Trump family crypto project WLFI buys ENA, Fed cuts interest rates by 25 basis points

Headline

▌Trump family encryption project WLFI bought $250,000 of ENA 4 hours ago and exchanged 103 cbBTC for WBTC

According to Onchain Lens monitoring, about 4 hours ago, the Trump family encryption project WLFI (World Liberty) spent $250,000 USDC to purchase 231,726 ENA and exchanged 103 cbBTC worth $10.36 million into WBTC. So far this month, it has spent: - $30 million USDC on 8,105 ETH; - $10 million USDC on 103 cbBTC (converted to WBTC); - $2 million USDC on 78,387 LINK; - $1.91 million USDC on 6,137 AAVE; - $750,000 USDC on 741,687 ENA; - $250,000 USDC on 134,216 ONDO.

▌Fed cuts interest rates by 25 basis points

The Federal Reserve's 2024 annual interest rate decision has come to an end. The bank decided to cut the benchmark interest rate by 25 basis points to a range of 4.25%-4.50%, the third consecutive rate cut, in line with expectations. In the eight decisions this year, the Federal Reserve has cut interest rates by a total of 100 basis points, including one 50 basis point cut, two 25 basis point cuts, and five other cuts to keep interest rates unchanged.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $100,610, with a daily increase or decrease of -5.5%;

ETH's latest transaction price is $3,646.73, with a daily increase or decrease of -6.6%;

BNB's latest transaction price is $691.22, with a daily increase or decrease of -4.1%;

SOL's latest transaction price is $207.61, with a daily increase or decrease of -7.8%；

DOGE's latest transaction price is 0.36 yuan, with a daily increase or decrease of -9.1%；

XPR's latest transaction price is 2.33 US dollars, with a daily increase or decrease of -9.7%.

Policy

▌Powell: The Fed has no intention of holding Bitcoin

There is a constant debate about whether the incoming Trump administration will establish Bitcoin reserves. Federal Reserve Chairman Powell said that the Federal Reserve has no intention of holding Bitcoin. "We are not allowed to hold Bitcoin," Powell said at a press conference after the FOMC meeting. As for the legal issues of holding Bitcoin, Powell said, "This is something for Congress to consider, but we have no intention of seeking to change the law."

▌Trump, Musk oppose spending bill, House Speaker proposes "Plan B"

According to The Hill, Johnson, the Republican Speaker of the U.S. House of Representatives, is considering a "Plan B" to fund the government before the government shutdown deadline on Friday, as Republicans inside and outside Congress, including those from Trump's team, are attacking his spending plan. Trump also told the Fox News host earlier that he was completely opposed to the continuing resolution spending bill. This is consistent with the view of Musk, the "First Buddy of the United States", who said that any member of the legislature who supports the bill should step down. Two people familiar with the matter said that the alternative Johnson is considering is a "clean" continuing resolution bill. This would require abandoning additional provisions included in the initial 1,500-page spending plan negotiated by congressional leaders, including disaster aid and economic assistance to farmers.

▌US federal judge rules that Coinbase can delist WBTC

US federal judge Araceli Martínez-Olguín ruled to dismiss the request for a temporary restraining order filed by Hong Kong company BiT Global, allowing Coinbase to continue its plan to delist Wrapped Bitcoin (WBTC) from its platform. The judge believed that BiT Global failed to prove that Coinbase's move would cause it "imminent and irreparable damage."

Blockchain Applications

▌Arkham announced that it will integrate Sui blockchain data

According to the official announcement, Arkham announced that it will integrate Sui blockchain data, including entity/address pages, Arkham dashboards, real-time alerts, visualization tools/trackers, etc. It is reported that the Sui ecosystem has achieved significant growth in recent months, with transaction volume reaching approximately US$2.93 billion in the past 7 days alone, and the value of stablecoins on the network reaching US$300 million.

▌Deutsche Bank Launches Layer2 Network Based on ZKsync Technology

German financial giant Deutsche Bank is developing an Ethereum Layer 2 blockchain network based on ZKsync technology. The project aims to address the compliance challenges of public blockchains in regulated finance by improving transaction efficiency and strengthening regulatory compliance.  

This development is part of the Project Guardian project promoted by the Monetary Authority of Singapore (MAS), and Deutsche Bank's L2 network is named Project Dama 2. The project brings together 24 financial institutions to explore the possibility of tokenizing blockchain assets.

