Bitcoin and S&P 500 were chatting in a bar. S&P 500 said proudly: "You know what? I've risen 60% in the past two years!" Bitcoin smiled and said, "That's good. But I've risen 220% in the same period." S&P 500 was a little unconvinced: "Huh, but my growth is more stable, not as ups and downs as yours." Bitcoin shrugged: "Yes, but excitement is fun, isn't it? And now there are ETFs to help me attract more fans!" 😂

Michael Saylor walked into a bank and excitedly said to the manager: "I want to borrow a large sum of money!"
The bank manager asked: "Okay, what project do you plan to invest in?"
Saylor smiled mysteriously: "I want to borrow money to buy Bitcoin. By 2045, each Bitcoin will rise to 13 million US dollars!"
The manager was stunned for a moment and whispered: "But you know that the loan must be repaid, right?"
Saylor patted his chest: "Of course! When Bitcoin rises to 13 million, I will have the money to pay it back!"
The manager sighed: "It seems that our bank should be renamed 'MicroStrategy Bitcoin Bank' by then!"

I heard that Solana is expected to quadruple by 2025, but the prerequisite is that Trump is elected, Firedancer is successfully launched, and the number of users increases significantly. It seems that investing in SOL not only requires looking at the market, but also paying attention to the US election, and even looking forward to engineers working overtime. 😂

The manager of a traditional asset hedge fund recently announced that they have begun to dabble in cryptocurrency investment. Someone asked him, "Why are you suddenly interested in cryptocurrency?" He smiled and replied, "Because we find that assets with high volatility can better reflect our investment skills. After all, if it goes up, it means strength, and if it goes down, it means the market!"

Bitcoin and Ethereum are like the candidates in the US presidential election. Bitcoin is like Trump, and the price soars as soon as the news comes out; Ethereum is like Harris, who is still waiting and waiting for the election results before taking action.

A crypto whale lost $35 million in tokens due to a phishing attack. His friend asked him, "How did you fall for it?" He smiled bitterly and said, "The contract they sent said 'Click to get more ETH'. I thought it meant 'earn' more, but it turned out to be 'transfer' more!" ​​​

Japan's Bitcoin Adventure

The mornings at the Tokyo Stock Exchange are always full of busyness and noise. Mr. Tanaka, the chairman of Metaplanet, was particularly energetic today and walked with a breeze.

Colleague Kobayashi asked curiously: "Mr. Tanaka, what's the good news?"

Tanaka smiled and replied: "Our company bought another 108 bitcoins!"

Kobayashi widened his eyes: "No way? Now the price of Bitcoin is so high, you still keep buying?"

Tanaka said proudly: "What do you know, we are learning from MicroStrategy in the United States, and the company's strategy is upgraded! Moreover, we also sell put options, two-pronged approach, and the income is stable."

Kobayashi scratched his head: "Sell put options? Isn't this a bet that Bitcoin will not fall? What if it falls?"

Tanaka smiled mysteriously: "Don't worry, Bitcoin will only rise, not fall!"

As he was talking, the TV in the office reported: "The price of Bitcoin suddenly fell by 10%!"

Tanaka's smile froze. Colleagues looked at him one after another.

Kobayashi whispered, "Mr. Tanaka, what should we do now?"

Tanaka coughed and said, "It's okay, this is a good opportunity to buy! Let's buy another batch!"

The employees looked at each other, but still did it.

After a while, the TV broadcast again: "Affected by the market, Metaplanet's stock fell 15%."

Tanaka's forehead began to sweat. Kobayashi asked with concern, "Do you want to take a break first?"

Tanaka said with a strong voice, "No, no, we are investing for the long term, and we need to take a long-term view!"

Just then, Tanaka's cell phone rang, it was his wife.

"Old Tian, ​​why is there so much less money in the family's investment account?" The wife's voice was a little anxious.

Tanaka smiled awkwardly: "Well, dear, this is a strategic loss for greater future gains!"

After hanging up the phone, Tanaka sighed: "It seems that being the 'MicroStrategy of Japan' is not that easy."

Kobayashi patted his shoulder and comforted him: "At least you have more courage than them!"

