监管的完善不是行业发展的终点，而是"黄金十年"的新起点。

According to Cointelegraph, the recent increase in the value of privacy-focused cryptocurrency Zcash (ZEC) may be more a result of capital rotation than a sustained structural bull trend, as suggested by Real Vision founder and macro investor Raoul Pal. During a discussion on the "When Shift Happens" podcast, Pal expressed skepticism about the longevity of Zcash's rally, noting that it is premature to determine whether this marks the start of a broader uptrend. He emphasized the need for the entire market to rise and maintain its trend to confirm a structural bull market, rather than just a rotation of capital. Zcash, which is currently trading at $385.81, has experienced a significant increase of 699.07% since January 1, according to CoinMarketCap. However, the momentum has slowed, with the token's price declining by approximately 37% over the past 30 days. Pal highlighted the importance of Zcash establishing a strong floor price following its recent surge, indicating that a stable base would be a positive sign for future growth. Despite the recent gains, Pal expressed caution about purchasing Zcash at its current levels, suggesting he might consider buying during the next down cycle. The rise in Zcash's price occurred even as the broader cryptocurrency market faced declines. Its market capitalization increased from under $1 billion in August to over $7 billion in early November. The surge was partly fueled by a prediction from crypto entrepreneur Arthur Hayes, who suggested that Zcash could eventually reach $10,000, leading to a 30% price increase in just 24 hours on October 26. Additionally, there has been a growing interest in privacy tokens as more market participants prioritize anonymity. Institutional interest in Zcash has also been on the rise. On November 27, Grayscale Investments submitted a filing to the U.S. Securities and Exchange Commission, indicating its intention to convert its Zcash fund into a spot ETF. This move follows Grayscale's launch of other spot ETFs linked to cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and XRP (XRP). The increasing institutional interest and the potential for a spot ETF could further influence Zcash's market dynamics in the future.

Real Vision CEO Raoul Pal said the key signal indicating whether Zcash shows the start of a rally is if it can hold up during a broader market uptrend. source: https://cointelegraph.com/news/zcash-capital-rotation-trend-not-confirmed-raoul-pal-crypto?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Strategy 创始人 Michael Saylor 在接受采访时表示，尽管近期比特币价格表现不佳（从 10 万美元跌至 8.7 万美元），但过去一年在监管、机构采用、衍生品市场、银行信用和公平价值会计等方面取得了前所未有的进展，这些为全球采用奠定基础。比特币代表经济能量的突破，可提升人类经济寿命。此外，Michael Saylor 对量子计算持乐观态度，认为将引发网络升级和通缩事件。其对比特币协议变更持保守态度，应避免不必要功能膨胀，以维护其作为数字资产的核心地位。

null source: https://x.com/reutersbiz/status/2001867527199044013

XRP price failed to gain pace above $1. 920 and trimmed gains. The price is now struggling and faces resistance near the $1. 820 level source: https://www.newsbtc.com/analysis/xrp/xrp-price-turns-lower-1-8/

近日，加密资产交易平台 Gate 正式上线 2025 年度用户账单回顾项目。该账单基于用户全年在平台上的交易行为与产品参与轨迹，通过时间线方式呈现用户在高波动市场环境中的关键操作与阶段性表现。与传统年度数据盘点不同，Gate 年度账单更强调用户参与路径本身，涵盖交易行为、活动参与及重要里程碑等多个维度，将分散的数据整合为可回溯的完整记录。同时，账单引入基于交易风格与活跃度的标签与称号设计，弱化单一收益指标对比，突出用户行为特征与参与方式。Gate 此次年度账单的发布，也体现出其在用户规模、产品结构与平台承载能力等方面的综合优势。2025 年，在加密市场活跃度提升的背景下，Gate 用户规模接近 5,000 万，现货交易量跻身全球前二，衍生品交易量进入全球前三，为多类型用户提供了充分的参与空间。

据财经网站 Investinglive 分析报道，日本央行加息 25 个基点，至 0.75%，符合市场预期，标志着日本利率水平升至三十年来的最高水平，并凸显了日本央行逐步摆脱超宽松政策的趋势。鉴于通胀数据持续走强，以及政策制定者释放出日益增强的信心信号，市场已充分消化了加息决定。从市场角度来看，此次政策调整缺乏意外性，降低了此前政策调整带来的波动风险。与以往引发日元融资套利交易大幅平仓的情况不同，此次日元的反应可能更多地受到政策指引的影响，而非加息本身。市场关注点很快从加息本身转移到央行的前瞻性指引以及行长植田和男对未来政策走向的评估。植田和男在新闻发布会上可能会采取谨慎的语气，强调未来的调整将取决于通胀是否可持续且由需求驱动。他预计将着重强调工资增长、家庭消费和企业投资的重要性，同时也会指出近期日本国债收益率的上升，以及避免金融环境动荡的必要性。（金十）

According to Odaily, the yield on Japan's 10-year government bonds increased by 3.5 basis points to reach 2%, marking the highest level since May 2006.

道富投资管理公司高级固定收益策略师 Masahiko loo：市场可能将日本央行加息解读为鸽派，导致日元短期波动。但受到美联储宽松政策和日本投资者从历史低位提高对冲比率的支撑，135-140 的较长期目标保持不变。现在焦点转向日本央行行长植田和男的新闻发布会基调和前瞻性指引——可能是中性的，暗示在 2026-27 年逐步实现正常化，不会过于鸽派或鹰派。植田和男需要保持微妙的平衡。(金十)

10 年期日本国债收益率上升 3.5 个基点至 2%，为 2006 年 5 月以来最高水平。(金十)

AI基建真正的危机在于深层的金融结构错配——当高折旧的算力资产、高波动的矿工抵押物，与刚性的基础设施债务被强行捆绑时，一条隐秘的违约传导链已经形成。

特朗普媒体公司正在实施其历史上最雄心勃勃的举措之一，这标志着该公司的业务范围将远远超出社交媒体，其具有里程碑意义的合作伙伴关系旨在到 2026 年建造一座公用事业规模的核聚变发电厂。

Messari,加密货币：从资产类别到技术领域的转变 金色财经,加密货币从交易型资产类别向底层科技赛道演进

​加密货币仍是一项新兴且迅速发展的实验。要驾驭当下，我们必须在数据与信念、宏观认知与技术乐观之间找到平衡。

Meta 正在开发两个专有的人工智能模型，分别是用于图像和视频生成的芒果（Mango）和用于文本和推理的牛油果（Avocado），预计将于 2026 年上半年推出。该公司创建了 Meta 超级智能实验室，聘请了 50 多名人工智能专家，并放弃了 Llama 开源模型，转而与谷歌的 Gemini 和 OpenAI 的人工智能工具竞争。

美国11月CPI到底准不准？“前期数值结转”（Carry Forward）到底在多大程度上影响了政府数据统计？

Robinhood 只是零售分发机器，而 Coinbase 想当的是：零售分发 + 商业分发 + 钱包/身份分发。

金色财经推出加密货币和区块链行业早报《金色早8点》2913期，为您提供最新、最快的数字货币和区块链行业新闻。

金库是加密货币领域中人人都自以为理解的概念之一，这主要是因为它们看起来简单易懂。