Daily Report | Detroit will become the largest city in the U.S. to accept cryptocurrency payments; Ethereum Foundation 2024 report: 99.45% of crypto
November 8 News Overview
Organizer: Luan Peng, ChainCatcher
Important News:
- Detroit to Become the Largest City in the U.S. to Accept Cryptocurrency Payments
- CoinShares Research Director: Trump's Victory Could Propel Bitcoin to $100,000
- Trump Team Considering Robinhood's Chief Legal and Compliance Officer Dan Gallagher as SEC Chair Candidate
- Ethereum Foundation 2024 Report: 99.45% of Crypto Holdings in ETH, Asset Reserves Approximately $970.2 Million
- 200th Ethereum ACDE Meeting: Team Plans to Phase Out Pectra Devnet 4 Soon
- Nansen CEO: Spent a Long Time Studying Bitcoin L2, Believes a "Winner" Has Been Found
"What Important Events Happened in the Last 24 Hours"
Detroit to Become the Largest City in the U.S. to Accept Cryptocurrency Payments
According to The Block, Detroit city officials announced on Thursday that the city will become the largest in the U.S. to accept cryptocurrency payments. Residents will be able to pay taxes and other city fees using cryptocurrency through a secure platform managed by PayPal.
Finance Director Nikhil Patel stated that this option will be launched in mid-2025, along with further improvements to city payment services. This is part of a larger strategy for the city of Detroit aimed at exploring innovative technologies that can enhance public services, strengthen citizen engagement, and promote economic growth.
CoinShares Research Director: Trump's Victory Could Propel Bitcoin to $100,000
According to CNBC, CoinShares Research Director James Butterfill stated that Trump's victory in the presidential election this week, along with the Republican Party gaining a new majority in the Senate, could make it easier for a "loosely regulated framework" to pass.
Thus, a Bitcoin price rise to $100,000 (representing a 33% increase) "is now possible." He believes that the main catalysts for Bitcoin's future development are changes in SEC leadership, cryptocurrency-friendly regulations, and further adoption by major corporations.
Trump Team Considering Robinhood's Chief Legal and Compliance Officer Dan Gallagher as SEC Chair Candidate
According to Jinshi, the Trump team is considering naming Robinhood's Chief Legal and Compliance Officer Dan Gallagher as a candidate for SEC Chair.
Ethereum Foundation 2024 Report: 99.45% of Crypto Holdings in ETH, Asset Reserves Approximately $970.2 Million
The Ethereum Foundation released its 2024 report, stating that as of October 31, 2024, the EF (Ethereum Foundation) has asset reserves of approximately $970.2 million, of which $788.7 million is in crypto assets and $181.5 million is in non-crypto investments and assets.
Most of our crypto holdings (99.45%) are held in the form of ETH. These ETH account for 0.26% of the total ETH supply as of October 31, 2024. We choose to hold most of our reserves in ETH. The Ethereum Foundation believes in Ethereum's potential, and our ETH holdings reflect this long-term perspective. Meanwhile, the goal of EF's asset reserves is to provide funding support for important public goods in the Ethereum ecosystem for the coming years.
To achieve this goal, we must adhere to conservative financial management policies to ensure ample resources even during prolonged market downturns. This requires regularly selling ETH to ensure sufficient reserves for the coming years and increasing our fiat reserves as planned during bull markets to fund expenditures during bear markets.
200th Ethereum ACDE Meeting: Team Plans to Phase Out Pectra Devnet 4 Soon
Galaxy Research Vice President Christine Kim summarized the 200th Ethereum Core Developer Execution (ACDE) call, where developers shared updates on Pectra Devnet and the next steps for PeerDAS Devnet; they also discussed short-term solutions to address Ethereum's historical growth issues and the removal of EIP 7610 from Pectra; additionally, the team plans to phase out Pectra Devnet 4 soon.
Nansen CEO: Spent a Long Time Studying Bitcoin L2, Believes a "Winner" Has Been Found
Nansen CEO Alex Svanevik posted on social media: "Spent a lot of time studying Bitcoin's Layer 2 (L2). I believe we have found a winner. Stay tuned."
Upbit to Launch DRIFT KRW, BTC, USDT Trading Pairs
According to an official announcement, Upbit will launch DRIFT KRW, BTC, USDT trading pairs.
Elon Musk: X Platform Usage Reaches 434.1 Billion, Hits All-Time High
Musk tweeted that current usage of the X platform has reached 434.1 billion, hitting an all-time high.
Data: SOL Market Cap Surpasses BNB Again, Becomes the Fourth Largest Cryptocurrency by Market Cap
According to CoinGecko data, SOL has risen nearly 6% in the past 24 hours, currently priced at $199.24, with a market cap exceeding $94 billion, reaching $93,946,886,618, surpassing BNB ($87,804,310,919) to become the fourth largest cryptocurrency by market cap.
