BTC breaks through $76,000, the Federal Reserve announces a 25 basis point rate cut

Headline

▌BTC breaks through $76,000

The market shows that BTC breaks through $76,000 and is now at $76,019.99, with a 24-hour increase of 0.39%. The market fluctuates greatly, so please do a good job of risk control.

▌The Federal Reserve announced a 25 basis point interest rate cut

The Federal Reserve announced a 25 basis point interest rate cut, lowering the federal funds rate target range to 4.5%~4.75%. This is the second interest rate cut by the Federal Reserve this year, which is in line with market expectations. On September 18 this year, the Federal Reserve announced a 50 basis point cut in the federal funds rate target range to between 4.75% and 5%, officially starting this round of interest rate cuts.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $75,955.62, with a daily increase or decrease of +0.5%;

ETH's latest transaction price is $2,898.38, with a daily increase or decrease of +6.7%;

BNB's latest transaction price is $598.92, with a daily increase or decrease of +1.2%；

SOL's latest transaction price is 196.39 US dollars, with a daily increase or decrease of +5.3%；

DOGE's latest transaction price is 0.1937 yuan, with a daily increase or decrease of -0.7%；

XPR's latest transaction price is 0.5549 US dollars, with a daily increase or decrease of +2.5%.

Policy

▌The Trump team is considering listing Robinhood Chief Legal and Compliance Officer Dan Gallagher as a candidate for SEC Chairman

The Trump team is considering listing Robinhood Chief Legal and Compliance Officer Dan Gallagher as a candidate for SEC Chairman.

▌Two Republicans who support cryptocurrencies win House seats, but majority control remains to be determined

Two Republicans running for seats in the U.S. House of Representatives defeated their Democratic opponents in the 2024 elections, narrowing the gap for the party to maintain a majority in the House of Representatives, but majority control remains to be determined.

Among them, Republican Jeff Hurd won the House election in Colorado's 3rd Congressional District with 50.1% of the votes (89% of the votes). Another Republican, Scott Perry, defeated Democrat Janelle Stelson in Pennsylvania's 10th Congressional District and was successfully re-elected.  

While in office, Scott Perry voted for the 21st Century Financial Innovation and Technology Act (FIT21), which has bipartisan support in the House of Representatives and is currently awaiting a vote in the U.S. Senate. According to Jeff Hurd's campaign website, the Republican intends to support "legislation similar to the FIT21 Act" and favors "reasonable regulation of advanced technologies such as cryptocurrencies."

▌Detroit will become the largest city in the United States to accept cryptocurrency for taxes and other fees

According to an official press release, Detroit will become the largest city in the United States to accept cryptocurrency payments, and starting in mid-2025, local residents can use cryptocurrency to pay taxes and other municipal fees through a secure platform managed by PayPal. Detroit Mayor Mike Duggan said in a press release: "Detroit is building a technology-friendly environment that empowers residents and entrepreneurs. We are excited to be one of the first major U.S. cities to explore civic applications for blockchain and allow residents to use cryptocurrency as a payment method." According to the 2020 U.S. Census, Detroit has a population of approximately 630,000, making it the 26th most populous city in the United States. Detroit was once the fourth most populous city in the United States, with a population of nearly 2 million in the 1950s. According to reports, three U.S. states (Colorado, Utah and Louisiana) currently accept cryptocurrency as a payment method for state government expenses. ▌ Powell: Will not resign because of Trump Federal Reserve Chairman Powell was asked at a press conference whether he would leave office because of Trump, and he succinctly replied: "No." When asked if the president had the power to fire him, Powell replied: "The law does not allow it." Powell's term as chairman will expire in May 2026. His term as a director will expire in January 2028. Most legal experts say he cannot be removed without cause before the end of his term.

Blockchain Applications

▌Coinbase Introduces cbBTC to Solana to Promote DeFi Development

Coinbase's Bitcoin-backed cbBTC will be introduced to the Solana chain in an effort to promote the development of its DeFi ecosystem. Since the collapse of FTX has led to a lack of reliable Bitcoin tokens on Solana, the introduction of cbBTC is expected to fill this gap and enhance on-chain liquidity. Data shows that nearly $10 million of cbBTC is currently available for Solana DeFi. Industry insiders believe that the popularity of cbBTC may bring new growth opportunities to Solana DeFi.

Cryptocurrency

▌Crypto company WonderFi CEO kidnapped, kidnappers demand $1 million ransom

Dean Skurka, CEO of Toronto-based crypto company WonderFi, was kidnapped and released after paying a $1 million ransom.  

