Italian banks support digital euro initiative; cbBTC market capitalization surpasses $7.8 billion.

Headline

▌Italian Banks Support ECB Digital Euro Plan, But Hope to Spread Upfront Investment Costs

Italian banks support the European Central Bank's (ECB) plan to launch a digital euro, but hope to spread the necessary investment over a longer period. Marco Elio Rotini, General Manager of the Italian Banking Association (ABI), stated at a press conference that despite the high costs, banks still support the proposal because it embodies the concept of "digital sovereignty." Recently, the ECB reached an agreement with EU finance ministers to define a roadmap for the development of the digital euro, with the central bank digital currency (CBDC) expected to launch in 2029, provided it receives EU approval next year. Rortini pointed out that the Italian Banking Association supports a dual strategy, simultaneously advancing central bank digital currencies and commercial bank digital currencies, in order to keep pace with other countries.

According to Dune data, Coinbase's CoinbaseWrappedBTC (cbBTC), a type of Bitcoin wrapped in Bitcoin, has a circulating supply of 69,208 coins. Its current market capitalization has surpassed $7.8 billion, making it the second-largest holder of the wrapped Bitcoin market with a 26.2% market share, second only to wBTC. As of press time, according to CoinGecko data: BTC price is approximately $102,004, with a 24-hour change of approximately -0.88%. ETH price is approximately $3,398.43, with a 24-hour change of approximately -1.04%. BNB price is approximately $993.47, with a 24-hour change of approximately [missing data]. 80);">+0.25%

SOL price is approximately $158.08, with a 24-hour change of approximately -2.18%

DOGE price is approximately $0.175283, with a 24-hour change of approximately -3.13%

XRP price is approximately $2.28, with a 24-hour change of approximately -1.30%

TRX price is approximately $0.291, 24...

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Blockchain Applications

▌MLM: Hyperliquid Team Testing a Protocol Called BLP

According to MLM's post on the X platform, the Hyperliquid team is currently testing a protocol called BLP on the Hypercore testnet. It's speculated that BLP stands for BorrowLendingProtocol, seemingly a native lending market on Hypercore, with functions such as lending, providing, and withdrawing. Currently, this market on the testnet only offers USDC and PURR cryptocurrencies. Perhaps they will introduce an underlying lending layer to securely implement multi-margin trading. However, this is not yet confirmed, and everything is just speculation.

The trading volume (open interest + USDC balance) on the prediction market platform Polymarket has reached approximately $400 million, doubling from July. According to SimilarWeb data, web traffic increased by 70% month-over-month in October.

Ethereum Treasury's Total Holdings Surpass 6.1 Million Tokens, Ethereum ETF's Total Holdings Reach 6.6 Million Tokens

According to strategythreserve data, Ethereum Treasury's total holdings have reached 6.14 million Tokens, accounting for 5.07% of the supply; Ethereum ETF's total holdings have reached 6.6 million Tokens, accounting for 5.46% of the supply.

Ethereum Gas Fee Currently Reported at 0.087 Gwei According to Etherscan data, the Ethereum gas fee is currently reported at 0.087 Gwei. ZEC Total Open Interest Exceeds $1 Billion According to Coinglass data, the total open interest of ZEC contracts across the network currently exceeds $1 billion, with a total trading volume of $9.457 billion. Hyperliquid holds $354 million, Binance holds $272 million, and Bybit holds $156 million.

▌If Bitcoin price rises by 13.3%, $10 billion worth of short positions will be liquidated

According to a chart published by Cointelegraph, if the price of Bitcoin (BTC) rises by 13.3%, $10 billion worth of short positions will be liquidated.

▌Bitcoin whale Owen Gunden deposits another 600 BTC into Kraken

According to Onchain Lens monitoring, Bitcoin whale Owen Gunden has deposited another 600 Bitcoins, worth $61.17 million, into his Kraken account. Owen Gunden currently holds 6,050 Bitcoins, worth $618.78 million.

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Important Economic Developments

▌US Consumer Confidence Falls to Second Lowest Point in History, Below 2008 Recession Levels

The latest data from the University of Michigan shows that the US consumer confidence index fell 3.3 points to 50.3 in November, the second lowest point in history, significantly lower than the market expectation of 53.0. This is the fourth consecutive month of decline for the index. The current conditions index fell 6.3 points to 52.3, a record low; the consumer expectations index fell 1.3 points to 49.0, the third lowest point since July 2022.

It is worth noting that the current consumer confidence index is lower than during all previous economic recessions, including the 2008 financial crisis. Analysts point out that although official inflation data shows some easing, the prices of necessities remain high, leading to widespread economic pressure on American consumers, with many believing that the US is actually in recession. (Jinshi) (CCTV News)

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Golden Encyclopedia

▌Understanding Ripple Labs' RLUSD Stablecoin

RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equal to 1 US dollar. Each RLUSD maintains a 1:1 peg. These collateralized assets are either US dollar deposits or cash equivalents. On December 10, 2024, RLUSD received regulatory approval. A week later, on December 17, RLUSD was officially launched and listed on cryptocurrency exchanges.