Crypto Morning News: Fed Cuts Interest Rates by 25 Basis Points, Over 250 Pro-Crypto Candidates Elected to U.S. Congress
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Crypto Morning News: Fed Cuts Interest Rates by 25 Basis Points, Over 250 Pro-Crypto Candidates Elected to U.S. Congress
Trump's victory could accelerate the launch of the first staked Ethereum ETF.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Fed Cuts Rates by Another 25 Basis Points
The U.S. Federal Reserve has decided to lower the benchmark interest rate by 25 basis points, bringing it to a range of 4.50%–4.75%. This marks the Fed’s second rate cut this year. However, with Donald Trump winning re-election as U.S. president, the Fed will face increased pressure.
Coinbase International to Launch RAY-PERP Perpetual Contract
Coinbase will add support for Raydium perpetual futures on Coinbase International Exchange and Coinbase Advanced. The RAY-PERP market will go live at or after 9:30 AM UTC on November 14, 2024.
Yesterday’s On-Chain Capital Flows: Sui Sees $26.8M Inflow, Ethereum Records $91M Outflow
On November 7, according to Artemis data, Sui recorded a net inflow of $26.8 million, Polygon $24.5 million, Solana $19.2 million, Arbitrum $13.9 million, and Base $7.5 million, while Ethereum saw a net outflow of $91 million.
Nansen Analyst: Trump Victory Could Accelerate First Staked Ethereum ETF Listing
Edward Wilson, analyst at Nansen, stated that if Donald Trump wins the U.S. presidential election on November 5, it could pave the way for more diverse crypto financial products, particularly around Ethereum, the world’s second-largest cryptocurrency.
Wilson believes a Trump administration may be more open to crypto innovation, including the launch of the first staked Ethereum ETF. He noted that under a pro-crypto regulatory environment, we might see approval for a staked Ethereum ETF early in the new administration.
However, performance of spot Ethereum ETFs in the U.S. has disappointed some investors, with cumulative net outflows exceeding $489 million since launch.
Binance to List 1000000MOGUSDT Perpetual Contract with Up to 75x Leverage
According to an official announcement, Binance will list the 1000000MOGUSDT perpetual contract with maximum leverage of 75x.
Fox Business: Over 250 Pro-Crypto Candidates Elected to Congress in This Election
According to Fox Business News, the U.S. cryptocurrency industry achieved a major victory in the recent elections, with over 250 pro-crypto congressional candidates successfully elected.
The crypto industry reportedly invested at least $238 million in this election cycle to influence key House and Senate races. This significant funding was primarily used to back pro-crypto candidates, including Republican businessman Bernie Moreno, who defeated incumbent Democratic Senator Sherrod Brown in Ohio—a Republican win in the state’s Senate race for the first time in nearly 18 years.
At the time of writing, Bitcoin supporter and Republican businessman Dave McCormick holds a lead over Democratic incumbent Senator Bob Casey in a tight Pennsylvania Senate race, though final results have not yet been confirmed.
Bloomberg: CZ Reveals He Received Offers to Sell His Controlling Stake in Binance
In an interview, CZ reflected on his forced departure from Binance and his four-month prison sentence, during which he passed time exercising, writing a book, and discussing cryptocurrency with fellow inmates. CZ said: “I don’t think I want to go back to being CEO of Binance. I’ve led the company for seven years. I enjoyed it—though it was demanding. But I think that chapter is over.”
Additionally, CZ revealed he received offers to sell his controlling stake in the exchange—representing the bulk of his personal net worth—but declined to name potential buyers or disclose pricing.
CZ declined to comment on the U.S. election but expressed satisfaction with the direction of X (formerly Twitter).
Cellula Releases Tokenomics Model, 5% Allocated to Airdrop
Officially announced, Cellula—a gamified mining project using vPoW mechanism—has released its CELA tokenomics. The total supply of CELA is one billion tokens, with allocations as follows: 35% for mining rewards; 23% for Treasury/Foundation; 15% for team; 15% for investors; 7% for partnerships and advisors; and 5% for airdrops. The 5% airdrop allocation consists of Energy, BitCell NFT, Life Points, and early activity airdrops, unlocking gradually over 2 to 6 months based on different proportions.
Plume Network Announces Partnership with StakeStone and Launches Pre-Staking Campaign
Plume Network, a modular Real World Asset finance (RWAfi) blockchain project, announced a partnership with cross-chain liquid staking protocol StakeStone and launched a pre-staking campaign (https://vault.plumenetwork.xyz/). Users can deposit assets into the pre-deposit vault and earn Plume rewards by staking SBTC and STONE.
Market Data
Suggested Reading
Coinbase Founder: My Thoughts on the U.S. Election from a Crypto Perspective
AI Summary: Coinbase founder Brian Armstrong analyzes the U.S. election through the lens of cryptocurrency and economic freedom. The success of pro-crypto candidates, particularly Bernie Moreno’s victory in Ohio, bodes well for the crypto industry. The election outcome signals a shift toward economic freedom in the U.S., suggesting politicians opposed to crypto may face the end of their political careers.
Betting $30 Million on Trump: A French Trader Conducts His Own Poll
AI Summary: A French trader known as Théo placed over $30 million in bets on Donald Trump winning the U.S. election via the crypto prediction platform Polymarket, expecting nearly $50 million in returns. Théo’s betting strategy stemmed from skepticism toward traditional polls, which he believed underestimated Trump’s support. He proposed using a "neighbor polling method" for more accurate voter sentiment assessment. Théo emphasized his bets were purely profit-driven, not politically motivated.
AI Sector Shines on Election Day: A Complete Overview of 37 AI Agent Projects
AI Summary: This article compiles AI agent concept projects across four categories: infrastructure, finance and payments, content creation and entertainment, and social interaction.
Uncovering the Struggles of Crypto VCs: $49B Invested Since 2015, Returns Can't Match Bitcoin
AI Summary: This article examines the performance of crypto venture capital since 2015, highlighting that overall returns have failed to match Bitcoin. Despite substantial investments, the sector remains largely unprofitable, driven only by a few successful projects. Compared to Web2 venture capital, crypto VC faces challenges such as poor liquidity and high fees. In the future, asset management in liquid crypto markets may surpass traditional crypto venture capital.
Analyzing the Logic Behind $GRASS Token’s Price Surge
AI Summary: This article discusses the reasons behind the price increase of the $GRASS token and its future potential. It notes that part of the price rise stems from its airdrop campaign and high staking annual yield. Additionally, it highlights $GRASS network’s data retrieval capabilities and potential revenue streams, along with other dynamics in the crypto market.
BTCFi: An Innovative Journey to Unlock Trillions in Bitcoin Market Cap
AI Summary: This article explores the development background and challenges of BTCFi (Bitcoin Financialization), focusing on the potential of decentralized finance (DeFi) within the Bitcoin ecosystem and its scaling solutions. It points out that despite Bitcoin’s massive market cap, its DeFi applications still face limitations due to protocol constraints, insufficient liquidity, and cross-chain bridge security risks.
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