Headline
Tesla Stock Soars 22%, Musk’s Wealth Increases by Over $26 Billion Overnight
On Thursday (October 24), Tesla stock achieved its best performance in 11 years, leading to an increase of over $26 billion in wealth for the company’s CEO and the world’s richest person, Elon Musk. Tesla stock rose by 21.92% on Thursday, reaching $260.48 per share, marking the best single-day gain since 2013 and increasing the market value by approximately $150 billion. The 22% increase on Thursday is also the second-largest gain for the company since its listing in 2010. According to the latest data from Forbes, Musk’s current personal wealth is $26.98 billion as of October 24, with an increase of $26.4 billion on Thursday, representing a growth rate of 10.83%.
Google: Enhancing Transparency of AI Edits in Google Photos
Google announced on its blog that it is working on improving the transparency of AI edits used in Google Photos to provide more visibility. Starting from next week, Google Photos will indicate when Google AI has been used to edit photos within the application. Photos edited using tools such as Magic Editor, Magic Eraser, and Zoom Enhance already contain metadata based on the technical standards of the International Press Telecommunications Council (IPTC) to indicate that they have been edited using generative artificial intelligence. Google will now take it a step further by displaying this information along with the file name, location, and backup status in the photo application. In addition to indicating when images have been edited using generative AI, Google will also use IPTC metadata to indicate if images have been composed using non-generative features from different elements in other photos. This work is still ongoing, and the company will continue to gather feedback and evaluate additional solutions to enhance transparency regarding AI edits.
Market Trends
As of the time of writing, according to Coingecko data:
BTC recent trading price is $68,215.30, with a daily change of +2.5%.
ETH recent trading price is $2,536.62, with a daily change of +0.7%.
BNB recent trading price is $594.40, with a daily change of +1.8%.
SOL recent trading price is $177.17, with a daily change of +3.7%.
DOGE recent trading price is $0.142, with a daily change of +1.5%.
XPR recent trading price is $0.5316, with a daily change of +1.1%.
Policy
US Pennsylvania House of Representatives Passes Bipartisan Bill Providing Regulatory Clarity for Digital Assets
According to Fox Business reporter Eleanor Terrett on the X platform, the Pennsylvania House of Representatives in the United States has passed a bipartisan bill to provide regulatory clarity for digital assets. This move comes amid increased uncertainty in cryptocurrency regulation at the federal level. The bill was passed by a majority vote of 176 to 26, with support from 76 Democrats and all 100 Republicans.
US SEC Requests Extension of Deadline for Major Briefs in Ripple Case Until January 15, 2025
According to a document shared by attorney James K. Filan on the X platform, the US Securities and Exchange Commission (SEC) has requested an extension of the deadline for major briefs in the Ripple case until January 15, 2025.
US Government Transfers $20 Million in Confiscated Funds from Bitfinex Hack to a New Address
According to Arkham monitoring data, the US government has once again transferred $20 million worth of confiscated tokens from the Bitfinex hack to a new address, including ETH/USDT and others.
Blockchain Applications
DeFi Protocol Synthetix V3 Expands to Arbitrum
The DeFi protocol Synthetix V3 is expanding to Arbitrum, representing a significant step towards multi-chain integration for the protocol.
The team stated, “With this release, Synthetix will offer high-performance perpetual contract trading to Arbitrum users, building on the success proven on Optimism and Base, where it has facilitated over $500 billion in trading volume. The perpetual contract market Kwenta has partnered with Synthetix to launch Synthetix V3 on Arbitrum.”
Arbitrum Developer Offchain Labs Launches “Fast Withdrawals” to Shorten Withdrawal Period from 7 Days to 15 Minutes
Offchain Labs, the original developer of Arbitrum, announced the launch of the “Fast Withdrawals” feature, allowing selected Orbit chains and RaaS providers to finalize withdrawals within 15 minutes, compared to the usual waiting time of 7 days.
The team stated, “With the implementation of Fast Withdrawals, withdrawal times have been reduced by over 90%, making the withdrawal process similar to withdrawing from a bank account. While not identical, this substantial improvement brings it closer to the traditional TradFi experience compared to the standard blockchain experience.”
Cryptocurrency
Circle CEO: Stablecoins Could Account for 5%-10% of Global Money Supply in the Next Decade
Jeremy Allaire, CEO of Circle, stated that as the adoption of digital currencies continues to grow and becomes part of the global financial system, the stablecoin market could grow to $5 to $10 trillion within the next decade.
Allaire expects stablecoins to capture a 5%-10% share of the global $100 trillion money supply over the next decade, as the technology spreads in a similar way to Web 2 innovations such as online video and e-commerce. He said, “We’re in the early stages of stablecoin adoption, but over the next decade or two, it will become part of the global financial system.”
