Headlines
▌Trading platform eToro plans IPO in the United States
People familiar with the matter revealed that eToro, an online brokerage company that provides cryptocurrency and stock trading, is working with Goldman Sachs Group to prepare for an initial public offering in the United States. eToro is considering going public as early as the second quarter, but this timetable may change. The company said its listing valuation may be higher than the $3.5 billion achieved in private financing last year. People familiar with the matter said that details such as the timing of the issuance may change, and more banks may be added to the list.
Previously, eToro tried to go public at a valuation of $10.4 billion by merging with a special purpose acquisition company led by serial trader Betsy Cohen. The two parties agreed to terminate the transaction in 2022.
▌Federal Reserve Hammack: It may be time for the Fed to slow down the pace of rate cuts
Federal Reserve Hammack said on Friday that it may be time for the Federal Reserve to slow down the pace of rate cuts. She believes that the Fed's policy rate may not be much higher than the neutral level. Hammack pointed out that financial markets expect the Fed to cut interest rates only once in the next two meetings, and said that this expectation is consistent with her views. She said inflation, economic growth and the labor market are still stronger than the Fed expected in September. Hammack's speech is one of the clearest hints in recent speeches by Federal Reserve officials, suggesting that the Fed's policy stance may no longer be very determined to cool inflation and economic growth.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $100,274, with a daily increase or decrease of +2.7%;
ETH's latest transaction price is $4,002.63, with a daily increase or decrease of +3.1%;
BNB's latest transaction price is $735.77, with a daily increase or decrease of +0.9%;
SOL's latest transaction price is 236.44 US dollars, and its intraday increase or decrease is -3.0%;
DOGE's latest transaction price is 0.4382 yuan, and its intraday increase or decrease is +0.3%;
XPR's latest transaction price is 2.48 US dollars, and its intraday increase or decrease is +0.7%.
Policy
▌Czech Republic agrees to cancel capital gains tax on Bitcoin held for more than 3 years
The Czech Republic's parliament unanimously passed a bill to cancel capital gains tax on Bitcoin held for more than 3 years.
▌The consequences of South Korea's martial law may trigger calls for crypto market reform
Minho Leem, a digital asset analyst at Shinyoung Securities, said that the volatility of the South Korean crypto market after South Korean President Yoon Seok-yeol issued a brief martial law order may prompt calls for regulatory reform. In the long run, this incident exposed the vulnerability of the crypto market in dealing with South Korea's special situation. South Korea accounts for nearly 11% of global cryptocurrency trading volume, and its closed structure remains a concern. The South Korean government may explore ways to ensure liquidity and improve transparency in exchanges through a real-time abnormal transaction monitoring system.
Blockchain Applications
▌OpenAI's second day of presentations: Launch of the Reinforcement Fine-Tuning Research Program, which enables the use of multiple high-quality tasks to customize models
OpenAI's 12 consecutive working days of presentations have entered the second day, and today we will introduce the Reinforcement Fine-Tuning Research Program. It is reported that the project aims to enable developers and machine learning engineers to create fine-tuned expert models. The new model customization technology enables developers to customize models using dozens to thousands of high-quality tasks and grade the model's responses based on the reference answers provided. This technology strengthens the model's derivation of solutions to similar problems and its accuracy on specific tasks. OpenAI said that it encourages research institutions, universities and companies to apply for use, and expects positive results in fields such as law, insurance, healthcare, finance and engineering, because the model performs well in tasks where the results have an objective "correct" answer (which most experts would agree on).
▌Slow Mist Yuxian: A bot platform was found to have a vulnerability that may cause private key leakage
Slow Mist Yuxian posted that a well-known bot platform was found to have a related vulnerability by a white hat, which may cause private key leakage. The white hat gave feedback, but it seems that some controversy has been caused by the vulnerability bounty. The white hat is worried that this bot platform will face the risk of being hacked like DEXX in the future. When the traces left by him are investigated, he will find him to prove his innocence.
Yuxian said that in order to avoid being non-neutral, it is specially noted that the two words "white hat" mentioned here are not necessarily white hats, and it is not possible to verify who is right or wrong, who is more right or less right. If this bot platform is hacked in the future, there is some information shared by this white hat for verification.
Cryptocurrency
▌Stablecoin market fragmentation, "regional stablecoins" will be used for market connection
In a recent industry roundtable, industry insiders expressed their views on the current status and future direction of stablecoin development, including: Vishal Gupta, founder of True Exchange and former head of USDC at Circle, said: "Given that stablecoins are helping to promote large-scale adoption, we will see a more fragmented market and a surge in the number of stablecoins." Kevin Tharayil, head of special projects at the Celo Foundation, pointed out that the infrastructure is now in place to make issuing stablecoins as simple as issuing memecoin on Pump.fun, and a large number of "regional stablecoins" will appear to support currencies in different regions, such as Mento, a decentralized stablecoin platform for the Celo ecosystem. Eduardo Morrison, former Binance executive and founder of Schumann Finance, noted that his company is particularly interested in the tokenization of the euro given the EU's clear regulations on stablecoins. He believes that there is untapped potential in connecting various cross-border corporate payment channels between regions such as Latin America, Africa and the Middle East with the European market.
▌The value of Bitcoin held by Musk's companies has reached $2 billion
According to Arkham monitoring data, Musk's companies hold Bitcoin worth $2 billion, of which Tesla holds 11,509 Bitcoins ($1.17 billion) and SpaceX holds 8,285 Bitcoins ($842 million). The average purchase cost of these Bitcoins is $34,980 per coin, which means that they have now made a profit of $1.3 billion (186%).
▌Grayscale: DeFi Fund did not add or delete any new tokens as of December 4
Grayscale posted on the X platform that as of December 4, 2024, the Grayscale DeFi Fund did not add or delete any new tokens, and the assets and weights were: UNI (57.8%), AAVE (18.86%), MKR (9.47%), LDO (9.04%), and SNX (4.83%).
▌The UK FCA issued a warning to Pump.fun, saying that it provides financial services or products without permission
According to the official website, the UK Financial Conduct Authority (FCA) issued a warning to Pump.fun, saying, "The company may provide or promote financial services or products without our permission. You should avoid dealing with the company and be wary of scams."
Previously, Pump.fun banned British users from using the platform due to local laws and regulations.
Important economic dynamics
▌Federal Reserve Daly: Support gradualism to deal with economic uncertainty
Federal Reserve Daly said that the Federal Reserve has adjusted its policy through interest rate cuts, and the current interest rate level is "about appropriate". She supports taking gradual measures. Daly stressed the uncertainty of the current economic environment, and the speed at which inflation returns to the 2% target and the continued strength of the labor market are still unclear. She mentioned that the Fed should carefully observe economic data and be ready to raise interest rates again if necessary. At the same time, the synchronization of global central bank policies is no longer as good as before, and future policies need to pay more attention to changes in the actual economic situation.
▌U.S. stocks closed mixed, and cryptocurrency concept stocks rose generally
U.S. stocks closed mixed, with the Dow down 0.28%, the Nasdaq up 0.81%, and the S&P 500 up 0.25%. The Nasdaq and S&P 500 hit new closing highs. Tesla rose more than 5%, and Bank of America raised Tesla's 12-month target price to $400 and maintained a buy rating because it was optimistic about its development in the fields of FSD and artificial intelligence. Bitcoin returned to above $100,000, and cryptocurrency concept stocks strengthened. Canaan Technology rose more than 35%, Bit Digital rose more than 9%, and Coinbase rose more than 7%.
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 raise your risk awareness.