PA Daily | Trump team considers establishing the first cryptocurrency position in the White House; Bitcoin breaks through $97,000 to set a new record high

Today's news tips:

Trump team considers creating first White House cryptocurrency position

Justin Sun buys Cattelan’s iconic work “The Comedian” for $6.2 million

MicroStrategy Increases Zero Coupon Convertible Senior Notes Offering to $2.6 Billion, Part of Net Proceeds to Purchase Bitcoin

Nvidia releases Q3 financial report: revenue reaches $35.1 billion, net profit is $19.31 billion

Sui blockchain appears to be down, no blocks were produced for an hour

Cryptocurrency entertainment gaming platform Monkey Tilt completes $30 million Series A financing, led by Pantera Capital

Data: Total assets of ETFs directly investing in Bitcoin in the United States exceed $100 billion

BTC breaks through $97,000, setting a new all-time high

Regulatory News

FTX co-founder Gary Wang is exempted from prison by US judge

According to Tree News, citing Reuters, Gary Wang, the former deputy of Sam Bankman-Fried (SBF), was sentenced to avoid imprisonment by a US judge for his role in the FTX crypto fraud case.

Trump team considers creating first White House cryptocurrency position

According to Bloomberg, the team of US President-elect Donald Trump is discussing with the digital asset industry whether to establish a White House position dedicated to cryptocurrency policy. According to people familiar with the matter, this will be the first White House position centered on cryptocurrency, and candidate screening is underway. It is uncertain whether the position will become a senior position or be called the "Crypto Czar", but industry advocates hope that the role will report directly to Trump. In addition, Trump promised during the campaign to fire the current Chairman of the Securities and Exchange Commission (SEC) Gary Gensler, relax crypto industry regulations, and establish a presidential crypto advisory committee. Currently, the candidates for the committee are in fierce competition.

It is reported that former Coinbase and Binance.US executive Brian Brooks and Coinbase CEO Brian Armstrong met with Trump this week to discuss related matters. This position may serve as a bridge between Congress, the White House, and federal agencies such as the SEC and CFTC. More personnel discussions took place at Trump's private club Mar-a-Lago.

South Korea’s financial regulator refuses to approve ETF investing in crypto firms

According to Korea Economic Television, South Korea’s financial regulator has not only banned the issuance of cryptocurrency ETFs for spot and futures products, but also rejected funds that invest in crypto companies, including exchanges. The head of an asset management company said that their proposal to set up a fund to invest in crypto companies was rejected by the country’s Financial Supervisory Service.

He mentioned that his company is preparing to launch an ETF focused on U.S. crypto exchange Coinbase and similar companies, but it is still waiting for approval from local regulators. Meanwhile, an FSS official acknowledged the growing demand for Bitcoin investment, but said that regulations will not be relaxed unless the government's current policies change.

South Korean police confirm North Korea’s involvement in 2019 Upbit 58 billion won Ethereum theft

According to Yonhap News Agency, South Korean police officially confirmed for the first time that the 342,000 Ethereums (worth 58 billion won at the time and now worth about 1.47 trillion won) stolen from the South Korean cryptocurrency exchange Upbit in 2019 were the work of a North Korean hacker group.

The police pointed out that the hacker groups "Lazarus" and "Andariel" under the Reconnaissance General Bureau of North Korea were involved in the attack. This conclusion was based on data from North Korean IP addresses, the flow of encrypted assets, traces of North Korean vocabulary use, and cooperation with the US FBI.

57% of the stolen Ethereum was converted into Bitcoin at a price 2.5% lower than the market price through three suspected money laundering platforms opened by North Korea, and the remaining assets were dispersed and laundered through 51 overseas exchanges. In 2020, the police discovered that some of the stolen Bitcoins were stored in a Swiss exchange. After four years of efforts, they successfully recovered 4.8 Bitcoins (about 600 million won) in October this year and returned them to Upbit.

Judge approves Celsius to serve legal documents via NFT airdrop

A U.S. bankruptcy judge for the Southern District of New York approved a motion by Celsius to allow legal documents to be served by airdropping NFTs to the digital asset wallets of anonymous defendants. Celsius was unable to identify the wallet owners associated with fraudulent transfers in the bankruptcy proceedings, so it proposed an alternative to serving legal documents through NFTs. The airdropped NFTs contain hyperlinks to the relevant legal documents, and FTI Consulting will be responsible for confirming the receipt of the NFTs on the chain and the time they were opened, while monitoring the traffic accessing the links.

Project News

Phantom ranks among the top five free apps in the US App Store, and ranks first in the tool category

Solana Ecosystem Crypto Wallet Phantom ranks fifth in the free app rankings in the US region of Apple App Store and ranks first in the niche tool category.

Bitwise applies to Delaware for registration of Solana-related ETF

Bitwise has filed documents with the Delaware Department of State to register its first Solana-related ETF.

