Headlines
The U.S. core PCE price index rose by 0.3% in September, which was expected to be 0.3%. The previous value was revised from 0.1% to 0.2%. (Jinshi)
The number of initial jobless claims in the United States for the week ending October 26 was 216,000, in line with expectations for 230,000. The previous value was revised from 227,000 to 228,000.
The four-week average of initial jobless claims in the United States for the week ending October 26 was 236,500, and the previous value was revised from 238,500 to 238,750.
The number of Americans who continued to apply for unemployment benefits in the week ending October 26 was 1.862 million, which was expected to be 1.885 million. The previous value was revised from 1.897 million to 1.888 million. (Jinshi)
Tether stated in its latest Q3 financial report that the groups net profit in the third quarter of 2024 was US$2.5 billion, the full-year profit was US$7.7 billion, the groups equity reached US$14.2 billion, and the consolidated total assets were US$134.4 billion - all of which are historical highs.
At the same time, the circulation of stablecoins issued by Tether has reached nearly $120 billion. In terms of reserves, Tether now holds more than $105 billion in cash and cash equivalents, of which direct and indirect exposure to U.S. Treasuries is as high as $102.5 billion, making Tether one of the top 18 holders of U.S. Treasuries in the world.
Industry News
The annual rate of the US core PCE price index in September was 2.7%, unchanged from the previous month. The monthly rate of the US core PCE price index in September was 0.3%, rebounding from the previous month (0.2%). The US dollar index DXY rose 16 points in the short term and is now at 104.00. (Jinshi)
US PCE inflation index accelerates, the Fed may take a cautious approach to rate cuts
The Feds preferred PCE inflation measure posted its biggest monthly gain since April, supporting the Feds move to slow the pace of rate cuts after a sharp cut last month. The core PCE price index rose 0.3% month-on-month in September, and the annual rate of the PCE price index in September was 2.1%, the lowest level since early 2021 and slightly above the Feds 2% target. Consumer spending adjusted for inflation rose 0.4%, supported by a 0.1% increase in real income. The savings rate fell to 4.6%. The data released tonight capped a month of unexpected upside in major economic reports, which may indicate that the Fed will be cautious in cutting interest rates in the coming months. The market generally expects the Fed to cut interest rates for the second time in November after the first cut in September. (Jinshi)
According to CMEs Fed Watch, the probability of the Fed cutting interest rates by 25 basis points by November is 96.1%, and the probability of maintaining the current interest rate is 3.9%. The probability of maintaining the current interest rate by December is 1.1%, the probability of a cumulative interest rate cut of 25 basis points is 29.2%, and the probability of a cumulative interest rate cut of 50 basis points is 69.7%. There is no change compared to before the PCE data was released.
US Treasury proposes CBDC to replace privately issued stablecoins
The U.S. Treasury Department is concerned about the growth of the stablecoin market and believes that privately issued stablecoins should eventually be replaced by state-backed CBDCs, according to a report released Wednesday.
Russia to lift ban on Bitcoin mining, move could encourage other countries to mine Bitcoin
Alen Makhmetov, founder of Hashlabs Mining, said that Russia will lift the ban on Bitcoin mining on November 1, but not without restrictions. It requires all Bitcoin miners to register with the Russian Federal Tax Registry and submit a list of machine models and wallet addresses.
Poll: Harris leads Trump by 1%
According to Forbes, a latest poll shows that US Vice President and Democratic presidential candidate Harris leads former US President and Republican presidential candidate Trump by only a narrow 1%, but 10% of voters may change their minds before the election.
Project News
Magic Eden test token testME has closed airdrop claims, all unclaimed tokens will be destroyed
The application for Magic Eden test airdrop token testME has ended at 8:00 Beijing time, and all unclaimed tokens will be destroyed.
The market data shows that testME is currently trading at $0.01425, with a 24-hour increase of 19.62%.
Riot Platforms Q3 net loss of $154 million, total revenue of $84.8 million
Riot Platforms reported a heavy loss in the third quarter due to rising costs and unrealized investment losses as it lowered its hashrate targets for 2024 and beyond. Riot produced 1,104 BTC this quarter, roughly the same as the same period last year (1,106 BTC). The companys production fell 52% year-on-year in the previous quarter.
pump.funs cumulative revenue exceeds $160 million
Dune data shows that pump.fun has accumulated revenue of over $160 million, the total number of addresses exceeds 2.4 million, and the total number of deployed tokens exceeds 2.8 million.
MicroStrategy Announces Financing Plan Named “21/21 Plan”
MicroStrategy announced a $42 billion Bitcoin investment plan. The company revealed plans to raise $42 billion in new capital to purchase Bitcoin in the next three years. MicroStrategy holds 252,220 Bitcoins as of September 30, 2024. According to Coingecko data, the company is currently the listed company with the most Bitcoin in the world.
Coinbase Derivatives to Launch Silver (SLR) and Stellar (XLM) Futures
According to official news, Coinbase Derivatives announced that it will launch Silver (SLR) and Stellar (XLM) futures, further expanding its derivatives product line regulated by the Commodity Futures Trading Commission (CFTC). The Silver and Stellar futures launched this time are in units of 50 ounces of silver and 5,000 Stellar, respectively, aiming to provide traders at all levels with more convenient market access opportunities while meeting the needs of price discovery and risk management. So far, its platforms product portfolio regulated by the CFTC also includes BTC, ETH, BCH, LTC, DOGE, SHIB, AVAX, DOT, LINK, gold and oil.
Trump family crypto project World Liberty Financial cuts funding target by 90%
The Trump familys crypto project World Liberty Financial cut its financing target by 90%. The revised plan is to sell only $30 million worth of WLFI tokens (instead of the originally planned $300 million). World Liberty Financial plans to terminate the sale of WLFI after reaching $30 million.