Tanaka smiled bitterly: "Yes, there is also an extra family crisis."

The two smiled at each other, looked at the Bitcoin price jumping on the screen, and sighed: "Investment is risky, be cautious when entering the market!”

Ryan Salame, a former FTX executive, announced on LinkedIn: “I’m excited to share with you that I’m about to start a new position as a ‘resident’ at FCI Cumberland.” Netizens joked: “From LinkedIn to LockedIn, it’s been a roller coaster ride in his career!” Others joked: “At least his Porsche 911 Turbo S is still waiting for him in the garage.” It seems that some “positions” are not something that everyone can handle.

DYdX recently launched a perpetual contract called TRUMPWIN, which allows investors to bet on whether Trump will win the 2024 presidential election with 20x leverage. Does this mean that in the world of cryptocurrency, even elections can be "bet on the sidelines"? It seems that traders have to predict not only market trends, but also political trends, which really takes risk and courage to the extreme! 😅

One day, the UNI holders of Uniswap gathered together and complained: "When can we get a share of the protocol's revenue?"

At this time, the Uniswap team came over and said with a smile: "Good news! We are launching our own blockchain Unichain! As long as you stake your UNI, you can become a validator and get rewards!"

The holders asked excitedly: "What about the fee conversion function? Can we share the transaction fees directly?"

The Uniswap team smiled mysteriously: "We are still "in-depth research" on fee conversion, but now you can stake UNI and participate in our new chain!"

The holders looked at each other: "So, you still can't get direct protocol income?"

The Uniswap team shrugged: "But at least your UNI is not only a governance token now, but also has new uses!"

The holders smiled helplessly: "It seems that our UNI has finally upgraded from "voting rights" to "chain"!"

Jamie Dimon noted at the Financial Markets Quality Conference that JPMorgan is one of the major users of blockchain technology, despite his long-standing skepticism of cryptocurrencies. JPMorgan uses blockchain to facilitate wholesale payment transactions through its private network Onyx and has processed over $700 billion in transactions. Dimon highlighted blockchain as an effective way to share data and build trust, and expressed respect for the technology.

Key Points
- Jamie Dimon noted that JPMorgan may be one of the largest users of blockchain.
- Dimon has long been skeptical of cryptocurrencies, but has shown respect for blockchain.
- JPMorgan's Onyx network focuses on wholesale payment transactions and has processed over $700 billion.
- Dimon once called Bitcoin a "pet rock" and considered cryptocurrencies "worthless."
- Despite this, Dimon acknowledged that blockchain is an effective way to share data.
- Dimon has reportedly been linked to a candidacy for a U.S. government role (Secretary of the Treasury).
- JPMorgan may not collateralize cryptocurrencies, but offers some related services.

Moody's ratings report pointed out that decentralized physical infrastructure (DePIN) has the potential to help existing networks expand and innovate, but its widespread application faces multiple obstacles such as unclear regulations, cybersecurity risks, and the need for large infrastructure investments. At the same time, projects like Helium (HNT) show good development prospects for the industry, but the unclear global regulatory environment may become a constraint. DePIN combines blockchain technology with real-world networks such as telecommunications and storage, attracting more and more venture capital and industry attention.

Key points
- Moody's believes that DePIN has the potential to improve the reliability and efficiency of the network and reduce operating costs.
- Unclear regulations are one of the main obstacles to the widespread application of DePIN.
- Increased cybersecurity risks and huge infrastructure investment requirements hinder the adoption of DePIN.
- DePIN can incentivize participants and help network expansion by issuing digital tokens.
- Connecting existing infrastructure and blockchain may trigger new attack risks.
- DePIN attracted more than $583 million in private investment in 2023, reflecting the market's interest in the field.
- The rising attention to DePIN has also made it one of the hottest areas in the digital asset field.

The U.S. Securities and Exchange Commission (SEC) has sued three individuals and five companies for allegedly defrauding investors through a "slaughter pig" scam that involved tricking victims into investing in fake crypto platforms after building trust on social media. This is the first time the SEC has taken legal action against this type of cryptocurrency scam and is intended to remind the public to be vigilant and avoid falling for social media-based investment fraud. This year, investors have lost a record $5.6 billion in cryptocurrency scams, with the vast majority coming from these types of investment scams.