Coinbase to launch FLOKI based on Ethereum network

According to the official announcement of Coinbase, Coinbase will launch support for FLOKI (FLOKI), which is based on the Ethereum network (ERC-20 standard). Trading will start at or after 1:00 am Beijing time on November 22 (9:00 am PT time on November 21).

Hoth Therapeutics Board of Directors Approves Purchase of $1 Million in Bitcoin as Reserve Assets

Acurx Pharmaceuticals Board of Directors Approves Purchase of $1 Million in Bitcoin as Reserve Assets

MicroStrategy Increases Zero Coupon Convertible Senior Notes Offering to $2.6 Billion, Part of Net Proceeds to Purchase Bitcoin

According to MicroStrategy's official website, MicroStrategy announced the pricing of its $2.6 billion total principal of zero-interest convertible senior notes due in 2029, which is an increase from the previously announced $1.75 billion total principal note issuance. The issuance is expected to be completed on November 21, 2024, subject to customary closing conditions.

The initial conversion rate for the Notes is 1.4872 shares of MicroStrategy Class A common stock per $1,000 principal amount of the Notes, representing an initial conversion price of approximately $672.40 per share. The initial conversion price for the Notes represents a premium of approximately 55% to the U.S. composite volume weighted average price of MicroStrategy Class A common stock between 1:30 p.m. and 4:00 p.m. EST on November 19, 2024, of $433.7997. The conversion rate will be adjusted upon the occurrence of certain events.

MicroStrategy estimates that the net proceeds from the sale of the Notes, after deducting discounts and commissions to the initial purchasers and estimated offering expenses payable by MicroStrategy, will be approximately $2.58 billion (or approximately $2.97 billion if the initial purchasers exercise in full their option to purchase additional Notes). MicroStrategy intends to use the net proceeds from the offering to purchase additional bitcoin and for general corporate purposes.

DWF Labs Launches $20 Million "Meme Fund" to Support Innovative Meme Coin Projects

According to Finance Feeds, DWF Labs announced the launch of a $20 million "Meme Fund" to support innovative Meme coin projects on multiple blockchains. The "Meme Fund" is now accepting proposals from Meme coin projects seeking investment and guidance.

DCG launches new subsidiary Yuma to support and advance the Bittensor network

Digital Currency Group (DCG) announced the establishment of a new subsidiary, Yuma, to support and promote the development of the Bittensor network. DCG founder and CEO Barry Silbert will also serve as Yuma CEO to further promote DCG's integration of encryption and artificial intelligence. Yuma will provide capital, infrastructure and technical support to startups and large enterprises to help them develop and deploy innovative projects on the Bittensor network.

Justin Sun buys Cattelan’s iconic work “The Comedian” for $6.2 million

Justin Sun, founder of TRON, announced that he had successfully bought Maurizio Cattelan's iconic work "Comedian" for $6.2 million. Sun said that this work is a cultural phenomenon that connects art, Internet culture and the crypto community, and he believes that this work will inspire more discussions and become part of history. He also plans to eat the banana himself in the next few days as part of a unique art experience to pay tribute to its important position in art history and popular culture.

Nvidia releases Q3 financial report: revenue reaches $35.1 billion, net profit is $19.31 billion

Nvidia (NVDA.O) announced its third-quarter financial report for fiscal year 2025, with revenue reaching $35.1 billion, a year-on-year increase of 94%, exceeding the market expectation of $33 billion; net profit was $19.31 billion, far exceeding the expected $16.93 billion. In addition, the third-quarter gaming business revenue was $3.3 billion, and the data center business revenue was $30.8 billion, a year-on-year increase of 112%.

Nvidia expects fourth-quarter revenue of $37.5 billion, slightly higher than market expectations, but some investors' expectations were not met, causing the stock price to fall 5% after the earnings report was released. CEO Huang Renxun said that artificial intelligence is driving the growth of global computing demand, the production of Blackwell systems is accelerating, and fourth-quarter deliveries will exceed expectations. The company expects gross profit margin to reach more than 70% in 2025. Despite this, some analysts believe that its revenue outlook is uncertain, especially when Blackwell demand exceeds supply.

21Shares improves its Ethereum ETP by introducing staking functionality, and the trading symbol changes to "ETHC"

According to Beincrypto, asset management company 21Shares announced a major improvement to its Ethereum Core ETP, which now includes a staking function. With this upgrade, the product has been renamed Ethereum Core Staking ETP to better reflect its expanded functionality. The revised product trading code is ETHC and can be traded on major European exchanges, including the Swiss Stock Exchange, Deutsche Börse Xetra and Euronext Amsterdam.

The company said the move is aimed at making Ethereum staking more accessible to institutional and retail investors across Europe. It offers a novel way to earn returns from Ethereum's staking mechanism while maintaining a low-cost structure. Ethereum Core Staking ETP is backed by physical Ethereum and has a management fee of 0.21%.

