BTC breaks through $105,000, OpenSea registers foundation, triggers airdrop speculation

Headline

▌BTC breaks through $105,000

The market shows that BTC has broken through $105,000 and is now at $105,027.14, with a 24-hour increase of 3.67%. The market is volatile, so please do a good job of risk control.

▌OpenSea's registration of the foundation has triggered speculation about airdrops, and the new version may be launched this month

Yesterday, TheBlock co-founder Mike Dudas posted on social media that OpenSea has registered a foundation in the Cayman Islands, and Waleswoosh, an anonymous researcher of the Azuki NFT series, also released a screenshot of OpenSea's registration in the Cayman Islands. Usually, Web3 projects register foundations to prepare for the issuance of coins, which has sparked speculation about the upcoming launch of tokens and user airdrops.

On November 4, Devin Finzer, co-founder and CEO of OpenSea, announced that the NFT market is planning a comeback. Although Finzer revealed few details, he promised that the revamped OpenSea will be launched in December.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $104,634, with a daily increase or decrease of +3.2%;

ETH's latest transaction price is $3,965.45, with a daily increase or decrease of +2.4%;

BNB's latest transaction price is $719.96, with a daily increase or decrease of +0.6%;

SOL's latest transaction price is $224.22, with a daily increase or decrease of +2.0%；

DOGE's latest transaction price is 0.4067 yuan, with a daily increase or decrease of +2.2%；

XPR's latest transaction price is 2.46 US dollars, with a daily increase or decrease of +2.6%。

Policy

▌Meta demands to prevent OpenAI from becoming a for-profit company

Following Musk, Meta also complained to the judicial department to prevent OpenAI from becoming a for-profit company. Meta reportedly sent a letter to California Attorney General Bonta, saying that allowing such a shift would "have a significant impact on Silicon Valley." Meta asked Bonta to take "direct action" while also saying that Musk and former OpenAI board member Szilis are "qualified and capable of representing the interests of Californians in this matter." (Jinshi)

Blockchain Applications

▌Viewpoint: DeFi lending is surging while CeFi lending is decreasing

The CEOs of Abra and Arch, who are active in the crypto lending field, said that DeFi lending is surging while CeFi lending is decreasing. Driven by protocols such as Aave v3 and Spark v1, lending protocol TVL has reached a new high.  

Aave v3: Between November 5 and December 5, Aave v3's TVL increased from US$16.5 billion to US$27 billion, becoming the leader of the recovery. Its success stems from features such as cross-chain functionality and improved capital efficiency, making it a dominant player in the DeFi lending space. Spark v1: This protocol has also seen substantial growth, with its TVL nearly doubling from $4.5 billion to $8 billion over the same period. Cryptocurrency Over $50 million was liquidated across the network in the past hour, with short orders being the main blowout Data shows that $50.9397 million was liquidated across the network in the past hour, including $1.7037 million in long orders and $49.2360 million in short orders, with short orders being the main blowout. ETH liquidated $9.3859 million and BTC liquidated $25.2813 million.

▌Asia accounts for 32% of global cryptocurrency developer activity in 2024, with new developers preferring Solana over Ethereum

Asia accounts for 32% of global cryptocurrency developer activity in 2024, according to a report from venture capital firm Electric Capital, which recently released a comprehensive annual report analyzing more than 900 million code commits across the crypto industry. The shift represents a nearly threefold increase from Asia's 12% share in 2015, while North America's share fell from 43% to 24% over the same period. New developers prefer Solana over Ethereum, and the best talent in crypto is moving east, growing at a rate that other regions are struggling to catch up.

▌Trump family crypto project WLFI purchased $250,000 ONDO tokens through Cow Protocol

According to Arkham monitoring, at 6:51 am Beijing time today, Trump family crypto project WLFI spent 250,000 USDC to purchase 134,216 ONDO tokens through Cow Protocol.

Important Economic Dynamics

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 96%

According to CME's "Fed Watch": The probability of the Federal Reserve maintaining the current interest rate unchanged by December is 4.0%, and the probability of a cumulative interest rate cut of 25 basis points is 96%. The probability of maintaining the current interest rate unchanged by January next year is 3.2%, the probability of a cumulative interest rate cut of 25 basis points is 78.3%, and the probability of a cumulative interest rate cut of 50 basis points is 18.5%. (Jinshi)

▌Goldman Sachs: There is no doubt that the Fed will cut interest rates in December, and will cut interest rates by 25 basis points in January and March next year

Goldman Sachs believes that there is no doubt that the Fed will cut interest rates in December, and then cut interest rates by 25 basis points in January and March of 2025; then only cut interest rates in the June meeting and the September meeting.  

However, there are still some variables, because more and more Fed officials have indicated that the FOMC may slow down the pace of interest rate cuts as soon as possible, so there is a risk of pausing interest rate cuts at the January meeting. Traders now believe that the Fed has a 97% chance of cutting interest rates by 25 basis points at its meeting on December 17-18. But the strong November data has increased the risk that the Fed will pause interest rate cuts in early 2025. Powell's post-meeting speech and updated economic forecasts will be crucial. (Jinshi)

Golden Encyclopedia

▌What is Rollup?

Rollup is a way of processing transactions on the 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 the transaction is valid unless the verifier proves it wrong. Only when there is a dispute do they check the validity of the transaction. ZK Rollup proves the transaction without revealing any transaction data. Hence, it is called "zero knowledge". ZK Rollup provides instant finality because cryptographic proofs guarantee that the data is valid. In many ways, Rollup is to your standard blockchain transaction what Calzone is to your regular 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 raise your risk awareness.