Headlines
▌Japan pushes forward economic stimulus plan, intends to reach a 20% unified tax rate on cryptocurrencies
The Japanese government announced the promotion of a new economic stimulus plan, which is expected to be approved by the end of 2024. The plan includes changing the cryptocurrency tax rate from the current "miscellaneous taxes" of up to 55% to a unified tax rate of 20%. In addition, the reform proposal also involves increasing the personal tax exemption to about $11,345, cutting fuel taxes and sales taxes to boost the economy and improve the job market. Japanese Prime Minister Shigeru Ishiba promised to work with all parties to promote the legislation.
▌Trump team considers establishing the first cryptocurrency-related position in the White House
According to people familiar with the matter, the Trump team is discussing with the digital asset industry whether to establish a new position in the White House dedicated to cryptocurrency policy. Trump's team is reviewing candidates for this role. If this new position is really established, it will be the first position in the White House dedicated to cryptocurrency in history. Discussions about the position include leading a small team and serving as a liaison between Congress, the White House and various agencies with jurisdiction over cryptocurrencies, including the SEC and the Commodity Futures Trading Commission (CFTC). Brian Brooks, a former Coinbase and Binance US executive, met with Trump on Tuesday and is also a potential candidate for SEC chairman, according to people familiar with the matter. Coinbase CEO Brian Armstrong also spoke with Trump this week.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is 94,365.68 US dollars, with a daily increase or decrease of +2.1%;
ETH's latest transaction price is 3,072.66 US dollars, with a daily increase or decrease of -1.3%;
BNB's latest transaction price is 606.13 US dollars, with a daily increase or decrease of -1.6%；
SOL's latest transaction price is 235.96 US dollars, with a daily increase or decrease of -0.8%；
DOGE's latest transaction price is 0.3793 yuan, with a daily increase or decrease of -3.0%；
XPR's latest transaction price is 1.11 US dollars, with a daily increase or decrease of -0.2%。
Policy
▌The U.S. SEC has postponed its decision on the Franklin Crypto Index ETF EZPZ
According to a document released on Wednesday, the U.S. SEC has postponed its decision on the Franklin Crypto Index ETF EZPZ.
Franklin Templeton submitted a registration statement to the agency in August for the Franklin Crypto Index ETF, which will hold both Ethereum and Bitcoin. If approved, the proposed Franklin Crypto Index ETF will be listed on the Cboe BZX exchange and use Coinbase Custody Trust Company LLC as its digital asset custodian.
The SEC said in the document: "The Commission believes that a longer period should be specified to act on the proposed rule changes to allow sufficient time to consider the proposed rule changes and the issues raised therein."
▌The U.S. SEC begins returning more than $4.6 million to BitClave ICO victims
According to the official announcement, the U.S. SEC will issue more than $4.6 million to investors who were harmed by BitClave (PTE Ltd.'s unregistered digital asset securities ICO). After the notification and claims process, investors will now receive BitClave's corresponding share, and checks have begun to be mailed out.
The payment is part of the settlement that BitClave agreed to pay in 2020 after the SEC accused the search engine of failing to register its 2017 ICO as a securities offering. In 2020, BitClave agreed to compensate approximately 9,500 investors who purchased its $25.5 million ICO three years ago. BitClave did not admit wrongdoing, but promised to return the $25.5 million raised from the ICO and pay an additional fine of approximately $4 million.
Blockchain Apps
▌Crypto Wallet Phantom Ranks Above WhatsApp and Instagram in Top Free iOS Apps
Crypto wallet platform Phantom hit a record high ranking on the iOS App Store on Wednesday.
Phantom ranked ninth among free iPhone apps, the first time Phantom has entered the top ten. It trailed short video app TikTok, which ranked eighth, but surpassed messaging platform WhatsApp and social media giant Instagram, which ranked 13th and 14th among free apps, respectively.
In addition, Phantom ranked second among free utility apps in the iOS App Store on Wednesday, second only to Google's search engine app.
Phantom, a non-custodial digital asset wallet and browser extension, raised $109 million in a Series B funding round. The wallet was originally based on Solana, but has since grown to support Ethereum, Bitcoin, Base, and Polygon.
Cryptocurrency
▌Benchmark analyst: BTC is expected to reach $225,000 by the end of 2026
Benchmark fintech analyst Mark Palmer said BTC is expected to reach $225,000 by the end of 2026.