Stripe launches B2B payments via stablecoins

Patrick Collison, CEO of US payment giant Stripe, posted on the X platform that Stripe has launched the function of B2B payment through stablecoins. The company's employee @BackseatVC explained that users can now create and send invoices payable in stablecoins on Stripe; when Stripe launched the "Pay with Cryptocurrency" feature last month, one of the strongest functional demands from users was to improve the B2B payment experience; with the support of the invoice function, this demand has now been met.

Earlier news, Stripe launched the "Pay with Crypto" function in the United States, supporting stablecoins including USDC and USDP .

Binance Futures to Launch SLERF and SCRT 1-75x USDT Perpetual Contracts

According to the official announcement, Binance Futures will launch SLERFUSDT and SCRTUSDT perpetual contracts at 19:30 (ET8) on November 21, 2024, with a maximum leverage of 75 times.

Sui blockchain appears to be down, no blocks were produced for 1 hour

Suiscan data shows that the Sui blockchain is suspected to be down and has not produced any blocks for an hour.

Financing News

Cryptocurrency entertainment gaming platform Monkey Tilt completes $30 million Series A financing, led by Pantera Capital

According to PR Newswire, the crypto entertainment gaming platform Monkey Tilt announced the completion of a $30 million Series A financing round, which closed this summer, led by Pantera Capital, with participation from Polychain Capital, PokerGo, Hack VC, Dream Ventures, Accomplice, Mirana and Josh Hannah. This latest financing brings the total financing amount to more than $50 million.

According to reports, Monkey Tilt will be launched in early 2024, integrating prediction games, sports, poker and cryptocurrencies on one platform. Monkey Tilt plans to launch a new gamified cryptocurrency trading product in the first quarter of next year.

Deblock, a crypto wallet founded by former Revolut and Ledger executives, completes approximately $16.8 million in seed round financing

According to Sifted, according to documents filed with the UK Companies House this month, Deblock, a crypto wallet created by former Revolut and Ledger executives, has completed an additional £13.3 million (about $16.8 million) in seed round financing. Another October document showed that Headline, Hoxton, 20VC and Chalfen were the main investors in this round of financing. Sifted previously reported that the startup quietly raised 12 million euros last year. According to reports, in August 2022, former Revolut head of cryptocurrency Jean Meyer, payment director Aaron Beck and former Ledger engineering director Mario Eguiliuz co-founded Deblock. Later that year, the startup poached Adriana Restrepo, chief operating officer of Revolut's European banking business, as its fourth founder. Deblock CEO Jean Meyer declined to comment on this round of financing. According to its website, the Deblock application is currently only available in France, where it is regulated by electronic money institutions and digital asset service providers.

Important data

The total net inflow of the US Bitcoin spot ETF yesterday was US$837 million, and the ETF net asset ratio reached 5.38%

Data: Hong Kong virtual asset ETF today's trading volume is about HK$221 million

MicroStrategy's Bitcoin holdings currently have a floating profit of over $14.7 billion

One trader lost $10 million by selling CHILLGUY tokens too early

A trader once used 1 SOL (about $205) to buy 33.95 million $CHILLGUY tokens, which are now worth more than $10 million. However, the trader sold all of them when the token price rose to 1.6 SOL (about $349), missing out on the subsequent huge profits.

Data: Total assets of ETFs directly investing in Bitcoin in the United States exceed $100 billion

According to Jinshi, the total assets of ETFs that directly invest in Bitcoin in the United States exceeded $100 billion, after Bitcoin hit a record high of $97,000, aiming at the $100,000 mark. Twelve Bitcoin ETFs, including BlackRock and Fidelity Investments, reached this milestone within 10 months after their debut in January, becoming one of the most successful fund categories ever launched. Institutional data showed that as Bitcoin reached a record high, Bitcoin ETFs recorded a net inflow of $773 million on Wednesday.

ETH/BTC price ratio drops to 0.032, lowest level since March 2021

According to The Block, the ETH/BTC price ratio fell to 0.032, its lowest level since March 2021.

The total market value of stablecoins exceeded 190 billion US dollars, and USDT accounted for about 68.5%

According to CoinGecko data, the total market value of stablecoins has exceeded $190 billion, reaching $190.9 billion. Among them, Tether (USDT) has a market value of $130.7 billion, accounting for about 68.5%. USDC has a market value of $38 billion, followed by USDS at about $5.2 billion, Ethena USDe at about $3.586 billion, and Dai at about $3.4 billion.

MicroStrategy surged 10.05% yesterday, and its trading volume was second only to Nvidia

Tradingview data shows that NVIDIA's (NVDA) trading volume multiplied by price (trading amount) yesterday (US time) was US$45.2 billion, a slight decrease of 0.76%; MicroStrategy's (MSTR) trading volume multiplied by price (trading amount) yesterday was US$33.27 billion, a sharp increase of 10.05%.

BTC breaks through $97,000, setting a new all-time high

PANews reported on November 21 that the OKX market showed that BTC broke through $97,000 at noon and once reached $97,850, setting a new record high. As of 18:32, the price of Bitcoin was $97,560, up 3.01% on the day.

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