Selected News:

1. Bitcoin broke through $35,000 this morning with a 24-hour increase of 3.16%.

2. The Federal Reserve announced that it will maintain interest rates, in line with market expectations.

3. Coinbase has launched Celestia (TIA).

4. PayPal UK has successfully registered as a cryptocurrency service provider.

5. SUSHI leads DEX governance token rally, UNI up over 10% in 24 hours.

6. SBF's lawyer completed the closing argument and insisted on defending SBF's innocence.

Price Observation

SUSHI leads DEX governance token rally, UNI up over 10% in 24 hoursAccording to OKX market information, DEX governance tokens are generally rising. Among them, SUSHI is now priced at $1.149, with a 24-hour increase of 48.9%; UNI is now priced at $4.798, with a 24-hour increase of 15.17%; CAKE is now priced at $1.419, with a 24-hour increase of 14.9%.

Bitcoin broke through $35,000 this morning with a 24-hour increase of 3.16%.

According to OKX market information, Bitcoin broke through $35,000 this morning and is currently priced at $35,374, with a 24-hour increase of 3.16%.

NEAR breaks $1.55, up 19% in 24 hours

According to OKX market data, NEAR has broken through $1.55 and is currently trading at $1.563, with a 24-hour increase of 19%.

SOL short-term breakthrough $46, 24-hour increase of 22.1%

According to OKX market data, SOL has broken through $46 in the short term and is currently priced at $44.09, with a 24-hour increase of 22.1%.

TIA surged above $2.4, up more than 13% in 24 hours.

According to market data, Celestia (TIA) has risen above $2.4 and is currently trading at $2.41, with a 24-hour increase of 13.19%.

RAY surged above $0.35, up more than 80% in 24 hoursAccording to market data, RAY (Raydium, a Solana ecosystem DEX) has surged above $0.35 and is currently trading at $0.3538, representing a 24-hour increase of 80.51%.

Transaction Tracking

Three Bitcoin whales that have been dormant for nearly 6 years transferred a total of about 6,500 BTC today, with a floating profit of about $170 million.

On November 2nd, according to BitInfoCharts data, three Bitcoin whale addresses that had been dormant since November 6th, 2017, transferred a total of approximately 6,500 BTC at around 2:45 today, earning a profit of approximately $170 million at market price. The addresses are:

16XwK6UZKQxYEkYzZjP55kNzxDFq1GkBM2；

1ByTg4UG5TD9Pt84ww2GJupmkFNSg7WX9a；

1LVY5FG4knNDYhGGxutDf6Vh33SjEEAepC。

A certain band trading whale transferred 24,549 ETH to Binance 4 hours ago, and then withdrew 15.89 million USDT

According to Yu Jin's monitoring, a high-winning whale in a certain frequency band of trading transferred 24,549 ETH to Binance 4 hours ago, and then withdrew 15.89 million USDT. Analysis shows that the ETH was withdrawn by the whale from Binance at an average price of $1631 from September 2nd to 21st. This transfer may be for profit selling.

Data: FTX redeemed over $65 million worth of SOL from staking 15 minutes ago

According to @EmberCN's monitoring, 15 minutes ago, the FTX address (FTX Cold Storage #2) redeemed 1,600,645 SOL (approximately $65.46 million) from staking. Currently, the address still has 3,963,725 SOL (approximately $162 million) staked. The FTX/Alameda address has accumulated 1,259,886 SOL (approximately $40.67 million) transferred to CEX since October 25th.

Project Updates

OP Goerli and OP Sepolia's Canyon network upgrade plan will be conducted on November 15th

OP Labs announced on social media that the Canyon network upgrade for OP Goerli and OP Sepolia will take place at 17:00 UTC on November 14, 2023. These versions will lay the foundation for the future iterations of the superchain. Node providers and OP Chain operators are advised to upgrade their testnet nodes before November 7 to ensure readiness for the network upgrade later this month.

Bitcoin volatility index rose to 60.75 yesterday, with a daily increase of 3.76%.