According to public documents, Trumps DT Marks DEFI LLC entity will receive 75% of the net protocol revenue (including token sales) only after World Liberty Financial has accumulated $30 million in funds to finance operations. (Coindesk)
Immutable receives Wells notice from SEC, accused of securities violations
Ethereum gaming company Immutable received a Wells Notice from the U.S. SEC, accusing it of violating securities laws.
The U.S. Securities and Exchange Commission (SEC) sent Immutable a Wells Notice last month, warning the maker of an ethereum gaming platform that it could soon face enforcement action, an SEC spokesperson said.
Character*Voice
Kaiko: The ETH staking market has cooled down, and the supply growth has stabilized
According to a recent report released by Kaiko, the ETH staking market cooled in 2024. Since August, the average ETH validator queue time has been less than one day, rarely exceeding four days throughout the year-significantly shorter than the peak of 45 days in June 2023. Exacerbating this situation is the decline in ETH staking rewards. Currently, ETH staking yields are lower than those offered by other major L1 protocols such as Cosmos, Polkadot, Celestia, and Solana, which offer rewards between 7% and 21%.
The U.S. Treasury Department partially reviewed the impact of digital assets in a new report, saying that the growth of stablecoins has led to a small increase in demand for short-term Treasury securities. It estimates that $120 billion in stablecoin collateral has been invested in Treasury securities, most of which (nearly $81 billion) has been purchased by Tether.
CZ said in an interview at the main venue of Binance Blockchain Week in Dubai that Binance did a good job during his absence, and even if he was allowed to return, he might not really go back. At present, his main business is investment, and he does not want to leave any projects. He no longer has the energy like he did 7 years ago. Now he only hopes to help other entrepreneurs, help them raise funds or provide advice. He has resigned as CEO and should not be involved in the daily operations of the company, but his shareholder rights have not been affected. He is still a major shareholder of Binance and can still obtain information, but he cannot make decisions or issue orders.
He Yi: Thanks to Chinese users, Binance allows users to become part of the community
Binance co-founder He Yi said at the Binance Blockchain Week in Dubai that thanks to the Chinese community users, Binance has made users not just users, but members of the community, and has made business more than just business.
Musk: Trump and DOGE will solve the problem of illegal immigration to the United States
Musk posted on the X platform: Our system is upside down, making it difficult for highly qualified people to enter the United States legally, while criminals can easily enter the United States illegally. Why is it easier to enter the country illegally than legally? Trump and DOGE will solve this problem.
Investment and Financing
AI infrastructure company Crusoe Energy is about to receive approximately $500 million in equity financing from investors including billionaire Peter Thiels Founders Fund. The post-investment valuation reaches $3 billion. This round of financing will be used to enhance Crusoe Energys AI infrastructure.
Alliance Games Completes $5 Million Series A Funding, Led by Animoca Brands and Asymm Ventures
According to official news, Alliance Games has completed a US$5 million Series A financing round, led by Animoca Brands and Asymm Ventures, with participation from The Spartan Group, Dialectic, Kyros Ventures, Coin 98 Ventures and investors Loi Luu (co-founder of Kyber Network) and Sebastien (co-founder of The Sandbox). Together with its previous seed round financing, Alliance Games’ total financing has reached US$8 million.
Blockchain solar company Glow has completed a $30 million financing led by Framework and Union Square Ventures. The company currently operates a DePIN network consisting of solar power plants in the United States and India. It plans to use this funding to expand the company from 5 megawatts of power to 600 megawatts and expand to new countries in the next 18 months. (Fortune)
Axal, a verifiable autonomous agent network, announced the completion of a $2.5 million Pre-Seed round of financing, led by CMT Digital, with participation from a16z Crypto Startup School, Escape Velocity, IDG Vietnam, Artichoke Capital, Trident Digital, Blockchain Builders Fund, Blockhunters Group, Echo and Mentat Group, as well as angel investors such as Rushi Manche, Darius Rugys and Comfy Capital.
Spire Labs Completes $7 Million Seed Round Led by Maven 11 Capital and Anagram
Spire Labs, an Ethereum scaling infrastructure startup, has completed a $7 million seed round of financing, led by Maven 11 Capital and Anagram, with participation from a16z Crypto Startup Accelerator, Digital Currency Group, Bankless Ventures, Volt Capital, and Finality Capital.
Bitcoin Rollup Project Citrea Completes $14 Million Series A Funding, Led by Founders Fund
Bitcoin Rollup project Citrea announced the completion of a $14 million Series A financing round, led by Peter Thiels Founders Fund, with participation from angel investors such as Erik Voorhees and Balaji Srinivasan.
Web3 game studio 81 Ravens has completed a $4.5 million financing round led by Gree Ventures and Digital Hearts Holdings.
Ellipsis Labs Completes $20 Million in New Funding, Haun Ventures Joins
Ellipsis Labs announced the completion of a new round of financing of $20 million, with Haun Ventures participating in the investment, aiming to accelerate the launch of Atlas, a second-layer blockchain focused on verifiable finance. Haun Ventures said that this round of financing is a fast follow-up to the $20 million Series A financing completed by Ellipsis Labs in April. (Coindesk)
VanEck Announces Investment in Off the Grid Developer Gunzilla Games
Matt Yu, a member of VanEcks investment department, published an article on X to disclose the second investment of the agency in the gaming field, which will invest in Gunzilla Games, the development team of Off the Grid. Previously, Off the Grid topped the free game rankings of Epic Games Store.
Earlier news, VanEck announced that it had made two long-term investments in the Web3 gaming sector, one of which was invested in the AI blockchain game Parallel, and the other has not yet been announced.
