Steak 'n Shak establishes strategic BTC reserves as BTC falls below $110,000.

Headline

▌Steak 'n Shak Announces Strategic Bitcoin Reserve

American fast-food chain Steak 'n Shak announced the establishment of a strategic Bitcoin reserve, where all payments made in Bitcoin will be deposited. Over the next 12 months, Steak 'n Shak will donate 210 satoshis from the sale of every Bitcoin meal to Open Sats Initiative, Inc.

▌BTC Falls Below $110,000

Market data shows that BTC has fallen below $110,000, currently trading at $109,995.39, a 24-hour increase of 1.75%. Market volatility is high; please manage your risk accordingly.

DOGE price is $0.1863, 24-hour change +2.0%；

XRP price is $2.51, 24-hour change +2.9%；

TRX price is $0.2966, 24-hour change +1.9%；

WLFI price is $0.2134, 24-hour change +1.4%；

DOGE price is $0.1863, 24-hour change +1.4%；

XRP price is $2.51, 24-hour change +2.9%；

TRX price is $0.2966, 24-hour change +1.9%；

WLFI price is $0.2134, 24-hour change +1.4%；

DOGE price is $0.1863, 24-hour change +19.8%

Policy

▌US House Agriculture Committee Chairman and Acting CFTC Chairperson Discuss Expanding Crypto Regulatory Authority

According to crypto journalist Eleanor Terrett, US House Agriculture Committee Chairman Glenn "GT" Thompson met with Acting Commodity Futures Trading Commission (CFTC) Chairperson Caroline D. Pham on Thursday to discuss how the commodity regulator will prepare for expanding its cryptocurrency regulatory authority and advancing related rule-making next year—a move based on expectations of the passage of market structure-related legislation. Previously, Thompson had met last week with Senate Agriculture Committee (@SenateAg) Chairman John Boozman on similar topics.

Policy

▌US House Agriculture Committee Chairman and Acting CFTC Chairperson Discusses Expanding Crypto Regulatory Authority

According to crypto journalist Eleanor Terrett, US House Agriculture Committee Chairman Glenn "GT" Thompson met with Senate Agriculture Committee (@SenateAg) Chairperson Caroline D. Pham to discuss similar topics.

Policy

▌US House Agriculture Committee Chairman and Acting CFTC Chairperson Discusses Expanding Crypto Regulatory Authority

PolicyPolicy

▌The US Department of Defense has approved the supply of long-range Tomahawk missiles to Ukraine, leaving the final political decision to President Trump. According to CNN, three officials familiar with the matter revealed that the Pentagon has assessed that supplying long-range Tomahawk missiles to Ukraine would not weaken the US military's existing stockpile, and has therefore given the green light to the White House, leaving the final political decision to President Trump. Earlier this month, Trump made it clear during a working lunch with Ukrainian President Zelensky that he was unwilling to provide the missiles, stating that "we cannot give up the weapons stockpile we need to defend our country." The Joint Chiefs of Staff submitted its assessment report to the White House earlier this month, just as Zelensky was continuing to lobby for the acquisition of the missiles—Ukraine hopes to use their approximately 1,600-kilometer range to more effectively strike deep energy facilities within Russia. Two European officials pointed out that this assessment has encouraged European allies, who believe that the US now lacks a legitimate reason to refuse to provide the missiles. It is worth noting that just days before meeting Zelensky, Trump publicly stated that the US "possesses a large number of Tomahawk missiles that can be supplied to Ukraine." The US Tenth Circuit Court of Appeals upheld the Federal Reserve's ruling, rejecting Custodia's request for a master account. According to crypto journalist Eleanor Terrett, the US Tenth Circuit Court of Appeals has ruled in the Custodia v. Federal Reserve case, ruling 2-1 in favor of the Federal Reserve and rejecting Custodia's request to force the central bank to open a master account for it. Trump denies having decided to launch a military strike against Venezuela, contradicting media reports that he had approved the attack. When asked by reporters aboard Air Force One on Friday whether a decision had been made, Trump briefly replied, "No." The Miami Herald had earlier reported that the Trump administration had decided to attack military facilities in Venezuela, and that the strike could begin at any time. When asked about the report, White House Press Secretary Anna Kelly stated that "anonymous sources have no idea what happened" and emphasized that any official statement would be released by the president himself. According to Token Terminal, the block generation time and median transaction fee of the Aptos network are at historical lows.