On November 2nd, BitVol, a bitcoin volatility index launched by T3 Index, a financial index company, in collaboration with LedgerX, a bitcoin options trading platform, rose to 60.75, up 3.76% from the previous day. BlockBeats notes that the BitVol index measures the 30-day expected implied volatility derived from tradable bitcoin options prices. Implied volatility refers to the volatility implied by the actual option price. It is calculated using the B-S option pricing formula, which takes the actual option price and other parameters except for the volatility σ into account to derive the volatility. The actual price of an option is formed by the competition of many option traders, so the implied volatility represents the market participants' views and expectations of the market's future, and is therefore considered the closest to the true volatility at that time.

Data: MicroStrategy's Bitcoin holdings have a floating profit of $934 million

According to today's MicroStrategy financial report, as of October 31, 2023, MicroStrategy holds a total of 158,400 bitcoins, with a total cost of 4.69 billion US dollars and an average holding price of 29,586 US dollars. Based on the current bitcoin price of 35,488 US dollars at the time of publication, MicroStrategy's bitcoin holdings have a floating profit of 934 million US dollars.

Bitcoin mining company Cipher Mining produced approximately 428 BTC in October, an increase of 3% compared to the previous month.

Bitcoin mining company Cipher Mining Inc. has released its October operational update, with the company producing approximately 428 BTC in October, an increase of about 3% from the previous month. The average monthly network hash rate in October also increased by about 9% compared to the previous month. As part of its regular financial management process, Cipher sold approximately 466 BTC in October, with a balance of approximately 516 BTC at the end of the month and a monthly operating hash rate of 7.2EH/s.

Bitfarms October mining output produced 398 BTC, sold 341 BTC for $10 million in revenue

Bitcoin mining company Bitfarms Ltd., listed on NASDAQ, announced its monthly update for October 2023. The company mined 398 BTC last month, a 3.2% decrease from September's 411 BTC. Despite a 9.4% increase in network difficulty in October, Bitfarms earned an average of 12.8 BTC per day, equivalent to approximately $437,800 per day and a total of $13 million for the month. In addition, the company sold 341 BTC in October, generating a total revenue of $10 million. CEO Geoff Morphy stated that with the introduction of new Bitcoin mining machines, the company expects a significant increase in production within its existing advanced facilities.

In the past 4 hours, the entire network has liquidated $33.73 million, with the main short position being liquidated.

According to Coinglass data, the entire network has liquidated $33.73 million in the past 4 hours, with short positions liquidated at $25.8 million.

US Senator Ted Cruz has accepted Bitcoin as a campaign donation.

According to the official website of US Senator Ted Cruz, he has officially started accepting Bitcoin as donations for his Senate campaign. Bitcoin payment company OpenNode facilitates the transactions. Payments can be made through on-chain or Lightning Network transactions. It is reported that Ted Cruz has been a strong supporter of Bitcoin in the Senate for the past few years, particularly in the energy sector, stating that the Bitcoin industry is "bringing tremendous benefits to Texas and the United States".

MicroStrategy increases its holdings by 155 BTC, with the updated average purchase price at $29,586

MicroStrategy announced its Q3 2023 earnings report, which showed that the company purchased an additional 155 BTC for $5.3 million in October. As of October 31, 2023, MicroStrategy holds a total of 158,400 BTC at a total cost of $4.69 billion and a holding cost of $29,586 per BTC.

Bloomberg: Long-term lack of liquidity in the cryptocurrency market leads to recent significant fluctuations in Bitcoin prices

According to Bloomberg, the long-term lack of liquidity in the cryptocurrency market is a key reason for Bitcoin's price fluctuations of over 10% in recent weeks. FalconX's research team found that while the recent recovery in trading activity was partly due to expectations of Bitcoin exchange-traded funds (ETFs), market depth this year is still at its lowest point. They measured market depth by looking at the average trading volume of Bitcoin transactions within 24 hours (within 1% of the current price). In November last year, blockchain data company Kaiko referred to the overall liquidity decline as the "Alameda Gap".