Standard Chartered Bank Analyst Predicts Bitcoin Could Surpass $73,000 on US Election Day
Geoff Kendrick, an analyst at Standard Chartered Bank, predicts that Bitcoin could reach a new all-time high above $73,000 on the day of the US presidential election. This prediction is based on analysis of Bitcoin derivatives and trading volume. Kendrick stated that if Donald Trump wins the election, option prices could rise by around 4%, and the total price could increase by 10% in the following days. Additionally, open positions in Bitcoin call options expiring on December 27 with a strike price of $80,000 suggest that the price could quickly approach that level.
Microsoft Includes “Assessment of Bitcoin Investments” as a Voting Item in December Shareholder Meeting
Documents submitted by Microsoft to the US Securities and Exchange Commission (SEC) show that the assessment of “Bitcoin investments” will be voted on at the December 10 shareholder meeting. The proposal was put forward by the conservative think tank the National Center for Public Policy Research, but the Microsoft board of directors recommends that shareholders vote against it. The board believes the proposal is “not necessary” and states that the company’s management has already given thorough consideration to Bitcoin and other cryptocurrencies, and will continue to monitor trends for decision-making purposes.
Fireblocks Launches $1 Million Developer Fund to Increase Adoption of PYUSD
Digital asset management platform Fireblocks announced the launch of a $1 million developer fund to increase the adoption of PYUSD.
Through the fund, Fireblocks will provide grants to companies holding PYUSD balances on the Fireblocks platform to incentivize them to build innovative blockchain-based products. Eligible individual projects will qualify for funding of up to $60,000.
Ran Goldi, President of Payments and Network at Fireblocks, stated in a statement, “Our pilot has demonstrated the transformative impact that PYUSD can have, and we look forward to seeing enterprises creating real use cases that take full advantage of the benefits of stablecoins.”
Solana Network’s Daily Fee Revenue Hits New High, Equivalent to Approximately $8.7 Million
Blockworks Research data shows that Solana’s fee revenue has reached a new high of nearly $8.7 million on October 23, following the previous day’s revenue of just under $8 million. This figure includes all sources of revenue, including base fees, priority fees, and tips. In July, Solana’s weekly total fee revenue surpassed that of Ethereum for the first time, with a weekly income of around $25 million compared to Ethereum’s $21 million.
Bitcoin Whale Holdings Reach All-Time High
According to Cryptoquant data, Bitcoin whale holdings currently amount to approximately 670,000 BTC, marking an all-time high. This is undoubtedly an optimistic long-term signal.
From the chart, it can be observed that when whale holdings are at high levels, Bitcoin tends to enter a period of consolidation or a mild decline. This accumulation phase can be described as the calm before the storm in the medium to long term.
The true growth wave of Bitcoin begins when whale holdings gradually decrease until the percentage change in holdings becomes negative. Finally, if Bitcoin’s all-time high is not surpassed by November 28th (±21 days) of the US presidential election, it will indicate significant issues in the current bull market cycle, and things will turn bad.
Important Economic Developments
Probability of 25 BP Rate Cut by the Federal Reserve in November is 96.3%
According to CME “FedWatch,” the probability of a 25 basis point rate cut by the Federal Reserve in November is 96.3%, while the probability of maintaining the current rate is 3.7%. The probability of maintaining the current rate in December is 1%, with a cumulative probability of a 25 basis point rate cut at 28.5% and a cumulative probability of a 50 basis point rate cut at 70.5%.
ECB Governing Council Member Müller: Best Policy Choice is to Lower Rates Cautiously
ECB Governing Council member Müller stated that the best policy choice is to lower rates cautiously and that he is not worried about falling behind the situation. He still believes that we will see a gradual economic recovery.
ECB Governing Council Member Villeroy: We Don’t Need to Discuss a 50 Basis Point Rate Cut at the Moment
ECB Governing Council member Villeroy stated that there is no need to discuss a 50 basis point rate cut at the moment. There is currently no evidence to support discussing such a policy outlook. The European economy is weaker than originally estimated, and internal inflation remains very high. The central bank’s policy depends on data.
Encyclopedia
What is Dynamic Resharding?
Dynamic resharding is a relatively new term that Near Protocol’s marketing team calls the “Holy Grail of Sharding,” but it has also created new vocabulary that is not immediately comprehensible. Based on the concept of blockchain sharding, resharding occurs when the network adjusts the number of shards based on the load. Overloaded shards can be split into two, while two underutilized shards can be merged into one.
Disclaimer: As a blockchain news platform, the articles we publish are for informational purposes only and should not be considered as investment advice. Please establish a correct investment concept and be sure to increase risk awareness.
