Paradigm Co-founder: Stablecoins are the Next Killer Application for Cryptocurrencies
Matt Huang, Co-founder of the cryptocurrency investment firm Paradigm, stated that stablecoins are the next killer application for cryptocurrencies. He congratulated Stripe and Bridge on their recent acquisition, where Stripe acquired the stablecoin platform Bridge for $1.1 billion.
US Presidential Election Sees Nearly $200 Million in Bitcoin and Cryptocurrency Political Donations
According to Bitcoin Magazine, political donations in Bitcoin and cryptocurrencies for the US presidential election have reached nearly $200 million.
Market Update:
According to data from Coingecko:
BTC recent trading price is $67,301.81 with a 24-hour change of -2.6%.
ETH recent trading price is $2,666.55 with a 24-hour change of -3.0%.
BNB recent trading price is $598.45 with a 24-hour change of -1.3%.
SOL recent trading price is $166.09 with a 24-hour change of -1.3%.
DOGE recent trading price is $0.144 with a 24-hour change of +1.5%.
XPR recent trading price is $0.5449 with a 24-hour change of -0.6%.
Policy:
US CFTC Chair Calls for Congress to Advance Cryptocurrency and Election Betting Legislation
Rostin Behnam, Chairman of the US Commodity Futures Trading Commission (CFTC), expressed his expectation that Congress will not take action on cryptocurrency legislation until 2024. He urged Congress to focus on cryptocurrency asset regulation and election betting, emphasizing the importance of these areas. Behnam noted that although the FIT21 bill has passed in the House of Representatives, it has not made further progress in Congress. Additionally, the CFTC is in a legal dispute with the prediction market Kalshi, which has started offering betting services for the US presidential election. The CFTC is seeking to overturn the court’s ruling and regain regulatory authority in this area.
Australian Securities and Investments Commission: Former CEO of Cryptocurrency Exchange Mine Digital Charged with Fraud
The Australian Securities and Investments Commission announced that the former CEO of the cryptocurrency exchange Mine Digital has been charged with fraud.
US SEC Accuses WisdomTree of Failing to Follow Its Own ESG Market Fund Investment Standards
The US Securities and Exchange Commission (SEC) has accused advisory firm WisdomTree of failing to comply with its own ESG market fund investment standards.
Blockchain Applications:
Kalshi’s US Presidential Election Prediction Market Exceeds $30 Million in Trading Volume in Just Three Weeks
Kalshi launched its US presidential election prediction market contracts in October and has already exceeded $30 million in trading volume in just three weeks. It is still behind Polymarket, which had a trading volume of around $40 million in the first month of its presidential betting, with recent trading volume exceeding $2 billion. The Kalshi market indicates that Republican candidate Donald Trump is leading Democratic opponent Kamala Harris by 14 percentage points. It should be noted that these odds are only available to US citizens (and permanent residents) as Kalshi’s terms and conditions prohibit foreign nationals from trading on the platform.
LayerZero CEO Discloses Across Token Contract Vulnerability and Proposes Solution
Bryan Pellegrino, CEO of LayerZero, revealed a critical issue 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 ownership of the contract to an immutable new smart contract to prevent over-minting and token destruction.
Cryptocurrency:
PAC Supported by Cryptocurrency Mining Executives Runs Ads for Republican Candidate Ted Cruz
The Bitcoin Voter Project, a political action committee (PAC) supported by cryptocurrency mining executives, has run two ads for Republican candidate Ted Cruz. The PAC’s members include executives from cryptocurrency mining companies Marathon Digital Holdings, CleanSpark, and Riot Platforms. The ads claim that Ted Cruz understands “embracing Bitcoin” without specifically mentioning any policies regarding his opponent Colin Allred.
ETH/BTC Ratio Falls to Lowest Point Since April 2021
Since the 50 basis point interest rate cut by the US Federal Reserve in September, Bitcoin has risen by 14%, while Ethereum has only risen by 12%. Kaiko Research points out that Ethereum’s institutional demand is weaker, leading to the ETH/BTC ratio falling to its lowest point since April 2021. Bitcoin has benefited from inflows into exchange-traded funds (ETFs), while Ethereum has not performed as well as other mainstream cryptocurrencies. Additionally, analysts believe that Ethereum may struggle to surpass Bitcoin significantly until there is a substantial shift in institutional demand.
A “Whale” from 2009 Sells Bitcoin Worth $9.68 Million
According to Arkham data, a “whale” who started mining Bitcoin in its early days recently made significant sales. Tracked data shows that the address started mining thousands of BTC just five days after the birth of the first block in 2009. The address has sold BTC worth $9.68 million, with $72.09 million worth of BTC remaining.
Yesterday’s Net Outflow of $22.1 Million for BITB and $29.6 Million for ETHE
According to data from Farside Investors, the fund data for US Spot Bitcoin ETFs and Spot Ethereum ETFs on October 21 were as follows:
Spot Bitcoin ETF: $22.1 million net outflow for BITB, $6.1 million net outflow for ARKB, $7.6 million net outflow for HODL, $4.8 million net outflow for GBTC.
Spot Ethereum ETF: $29.6 million net outflow for ETHE, $3.9 million net inflow for ETHV.
Important Economic Developments:
Fed’s Daly: No Reason to Stop Rate Cuts
The Federal Reserve’s Daly stated that the Fed will continue to adjust policies to adapt to the economic situation, expecting further rate cuts in the future, and sees no reason to stop rate cuts. She emphasized that monetary policy is still tight and hopes to avoid further deterioration of the labor market. The recent rate cut by the Fed passed by a narrow margin, and she strongly supported a 50 basis point cut at the time.
Fed’s Brainard: Inclined to Avoid Steep Rate Cuts
The Federal Reserve’s Brainard stated that interest rates may be significantly higher than pre-pandemic levels. She called for a cautious, gradual, and prudent approach to rate cuts. She is inclined to avoid steep rate cuts and “reasonably believes” that inflation will decline to 2%. She sees the labor market normalizing rather than deteriorating.
Probability of a 25 Basis Point Rate Cut by the Fed in November is 86.8%
According to the CME’s “FedWatch,” the probability of a 25 basis point rate cut by the Fed in November is 86.8%, the probability of maintaining the current rate is 13.2%, and the probability of a 50 basis point rate cut is 0%. The probability of maintaining the current rate in December is 3.5%, the probability of a cumulative 25 basis point rate cut is 32.9%, and the probability of a cumulative 50 basis point rate cut is 63.6%. The probability of a cumulative 75 basis point rate cut is 0%.
Encyclopedia:
What is Dynamic Shard Resharding?
Dynamic shard resharding is a relatively new term that Near Protocol’s marketing team calls the “Holy Grail of sharding,” but it also creates 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. Overloaded shards can become two shards, while two underutilized shards can become one.
Disclaimer: As a blockchain information platform, the articles published are for informational reference only and do not constitute actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.
