Crypto Morning Brief: Bitcoin breaks $70,000 again, USDT officially launches on Aptos mainnet
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Crypto Morning Brief: Bitcoin breaks $70,000 again, USDT officially launches on Aptos mainnet
The correlation between Bitcoin and Trump's odds appears to be weakening; a突破 above $70,000 could trigger new highs.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Arthur Hayes: China's economic stimulus could drive Bitcoin surge, history may repeat 5x rally of 2015
Arthur Hayes, founder of BitMEX, stated in a recent blog post that China's economic stimulus measures will inject trillions of dollars into financial markets and boost cryptocurrencies. Data shows that since August this year, the People's Bank of China has begun purchasing government bonds for the first time since 2007, increasing its holdings of local government bonds from 1.5 trillion yuan to 4.6 trillion yuan.
Hayes analyzed that the PBOC might follow the policy paths of the Federal Reserve, ECB, and BoJ by expanding its balance sheet to counter economic downturns. He noted this move could replicate Bitcoin’s performance during the RMB adjustment period in August 2015, when BTC surged from $135 to $600 within less than three months.
The report further points out that while Chinese investors are currently focused on domestic equities and real estate, as monetary easing effects gradually emerge, Bitcoin could become a significant asset allocation choice. Hayes believes that given China’s sustained high export surplus and increasing use of RMB for commodity imports, monetary adjustments won't significantly impact the RMB exchange rate. Meanwhile, under current U.S. industrial policies, the dollar is likely to remain weak.
CATIZEN: Stake CATI and game assets to earn 8.3 million ZRC rewards
According to official news, from October 28 to November 4, players can deposit CATI tokens and cat game assets above level 300 into the ZRC reward pool via the CATIZEN BOT for a 7-day staking event. The CATI token pool accounts for 85% of total rewards, with the remaining 15% allocated to cat asset stakers. Rewards are settled hourly, offering up to $1.5 million worth of ZRC.
Prior news indicated that CATIZEN officially launched its first Launchpool campaign for Zircuit (ZRC). Zircuit is an AI-powered zero-knowledge L2 blockchain compatible with EVM and backed by Binance Labs. It currently has a TVL of $1.7 billion.
QCP: Correlation between Bitcoin and Trump odds appears to weaken; breakout above $70K could trigger new highs
According to QCP Capital's latest report, Trump’s interview on Joe Rogan Experience, released one week before the election, has garnered over 32 million views, pushing his odds on Polymarket above 66%. Although crypto is often called the "Trump trade," the correlation between Bitcoin and Trump’s odds seems to be weakening, as BTC now attempts to break above $70,000 and surpass July highs. Bitcoin rose only 8% this month, below its average gain of 21%. If spot prices hold current levels, October 2024 would mark Bitcoin’s fourth-worst monthly performance in the past decade.
With market anticipation building ahead of next week’s election results, it remains to be seen whether Bitcoin can sustainably突破 $70,000. The report maintains caution, noting no surprises are expected from Thursday’s core PCE data or Friday’s non-farm payroll figures. Currently, open interest across exchanges for Bitcoin perpetual contracts has reached $27 billion, nearing this year’s peak. A breakout above $70,000 could spark new all-time highs, especially if more leveraged long positions enter.
Vitalik discusses Ethereum's future development phase "The Splurge," with EVM upgrades as core focus
Ethereum co-founder Vitalik Buterin published the sixth part of Ethereum’s protocol roadmap titled “The Splurge.” This phase focuses on EVM improvements, account abstraction, optimization of EIP-1559, and exploration of advanced cryptographic techniques.
Vitalik emphasized that the primary goal for EVM improvement is implementing the EVM Object Format (EOF), set to be introduced in the next hard fork. EOF will separate code from data and disable dynamic jumps, laying the foundation for future upgrades like EVM Modular Arithmetic eXtensions (EVM-MAX).
Regarding account abstraction, the roadmap proposes integrating safer and more convenient account management mechanisms at the protocol level, supporting quantum-resistant cryptography and key rotation. Additionally, Vitalik highlighted the importance of refining the EIP-1559 fee mechanism to optimize transaction economics and scalability.
