Weekly Report | The Federal Reserve announced a 25 basis point interest rate cut; the U.S. SEC approved Hashdex to launch the Nasdaq Bitcoin and Ethereum Crypto Index ETF; He Yi: Binance Alpha will focus on supporting BNB Chain ecological projects in the
Reprinted from chaincatcher
12/22/2024·5MOrganized by: Luan Peng, ChainCatcher
"What important events happened this week (12.16-12.22)"
Mark Longo (@Squirrel_Dad12), the owner of Internet celebrity Peanut, posted that he has sent a cease and desist letter to Binance through his law firm. The lawyer’s letter pointed out that Binance used a number of intellectual property rights including the PNUT trademark and the image of a squirrel wearing a cowboy hat without authorization.
According to the lawyer's letter, Longo has been using PNUT-related trademarks in the United States since April 2017, mainly for educational and public welfare projects such as animal protection, wildlife and nature conservation. If the infringement is proven to be willful, the amount of compensation may be up to $150,000 per infringement. The lawyer asked Binance to respond and stop all infringements before December 31.
According to the latest weekly report from CoinShares, digital asset investment products continued to attract capital inflows last week, totaling $3.2 billion. This is the tenth consecutive week of capital inflows. So far this year, inflows have totaled $44.5 billion, more than four times the amount in any other year. ETP trading volume averages $21 billion per week, accounting for 30% of the total Bitcoin volume traded on highly trusted exchanges. On exchanges with high trust, Bitcoin’s trading volume is highly liquid, with average daily trading volume reaching $8.3 billion this year, twice that of the FTSE 100. Looking at regional fund flows, each region All saw capital inflows, and the overall sentiment was generally positive, with the United States, Switzerland, Germany and Brazil seeing the most significant inflows, at US$3.1 billion, US$36 million, US$33 million and US$25 million respectively.
Bitcoin investment products attracted $2 billion in inflows, bringing total inflows since the U.S. election to $11.5 billion. While total assets under management (AuM) remained low at just $130 million, Bitcoin short products attracted $14.6 million in inflows following the recent price increase. Ethereum attracted capital inflows for the seventh consecutive week, totaling $1 billion, bringing total inflows over the seven-week period to $3.7 billion, with market sentiment improving significantly. As hopes for a US-listed ETF grew, altcoin XRP attracted $145 million in inflows, while Polkadot and Litecoin attracted $3.7 million and $2.2 million respectively.
3.21Shares XRP Trust has been registered in Delaware, USA
According to Phoenix News, 21Shares XRP Trust has been registered in Delaware, USA, under the registered name “21Shares XRP Trust”. This entity was established as a statutory trust on June 3, 2024, and its registered agent is CSC Delaware Trust Company, with its address in Wilmington, Delaware.
According to Cointelegraph, Nigeria’s Economic and Financial Crimes Commission (EFCC) raided a cryptocurrency fraud center in Lagos on December 10 and arrested 792 suspects, including 148 Chinese citizens and 40 Filipino citizens.
According to Ken Gamble, co-founder of IFW Global, a cybercrime investigation company, the fraud group provides Nigerian employees with a monthly salary of US$500 and performance bonuses, which is 10 times the local minimum wage.
5.Coinbase: Delisted wBTC due to “unacceptable risks” brought by Justin Sun
According to CoinDesk, Coinbase stated that it decided to delist wBTC because Justin Sun would bring "unacceptable risks." BiT Global, the issuer of wBTC, filed a wide-ranging lawsuit last week accusing Coinbase of improperly favoring its competitor cbBTC.
But in a 25-page response, Coinbase said the decision was related to Tron blockchain founder Justin Sun, who has also been accused of fraud and market manipulation in the United States. According to Coinbase documents, Sun and wBTC are connected through a partnership announced in August. "Given Justin Sun's involvement, Coinbase, like many others in the industry, raises serious questions about BiT's ability to be a reliable steward," Coinbase said.
He Yi, co-founder of Binance, said in There are some problems with the currency economic model. Some platform data will be artificially high. Regarding these projects, during the continuous observation process, I also heard some rumors about rat warehouses.
So we will put these hot projects in the market into Binance Alpha (observation area). Projects entering the observation zone are not guaranteed to be listed on Binance. Only when a project is beneficial to society can it have income and profits, and can it share the profits with users. "
Arthur Hayes, co-founder of BitMEX, published "Trump Truth". He said that although he does not believe that the US government will buy Bitcoin, this does not affect his optimistic view of its price prospects. Ultimately, gold's depreciation creates dollars that must find a home in physical goods/services and financial assets. We know from experience that due to the limited supply of Bitcoin and the decreasing amount of coins in circulation, the fiat currency price of Bitcoin increases faster than the global supply of US dollars.