Key Points
- The SEC has filed a lawsuit against three individuals and five companies for allegedly operating a "slaughter pig" investment scam.
- These scams build trust through social media and then trick victims into investing in fake crypto platforms.
- This is the first time the SEC has taken legal action against a cryptocurrency "slaughter pig" scam.
- The SEC reminds the public to be wary of investment opportunities promoted by strangers on social media to avoid being scammed.
- Participants lured investors by pretending to be financial professionals on WhatsApp.
- Another scam, CoinW6, swindled $2.2 million by luring investors with pretending to be romantic relationships.
- According to an FBI report, investors lost a record $5.6 billion in cryptocurrency scams in the past year.

Prager Metis has agreed to pay a total of $1.95 million to settle allegations of negligence and misconduct brought by the U.S. Securities and Exchange Commission (SEC), including failure to perform an audit of FTX in accordance with generally accepted auditing standards (GAAS). The firm was accused of failing to adequately assess its ability to audit FTX and causing a series of audit failures by being too hasty to accept FTX as a client. In addition, Prager Metis agreed to a permanent injunction and to hire an independent consultant to overhaul its audit and quality control policies. The agreement is subject to court approval.

Key Points
- Prager Metis agreed to pay $745,000 to settle allegations of improper audit practices against FTX.
- The SEC charged Prager Metis with violating auditor independence rules between 2017 and 2020 and will pay $1.2 million to resolve the allegations.
- The audit report provided by the firm allegedly falsely stated that it followed generally accepted auditing standards (GAAS).
- The SEC believes that Prager Metis lacked the ability to assess and the resources to conduct the FTX audit.
- Prager Metis was anxious to accept FTX as a client, which prevented the team from conducting an effective audit.
- Prager Metis failed to fully understand the relationship between FTX and Alameda Research LLC.
- Prager Metis will impose a permanent ban and work with independent compliance consultants to improve audit policies.

The U.S. Treasury Department has imposed sanctions on Cambodian businessman Ly Vinh Phat for his alleged involvement in a “pig-killing scam” linked to human trafficking and torture. The sanctions include several of his businesses, particularly the O-Smach hotel, which was used to traffic people. The move will severely impact Mr. Ly and his companies’ ability to conduct financial transactions, effectively cutting off their access to the global financial system.

Key Points
- The U.S. Treasury Department has imposed sanctions on Cambodian businessman Ly Vinh Phat and his related businesses.
- The sanctions cover Ly Vinh Phat’s LYP Group and four Cambodian hotels.
- The O-Smach hotel was used to house trafficking victims, who were forced to participate in the financial scam.
- The sanctions prohibit U.S. persons and persons affected by U.S. law from engaging in any financial transactions with Ly.
- The sanctions could severely impact Ly’s business operations and cut off international financial access.
- The sanctions cover all transactions cleared through the U.S., regardless of whether U.S. persons were involved.
- The “pig-killing scam” has resulted in significant financial losses and deaths of victims.

Bitcoin price rises 5% to $61,000 ahead of key Fed meeting, while Binance order book shows that the rally may be limited by a large number of sell orders between $61,000 and $62,500. The Fed is widely expected to cut its benchmark interest rate, which is good for investors but may trigger volatility in risky asset prices. Nevertheless, historical comparisons show that large rate cuts during recessions can have negative effects, but current inflation and unemployment conditions may prompt the Fed to cut rates quickly.

Key Points
- Bitcoin leads the cryptocurrency market higher, but Binance order book shows selling pressure may limit gains.
- Most major altcoins such as ETH, SOL, XRP, ADA, AVAX rose 2%-4%.
- Investors generally expect the Fed to make a large rate cut, which may lead to market volatility.
- There is still uncertainty in the market about the specific extent of the Fed's rate cut, which affects market expectations.
- Historical data shows that large rate cuts during recessions may lead to panic reactions.
- The current inflation has cooled and the unemployment rate has risen, which may prompt the Fed to cut rates quickly.
- Investors expect the federal funds rate to fall 125 basis points by the end of the year.

