Hong Kong has strong potential for Web3 development Trump has a 57.5% chance of winning the election

Headline

▌Currently, the probability of Trump winning the US presidential election is predicted to be 57.5%

According to the prediction market Polymarket data, the current prediction probability of Trump winning the US presidential election is 57.5%, and the probability of Harris winning the election is 42.4%. The amount of bets on the US election on the platform has exceeded US$2.9 billion.

▌Chen Haolian: Hong Kong has strong potential for Web3 development

Chen Haolian, Deputy Secretary for Financial Services and the Treasury of Hong Kong, said that as an international financial center, Hong Kong has strong potential for Web3 development and a sound regulatory system. The global blockchain ecosystem evolution and key technologies such as decentralized oracle networks have great potential in promoting decentralized finance and digital economic transformation. Therefore, it is hoped that Asia, especially Hong Kong, will have a deeper understanding of these development trends and explore how to apply their technologies to the local financial technology and Web3 innovation wave.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $69,168.14, with a daily increase or decrease of -2.6%;

ETH's latest transaction price is $2,482.61, with a daily increase or decrease of -2.8%;

BNB's latest transaction price is $563.59, with a daily increase or decrease of -3.1%；

SOL's latest transaction price is 162.93 US dollars, with a daily increase or decrease of -4.4%；

DOGE's latest transaction price is 0.1566 yuan, with a daily increase or decrease of -5.7%；

XPR's latest transaction price is 0.5081 US dollars, with a daily increase or decrease of -2.2%.

Policy

▌Kemi Badenoch becomes new leader of the British Conservative Party

Kemi Badenoch was elected as the leader of the Conservative Party on Saturday after four months of debate, after the former leader Rishi Sunak said he would resign as the leader of the Conservative Party. While the Conservatives have been friendly to cryptocurrencies in the past - proposing measures to ensure that cryptocurrencies are regulated as financial activities and saying they want the country to become a cryptocurrency hub - the digital asset industry has not been mentioned in the party leadership battle

▌Macro factors in Canada and the United States are favorable for Bitcoin prices

Dean Skurka, president and CEO of digital financial services company WonderFi, believes that interest rate cuts in Canada and the United States and the upcoming 2024 US presidential election will continue to drive Bitcoin prices higher in the next 6-24 months. Skurka explained in an interview with Cointelegraph that the recent decision of the Bank of Canada to cut interest rates by 50 basis points, as well as the Federal Reserve's continued rate cut plan starting in September 2024, will encourage retail and institutional investors to enter the market or increase existing positions. Skurka also emphasized that the upcoming 2024 US presidential election is a major catalyst for Bitcoin prices. The cryptocurrency industry believes that Trump's presidency will be good for cryptocurrencies, while Harris' victory may cause price shocks in the short term.

Blockchain Applications

▌The biggest challenge in the application of blockchain is not technology but the establishment of an ecosystem

Lin Xinchuan, Chief Strategy Officer and Managing Director of DBS Bank, said that DBS's parent bank has been actively exploring the application of blockchain technology. The successful experience is of great reference significance to DBS Bank in promoting the combination of blockchain and the financial industry in China, especially in Shanghai. As an important trade port city, Shanghai has great potential in blockchain applications. Projects that can succeed in Singapore will surely achieve greater success in Shanghai. Lin Xinchuan emphasized that the biggest challenge in the application of blockchain is not the technology itself, but the establishment of the ecosystem. Without enough participants, the network effect contained in blockchain technology cannot be brought into play.

▌Grass: Stage 2 has arrived

Grass announced on the X platform that Stage 2 has arrived, aiming to capture the network by building a user-owned Internet map. In the next season, more rewards and new product releases will be launched, such as real-time contextual retrieval (LCR), hardware, and the launch of Grass mobile applications. Perhaps affected by this news, the market shows that the price of GRASS tokens has risen to $1.64, with an increase of $3.55 billion in the past 24 hours. In addition, the market value of GRASS has also exceeded $400 million, currently reaching $402,135,234, setting a new high.

▌Ethereum Researchers Abandon EigenLayer Advisory Positions Due to Neutrality Complaints

Two Ethereum researchers revealed in a message published today that they have resigned from their advisory positions on restaking platform EigenLayer due to controversy. Ethereum researchers Justin Drake and Dankrad Feist posted on the X platform that they resigned from their advisory positions in order to focus on the development of the Ethereum base network. Drake said he had exited the position in September.