At the end of the article, he stated that before entering the crash phase of the bull market, the cryptocurrency market will experience a painful plunge around Trump's inauguration on January 20, 2025. Maelstrom (Arthur Hayes' fund) will reduce some positions early and hope to buy them back at a lower price sometime in the first half of 2025.
Arthur Hayes added: "If the market forces a breakout around January 20, we will admit that we were wrong and will lick our wounds and get back on the train."
8.He Yi: Binance Alpha will focus on supporting BNB Chain ecological projects in the future
Binance co-founder He Yi said in X Spaces that listing projects on Binance Alpha does not mean that they will be listed on the Binance platform in the future. Binance Alpha will focus on supporting BNB Chain ecological projects in the future.
9.The Federal Reserve announced a 25 basis point interest rate cut.
The Federal Reserve's 2024 annual interest rate resolution came to an end, with the bank deciding to lower its benchmark interest rate by 25 basis points to a range of 4.25%-4.50%, marking the third consecutive interest rate cut, in line with expectations.
In eight resolutions this year, the Fed has cut interest rates by a total of 100 basis points, including one 50 basis point cut, two 25 basis point cuts, and five other times keeping interest rates unchanged. (Golden Ten)
10.Powell: The Fed is not allowed to own Bitcoin and has no intention of seeking to change the law
According to King Ten, Federal Reserve Chairman Powell said that the Federal Reserve has no intention of holding Bitcoin. "We are not allowed to hold Bitcoin," Powell said at a press conference after the FOMC meeting. "This is something for Congress to consider, but we have no intention of seeking to change the law."
MicroStrategy co-founder and chairman Michael Saylor said the company will shift from a leveraged Bitcoin agency program to a more focused focus on fixed-income securities to raise funds to buy the cryptocurrency once its current fundraising program is exhausted.
Saylor expressed this preference in an interview when asked how he expected to fund future cryptocurrency purchases. MicroStrategy has so far used a combination of new stock and convertible debt sales to fund purchases, the latter of which has rewarded shareholders as its shares rose to a price where they can be exchanged for shares.
"We have $7.2 billion of convertible debt, but $4 billion of that is equity in nature, they trade through strike prices, call prices, their delta is about 100%, they look like equity, and we want to get back," Saylor said. to build smarter leverage to benefit our common shareholders."
He said the company uses regulated exchanges such as Coinbase to purchase Bitcoin. MicroStrategy shares are up about 500% this year, far outpacing Bitcoin's roughly 150% rise.
Hedge funds have been looking to their fixed-income securities to implement convertible arbitrage strategies, buying bonds and shorting stocks, essentially betting on the volatility of the underlying stocks. That demand prompted MicroStrategy to issue $6.2 billion worth of convertible debt this year.
12.Changpeng Zhao met with the King of Bhutan and introduced Bitcoin to him
Binance co-founder Changpeng Zhao posted a photo of his meeting with the King of Bhutan on the X platform with the text: "Inspiring conversation."
In addition, when answering the question "Have you introduced Bitcoin to them" in the comment area, Changpeng Zhao replied: "Of course."
13.The U.S. SEC has accepted the submission of amendments to the Franklin Crypto Index ETF
According to official SEC documents, the U.S. SEC has accepted the submission of amendments to the Franklin Crypto Index ETF. On August 17, Franklin Templeton submitted an S-1 application for a new crypto index ETF, aiming to become a one-stop cryptocurrency investment portfolio. The Franklin Crypto Index ETF will track the CF Institutional Digital Asset Index. Asset Index, which currently only includes Bitcoin and Ethereum.
The proposed Franklin Crypto Index ETF, if approved, would be listed on the Cboe BZX exchange and use Coinbase Custody Trust Company LLC as its digital asset custodian. The ETF plans to invest in crypto assets with a similar weighting to the underlying index, with the possibility of adding other types of cryptocurrencies in the future. Katalin Tischhauser, head of investment research at Sygnum crypto bank, said index ETFs are the next logical step in cryptocurrency investing, similar to how investors buy the S&P 500 ETF. Currently, due to regulatory restrictions, cryptocurrency index ETFs are limited to Bitcoin and Ethereum. The ETF cannot be traded on an exchange until the SEC approves the ETF's registration application and allows at least one public stock exchange to list the product.
14.The U.S. SEC approves Hashdex’s launch of the Nasdaq Bitcoin and Ethereum Crypto Index ETF
According to documents released by the U.S. Securities and Exchange Commission (SEC), the SEC has approved the listing and trading of Hashdex Nasdaq Crypto Index US ETF and Franklin Crypto Index ETF. The funds will be listed on the Nasdaq and Cboe BZX exchanges respectively, allowing investors to invest indirectly in Bitcoin and Ethereum through traditional financial markets. The approval includes comprehensive market monitoring protocols to prevent fraudulent and manipulative practices.
