BTC Breaks $70,000, Trump Family’s Crypto Project WLF Plans to Issue Stablecoin
BTC Breaks $70,000
The market shows that BTC has surpassed $70,000, currently priced at $70,000.99, with a 24-hour increase of 2.79%. The market is experiencing significant volatility, so please ensure proper risk management.
Trump Family's Crypto Project WLF Plans to Issue Stablecoin
According to sources, the Trump family's crypto project, "World Liberty Financial" (WLF), plans to issue a stablecoin. WLF recently raised $14 million in its initial token sale and is in the process of creating and developing its stablecoin, which may take some time to launch.
One insider stated that the team is still determining how to ensure the safety of the financial product before bringing it to market. Another source mentioned that the team is simultaneously developing key components of World Liberty Financial, including the stablecoin, to ensure these features can be released at the appropriate time.
Market Update
As of publication, according to Coingecko data:
BTC last traded at $69,804.14, with a daily change of +2.7%;
ETH last traded at $2,562.18, with a daily change of +2.3%;
BNB last traded at $599.96, with a daily change of +1.9%;
SOL last traded at $177.85, with a daily change of +0.8%;
DOGE last traded at $0.1439, with a daily change of +4.9%;
XRP last traded at $0.1612, with a daily change of +12.1%.
Policy Update
U.S. Media: Bloomberg's Owner Has Invested Nearly $100 Million to Support Harris
According to multiple insiders cited by The New York Times, former New York City Mayor and Bloomberg owner Michael Bloomberg has recently donated $50 million to a nonprofit supporting Democratic presidential candidate Kamala Harris. Sources indicate that Bloomberg's latest donation went to the nonprofit Future Forward USA Action. Prior to this anonymous donation, he had publicly contributed $47 million to the Democratic Party, making him the second-largest donor after George Soros. Bloomberg had previously invested $95 million in helping the Democratic Party during the 2018 midterm elections. Forbes data shows that the 82-year-old Bloomberg's net worth is approximately $105 billion, comparable to Bill Gates.
Blockchain Applications
Decentralized Shared Sorting Layer Astria Launches Mainnet
The decentralized shared sorting layer Astria has launched its mainnet, aimed at decentralizing blockchain "sequencers." Sequencers are components of Layer 2 networks that compile transactions occurring on secondary networks for recording on the main Layer 1 blockchain (like Ethereum). Astria states that its setup represents "a single, permissionless network that can be shared by multiple rollups, providing settlement (i.e., bridging) and decentralized sorting with fast (about 2 seconds) block times and single-slot finality."
Prediction Market Kalshi to Provide Price Data to Blockchain Oracle Provider Stork
Prediction market Kalshi announced it will provide price information to Stork Labs' oracle service network, which sends external data to blockchains and decentralized exchanges. This will enable developers to build crypto applications influenced by Kalshi's market, where traders can bet on various events, including the U.S. presidential election.
Cryptocurrency News
MicroStrategy's 2x Leveraged ETF Up 225% in Six Weeks
Bloomberg senior ETF analyst Eric Balchunas stated on X that T-Rex's MicroStrategy 2x leveraged ETF MSTU has increased by 225% just six weeks after its launch, with a trading volume of $500 million (ranking in the top 1% of ETFs) and an asset management scale of $1 billion, exceeding the initial $1.75 billion MSTR ETF.
Tether CEO: Tether Cannot Go Against U.S. Government
Tether CEO Paolo Ardoino stated in an interview that the U.S. government can "destroy" Tether with a single action, and therefore, Tether cannot oppose the U.S. government. He mentioned, "We may not be the best at showcasing ourselves, but importantly, we've integrated the FBI into Tether's compliance system. We've involved the U.S. Secret Service and received thank-you letters from the Justice Department... We believe we are doing everything we can."
Additionally, Ardoino stated that Tether is "doing its utmost" to combat the illegal use of cryptocurrencies. He added that compared to the dollar, USDT's role in illegal finance is "insignificant." Ardoino mentioned that Tether has been actively freezing and blacklisting crypto wallets, collaborating with 180 government agencies worldwide.
ARKB Sees Inflows of $59.8 Million, ETHE Sees Outflows of $8.4 Million
According to monitoring data from Farside Investors, the fund flow data for U.S. spot Bitcoin and Ethereum ETFs as of yesterday (October 28) is as follows:
Spot Bitcoin ETF: ARKB net inflow of $59.8 million, BITB net inflow of $38.7 million, BTC net inflow of $21.6 million.
Spot Ethereum ETF: ETHE net outflow of $8.4 million.
$170 Million Liquidated Across the Network in the Last 24 Hours
Data shows that $170 million was liquidated across the network in the last 24 hours, with $72.73 million from long positions and $97.55 million from short positions.
If Bitcoin Breaks New High, CEX Cumulative Short Liquidation Strength Will Reach $386 Million
According to Coinglass data, if Bitcoin surpasses the historical high of $73,777, the cumulative short liquidation strength of major CEXs will reach $386 million. Conversely, if Bitcoin drops below $68,000, the cumulative long liquidation strength will reach $486 million.
U.S. Ohio Senate Candidate Bernie Moreno Sells Bitcoin to Avoid Conflict of Interest
U.S. Republican Senate candidate Bernie Moreno claimed he sold his Bitcoin assets to address potential conflicts of interest with the crypto industry. He has received over $40 million in support for his campaign from the "Defending American Jobs" political action committee. Moreno expressed pride in gaining support from the crypto industry, emphasizing it was due to shared views rather than consensus. Meanwhile, incumbent Senator Sherrod Brown, as the chair of the banking committee, is skeptical about digital assets. This campaign may become one of the most expensive races in the 2024 U.S. elections.
Report: Bitcoin Volatility Rises, Election Factors Key Influence
According to a Bitfinex Alpha report, Bitcoin (BTC) rebounded with a volatility of 6.2% last week, driven by geopolitical factors and Trump election trades. Election expectations have led to active options trading, with implied volatility post-election day potentially reaching daily 100. Despite the increase in short-term volatility, Bitcoin has risen 30% since its September low.
Important Economic Dynamics
Fed's Probability of 25 Basis Point Cut in November is 94.8%
According to CME's "Fed Watch," the probability of the Federal Reserve cutting rates by 25 basis points in November is 94.8%, while the probability of maintaining the current rate is 5.2%. The probability of keeping the current rate unchanged in December is 1.3%, with a cumulative probability of a 25 basis point cut at 27.1% and a 50 basis point cut at 71.6%.
ECB Vice President: Inflation Will Fall Back to Target Level Next Year
European Central Bank Vice President Luis de Guindos stated that inflation will return to target levels next year; however, price outlooks are surrounded by significant risks. The economic outlook faces rising risks, which are skewed to the downside.