In addition, the analyst also said that MicroStrategy's "controversial" BTC strategy has attracted many critics, but its huge impact on the company's stock price has provided sufficient reasons, as its stock price has outperformed almost all major companies in the United States over the past four years. Coin Center Lawyers Appeal Lawsuit, Saying Tornado Cash Is Not “Property” Coin Center is appealing a previous ruling by the U.S. District Court for Northern Florida that found that Tornado Cash created indirect benefits for foreign individuals and entities, which can be defined as financial interests subject to sanctions by the Office of Foreign Assets Control (OFAC).
Coin Center counsel Jeffrey S. Hetzel told the 11th Circuit Court of Appeals: “The simplest way to resolve this case is to find that there was no foreign property in the plaintiff’s transactions. The district court must remove the word property from the statute.” “The government said on appeal that the software posted on the banned addresses is property, but that software is non-proprietary code that cannot be owned, controlled, or altered in any way by anyone on Earth,” Hetzel said.
▌Stablecoin USDS has exceeded $89 million in circulation on Solana in less than 24 hours
Less than a day after the launch of USDS issued by Sky (formerly known as MakerDAO), the circulation of USDS on Solana has exceeded $89 million, making it the fastest growing stablecoin on Solana.
It is reported that USDS lenders on Save, Drift and Kamino are seeking returns of more than 20% due to the increase in rewards provided by Sky. Sky also encourages traders to transfer funds to Solana through the token bridging service Wormhole, which further increases the circulating supply.
▌Bitcoin's market value once again surpasses Saudi Aramco and returns to the seventh place in the global asset ranking
According to Infinite Market Cap data, Bitcoin's market value surpasses Saudi Aramco here and returns to the seventh place in the global asset ranking. Data shows that the current market value of Bitcoin has reached 1.866 trillion US dollars, a 24-hour increase of 2.13%, and Saudi Aramco's market value is 1.805 trillion US dollars, a 24-hour increase of 0.18%.
▌Coinbase to List FLOKI
Coinbase announced that it will add support for FLOKI (FLOKI) on the Ethereum network, and trading will begin on or after 9:00 a.m. (Pacific Time) on November 21, 2024, if liquidity conditions are met. The FLOKI-USD trading pair will be launched in phases once the asset is in sufficient supply. Support for FLOKI may be limited in some supported jurisdictions.
Important Economic Dynamics
▌The probability of a 25 basis point rate cut by the Federal Reserve in December is 52.3%
According to CME's "Fed Watch", the probability of the Federal Reserve maintaining the current interest rate unchanged by December is 47.7%, and the probability of a cumulative rate cut of 25 basis points is 52.3%. The probability of maintaining the current interest rate unchanged by January next year is 35.5%, the probability of a cumulative interest rate cut of 25 basis points is 51.1%, and the probability of a cumulative interest rate cut of 50 basis points is 13.4%.
▌The three major U.S. stock indexes closed mixed
The three major U.S. stock indexes closed mixed, with the Nasdaq down 0.11%, the S&P 500 index closed flat, and the Dow Jones Industrial Average up 0.32%. Large technology stocks rose and fell, with Netflix up more than 1%, and Apple and Meta rising slightly.
▌Federal Reserve Board Governor Bowman: Progress in achieving inflation targets appears to have stalled
Federal Reserve Board Governor Bowman expressed uneasiness about cutting interest rates while inflation is still above the 2% target on Wednesday, adding more color to her call for further cautious interest rate cuts. "We are recalibrating policy, but we have not yet achieved our inflation target, which worries me," she said. Bowman said that with inflation still high, the Fed's progress towards its 2% target looks to have stalled, "I would be inclined to move cautiously down the policy rate to better assess how far we are from the end point, recognizing that we have not yet achieved our inflation target and keeping a close eye on the evolution of the labor market." She believes that the neutral policy rate is much higher than before the pandemic, and the Fed is not constrained in any way to cut rates again as the market currently expects. She also said that the greater risk facing the Fed is its price stability target, although a deterioration in labor conditions is also possible.
Golden Encyclopedia
▌What is Dogwifhat (WIF)?
Launched in November 2023, Dogwifhat is a Solana-based memecoin with the image of a Shiba Inu wearing a pink knitted hat. Rather than positioning itself as a symbol of progress or a vision for the future, WIF has kept it simple, embracing its meme identity without any grand ambitions. Even the code “WIF” is misspelled with “with”, a typical meme form that highlights the fun nature of the token.
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 philosophy and be sure to increase risk awareness.
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