15.Craig Wright was sentenced to 12 months in prison, suspended for two years, for contempt of court.
Australian scientist Craig Wright, who claimed to be Satoshi Nakamoto, was found in contempt of court and sentenced to 12 months in prison, suspended for two years. It is reported that he appeared in court via video link and refused to disclose his specific location, but said he would appeal.
Previously , COPA charged Craig Wright with contempt of court and sought a two-year prison sentence.
Burnt toast, the founder of Doodles NFT, posted a piece of text with unknown meaning on the social platform this morning, but the first letter of each word is "token is coming", which seems to imply that tokens will be released.
Affected by this news, the price of Doodles rose temporarily. It reached a maximum of 8 ETH this morning and then fell back. It is now at 6.77 ETH, with a 24-hour increase of 61.77%.
According to community users, Binance co-founder Zhao Changpeng said on the social platform on December 17, 2020 that he was waiting for new news headlines: BTC "collapse" fell from US$101,000 to US$85,000. Save this tweet.
18.Fed Daley: The Fed is very satisfied with its forecast of two interest rate cuts in 2025
Fed Chairman Daly said the Fed is very satisfied with its forecast for two interest rate cuts in 2025. (Golden Ten)
According to Bitcoin Magazine, Max Keizer, senior Bitcoin advisor to the President of El Salvador, revealed that President Bukele has increased his daily Bitcoin purchases, with a mid-term goal of holding an additional 20,000 Bitcoins.
20.Michael Saylor: Trump is seriously considering establishing a national Bitcoin reserve
According to CNBC, MicroStrategy co-founder and executive chairman Michael Saylor said: "I think Trump is serious about establishing a National Bitcoin Reserve."
Yesterday , Michael Saylor released a digital asset framework that includes a strategic Bitcoin reserve, highlighting the opportunity to position the United States as a global leader in the 21st century digital economy.
In the proposal, he said: "The United States can lead the global digital economy by establishing a clear taxonomy, a legal rights framework, and tangible compliance obligations. A capital market renaissance powered by digital assets will unlock trillions of dollars in wealth, Empowering millions of businesses and cementing the U.S. dollar as the foundation of the 21st century digital financial system.”
"What are some exciting articles worth reading this week (12.16-12.22)"
In the first and second parts about LayerZero, we introduced the mechanism, business model and dynamics of the entire cross-chain field of the LayerZero protocol. In the third part of this article, we will focus on the protocol token $ZRO.
As we enter 2025, the cryptocurrency landscape continues to evolve at an alarming rate, influenced by political turmoil, technological innovation, and changing market dynamics. Next year promises to be the most transformative for the industry, with impacts across regulation, adoption and innovation.
CoinShares is committed to analyzing these key developments, and our 2025 Outlook aims to provide the insight and foresight needed to navigate this rapidly changing space. In this report, we take a deep dive into the major forces reshaping crypto today, such as:
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The far-reaching impact of political changes in the United States
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Significant growth in Bitcoin mining
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The Rise of Companies Focused on Bitcoin Yields
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Issues surrounding Solana development
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Ethereum’s Fragile Growth Trajectory
During Devcon in Bangkok, the "DeInsight 2024" annual summit organized by Web3 asset data platform RootData and ChainCatcher officially released " RootData: 2024 Web3 Industry Development Research Report and Annual List " (click the link to view the full report and list) .
This report provides a detailed analysis and interpretation of the development characteristics of the Web3 venture capital market in 2024, and releases the RootData List 2024. This list is the second annual selection launched by RootData after its first release in 2023. The results of the list are being watched by more entrepreneurs, investors, LPs and general Crypto enthusiasts.
RootData List 2024 covers five lists, specifically: Top50 projects (TGE has been completed), Top50 projects (TGE has not been carried out), Crypto VC Top 50 investment institutions, Top 10 angel investors, and Top 20 best CEOs.
ChainCatcher will publish a series of articles, talk to projects and institutions on the RootData List 2024, look for builders who have gone through bulls and bears, and track the latest trends in Web3.
Alliance DAO, the project on the list of today 's dialogue, was selected as the "Top 50 Investment Institutions" in RootData List's 2024 list .
Only a few Web3 brands can attract as many mainstream consumers as the NFT series Pudgy Penguins .
That’s why Igloo Inc., the parent company of Pudgy Penguins, is confident of replicating its playbook with its new blockchain Abstract, an Ethereum Layer 2 that aims to become the leading blockchain for consumer crypto products and applications .
In this article, we will explore Abstract’s concept of “consumer crypto” and how and how it is built to bring the next billion users on-chain.
As a hot emerging narrative in 2024, every move in the DePIN field has attracted much attention. In this track, Roam leads the market with excellent data and becomes the leading DePIN project. As of December 15, 2024, the number of Roam's self-built nodes worldwide has exceeded one million, the number of user registrations has exceeded 1.72 million, and the number of global hardware nodes ranks first on DePINScan.
