Weekly Report | Trump announces victory; Federal Reserve cuts interest rates by 25 basis points; Biden: Will work to ensure a smooth transition to th

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened This Week (11.4-11.10)"

1、 Andre Cronje: Coinbase Has Requested Listing Fees Multiple Times, Will Publish All Evidence for Public Verification

Sonic Labs co-founder Andre Cronje expressed his views on the recent controversy regarding exchange "listing fees." He stated, "Binance did not charge us a listing fee, but Coinbase has requested fees multiple times, offering $300 million, $50 million, $30 million, and the most recent offer was $60 million."

Some supporters of Coinbase responded by claiming that Andre may have contacted fake Coinbase listing workers and questioned Sonic Labs' background checks.

Andre responded again, saying, "I have not signed a confidentiality agreement, so I am very willing to provide relevant proof (the price requests came from multiple Coinbase employees/departments, raised over the years via email, Telegram, and Slack). It can be argued that Coinbase can claim this is not a listing fee but other costs, but it still translates into the project's listing costs. I know Coinbase may legally make some cuts, but I am happy to publish all evidence and let the public verify."

2、 Monetary Authority of Singapore: Plans to Open Wholesale CBDC Testnet SGD Testnet to Eligible Financial Institutions like Standard Chartered and DBS

According to official news, the Monetary Authority of Singapore announced plans to promote regulated and trusted tokenized currency forms as common settlement assets to reduce settlement risks and market fragmentation. It is currently facilitating financial institutions to obtain common settlement assets, including the Singapore dollar wholesale central bank digital currency (CBDC). The initial test network SGD Testnet features include settlement tools, programmability, and interoperability.

The testnet SGD Testnet will be open to eligible financial institutions in Project Guardian and Project Orchid, with the first batch of participating institutions including DBS Bank, OCBC Bank, Standard Chartered Bank, and UOB, with use cases including payments and securities settlement.

3、 Zhao Changpeng: Very Optimistic About Investment Opportunities in the Middle East, RWA Is Difficult to Form Sufficient Trading Volume in the Secondary Market

According to Caixin, former Binance CEO Zhao Changpeng stated at the second Gulf Investment Forum held in Bahrain, "Many people do not know the good here."

Zhao also mentioned that he learned that Hong Kong peers are actively exploring RWA, but the price fluctuations of real-world assets are relatively small, making it difficult to form sufficient trading volume in the secondary market, and liquidity is prone to gradually shrink, waiting for innovators to propose truly liquidity-generating use cases.

In addition, Zhao expressed great optimism about investment opportunities in the Middle East, focusing not only on blockchain investments but also on AI and biotechnology in Gulf Cooperation Council countries.

It is reported that after obtaining a license as a crypto asset service provider from the Central Bank of Bahrain, Binance also received approval for a banking license from the CBB, meaning Binance has fiat entry and exit channels locally.

4、 ZachXBT Responds to "Deploying ERC-20z Token": Aimed at Digital Collectibles, Not Intended for Speculation on Investigation Work

On-chain detective ZachXBT responded to the incident of deploying the ERC-20z token, stating, "Zora's user interface currently does not inform creators that ERC 20 tokens will be launched at the end of the open edition NFT minting. If people continue to @ me in the posts, I will dilute this topic with more mints that have no end date and may take other actions (replacing artworks on Zora with blank images). I never intended to let people speculate on the investigation; I just wanted a free digital collectible that can be permanently archived on the blockchain (e.g., see my previous Mirror article)."

Previous news indicated that according to GMGN data, the market value of the ERC-20z token deployed by ZachXBT exceeded $14 million before falling back.

5、 Binance CEO: Despite Asia Driving Most of the Growth in the Financial System, Western Companies Will Still Be the Main Beneficiaries

According to Fortune, Binance CEO Richard Teng stated at the Singapore Insights Forum that although Asia has driven most of the growth in the financial system, Western companies will still be the main beneficiaries. Teng pointed out that Western companies, with their scale and influence over regulatory frameworks, will dominate in seizing growth opportunities. He called on policymakers to ensure local competitors have a fair chance and to allow broader experimentation.

According to a Deloitte report, digital wallet spending in the Asia-Pacific region reached $9.8 trillion in 2023, accounting for two-thirds of global spending. Vincent Iswara, CEO of Indonesian mobile wallet company Dana, described the Asian payment sector as the "Wild West," lacking unified standards. The cautious attitude of regulators has driven the rapid development of e-wallets and digital banks in the Asia-Pacific region.

