Headlines

▌Bloomberg analyst: BlackRock's application to register iShares XRP Trust in Delaware is fake news

Bloomberg analyst Eric Balchunas posted on the X platform that he had confirmed with BlackRock that BlackRock’s application to register the iShares XRP Trust in Delaware was fake news, and some malicious people added content using the names of BlackRock executives.

Golden Finance previously reported that BlackRock successfully registered its iShares Ethereum Trust in Delaware last week and submitted a 19-4 document confirming its plan to launch a spot Ethereum ETF.

▌The US Treasury Department’s proposed crypto tax proposal still has room for revision

According to Coindesk, IRS and Treasury officials listened to the industry's confusing information and impact of crypto tax proposals at a hearing on Monday, and asked some questions, suggesting that there is still room for revision of their proposals. Federal officials' questions at the hearing showed that they were interested in the potential burden on decentralized platforms under the proposed rules, whether stablecoin transactions should be reported, and how to identify non-financial assets.

It is reported that the cryptocurrency tax rules were proposed in August and the public comment period ended on Monday. The agency received more than 124,000 comments on the tax proposal. The final version of the proposal may take several months and will also need to respond to some questions from the crypto industry.

Quotes

As of press time, according to coinmarketcap data:

BTC's latest transaction price is $36,456, with a daily change of -1.05%;

ETH's latest transaction price is $2,056.93, with a daily change of -2.30%;

BNB's latest transaction price is $240.9, with a daily change of -5.51%;

XRP's latest transaction price is $0.6693, with a daily change of +2.83%;

DOGE’s latest trading price is $0.0745, with a daily change of -3.26%;

ADA's latest trading price is $0.3569, with a daily change of -3.44%;

SOL's latest transaction price is $52.26, with a daily change of -5.77%.

policy

APEC finance ministers to share views on cryptocurrencies at San Francisco meeting

The week-long Asia-Pacific Economic Cooperation (APEC) summit opened in San Francisco on November 11, and U.S. Treasury Secretary Janet Yellen said in her opening speech at the Treasury ministers’ meeting on November 13 that they will discuss “long-term priority areas” with an emphasis on sustainability. They will also hold a meeting dedicated to supply-side economics and another dedicated to digital assets. Yellen specifically mentioned unsecured crypto assets, stablecoins, and central bank digital currencies.

“Sharing insights and engaging with the private sector enables us to deepen our collective understanding of the tools policymakers can use to promote the responsible development and use of digital assets,” Yellen said.

She added: “I look forward to hearing your views on the long-term role digital assets and blockchain technology can play in our respective financial systems, and how authorities plan to regulate their development and use.”

It is reported that APEC is composed of 21 Pacific region "economies" in Asia, North America and South America. Membership is open to economies rather than countries. Ripple is the main (diamond level) sponsor of this summit.

▌The crypto industry opposes the US Treasury’s proposed broker tax reporting regulations, and more than 120,000 opinion letters have been submitted

The cryptocurrency industry is standing firm against proposed tax reporting rules from the U.S. Treasury Department, which, along with the Internal Revenue Service, released a set of proposed regulations in August that would require cryptocurrency brokers to be treated similarly to brokers of more traditional investments like stocks and bonds. Since then, more than 124,000 comment letters have been submitted to the agency, including 2,000 in the past two days alone.

Marisa Copel, senior advisor at the Blockchain Association, said the proposal is too broad, particularly for decentralized finance, and should be limited to centralized entities.

Some have called it an obstacle to decentralized finance, citing constitutional issues. The DeFi Education Fund said in a letter earlier this month that the proposal stretches the definition of a broker beyond constitutional limits and that the Treasury Department is essentially creating a new type of broker called a "digital asset intermediary," a term that could "consider every participant in the blockchain technology stack as a broker."

Blockchain Applications

▌Aave community proposes to re-enable CRV lending on v3 Ethereum/Polygon

The Aave community Gauntlet proposal suggests re-enabling CRV lending on v3 Ethereum/Polygon, and suggests some other changes to CRV parameters. These include reducing the supply cap from 51 million to 7.5 million, the borrowing cap from 7.7 million to 5 million, and the debt cap from $5 million to $1 million on Ethereum v3; reactivating CRV lending.

On Polygon v3, the borrowing limit was reduced from 900,000 to 300,000, reactivating CRV lending. Gauntlet believes that given current usage, lowering the limit may help balance the space for future demand while mitigating the risks associated with declining tail liquidity.

▌SSV.Network will work with P2P.org to develop DVT Stake API to achieve decentralized Ethereum staking

SSV.Network and P2P.org announced plans to collaborate on the DVT Stake API to enable decentralized Ethereum staking, simplify the custodian process, and enhance institutional staking security through the SSV protocol.