USDT officially launches on Aptos mainnet
According to official announcement, native USDT has officially gone live on the Aptos mainnet.
DWF Labs Co-founder: Bull market cycle began in October, focusing on memes and four other asset classes
Andrei Grachev, co-founder of DWF Labs, posted on X: “As of October, we’re in the first month of the Q4-to-Q1 bull market cycle. The market remains highly volatile, but the trend is positive. My identified trends are: memes, chains launching meme platforms correctly (note this), yield-bearing assets, artificial intelligence, and RWA.”
BlackRock and Vanguard to vote on shareholder proposal asking Microsoft whether it should study buying BTC
Microsoft’s major shareholders BlackRock (7% stake) and Vanguard Group will vote Monday on a shareholder proposal urging Microsoft to study adding Bitcoin to its balance sheet as a hedge against inflation and other macroeconomic risks.
Previously, Microsoft filed with the SEC stating the board recommends voting against the proposal. The company said it had “carefully considered” the issue, adding: “Past evaluations have included Bitcoin and other cryptocurrencies as potential options. Given the volatility of crypto investments, such assets may not meet corporate requirements for stable and predictable returns, nor support liquidity and operational funding needs. Microsoft already has robust corporate treasury management and diversification processes, making mandatory public evaluation of this strategy unnecessary.”
Bitcoin breaks above $70,000 early this morning
Bitcoin broke above $70,000 early this morning, currently trading at $69,938.00, up 2.12% over 24 hours.
ETH/BTC exchange rate briefly drops below 0.036, hitting lowest level since 2021
The ETH/BTC exchange rate briefly dipped below 0.036 early this morning, currently at 0.036719, marking the lowest level since 2021.
Magic Eden: Discourages users from trading test token TestME due to lack of intrinsic value
Cross-chain NFT marketplace Magic Eden announced it will launch a test token called TestME on October 30, serving as a technical trial prior to the release of its governance token ME. Users must claim the test token through the Magic Eden wallet during a two-day window, though users from the UK and US are excluded. Only those who interacted with the platform within the past six months are eligible to participate.
Magic Eden stressed that TestME serves purely for technical testing and holds no intrinsic value, explicitly urging users against speculative trading. This initiative aims to familiarize users with the token claiming process while providing technical validation for the platform. Jack Lu, CEO of Magic Eden, revealed that the正式ly issued ME token will serve as an incentive layer, helping onboard users, encouraging participation in platform development, and rewarding contributions. Special emphasis will be placed on long-term active users, though the exact launch date remains unannounced.
Market Movements
Suggested Reading
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Reviving Ethereum Culture? What Magic Does Monad Hold?
AI Summary: This article examines the decline of Ethereum’s community spirit and revival efforts, particularly through the Monad project, which combines Ethereum’s cultural traits with Solana-like scalability. It details innovative mechanisms such as deferred execution, transaction hashing, and MonadBFT designed to enhance blockchain efficiency and scalability.
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The Promise and Pitfalls of Meme Religion: When AI Becomes God, Wealth Becomes Faith
AI Summary: The article explores the fusion of Meme culture and cryptocurrency, giving rise to a new form of digital belief system known as “Meme Religion.” Centered around AI deities and Meme coins, this religion promises rapid wealth accumulation driven by people’s desire for riches. While a few may profit, most followers continue investing, sustained by faith in AI gods. The article also touches on the decentralized nature of this religion and the role of AI deities.
AI Summary: This article discusses the rise of AI agents and AI-driven Meme coins in the crypto space, emphasizing the importance of transparency and decentralization in AI development. As AI technology advances, verifying the authenticity and transparency of AI behavior becomes crucial. The article introduces several notable projects currently gaining traction in the market.
The Brief Life of On-Chain Meta: Seven Key Stages from 'Wild Growth' to 'Graceful Exit'
AI Summary: This article delves into the phenomenon of “Meta” in the cryptocurrency market, tracing its evolution from initial wild growth to eventual graceful exit through seven key stages. These include the emergence of new Metas, early adopter surges, influx of new betas, KOL influence, market cooling, and consolidation. The article emphasizes adopting different strategies across market cycles—aggressive in early phases, cautious and rational later on.
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