Jessie Toh, Global CFO of Coda Payments, emphasized that mobile phones are key to financial inclusion and accessibility. She also noted that stablecoins are becoming increasingly popular in economies with currency fluctuations, providing users with tools to combat inflation and currency depreciation. Teng added that the growth of stablecoins outside the U.S. is driven by demand from residents of low-income countries, with young consumers using them as a way to protect funds and for low-cost transfers. Stablecoins also enable countries to gradually move away from a U.S.-dominated financial system.

6、 Trump Announces Victory

U.S. Republican presidential candidate Trump announced his victory in the 2024 presidential election.

In addition, Trump expressed gratitude to all voters who supported him, his campaign team, and his family, and kissed his wife Melania Trump.

7、 Trump: "God Spared Me for a Reason, and That Reason is to Save Our Country"

According to Interface News, U.S. Republican presidential candidate Trump delivered a speech in West Palm Beach, Florida, announcing his victory in the 2024 presidential election.

Trump stated, "People tell me, 'God spared me for a reason.' That reason is to save our country and make America great again. Now, we will accomplish this mission together."

Trump said, "The task before us is not easy, but I will put every ounce of energy, spirit, and fighting spirit from the depths of my soul into the work you have entrusted to me."

8、 Harris Gives Speech Acknowledging Defeat, Urges Supporters to Fight for Their Ideals

According to Jinshi News, on November 6, local time, U.S. Vice President and Democratic presidential candidate Harris delivered a speech at Howard University in Washington, D.C.

Harris stated that she accepts the election results and will help Trump and his team complete the power transition peacefully. She told her supporters to accept her electoral defeat but urged them to continue fighting for the ideals she advocated during her campaign.

9、 Over 250 Pro-Crypto Candidates Elected to Congress in This Election

According to Fox Business, over 250 pro-crypto candidates were elected to the U.S. Congress in the 2024 election.

According to the latest data from Stand With Crypto , over 270 pro-crypto candidates secured congressional seats in this election.

10、 CCTV Reports Bitcoin Price Hits New High, Claims Trump Promised to Establish Strategic Bitcoin Reserves

Last night, CCTV-2 (CCTV Finance Channel) reported that "Bitcoin price soared to a historic high, reaching $75,000, with an increase of over 8%."

The report stated that Trump had previously promised to make the U.S. the world capital of Bitcoin and cryptocurrencies and to establish strategic Bitcoin reserves.

11、 Canada Crypto Market Report: 10% of Canadians Hold Cryptocurrencies, BTC and ETH Account for Over 60% of Market Share

According to Chainwire, the cryptocurrency news and analysis platform CCN released a new report on the Canadian cryptocurrency market. The report shows that the Canadian cryptocurrency market has rapidly expanded over the past year, with an estimated 10% of Canadians currently holding some form of cryptocurrency. Bitcoin and Ethereum account for over 60% of the total market share in Canada, while other altcoins like Solana and Chainlink are also gaining attention.

The report pointed out that increased institutional interest, favorable regulatory frameworks, and improved public awareness of digital assets are the main factors driving market growth.

In addition, the new regulatory guidelines introduced by the Canadian government in 2024 further encourage cryptocurrency exchanges and individuals to participate more actively in the market.

12、 Sichuan Leshan Police Dismantles Major Cross-Regional Underground Bank Crime Involving Virtual Currency Trading, Amounting to 38 Billion Yuan

According to Haibao News, on November 6, Sichuan Leshan police disclosed an illegal operation case involving a major cross-regional underground bank crime network involving 38 billion yuan across 13 provinces nationwide. Recently, the Leshan Intermediate Court made a ruling, sentencing three defendants to prison terms ranging from two years and six months to thirteen years and six months for illegal business operations and issuing false VAT invoices.

It is reported that the case involved virtual currency trading and cross-border fund transfers, with about 20 million pieces of fund operation information. The special case police introduced that subsequently, a total of 37 cases were filed by public security organs nationwide, arresting 176 criminal suspects and successfully dismantling this major cross-regional underground bank crime network involving 38 billion yuan across 13 provinces. Currently, relevant cases are further being investigated and tried in various places. Among them, the main culprit of this case was sentenced to thirteen years and six months in prison by the Leshan Intermediate Court.