▌Central Bank of Malaysia Launches Three-Year Tokenization Exploration Plan

Bank Negara Malaysia announced a three-year exploration plan for the tokenization of Real-World Assets (RWA), establishing a "Digital Asset Innovation Center" and an industry working group to solicit industry feedback on potential applications such as supply chain finance and Islamic finance.

Cryptocurrency

▌Analysts Bullish on Coinbase: Derivatives and Stablecoins to be Future Growth Drivers

Coinbase's third-quarter revenue reached $1.9 billion, a 37% increase from the previous quarter, driven by increased Ethereum trading activity and subscription service revenue. Although the proportion of Bitcoin trading declined slightly, several Wall Street institutions believe the company has successfully diversified its business and are optimistic about the long-term growth brought by its derivatives, stablecoins, and the Base network. William Blair points out that Coinbase has transformed from a pure trading platform into a crypto-financial infrastructure company, with profit margins expected to rise to over 60%. JPMorgan calls the quarter "stronger than expected," but warns that acquisitions and expansions will drive up costs. Benchmark emphasizes that stablecoin revenue grew 7% quarter-over-quarter. Bernstein likens Coinbase to a "crypto AWS," predicting its Base ecosystem and potential future token issuances will be key catalysts. Goldman Sachs: Cryptocurrencies Now Account for 1% of Global Portfolios According to Goldman Sachs, cryptocurrencies now account for 1% of global portfolios. Coinbase: Acknowledges Some Users May Experience Performance Degradation When Trading Coinbase Global: Acknowledges some users may experience performance degradation when trading. **Important Economic Developments** Cleveland Federal Reserve President Hamack said on Friday that she is open to reforming the Federal Reserve's interest rate target for monetary policy. Speaking at an event hosted by the Dallas Fed, she noted profound changes in the money market structure, indicating a shift from the current federal funds rate target to other interest rate indicators. "I think it's time to explore more broadly how to best implement monetary policy," Hamack emphasized in her remarks. This statement echoes her recent consensus with Dallas Fed President Logan that financial market pricing mechanisms have gradually moved away from the traditional anchoring effect of the federal funds rate. Spot gold fell $50.29, or 1.25%, during the day, currently trading at $3974.27 per ounce, a drop of 1.25%. Federal Reserve's Bostic stated that he would prefer interest rates to remain unchanged this week, but ultimately supported a rate cut this week due to tensions among various tasks. Morgan Stanley: Investors should seek protection against dollar depreciation sooner rather than later. The dollar is likely to fall as investors reassess the neutral level of the Federal Reserve funds rate and increase hedging. Google's Willow chip marks a new era in quantum performance, enabling complex calculations and having a significant impact on various industries, including cryptography. With the launch of Google's 105-qubit Willow chip, built on the company's Sycamore processor, quantum computing has reached a major milestone. Willow nearly doubles the number of qubits in Sycamore, unlocking the ability to handle exponentially more complex computations. One of Willow's most significant advancements is its progress in quantum error correction, a crucial step towards scalable, fault-tolerant quantum systems. In benchmarks such as random circuit sampling (a test of a quantum computer's ability to solve complex problems), Willow completed tasks in minutes that would take conventional supercomputers billions of years. Quantum computers using algorithms like Shor and Grover have the potential to solve complex problems exponentially faster, potentially breaking traditional cryptographic algorithms. The rollout of powerful quantum computers like Willow has raised concerns about their impact on cryptographic security, including the impact of the Willow chip on cryptocurrencies. Bitcoin and many other blockchain systems rely on cryptographic algorithms designed to resist classical attacks. However, the potential impact of quantum computing on cryptographic security has raised concerns. Google's Willow quantum chip currently does not pose a direct threat to Bitcoin's cryptographic system. Cracking Bitcoin's ECDSA or SHA-256 encryption would require at least 1,500-3,000 fault-tolerant logical qubits, far exceeding Willow's capabilities. The scalability of current quantum systems is insufficient to challenge Bitcoin's robust defenses. Bitcoin's layered cryptographic structure, combining ECDSA and SHA-256, ensures resistance to today's quantum technologies. This technological gap currently guarantees the security of Bitcoin's cryptographic protections.