Roam’s technical advantages are one of the key factors that enable it to lead on the track. It adopts advanced OpenRoaming™ technology and is the only Web3 IDP project party (alongside the giants) among the 15 enterprise alliances of the Wireless Broadband Alliance (WBA) OpenRoaming™ program, and supports more than 4 million users in more than 190 countries around the world. OpenRoaming™ available WiFi hotspots.
The above data also proves the feasibility of large-scale adoption of Web3 applications in fields closely related to users' daily lives, and Roam's user-free business model has undoubtedly proven to be a success in the field of decentralized wireless networks. Successful.
In October this year, Roam announced that it would build a global Telecom Data Layer. At the same time, it launched Roam eSIM to accumulate a large number of users for the ecosystem in a short period of time in a low-cost, safe and convenient way, paving the way for the ecological layout of Roam Telecom Data Layer.
Now, Roam Growth, one of the four major modules of Roam Telecom Data Layer, is about to go online, which means that the era of continuous revenue building for network participants has arrived.
Or simply put, Roam’s DePIN Yields are coming.
Earlier this month, a16z crypto released their list of “Big Ideas” for 2025. So which agreements are already building on these key areas? Let’s explore together in this newly released article.
7.Chris Dixon’s latest opinion: In 2025, blockchain will further “decentralize” the AI-driven Internet
In 2025, blockchain alternatives will offer more choice, open source innovation, and community control options. They will carry the "holy fire" of an open Internet. Cryptocurrencies will begin to take power away from big tech companies and put it back into the hands of users.
8.Conversation with the “Meme Wizard” 0xWizard: How to capture the next 500 billion-dollar memes
0xWizard is a crypto-Chinese KOL with nearly 200,000 followers on X, known as the “Meme Wizard”.
Meme can be said to be a main thread running through this bull market cycle, although it is still difficult for some people to admit it emotionally.
"Be brave to participate in the second wave of opportunities" is the purpose of 0xWizard. Based on the bottom-up market recognition and thinking about the essential reasons, he believes that although the bull market has begun, Meme on the chain has actually just begun.
“There will be 500 more billion-dollar Memes in the future, but it may be difficult to create another 50 billion-dollar Meme.” 0xWizard said in an exclusive interview with ChainCatcher. However, the first-level gameplay and the second-level gameplay of Meme are completely different. For some Meme projects with high valuations that are about to flow into the secondary market, he recommends observing them before building a position.
In the exclusive interview, 0xWizard also shared his methodology for capturing new tracks and new narrative judgments, including the "Three Laws of Bull Market Engines" and the nature of tracks. He discussed several currently popular AI Meme and Meme investment experiences.
Following the Web3 version of "Twitter", Web3 version of "Ctrip", Web3 version of "Little Red Book" and other encryption-based life service applications have also begun to attract market attention.
Last week, after Changpeng Zhao revealed on the X platform that he had invested in encrypted travel platform Travala, his tokens rose 300% within an hour.
In addition, Kaia, a public chain created by communications giants LINE and Kakao, also announced last week that the first batch of Mini Dapps on LINE will be launched in January 2025, among which the gamified social metadata platform Yuliverse was successfully selected.
Yuliverse plans to launch YuliGo, a social Mini Dapp similar to the Web3 version of "Little Red Book", on the LINE Mini Dapp ecosystem and the Kaia blockchain, allowing users to "Social to Earn" based on location, that is, sharing lifestyle information such as eating, drinking, and playing in real time. At the same time, get token rewards.
According to Yuliverse, Yuliverse is the first TGE project launched on Kaia. Community users who missed Travala can also pay attention to the next updates of Yuliverse.
On December 13, Mega Labs, the developer of the real-time blockchain MegaETH, raised US$10 million on the famous angel investment platform Echo, and all its shares were snatched up within 50 seconds.
As the first Ethereum " real-time" blockchain , MegaETH acquired a number of industry insiders such as Vitalik Buterin, Joseph Lubin, Sreeram Kannan, and well-known VCs such as Dragonfly, Figment Capital, Robot Ventures, and Big Brain Holdings in June this year. investment. This time MegaETH gave up the opportunity to raise funds from VCs at a higher valuation. MegaETH Lianchuang Shuyao revealed to ChainCatcher that the new round of financing maintains the same valuation of hundreds of millions of dollars as the June financing, aiming to open the investment window equally to every community participant.
It is MegaETH's consistent style to not play by the rules. When the Ethereum community was talking about longevity and AI in Zuzalu and planning for 10,000 years later, Shuyao found that no one had solved the most urgent problem at the moment, which was the lack of a chain that was fast enough and cheap enough. MegaETH chose to be an anti-hero, to pull Ethereum out of its 10,000-year dream, and seize the day.
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