Alameda Research is the trading department of Sam Bankman-Fried's failed FTX digital empire. According to researchers at Kaiko, this persistent impact is largely the result of massive losses suffered by market makers after the collapse of FTX. According to data compiled by cryptocurrency research firm Delphi Digital, total trading volume on centralized and decentralized exchanges in the spot market is at its lowest point in years. Delphi Digital analyst Michael Rinko said, "The fundamental reason why liquidity continues to flow out rather than into the cryptocurrency market is high interest rates."

美联储

translates to

Federal Reserve

in English.

ADP data release lowers the probability of Fed rate hike to 0% for this meeting

According to CME's "FedWatch": The probability of the Fed maintaining interest rates in the range of 5.25%-5.50% at this meeting is 97.6%, and the probability of raising interest rates by 25 basis points to the range of 5.50%-5.75% is 0%. The probability of maintaining interest rates unchanged until December is 69.1%, the probability of cumulative interest rate hikes of 25 basis points is 29.3%, and the probability of cumulative interest rate hikes of 50 basis points is 3.6%.

Federal Reserve FOMC Statement: Strong Q3 Economy, Will Evaluate Degree of Further Tightening Policy

The Federal Reserve stated in the FOMC statement that recent indicators show that economic activity expanded strongly in the third quarter. The US banking system is stable and resilient. Tightening financial and credit conditions for households and businesses may put pressure on economic activity, employment, and inflation, and the extent of these effects remains uncertain. The committee remains highly focused on inflation risks. The committee will continue to reduce its holdings of Treasury securities, agency debt, and agency mortgage-backed securities, firmly committed to restoring the inflation rate to the target of 2%.

The committee will be prepared to adjust its monetary policy stance as appropriate if risks emerge that could impede the achievement of the committee's goals. The assessment will take into account a wide range of information, including the state of the labor market, inflation pressures and expectations, as well as developments in financial and international conditions.

Powell: Considering the progress made, the Monetary Policy Committee will proceed cautiously

The Chairman of the Federal Reserve, Powell, stated: "The full impact of the tightening policy has not yet been felt. Considering the progress we have made, the Monetary Policy Committee will proceed cautiously." (Jinshi)

Powell: Further rate hikes may be necessary, and GDP above potential level can prove that rate hikes are reasonable

Federal Reserve Chairman Powell said: "The Federal Reserve is committed to achieving a policy stance that is sufficiently restrictive, which may require further interest rate hikes. The current financial conditions have tightened significantly, and we are unsure whether the policy is sufficiently restrictive. Evidence that GDP is higher than potential levels can prove that interest rate hikes are reasonable. The view that it will be difficult to raise interest rates again after a pause is incorrect." Powell added: "It is difficult to determine how many interest rate hikes will result from tightening financial conditions, or how many potential interest rate hikes this will translate into."

Powell: The view that it will be difficult to raise interest rates again after the pause is incorrect

The statement made by the Chairman of the Federal Reserve, Powell, was: "The view that it will be difficult to raise interest rates again after the pause is incorrect." (Jinshi)

Powell: No consideration of interest rate cuts at present

The US Attorney's Office for the Eastern District of New York announced that Braden John Karony, Kyle Nagy, and Thomas Smith, the founders and executives of Safemoon, a DeFi protocol in the BNB Chain ecosystem, have been charged with defrauding investors. The charges include securities fraud, wire fraud, and conspiracy to commit money laundering. According to the allegations, the defendants deceived investors in the decentralized financial digital asset called "SafeMoon" that was released by their company, SafeMoon LLC. Although SafeMoon's market value once exceeded $8 billion, the defendants illegally transferred and misappropriated millions of dollars of "locked" SafeMoon liquidity funds for personal gain. Karony was arrested in Provo, Utah, Smith was arrested in Bethlehem, New Hampshire, and Nagy is still at large.