13、 Biden: Will Work to Ensure a Smooth Transition to the Trump Administration

U.S. President Biden delivered a national address on Thursday, local time, stating that he will work to ensure a smooth transition from the current administration to the incoming Donald Trump administration.

"Yesterday, I spoke with President-elect Trump to congratulate him on his victory, and I assured him that I instructed the entire government to cooperate with his team to ensure a peaceful and orderly transition. This is what the American people deserve." He added that he hopes Trump's recent victory in the 2024 presidential election will eliminate his doubts about the validity of the 2020 election. "I also hope we can address concerns about the fairness of the American electoral system. It is honest, fair, transparent, and trustworthy, regardless of winning or losing," Biden stated.

14、 Data: Federal Reserve Cuts Interest Rates by 25 Basis Points

The Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut, in line with market expectations. (Jinshi)

15、 Ethereum Foundation 2024 Report: 99.45% of Crypto Holdings Are 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 the potential of Ethereum, and our ETH holdings reflect this long-term perspective. At the same time, 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 follow a conservative fiscal management policy to ensure that there are sufficient resources even during prolonged market downturns. This requires regularly selling ETH to ensure adequate reserves for the coming years and increasing our fiat reserves as planned during bull markets to fund expenditures during bear markets.

16、 Data: BlackRock Bitcoin ETF Becomes the Third Highest Fund in the U.S. in Terms of Net Inflows in 2024, Reaching $26.174 Billion

According to CryptoSlate, BlackRock's iShares Bitcoin Trust (IBIT) has become the third highest fund in the U.S. in terms of net inflows year-to-date in 2024, attracting $26.174 billion.

As of now, IBIT's year-to-date return is 48.52%, with assets under management reaching $30.1 billion, surpassing many traditional ETFs in both net inflows and performance. Additionally, IBIT's year-to-date return is nearly twice that of the second highest return among the top ten funds by flow. However, IBIT's total assets under management (AUM) are more than ten times smaller than those of the other top four funds.

Just yesterday, on November 7, IBIT saw a single-day net inflow of $1.1 billion, exceeding the annual inflow of all ETFs in the U.S. outside the top 150. This significant inflow surpassed the total annual inflow of most of the approximately 3,300 ETFs in the U.S. market.

17、 He Yi: I Am Not the Final Decision Maker in the Listing Process

Binance co-founder He Yi stated on the X platform, "I am not the final decision maker in the listing process. Some people even ask if there is a process for futures listing; there is no application entry for futures listing, and the listing fee for Binance futures is $0. Listing on Binance futures does not guarantee listing on the spot market."

18、 Data: Tesla's Market Value Reaches $1 Trillion Again

Tesla's stock opened today with a nearly 5% increase, reaching a new high since September 2022, with a total market value again reaching $1 trillion.

According to 8marketcap data, Tesla's market value is currently approximately $1.008 trillion, with a 5.8% increase in the past 24 hours.

19、 Data: Musk's Net Worth Exceeds $300 Billion

According to DEGEN NEWS, Tesla and SpaceX founder Elon Musk's net worth has surpassed $300 billion, reaching $300.3 billion, an increase of $10 billion from the previous day, with a growth rate of 3.43%.

20、 Zhao Changpeng: When Bitcoin Continues to Hit Historical New Highs, Investors Need to Implement Proper Risk Management

Zhao Changpeng posted on social media, stating that when Bitcoin continues to hit historical new highs, appropriate risk management should be applied. There will still be many lows (and highs) in the future, and one should ensure they can handle it, control their greed, and not put all their eggs in one basket.

"What Exciting Articles Are Worth Reading This Week (11.4-11.10)"

1、 Qiming Venture Partners' Larry Liu Analyzes Crypto Payments in Ten Thousand Words (Part 2): Potential and Current Status

Crypto payments are one of the hottest sectors recently. In addition to Stripe's $1 billion acquisition of the stablecoin payment startup Bridge, creating the largest acquisition in crypto history, many mainstream financial institutions have begun to accelerate their layout in crypto payments:

• PayPal completed its first commercial payment using the stablecoin PYUSD.
• Visa launched the tokenized asset platform VTAP to help banks issue fiat-based tokens.
• BlackRock partnered with Ethena to launch a new stablecoin supported by BlackRock BUIDL.
• Coinbase and A16Z jointly invested in the AI crypto payment company Skyfire.
• ……

Crypto payments are also showing a financing boom. In the crypto payment financing statistics article released by ChainCatcher in September, it can be seen that recent financing in crypto payments has gathered giants from various fields such as payments, stablecoins, and traditional finance. Visa, Tether, Circle, JPMorgan, and Standard Chartered are all vying to enter, with top capital like Sequoia Capital, Temasek, and A16Z also placing bets.

