 billion.
▌Federal Reserve Governor Milan reiterated the need for rate cuts to address risks to the labor market
Federal Reserve Governor Stephen Milan reiterated on Friday that the Fed should cut interest rates because inflation has cooled and monetary policy needs to offset risks to the labor market. Milan stated that the labor market is slowing, "and if it continues in this direction and we fail to adequately adjust policy to curb it, we will be in trouble by 2027." Milan is one of the most ardent supporters of rate cuts within the Fed.
At last week's Federal Reserve meeting, he voted against a 50-basis-point rate cut, while most of his colleagues favored a smaller 25-basis-point cut. His term at the Fed will end on January 31. A research report released by China Merchants Bank stated that on December 19, the Bank of Japan raised interest rates by 25 basis points, increasing the policy rate to 0.75%. Although the Bank of Japan is likely to maintain a highly restrained pace of rate hikes, the reversal of yen liquidity and the Japanese bond market will still exert downward pressure on global financial conditions.
Firstly, the yen carry trade may undergo a sustained reversal, exerting long-term downward pressure on global asset liquidity. As of the end of 2024, approximately $9 trillion in liquidity remained in the low-interest yen, and this liquidity is expected to gradually shrink as the US-Japan interest rate differential narrows. Secondly, the risk of Japanese debt problems may escalate further. In the short term, the Takaichi Sanae government approved a supplementary fiscal budget equivalent to 2.8% of nominal GDP. In the long term, Japan plans to increase defense spending to 3% of nominal GDP and permanently reduce the consumption tax. The Japanese government's untimely fiscal expansion stance may trigger greater market concerns, potentially leading to a steep rise in medium- and long-term Japanese bond yields and a faster steepening of the yield curve. (Jinshi)
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