BC Technology Group: Its virtual asset trading platform OSL partners with CSOP to launch tokenized retail fund products in Hong Kong

SEC accuses Safemoon, a DeFi protocol in the BNB Chain ecosystem, and its executives of fraud and unregistered securities issuance

The US Securities and Exchange Commission (SEC) today charged BNB Chain's DeFi protocol SafeMoon LLC and its founder Kyle Nagy, SafeMoon US LLC, CEO John Karony, and CTO Thomas Smith with a large-scale fraudulent scheme using unregistered cryptocurrency security SafeMoon. The SEC stated that the defendants promised to "safely take the token price to the moon," but not only did they fail to bring profits, they also lost billions of dollars in market value, extracted over $200 million worth of cryptocurrency assets from the project, and misappropriated investor funds for personal use. SafeMoon's price soared over 55,000% and reached a market value of $5.7 billion between March 12 and April 20, 2021, but when the public learned on April 20, 2021 that SafeMoon's liquidity pool was not locked as claimed, its price plummeted nearly 50%.

New York judge urges SEC to quickly review Celsius restructuring plan

According to Bloomberg, New York Judge Martin Glenn has urged the US Securities and Exchange Commission (SEC) to decide quickly whether to authorize the transformation plan of Celsius Network LLC, a bankrupt cryptocurrency lending company. Celsius plans to transform itself into a publicly traded Bitcoin mining company through Chapter 11 bankruptcy proceedings. Although Celsius' repayment proposal has received widespread support from creditors, it is still challenged by some customers. Customers say they would prefer the company to be liquidated so that they can get more Bitcoin and Ethereum instead of getting stocks in a new, unverified enterprise.

Judge Glenn stated that he will make a ruling on Celsius' proposal as soon as possible. However, even if he approves Celsius' restructuring plan, the company and its creditors still need to obtain approval from the SEC. If Celsius' Chapter 11 exit plan fails, the company may face liquidation.

Visa, HSBC, and Hang Seng, three local banks in Hong Kong, have completed the Cyberport Digital Currency Pilot Program and will further explore the use cases of tokenized deposits.

VISA has officially announced the pilot test results of tokenized deposits using central bank digital currency in collaboration with HSBC and Hang Seng Bank. The test focused on simulating two use cases in the B2B payment process, including property payments and settlement between payment institutions and merchants, demonstrating the potential advantages of B2B payment tokenization in terms of payment speed, settlement risk control, payment network resilience, and transaction transparency. Visa has partnered with the two leading banks in Hong Kong and was selected for the "Digital Currency Pilot Program" held by the Hong Kong Monetary Authority (HKMA) in May this year. Visa stated that it will continue to explore more feasible use cases for tokenized deposits, with a focus on asset market tokenization, programmable finance, expanded retail solutions, and cross-border payments.

DCG hires former Trump impeachment lawyer to handle lawsuit from New York State Attorney General

According to Bloomberg, DCG has hired Barry Berke, a partner and head of litigation at the law firm Kramer Levin, to defend against a civil lawsuit brought by Letitia James, the Attorney General of New York. Berke played a key role in Donald Trump's two impeachments. Last month, James sued DCG and its bankrupt subsidiary Genesis, as well as Gemini, which worked with Genesis, alleging that they failed to disclose risks to investors in a cryptocurrency lending program launched in 2021, involving as much as $1.1 billion. DCG responded by stating that the company has always conducted its business "legally and with integrity" and will defend against these allegations.

PayPal UK has successfully registered as a cryptocurrency service provider.

According to CoinDesk, payment giant PayPal has successfully registered as a cryptocurrency service provider with the Financial Conduct Authority (FCA) in the UK. According to the regulator's website, PayPal UK Limited is allowed to carry out "specific crypto asset activities" since Tuesday. Companies offering crypto services in the UK must obtain registration approval and comply with FCA's anti-money laundering rules. This registration means that PayPal can approve its own crypto-related communications under the recently implemented marketing regime. In August last year, PayPal announced a temporary suspension of its cryptocurrency purchase activities in the UK to comply with the regime.

BitForest helps police successfully crack a Bitcoin theft case involving a total amount of 25 million yuan

According to official sources, the security company BitForest team has recently assisted local police in successfully cracking more than 100 Bitcoin (BTC) theft cases and successfully recovering the stolen digital assets. The amount involved in this case is as high as 25 million yuan.

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