Cryptocurrency

▌Avalanche may conduct Christmas airdrops for Retro9000 voters

The Avalanche Foundation posted a message on X saying that it will conduct a RETRODROP event and posted an icon that looks like an airdrop, saying that "Christmas surprises will be prepared for those who voted for Retro9000."  

Previously, Avalanche announced that it plans to launch a $40 million funding program Retro9000 to reward developers who build on Avalanche9000.

▌Kelp DAO announces KERNEL token economics, 20% of total tokens for airdrop

The re-staking project Kelp DAO announced the KERNEL token economics on the X platform, 20% for airdrop; 35% for future community rewards. 5% ecosystem and partners. 20% private sales. 20% team and advisors. In addition, 20% of tokens will be airdropped for 3 airdrop seasons.

▌Placeholder Partner: Market pullback after the Federal Reserve FOMC meeting, don't over-trade

Placeholder partner Chris Burniske wrote on X: "If you are upset that you didn't sell before the market pullback after the Federal Reserve FOMC meeting, please understand that you don't actually have much advantage in predicting market reactions. Take this experience as an opportunity to slow down. Don't over-trade. In the long run, just be patient and you'll be fine."

▌JPMorgan Chase: Trump's victory opens a new era for US encryption, and the selection of CFTC chairman will be particularly important

JPMorgan Chase (JPM) said in a report on Wednesday that Donald Trump's victory in the November presidential election has ushered in a new era for US cryptocurrencies, noting that the total market value of cryptocurrencies has risen by about 65% since his victory.  

Analysts led by Kenneth Worthington wrote: "The new administration not only brings a crypto-friendly feel, but also shows enthusiasm for promoting this asset class; Trump's nomination of the chairman of the Commodity Futures Trading Commission (CFTC) is a missing piece in the administration's pro-cryptocurrency agenda. The position is important because it could play an important role in regulating Bitcoin (BTC) and Ethereum (ETH)."

Important Economic Dynamics

▌Analyst: Concerns about the Fed's resumption of rate hikes may be premature

Analyst Jersey said some people are worried that the policies of the new US administration may trigger inflation, causing the Fed to raise interest rates before the end of 2025, but this may be a bit premature because it takes a long time for new policies to be implemented. However, given that the next step is likely to be a rate hike, which seemed unlikely four months ago, there is a possibility that the yield curve will steepen. However, such actions may not happen until we get more data.

▌Hong Kong Monetary Authority cuts interest rate by 25 basis points

The Hong Kong Monetary Authority cut its benchmark interest rate by 25 basis points to 4.75% after the Federal Reserve announced a 25 basis point interest rate cut in the early hours of the morning.

▌Trump and Vance issued a joint statement calling on Congress to start discussing the debt ceiling now

U.S. President-elect Trump and Vice President-elect Vance issued a joint statement on X, saying that "raising the debt ceiling is not a good thing, but we would rather do it during Biden's term." "If Democrats are unwilling to cooperate on the debt ceiling now, who would think they will cooperate in June when we are in office? Let's have this debate now," Trump and Vance said in the statement. Trump and Vance also called on Congress to "pass a lean spending bill that doesn't let U.S. Senate Majority Leader Schumer and the Democrats do whatever they want."

Golden Encyclopedia

▌What is Rollup?

Rollup is a way of processing transactions on a Layer 2 protocol that frees up valuable space on the base layer. Rollup folds transactions one by one on the second layer, sometimes dozens of times, and then rolls them together before sending the data back to Layer 1. There are two main types of Rollup, optimistic and zero-knowledge (ZK) proofs. Optimistic Rollup is a fairly clear term. This means that Rollup runs with an "optimistic" approach, assuming that transactions are valid unless the verifier proves it wrong. Only when there is a dispute do they check the validity of the transaction. ZK Rollup proves transactions without revealing any transaction data. Hence, it is called "zero knowledge". ZK Rollup provides instant finality because cryptographic proof guarantees that the data is valid. In many ways, Rollup is to your standard blockchain transaction as Calzone is to your average pizza slice. By rolling, you can fit more stuff in.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for informational reference only and is not intended as actual investment advice. Please establish the correct investment philosophy and be sure to increase risk awareness.