The team said that DVT (distributed validator technology) improves security by distributing Ethereum validator responsibilities among nodes. With SSV.Network about to launch its mainnet, this collaboration will accelerate the development of the DVT Stake API and promote the deployment and decentralization of Ethereum staking applications.

Cryptocurrency

▌Bianco Research President: Spot Bitcoin ETF market reaction will be similar to Facebook IPO trajectory

Jim Bianco, president and macro strategist at Bianco Research, LLC, says the market reaction to a spot Bitcoin ETF will be similar to that of Facebook’s 2021 IPO. In a recent interview with Real Vision, Bianco looked back at Facebook’s IPO, one of the most anticipated in recent history, and compared it to Bitcoin’s potential market behavior.

Bianco said that during Facebook's IPO, the company's stock price was initially priced at $28, but then fell sharply to $11, contrary to market expectations. Bianco said that Bitcoin may experience a similar pattern after the U.S. approves a spot Bitcoin ETF. He is concerned that Bitcoin may initially rebound within a few days of approval, but then the price may stagnate or even fall for a while.

▌TeraWulf produced 994 self-mined bitcoins in the third quarter, an increase of 9.5% from Q2

TeraWulf Inc. (NASDAQ: WULF) announced its unaudited interim financial results for the third quarter of fiscal year 2023. In the third quarter of 2023, the company produced 994 self-mined bitcoins, an increase of 9.5% from the second quarter. Revenue in the third quarter of 2023 was US$19 million, an increase of 22.6% from the second quarter, and the total installed computing power was 5.5EH/s. Non-GAAP adjusted EBITDA in the third quarter of 2023 was US$9 million, an increase of 18.5% from the second quarter.

The company said it expects to use cash generated in the third quarter of 2023 to repay approximately $7 million in debt, of which $5.5 million was repaid in October 2023, and has ordered approximately 2.8 EH/s BITMAIN S19j XP miners at a price of $19/TH, which will be delivered in December 2023.

▌Pantera Capital: Less than 5% of the portfolio was significantly affected by the collapse of FTX

Pantera Capital released a reflection and lesson summary on the first anniversary of FTX’s collapse on the X platform, the content is as follows:

Following news of FTX and Alameda’s poor financial performance, we formed a war room to assess the extent of the impact to the portfolio with the goals of: 1) identifying all potential risks; and 2) providing assistance to teams at highest risk. It is important to note that this work is not new as we have been in this industry for a decade and we have launched war rooms for similar stresses such as the 2018 crypto winter, the Three Arrows bankruptcy, the LUNA debacle, and the recent banking crisis. After identifying all potential risks (custody, counterparties, investments, etc.), we worked with impacted teams to mitigate further risk and develop a plan to move forward. Fortunately, less than 5% of our portfolio teams were significantly impacted, due in part to the proactive risk management practices that we regularly emphasize to founders.

Here are some ideas for team building in the crypto space: 1. Establish a process within the organization to minimize the time any asset spends on any exchange or third party.

2. Avoid single point control of any asset transfer by implementing a multi-signature process for all asset transfers. Diversify on-chain and off-chain counterparty risks by ensuring dealings with as many custodians, exchanges, and banks as possible.

3. Avoid any unnecessary principal risk to the company’s financial assets by maintaining liquidity and cash in financial assets as much as possible. Take steps to ensure that bank accounts comply with FDIC insurance limits.

4. Move assets from a commingling wallet (e.g. an exchange or any medium where project funds are commingled with other funds) to an on-chain segregated wallet (e.g. custodial, self-custodial, or anywhere where funds are segregated from other third-party funds).

Important economic developments

▌CICC: The trend of export improvement will continue in the coming months

According to a CICC research report, exports in US dollars from January to October 2023 were -5.6% year-on-year, but the three-month moving average in October 2023 was -7.2% year-on-year, still an improvement from -9.8% in September. We believe that this trend of improvement will continue in the coming months. Structurally, "decentralization" is not good for exports, but this is a gradual process and may not be fully manifested immediately. In the short term, the trade reallocation effect has alleviated the impact of "decentralization" on exports; cyclically, the replenishment of US inventories will support my country's exports. (Jinshi Data APP)

Golden Encyclopedia

Metadata in blockchain transactions

Additional data or information that can be attached to encrypted transactions on the blockchain is called metadata in blockchain transactions. Metadata enables users to add extra information or context to their transactions. There are two main types of metadata in blockchain transactions: on-chain metadata and off-chain metadata.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.