Two key U.S. lawmakers are pushing for cryptocurrency regulation legislation, hoping to pass it by the end of the year. Despite the challenges of political procedures, they still believe it is possible to achieve this goal during the lame duck session through subtle legislative means. Rep. McHenry and Senator Loomis emphasized the importance of crypto legislation, pointed out that Europe has taken the lead in this field, and proposed that the United States should establish a strategic reserve of Bitcoin.

Key Points
- Republican U.S. lawmakers McHenry and Loomis still plan to push cryptocurrency legislation before the end of the year.
- The "lame duck" session provides an opportunity to discuss legislation before the new Congress.
- The legislative effort has broad bipartisan support, including 71 House Democrats.
- The two lawmakers believe that the United States needs to catch up with Europe in crypto regulation.
- Loomis proposed the establishment of a strategic reserve of Bitcoin, adding trillions of dollars over a 20-year period.
- McHenry acknowledged that legislation may need to be tied to fiscal spending plans.
- Lawmakers are concerned that delays may be pushed back to the next Congress at the end of 2025.

Circle has announced that it will provide USDC stablecoin payment services to businesses in Mexico and Brazil through integration with leading banks to promote payment systems in these two countries. The use of USDC stablecoin for savings and cross-border payments has increased in emerging markets, and Brazil and Mexico have established corresponding financial systems to support such digital assets. Tether, as a major competitor of USDC, has already launched related products in these markets.

Key Points
- Circle integrates USDC stablecoin into the banking systems of Brazil and Mexico for corporate use.
- Brazil's PIX and Mexico's SPEI are payment systems created by the central banks of the two countries that support USDC transactions.
- Circle expands its stablecoin business in Latin America and plans to introduce more blockchain networks.
- USDC is the second largest stablecoin by market capitalization, second only to Tether's USDT.
- The financial use of stablecoins in emerging markets is gradually increasing, becoming an important tool for savings and cross-border payments.
- Large Brazilian companies such as Mercado Libre have entered the stablecoin field and launched stablecoins pegged to the US dollar.
- Tether has issued stablecoins pegged to local currencies in Brazil and Mexico to expand its market influence.

The U.S. Commodity Futures Trading Commission (CFTC) lost an election contract case involving Karsh, but Chairman Benham insisted that it would continue to investigate the case, arguing that activities in election prediction markets are illegal. He reiterated that the CFTC's regulation of the U.S. election market could cause risks and is currently formulating rules to completely ban prediction markets. Benham suggested that such markets be regulated within the scope of state-level gambling.

Key points
- Chairman Benham of the U.S. Commodity Futures Trading Commission (CFTC) said that it would continue to pursue the alleged illegal Karsh case.
- The District of Columbia Court ruled that the CFTC had no authority to ban Karsh's political prediction market.
- The U.S. Federal Court of Appeals has suspended the CFTC's new market ban on Karsh.
- Benham emphasized the dangers of the CFTC regulating the U.S. election market while formulating rules to ban prediction markets.
- He believes that if society approves, election gambling regulation should be moved to the state-level gambling industry.
- The lawsuit involves prediction markets for the situation of political control in the United States.

BlackRock’s iShares Bitcoin Trust recently saw its first net inflow in 14 days, amounting to $15.8 million, ending a streak of flat or net outflows for 13 consecutive days. The iShares fund has been relatively stable despite the overall outflow of funds facing Bitcoin ETFs since August 27, with a total loss of $770 million. In addition, the price of Bitcoin has begun to rebound after the decline in August and early September, rising back to $60,000 again.

Key Points
- BlackRock’s iShares Bitcoin Trust saw its first net inflow in 14 days.
- U.S. spot Bitcoin ETFs have lost a total of $770 million since August 27.
- The iShares fund ended 13 days of flat or negative flows.
- Bitcoin prices fluctuated sharply in late August and early September.
- Global market trends and interest rate uncertainty affected fund flows.
- Bitcoin prices have recovered from their lows to $60,000.