Dean Skurka was reportedly kidnapped after being forced into a car in downtown Toronto. He was later released after transferring $1 million. The cryptocurrency executive said he was "safe and the company's customers' funds and data were not affected," the report said. Police said the investigation is ongoing but did not disclose further details.

▌Polymarket whales bet on Trump to make a big profit, 86% of users lost money

During the recent US election, the prediction market platform Polymarket saw a surge in trading volume, with trading volume approaching $2.5 billion in October and exceeding $1.2 billion in November. While a few "whale" users made a fortune betting on Trump's victory, data shows that 86% of Polymarket users actually lost money. Of the approximately 371,000 user wallets, only 4,004 realized profits of more than $1,000. Some users tried to obtain possible future token airdrops through high-frequency trading, but many users ended up losing money. In addition, Polymarket faces a compliance investigation in France and may be banned.

▌Jack Dorsey's Square will increase investment in Bitcoin mining and shut down previous "Web5" projects

Twitter co-founder Jack Dorsey's payment company Block (SQ) plans to refocus on building equipment for Bitcoin (BTC) miners and their self-hosted crypto wallets, partly funded by abandoning the creation of a new decentralized internet known as "Web5" (founded in June 2022) and reducing investment in music streaming app Tidal.  

The decision was announced the same week that Trump won the U.S. presidential election, promising a more cryptocurrency-friendly environment in the U.S., with bitcoin mining being an industry he pledged to support during his campaign.  

In addition to the letter to shareholders, Block reported third-quarter financial results on Thursday. The company’s revenue was $5.98 billion, below the average Wall Street analyst estimate of $6.24 billion, according to FactSet. The company’s shares fell as much as 10% after that.

▌Galaxy Digital Signs Deal to Convert 800 MW of Mining Capacity to High-Performance Computing

New York-based Galaxy Digital said in its third-quarter earnings report that it had signed a non-binding term sheet with an unnamed U.S. hyperscale company that could convert all 800 megawatts (MW) of its power capacity to high-performance computing (HPC). Hyperscale companies are large data centers that specialize in providing large amounts of computing power.  

The move comes as the bitcoin halving has caused a decline in profits for the company and the entire mining industry. Galaxy's Helios mining facility in West Texas has been approved for 800MW of power generation capacity, of which 200MW is currently in operation. According to the statement, the facility has another 1.7 gigawatts (GW) of power generation capacity under study, awaiting potential permits. Galaxy said that although the total hash rate, or mining capacity, increased by 11% due to the halving, increased mining difficulty and seasonal operational reductions, mining revenue was still down 23% from the previous quarter.

Important Economic Dynamics

▌Federal Reserve Balance Sheet Falls Below $7 Trillion Mark

The total size of the Federal Reserve's balance sheet fell below $7 trillion for the first time since August 2020, meaning that the Fed has carried out about $2 trillion in this round of balance sheet reduction. The Fed previously stated in its latest statement that it would maintain the scale of balance sheet reduction unchanged, that is, to reduce its holdings of US$25 billion in US Treasuries and US$35 billion in MBS per month.

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

The Hong Kong Monetary Authority cuts its benchmark interest rate by 25 basis points to 5% after the Federal Reserve announced a 25 basis point rate cut in the early hours of the morning.

▌U.S. money market fund assets rise to $6.59 trillion, a record high

U.S. money market fund assets hit a record high as investors continue to flock to such assets in search of relatively high returns as the Federal Reserve enters a rate cut cycle. Data released by the Investment Company Institute (ICI) showed that as of the week of November 6, about $79.5 billion flowed into U.S. money market funds, bringing total assets to $6.59 trillion. The inflows came on the eve of the Federal Reserve's decision on Thursday, when the Fed cut interest rates by 25 basis points as expected.

▌Institution: Powell offers little new guidance on rate cuts

Jackson Garton, co-chief investment officer at Makena Capital Management, said Powell remained silent on providing new forward guidance at his press conference and made no comments on changing the summary of economic expectations. Short-term Treasury yields barely changed as Powell spoke. Garton still believes the Fed may choose to cut rates in December, but is not sure. He said: "I think there is more than a 50% chance of a further 25 basis point cut at the next meeting, but I'm not 100% sure."

Golden Encyclopedia

▌What is the Aptos blockchain?

Aptos aims to be a fast, scalable and reliable blockchain that supports decentralized applications (DApp) and aims to accelerate the development of Web3. Avery Ching and Mo Shaikh launched the Aptos blockchain on October 12, 2022. It is designed for high throughput and low latency, meaning it can handle approximately 160,000 transactions per second and verify them in less than 1 second on average. Aptos technology natively integrates the Move language to provide these fast, secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything you need to "build your big idea" and even combines artificial intelligence to make Web3 easy for novices and experts alike.

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