Cryptocurrency

▌The closer Bitcoin is to an asset, the further it is from a widely circulated currency

Lu Lei, deputy governor of the People's Bank of China, said in the preface to "The Theory of Money" that the urgent problem facing major developed economies is to "save the central bank from the central bankers." Although this idea is by no means the current central bank digital currency (CBDC), because I believe that CBDC has no institutional meaning of changing the monetary increment, but is there a digital currency that can not only overcome the impact of various digital assets, but also achieve the stable currency effect and maintain the existence of sovereign currency (solving the problem of monetary unification but fiscal decentralization of the euro)? At present, digital assets are following the old path of the gold standard, and the concept of stable currency is nothing more than a realistic formulation of the "soft version" of the optimal currency area theory. In the field of prediction and practice of monetary economics, there are two people who deserve high respect - Robert Mundell, who just passed away, and Satoshi Nakamoto, who is still unknown. The latter watched the bitcoin he created evolve into an extremely expensive digital asset. At present, the energy consumed by the world to mine the last 2 million coins each year is enough for hundreds of millions of people to use for more than a year. According to the marginal cost pricing method, the closer Bitcoin is to an asset, the farther it is from a widely circulated currency.

▌IRS: Crypto Rewards Received Before Account Freeze Are Taxable in Year Received

The Internal Revenue Service (IRS) issued a memorandum in October addressing the tax liability for digital asset rewards held in accounts frozen in bankruptcy. The guidance, which was sent to Michael R. Fiore of the IRS Small Business/Self-Employment Division, examines a hypothetical taxpayer (referred to as “Taxpayer A”) who holds crypto in an account with a bankrupt platform and received rewards, such as staking bonuses, before the account was frozen. According to the IRS: Taxpayer A received a reward in Year 1 before the account was frozen and must include the fair market value of the date and time the reward was received in gross income in Year 1…even if the account was still frozen on December 31 of Year 1. This interpretation follows the provisions of Sections 61 and 451 of the Internal Revenue Code, which provide that income must be recognized in the year it is received, regardless of whether it is later unavailable.

▌The U.S. Department of Justice sued Gotbit CEO for alleged market manipulation and conspiracy to defraud

The U.S. Department of Justice sued Aleksei Andriunin, founder and CEO of crypto financial services company Gotbit, for wire fraud and conspiracy to commit market manipulation. Aleksei Andriunin, a Russian citizen living in Portugal, was arrested on October 16. Court documents show that Gotbit provided market manipulation services to create artificial trading volume for multiple cryptocurrency companies (including companies located in the United States) in order to get cryptocurrencies listed on CoinMarketCap. Gotbit conducted millions of dollars worth of fake transactions on behalf of customers and obtained tens of millions of dollars in profits through these fraudulent services. Andriunin transferred millions of dollars of Gotbit's profits to his personal Binance account.

▌Zhu Su: Good crypto applications do not need or benefit from venture capital

Zhu Su, founder of Three Arrows Capital, wrote on the X platform that a subtle view on why cryptocurrency venture capital firms invest in infrastructure rather than crypto applications is that good applications do not need or benefit from venture capital funds (especially large-scale financing rounds) because they can achieve net profitability very quickly and are cheaper to build.

▌Berkshire Hathaway cash reserves exceed $300 billion

Berkshire Hathaway A (BRK.A.N) had cash reserves of $325.2 billion at the end of the third quarter of 2024, setting a new record high, and $276.9 billion at the end of the second quarter.

Important Economic Dynamics

▌Nvidia to be included in the Dow Jones

S&P Dow Jones Indices announced that Nvidia will be included in the Dow Jones Industrial Average, replacing Intel, the current chip industry component of the Dow. Another Dow component adjustment announced at the same time is that Sherwin-Williams Co. will replace Dow Chemical. Analysts believe that this adjustment marks the growing importance of artificial intelligence and high-performance computing.

▌Berkshire Hathaway continues to reduce its holdings in Apple in Q3, reducing its holdings by 25%

According to the 10-Q report released by Berkshire Hathaway A (BRK.A.N), the company sold 100 million shares of Apple (AAPL.O) in the third quarter of 2024, reducing its holdings in Apple to 300 million shares. After reducing its holdings of Apple by nearly 50% in the second quarter, Berkshire reduced its holdings of Apple by 25%. Since the beginning of this year, Berkshire's total Apple stake has been reduced by about two-thirds from 905 million shares.

Golden Encyclopedia

▌What is the Aptos Blockchain?

Aptos aims to be a fast, scalable and reliable blockchain that supports decentralized applications (DApps) and aims to accelerate the development of Web3. Avery Ching and Mo Shaikh launched the Aptos Blockchain on October 12, 2022. It is designed to achieve high throughput and low latency, which means it can process approximately 160,000 transactions per second and verify them in less than 1 second on average. The Aptos technology natively integrates the Move language to provide these fast and 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.

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