Recently, well-known investment fund Qiming Venture Partners' investor Larry Liu published a ten-thousand-word series article “The Last Big Thing—Crypto Payments” , systematically exploring the future of crypto payments from the perspectives of payment historical changes, the current status and trends of crypto payments. ChainCatcher has compiled this.

The first part of this series discusses the panoramic view of traditional payment systems from the origins of credit card payment history to modern digital transformation.

This article is the second part , exploring the unique advantages of blockchain technology in payments and assessing the current status of crypto payments. The final part will analyze emerging trends and revolutionary possibilities.

2、 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 sustained interest in diverse topics.

3、 Full Text of the Federal Reserve Statement: Cut Rates by 25 Basis Points, No Votes Against

On November 8, the Federal Reserve announced a 25 basis point rate cut to 4.5%-4.75%, in line with market expectations. This decision was unanimously passed, with the policy statement's wording remaining 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.

4、 The Hidden Crypto Beneficiaries in the U.S. Election

On November 6, 2024, the most dramatic U.S. election in history came to a close. Trump, dubbed the "crypto president," successfully won, perhaps signaling that crypto has officially entered the White House. Meanwhile, Bitcoin broke the $75,000 mark, hitting a new historical high. The hidden interest groups and beneficiaries behind this will gradually come to light.

5、 The First "Crypto President" is Born! The Wheel of Crypto's Fate Has Started Turning

Trump is elected! The first cryptocurrency president of the White House is born!

On November 6, Beijing time, the most dramatic presidential election in U.S. history finally concluded. According to real-time election data from Fox News, Trump defeated Harris with 67,121,735 votes against Harris's 62,142,405 votes, successfully securing 277 electoral votes, surpassing the 270-vote threshold to win the 2024 U.S. presidential election.

Trump's continued lead and successful election have propelled BTC to briefly break $75,000, creating a historical high, with various sectors of crypto entering a period of widespread increase.

The 2024 U.S. election is destined to leave a significant mark in crypto history. Since the birth of Bitcoin, crypto has gone through three election cycles over 16 years, finally entering the campaign stage of the U.S. election in a meaningful way.

Behind politicians like Trump playing the "crypto card" is the growing strength of crypto assets like Bitcoin and the accumulation of crypto voters and other forces.

Regardless of whether Trump's crypto promises materialize after taking office, the wheel of crypto's fate may have already begun to turn.

6、 Selling "Trump": The Trump Family Has Earned Millions from Licensing Crypto Projects

On November 5, local time, the voting dust settled in the 60th presidential campaign in the U.S., and whether Donald Trump or Kamala Harris would enter the White House became not only a focus of global attention but also a new shift in the crypto world.

Since the beginning of the campaign, Trump has repeatedly expressed support for the development of cryptocurrencies. If he successfully returns to the White House, the strict regulatory policies on crypto markets in the U.S. may undergo a transformation, injecting new vitality into the industry. At the Bitcoin 2024 conference, Trump stated in his speech that if re-elected, he would ensure that the government retains 100% of its Bitcoin holdings and would classify Bitcoin as a strategic reserve asset for the U.S.

Trump is not only a supporter of the crypto market but also a participant. During the campaign, he received donations from crypto whales and institutions and personally engaged in several crypto projects. The income from NFT and DeFi crypto projects he participated in through OEM licensing has exceeded $10 million.

According to data from the Arkham platform, on November 5, the crypto assets held in Trump's wallet were valued at $6.15 million, peaking at $25 million in June this year, with nearly 1,000 Ethereum holdings valued at $2.38 million.

7、 Opinion: Trump, Who Crypto Voters Bet on Heavily, May Betray This Industry

This year, the crypto industry finally has its "friend," named Donald Trump. For years, this industry has been searching for a political spokesperson, someone who can guide its liberation of thought and bring its ideas to a broader audience. Now, that person is Trump.