Previously, on July 26, SOL's market cap surpassed BNB to become the fourth largest cryptocurrency by market cap.
Data: 49,000 BTC Options and 295,000 ETH Options Expiring Today, Total Notional Value $4.56 Billion
Greeks.live macro analyst Adam posted on the X platform that the options market is seeing concentrated expirations of BTC and ETH options today. Data shows that 49,000 BTC options are expiring, with a Put Call Ratio of 0.72 and a maximum pain point of $69,000, with a notional value of $3.7 billion; for ETH options, the expiring quantity is 295,000, with a Put Call Ratio of 0.65 and a maximum pain point of $2,500, with a notional value of $860 million.
Adam analyzed that with Trump's victory, Bitcoin surged significantly this week, breaking through $75,000 to set a new all-time high, driving Ethereum to rebound to $2,900. Today's expiring options account for 15% of total positions, but the maximum pain point remains unaffected. Due to the election's impact, short-term options implied volatility (IV) has dropped significantly, and market sentiment is optimistic, suggesting that the strong trend may continue into the fourth quarter.
Data: 6 Hong Kong Virtual Asset ETFs Trade Approximately 29.55 Million HKD Today
Hong Kong stock market data shows that as of the close, the trading volume of 6 Hong Kong virtual asset ETFs today is approximately 29.55 million HKD.
Among them:
Huaxia Bitcoin ETF (3042.HK) traded 7.32 million HKD;
Huaxia Ethereum ETF (3046.HK) traded 13.88 million HKD;
Jia Shi Bitcoin ETF (3439.HK) traded 1.91 million HKD;
Jia Shi Ethereum ETF (3179.HK) traded 2.84 million HKD;
Bosera HashKey Bitcoin ETF (3008.HK) traded 1.85 million HKD;
Bosera HashKey Ethereum ETF (3009.HK) traded 2.25 million HKD.
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
After the U.S. Election, How Long Will the Hype Around Polymarket and Prediction Markets Last?
New users of Polymarket are likely to continue using the platform after the U.S. election cycle. About 4/3 of users trade on non-election-related topics, indicating ongoing interest in diverse topics.
Full Text of the Federal Reserve Statement: Rate Cut of 25 Basis Points, No Votes Against
On November 8, the Federal Reserve announced a rate cut of 25 basis points to 4.5%-4.75%, in line with market expectations. This decision was unanimously approved, with the policy statement largely unchanged, continuing to emphasize close monitoring of risks to dual objectives, but removing the phrase "more confident that inflation is sustainably moving toward the target," without issuing any clear signals regarding future rate cuts or commenting on the results of the U.S. election in any way.
If Trump Returns to the White House, How Much Will His Net Worth Increase?
Hours before the voting ended on U.S. Election Day, Donald Trump's social media company released a dismal financial update: in the first nine months of 2024, the company's sales were only $2.6 million, with an operating loss of up to $363 million.
But less than 12 hours later, as news of the former president's overwhelming return to the White House became clearer, the company's stock price soared 60%, instantly increasing Trump's personal wealth by $2.4 billion.
The market is always predicting who will hold power in Washington. But if you want to assess the net worth of a U.S. president, there is no clearer way than to look at Trump's personal wealth. The Bloomberg Billionaires Index estimates Trump's personal wealth at about $6.7 billion.
Trump's victory would solidify his business empire spanning media, real estate, and cryptocurrency, which largely relies on his image, brand, and, most importantly, his political power. Moreover, Trump now has the ability to resolve multiple legal disputes threatening his business and freedom, and many of his investment prospects have never looked so bright.
One of the many benefits of being president is that this authoritative position is likely to provide a significant advantage in the difficult negotiations regarding some of Trump's real estate assets. Real estate experts say that because Trump occupies a central position in Republican politics, the value of his Palm Beach club Mar-a-Lago has increased. Not to mention that investors, whether American or from other countries, will seek to collaborate with him to establish some connection with the White House.
"Maybe his net worth will reach $100 billion. I don't know; he'll figure it out, he really will," said Louise Sunshine, a former executive vice president of the Trump Organization who was involved in developing Trump Tower. "He will be richer and more powerful than ever."
An Overview of Five Major Crypto Market Makers' MEME Coin Holdings: Wintermute's Large Bets Lead to High Success Rate for Binance Listings, Most Institutions Focus on Established Projects
This article summarizes the MEME coin holdings of five crypto market makers, collectively holding over $120 million worth of MEME coins, with Wintermute being the largest holder and covering the most popular projects, and several of its MEME coins successfully listed on Binance, while other institutions hold smaller amounts, primarily focusing on established MEME coins like PEPE and SHIB.
SEC Chair's Term is Ending, What More Can He Do for the Crypto Industry?
Despite being deeply unpopular in the crypto industry, SEC Chair Gary Gensler still has the ability to initiate several actions before his departure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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