Headline
▌Paradigm co-founder: Stablecoins are the next killer app for cryptocurrencies
Matt Huang, co-founder of crypto investment firm Paradigm, said in X, "Stablecoins are the next killer app for cryptocurrencies - it's obvious to everyone in the cryptocurrency industry, but not so obvious to the outside world. Congratulations to Stripe and Bridge."
It was previously reported that payment company Stripe has acquired stablecoin platform Bridge for $1.1 billion, the largest acquisition in the cryptocurrency field.
▌Bitcoin and cryptocurrency political donations for the US presidential election are close to $200 million
According to Bitcoin Magazine, Bitcoin and cryptocurrency political donations for the US presidential election are close to $200 million.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $67,301.81, with a daily increase or decrease of -2.6%;
ETH's latest transaction price is $2,666.55, with a daily increase or decrease of -3.0%;
BNB's latest transaction price is $598.45, with a daily increase or decrease of -1.3%；
SOL's latest transaction price is 166.09 US dollars, and its intraday change is -1.3%；
DOGE's latest transaction price is 0.144 yuan, and its intraday change is +1.5%；
XPR's latest transaction price is 0.5449 US dollars, and its intraday change is -0.6%.
Policy
▌U.S. CFTC Chairman Calls on Congress to Advance Cryptocurrency and Election Betting Legislation
Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said at the SIFMA Annual Meeting that Congress is not expected to take action on cryptocurrency legislation in 2024. He called on Congress to focus on the regulation of crypto assets and election betting, emphasizing the importance of these areas.
Behnam pointed out that although the FIT21 bill has passed the House of Representatives, it has failed to make further progress in Congress. In addition, the CFTC's legal dispute with the prediction market Kalshi continues, and Kalshi has begun to provide betting services for the U.S. presidential election. The CFTC is working to overturn the court's ruling and seek to regain regulatory power in the field.
▌Australian Securities and Investments Commission: Former CEO of cryptocurrency exchange Mine Digital charged with fraud
The Australian Securities and Investments Commission said the former CEO of cryptocurrency exchange Mine Digital has been charged with fraud.
▌The US SEC accused WisdomTree of failing to follow its own ESG market fund investment standards
The US Securities and Exchange Commission (SEC) accused consulting firm WisdomTree of failing to follow its own ESG market fund investment standards.
Blockchain Application
▌Kalshi US election prediction market launched with trading volume exceeding $30 million in just three weeks
Kalshi launched the US election prediction market contract in October after the court ruled in its favor, and its trading volume exceeded $30 million in just three weeks. It still lags behind Polymarket, which had a trading volume of about $40 million in early January to early February (the first month of its presidential betting) and recently exceeded $2 billion.
Kalshi Markets sees Republican candidate Donald Trump leading Democratic opponent Kamala Harris by 14 percentage points, and it is understood that these odds must come only from US nationals (and permanent residents) because Kalshi's terms and conditions prohibit foreigners from trading on the platform.
▌LayerZero CEO discloses Across token contract vulnerability and proposes a solution
LayerZero CEO Bryan Pellegrino said that there is a critical problem with the Across Protocol token contract that allows tokens to be withdrawn from any wallet and the account balance to be zeroed out. He suggested transferring contract ownership to an immutable new smart contract to prevent over-minting and destruction of tokens.
Cryptocurrency
▌PAC backed by crypto mining executives runs ads for Republican candidate Ted Cruz
The Bitcoin Voter Project, a political action committee (PAC) backed by crypto mining executives, has run two ads for Republican candidate Ted Cruz.
The PAC, whose members include executives from cryptocurrency mining companies Marathon Digital Holdings, CleanSpark and Riot Platforms, ran ads claiming that Ted Cruz understands "embracing Bitcoin," but did not explicitly mention any of his opponent Colin Allred's policies.
▌ETH/BTC ratio falls to lowest point since April 2021
Since the Federal Reserve cut interest rates by 50 basis points in September, Bitcoin has risen 14%, while Ethereum has only risen 12%. Kaiko Research pointed out that weak institutional demand for Ethereum has caused the ETH/BTC ratio to fall to its lowest level since April 2021. Bitcoin has benefited from inflows from exchange-traded funds (ETFs), while Ethereum has underperformed other mainstream cryptocurrencies. In addition, analysts believe that Ethereum will find it difficult to continue to outperform Bitcoin before there is a significant shift in institutional demand.
▌An "ancient whale" from 2009 has sold a total of $9.68 million worth of Bitcoin
According to Arkham data, an "ancient whale" who has been mining Bitcoin since its inception has recently sold a large amount.
According to tracking data, the address began mining thousands of BTC just five days after the first block was created in 2009, and has now sold a total of $9.68 million worth of BTC, leaving $72.09 million worth of BTC.
▌Yesterday, BITB had a net outflow of 22.1 million US dollars, and ETHE had a net outflow of 29.6 million US dollars
According to Farside Investors monitoring data, the funding data of the US spot Bitcoin ETF and spot Ethereum ETF yesterday (October 21) are as follows:
Spot Bitcoin ETF: BITB had a net outflow of 22.1 million US dollars, ARKB had a net outflow of 6.1 million US dollars, HODL had a net outflow of 7.6 million US dollars, and GBTC had a net outflow of 4.8 million US dollars.
Spot Ethereum ETF: ETHE had a net outflow of 29.6 million US dollars, and ETHV had a net inflow of 3.9 million US dollars.
Important Economic Developments
▌Federal Reserve Chairwoman Daly: We haven't seen any reason to stop cutting interest rates yet
Federal Reserve Chairwoman Daly said the Fed will continue to adjust its policies to adapt to the economic situation; it is expected that interest rates will continue to be cut in the future; there is no reason to stop cutting interest rates yet; monetary policy is definitely still tight; we do not want to see the labor market deteriorate further; the Fed's recent interest rate cut was passed by only a narrow margin, and I strongly supported a 50 basis point cut at the time.
▌Fed Schmid: Personally tend to avoid a sharp rate cut
Fed Schmid said that interest rates may be significantly higher than the level before the COVID-19 pandemic; called for a cautious, gradual and prudent rate cut strategy; personally tend to avoid a sharp rate cut; "reasonably believe" that inflation will fall to 2%; see the labor market is normalizing, not deteriorating.
▌The probability of the Fed cutting interest rates by 25BP in November is 86.8%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in November is 86.8%, the probability of maintaining the current interest rate unchanged is 13.2%, and the probability of a 50 basis point cut is 0%. The probability of maintaining the current interest rate unchanged by December is 3.5%, the probability of a cumulative 25 basis point cut is 32.9%, the probability of a cumulative 50 basis point cut is 63.6%, and the probability of a cumulative 75 basis point cut is 0%.
Golden Encyclopedia
▌What is dynamic resharding
Dynamic resharding is a relatively new term, and the marketing team of Near Protocol calls it the "holy grail of sharding", but it also creates a new vocabulary that is not immediately understood. Based on the concept of blockchain sharding, resharding occurs when the network adjusts the number of shards based on the load. An overloaded shard can become two shards, and two underutilized shards can become one.
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.
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