He stood on the stage of the Nashville Bitcoin Conference, expressing how much he likes people in the crypto industry. He announced the establishment of a Bitcoin strategic reserve. He promised to release Ross Ulbricht. He distributed hamburgers at PubKey in New York. He even established his own DeFi project—World Liberty Financial—and developed an internal management model (what better way to demonstrate loyalty to cryptocurrency?).

Trump said what cryptocurrencies wanted to hear and did what cryptocurrencies wanted to do, attracting millions of dollars in donations. Loudmouths cheered for him, while culture warriors expressed hatred in the performance. He occupies the political space that the Biden administration and Harris's campaign team could have occupied if they were not so submissive to the Warren wing. Everything he says is correct because Trump always says what people want him to say. He fits the goals of the crypto party perfectly because his politics can adapt to any situation, and the crypto party desperately needs a friend.

I must admit that all of this makes me personally uncomfortable, not because I have any fondness for Harris, but because Trump has long been an unreasonable friend. He could easily take a completely opposite stance on cryptocurrency if it benefits him, and he has done so. I am very concerned about the crypto industry's embrace of Trump because I find it hard to believe that Trump's principles align with those that attracted me to cryptocurrency.

So, what are the three reasons we should be cautious as an industry?

8、 Qiming Venture Partners' Larry Liu Analyzes Crypto Payments in Ten Thousand Words (Part 3): Innovative Trends and Ideal Scenarios

Crypto payments are one of the hottest sectors recently. In addition to Stripe's $1 billion acquisition of the stablecoin payment startup Bridge, creating the largest acquisition in crypto history, many mainstream financial institutions have begun to accelerate their layout in crypto payments:

• PayPal completed its first commercial payment using the stablecoin PYUSD.
• Visa launched the tokenized asset platform VTAP to help banks issue fiat-based tokens.
• BlackRock partnered with Ethena to launch a new stablecoin supported by BlackRock BUIDL.
• Coinbase and A16Z jointly invested in the AI crypto payment company Skyfire.
• ……

Crypto payments are also showing a financing boom. In the crypto payment financing statistics article released by ChainCatcher in September, it can be seen that recent financing in crypto payments has gathered giants from various fields such as payments, stablecoins, and traditional finance. Visa, Tether, Circle, JPMorgan, and Standard Chartered are all vying to enter, with top capital like Sequoia Capital, Temasek, and A16Z also placing bets.

Recently, well-known investment fund Qiming Venture Partners' investor Larry Liu published a ten-thousand-word series article "The Last Big Thing—Crypto Payments," systematically exploring the future of crypto payments from the perspectives of payment historical changes, the current status and trends of crypto payments. ChainCatcher has compiled this.

The first part of this series discusses the panoramic view of traditional payment systems from the origins of credit card payment history to modern digital transformation. The second part explores the unique advantages of blockchain technology in payments and assesses the current status of crypto payments and the challenges they face.

This article is the final part, analyzing emerging trends and innovative solutions that can overcome existing payment obstacles. The author states that the rise of non-custodial payment solutions and the integrated development of payments and DeFi may fundamentally reshape the way value is transferred in the cryptocurrency era.

9、 The Era of Trump 2.0 Has Arrived: What Benefits Are Still to Come, and How Much Do Various Parties See?

On November 6, Trump won the U.S. election, and his return to the White House means the era of Trump 2.0 is about to begin. Benefiting from his friendly attitude towards the crypto industry, BTC has repeatedly hit historical highs, approaching the $80,000 mark, while altcoins have also welcomed a long-awaited upward trend.

Due to the strong upward momentum of this crypto market, many investors are concerned that the current crypto market may be somewhat overheated. Those who have already entered the market are also considering the market direction after Trump's victory and even making investment plans for when Trump officially takes office next year. In this regard, Jinse Finance has summarized the recent predictions and potential positive and negative events from various authoritative institutions regarding the future market.

10、 The Wind is Rising: U.S. Regulation is Fully Shifting to "Crypto-Friendly"

As the U.S. election voting is about to conclude, as of the time of writing, according to data from FOX, Trump is temporarily leading with 248 votes, needing only 22 more votes to reach 270 and ultimately become the winner of the 2024 U.S. presidential election. Coupled with Trump's previously reiterated "crypto-friendly stance," the market has rapidly shifted, and the U.S. political landscape is showing a trend of "fully embracing crypto-friendly regulation." Odaily Planet Daily will briefly summarize the current situation of the U.S. cryptocurrency industry for readers' reference.