Headline
Paradigm Venture: Stablecoin is the Next Killer Application of Cryptocurrency
Matt Huang, co-founder of cryptocurrency investment firm Paradigm, stated, “Stablecoin is the next killer application of cryptocurrency – it is obvious to everyone in the cryptocurrency industry, but not so obvious to the outside world. Congratulations to Stripe and Bridge.”
Earlier reports revealed that payment company Stripe acquired stablecoin platform Bridge for $1.1 billion, marking the largest acquisition in the cryptocurrency field.
U.S. Presidential Election Bitcoin and Cryptocurrency Political Donations Close to $200 Million
According to Bitcoin Magazine, political donations in Bitcoin and cryptocurrency for the U.S. presidential election have reached nearly $200 million.
Market
As of the time of writing, according to Coingecko data:
BTC recent trading price is $67,301.81, with a daily change of -2.6%;
ETH recent trading price is $2,666.55, with a daily change of -3.0%;
BNB recent trading price is $598.45, with a daily change of -1.3%;
SOL recent trading price is $166.09, with a daily change of -1.3%;
DOGE recent trading price is $0.144, with a daily change of +1.5%;
XPR recent trading price is $0.5449, with a daily change of -0.6%.
Policy
U.S. CFTC Chairman Calls on Congress to Advance Cryptocurrency and Election Gambling Legislation
Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated at the SIFMA Annual Meeting that he expects Congress to take action on cryptocurrency legislation by 2024. He called on Congress to focus on cryptocurrency asset regulation and election gambling, emphasizing the importance of these areas.
Behnam pointed out that although the FIT21 bill has passed in the House of Representatives, it has not made further progress in Congress. In addition, the CFTC is in ongoing legal disputes with prediction market Kalshi, which has started offering betting services for the U.S. presidential election. The CFTC is working to overturn the court’s ruling and regain regulatory authority in this field.
Australia Securities and Investment Commission: Former Cryptocurrency Exchange Mine Digital CEO Charged with Fraud
The Australia Securities and Investment Commission stated that the former CEO of cryptocurrency exchange Mine Digital has been charged with fraud.
U.S. SEC Accuses WisdomTree of Failing to Follow Its Own ESG Market Fund Investment Standards
The U.S. Securities and Exchange Commission (SEC) has accused advisory firm WisdomTree of failing to follow its own ESG market fund investment standards.
Blockchain Applications
Kalshi U.S. Presidential Prediction Market Generates Over $30 Million in Trading Volume in Only Three Weeks
Kalshi launched its U.S. presidential prediction market contracts in October and has already generated over $30 million in trading volume in just three weeks. It is still behind Polymarket, which had a trading volume of around $40 million during the first month of presidential betting from January to February, 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 is worth noting that these odds are only available to U.S. citizens (and permanent residents) as Kalshi’s terms and conditions prohibit trading by foreigners on the platform.
LayerZero CEO Discloses Across Token Contract Vulnerability and Proposes Solution
Bryan Pellegrino, CEO of LayerZero, stated that the Across Protocol token contract has a critical issue that allows tokens to be withdrawn from any wallet and the account balance to be zeroed out. He suggested transferring contract ownership 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 political action committee (PAC) Bitcoin Voter Project, 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 explicitly mentioning any policies regarding his opponent Colin Allred.
ETH/BTC Ratio Drops to Lowest Point Since April 2021
Since the 50 basis point interest rate cut 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 dropping 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. Furthermore, analysts believe that Ethereum will have difficulty surpassing Bitcoin until there is a significant shift in institutional demand.
Ancient Whale from 2009 Sells Accumulated $9.68 Million Worth of Bitcoin
According to Arkham data, an “ancient whale” who has been mining Bitcoin since its inception recently made a large sale. Tracking data shows that the address began mining thousands of BTC just five days after the birth of the first block in 2009. The address has now sold $9.68 million worth of BTC, with $72.09 million still remaining.
Yesterday, BITB had a net outflow of $22.1 million, and ETHE had a net outflow of $29.6 million
According to Farside Investors monitoring data, the funds for U.S. spot Bitcoin ETF and spot Ethereum ETF yesterday (October 21) are as follows:
Spot Bitcoin ETF: BITB had a net outflow of $22.1 million, ARKB had a net outflow of $6.1 million, HODL had a net outflow of $7.6 million, and GBTC had a net outflow of $4.8 million.
Spot Ethereum ETF: ETHE had a net outflow of $29.6 million, and ETHV had a net inflow of $3.9 million.
Important Economic Developments
Fed’s Daly: No Reason to Stop Rate Cuts Yet
Federal Reserve’s Daly stated that the Fed will continue to adjust policies to adapt to the economic situation; expects to continue rate cuts in the future; sees no reason to stop rate cuts yet; monetary policy is still tight; does not want to see further deterioration in the labor market; the recent rate cut by the Fed had only a slight majority, and at the time, she strongly supported a 50 basis point rate cut.
Fed’s Schmid: Personally Inclined to Avoid Large Rate Cuts
Federal Reserve’s Schmid stated that interest rates may be significantly higher than pre-COVID-19 levels; calls for a cautious, gradual, and prudent rate cut strategy; personally inclined to avoid large rate cuts; “reasonably believe” inflation will drop to 2%; sees labor market normalizing rather than deteriorating.
86.8% Probability of 25BP Rate Cut by Fed in November
According to CME “FedWatch,” the probability of a 25 basis point rate cut by the Fed in November is 86.8%, the probability of keeping the current rate unchanged is 13.2%, and the probability of a 50 basis point rate cut is 0%. The probability of keeping the current rate unchanged 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%, with a 0% probability of a cumulative 75 basis point rate cut.
Encyclopedia
What is Dynamic Resharding?
Dynamic resharding is a relatively new term coined by Near Protocol’s marketing team as the “holy grail of sharding,” but it has also created new vocabulary that is not immediately understandable. Based on the concept of blockchain sharding, resharding occurs when the network adjusts the number of shards based on the workload. Overloaded shards can be split into two, while two underutilized shards can be merged into one.
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