Stable Coin is the next killer app. The US election encryption donation is 2 billion dollars.

Headline

▌****Paradigm联创：Stablecoin is the next killer application of Crypto Assets

Investment firm Paradigm co-founder Matt Huang said on X, “Stablecoins are the next killer application of Crypto Assets - obvious to everyone in the Crypto Assets industry, but not so much to the outside world. Congratulations to Stripe and Bridge.”

Earlier reports have indicated that payment company Stripe has made its largest acquisition in the cryptocurrency space, acquiring the stablecoin platform Bridge for $1.1 billion.

▌ BTC and Cryptocurrency political donations for the US presidential election are close to 200 million US dollars

According to Bitcoin Magazine, political donations to BTC and Cryptocurrency for the US presidential election are close to 200 million dollars.

Market

As of press time, according to Coingecko data:

BTC recent transaction price is $67,301.81, with a daily change of -2.6%;

ETH recent transaction price is $2,666.55, with a -3.0% intraday change;

BNB recent trading price is $598.45, with a -1.3% change within the day;

SOL recently traded at $166.09, with an intraday change of -1.3%;

DOGE recently traded at 0.144 yuan, with a daily change of +1.5%;

XPR recently traded at $0.5449, with a -0.6% intraday change.

Policy

▌****CFTC Chairman Calls on Congress to Advance Cryptocurrency and Election Gambling Legislation

Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated at the SIFMA Annual Meeting that it is unlikely that Congress will take action on cryptocurrency legislation by 2024. He called on Congress to follow the regulation of crypto assets and election gambling issues, emphasizing the importance of these areas.

Behnam pointed out that although the FIT21 bill has been passed in the House of Representatives, it has not made further progress in Congress. In addition, there is an ongoing legal dispute between the CFTC and the prediction market Kalshi, which has started offering betting services on the U.S. presidential election. The CFTC is working to overturn the court’s ruling and regain regulatory authority in this field.

▌Australian Securities and Investments Commission: former Cryptocurrencyexchange Mine Digital CEO charged with fraud

The former Cryptocurrency exchange Mine Digital CEO has been charged with fraud, according to the Australian Securities and Investments Commission.

▌The SEC accuses WisdomTree of failing to adhere to its own ESG market fund investment standards

The US Securities and Exchange Commission (SEC) charged advisory firm WisdomTree with failing to follow its own ESG market fund investment standards.

Block Chain Applications

▌****Kalshi US election prediction market launched only three weeks volume has exceeded 30 million US dollars

Kalshi launched a US presidential election prediction market contract in October after a favorable ruling in court, with a volume of over $30 million in just three weeks. It still lags behind Polymarket, which had a volume of about $40 million from early January to early February (the first month of its presidential bets) and recently surpassed $2 billion in volume.

The Kalshi market believes that Republican candidate Donald Trump leads Democratic opponent Kamala Harris by 14 percentage points, reportedly, these odds must only come from American citizens (and permanent residents) as Kalshi’s terms and conditions prohibit foreigners from trading on the platform.

▌LayerZero CEO reveals AcrossToken contract vulnerability and proposes a solution

LayerZero CEO Bryan Pellegrino stated that there is a critical issue in the Across ProtocolToken contract, allowing Tokens to be withdrawn from any wallet and clearing the account balance. He suggested transferring ownership of the contract to an immutable new Smart Contract to prevent over-minting and token destruction.

Cryptocurrency

▌****PAC supported by encryption industry executives runs ads for Republican candidate Ted Cruz

The Political Action Committee (PAC) Bitcoin Voter Project, supported by an encryption mining executive, has released two ads for Republican candidate Ted Cruz.

The PAC’s members include executives from Cryptocurrency Mining companies Marathon Digital Holdings, CleanSpark, and Riot Platforms. The ad claims that Ted Cruz understands ‘embracing BTC,’ but does not specifically mention any policies regarding his opponent Colin Allred.

▌The ETH/BTC ratio has dropped to the lowest point since April 2021

Since the 50 basis point rate cut by the Fed in September, BTC has pumped 14%, while ETH has only pumped 12%. Kaiko Research pointed out that the institutional demand for ETH is relatively weak, leading to the ETH/BTC ratio falling to its lowest level since April 2021. BTC benefited from the inflow of funds from exchange-traded funds (ETFs), while ETH’s performance is not as good as other mainstream cryptocurrencies. In addition, analysts believe that it will be difficult for ETH to sustainably surpass BTC until there is a significant shift in institutional demand.

********▌**********A certain ‘ancient Whale’ from 2009 has accumulated a total BTC sales value of $9.68 million

According to Arkham data, an ‘ancient Whale’ who started Mining from the early days of Bitcoin recently made a large dumping.

According to tracking data, the Address started mining thousands of BTC just 5 days after the first Block was created in 2009. It has sold BTC worth $9.68 million and still has BTC worth $72.09 million remaining.

▌Yesterday, BITB had a net outflow of 22.10 million US dollars, and ETHE had a net outflow of 29.60 million US dollars

According to the monitoring data of Farside Investors, the funding data of the US SpotBTCETF and SpotETH ETF were as follows yesterday (October 21):

SpotBTCETF: BITB net outflow of $22.1 million, ARKB net outflow of $6.1 million, HODL net outflow of $7.6 million, GBTC net outflow of $4.8 million.

Spot Ether ETF: ETHE net outflow of 2960 million US dollars, ETHV net inflow of 390 million US dollars.

Important Economic Trends

▌****Fed’s Daly: No reason to stop cutting rates yet

Fed Chairman Powell said that the Fed will continue to adjust its policy to adapt to the economic situation; it is expected to continue cutting interest rates in the future; there is no reason to stop cutting interest rates yet; the monetary policy is definitely still tight; I do not want to see further deterioration in the labor market; the recent rate cuts by the Fed only passed by a narrow margin, and I strongly supported a 50 basis point rate cut at that time.

▌****Fed’s Schmid: Personally Inclined to Avoid Large Rate Cuts

Federal Reserve’s Schmiede said that the Intrerest Rate may be significantly higher than before the COVID-19 pandemic; calls for a cautious, gradual, and prudent easing strategy; personally inclined to avoid substantial interest rate cuts; “reasonably believe” that inflation will drop to 2%; sees labor market normalizing rather than deteriorating.

▌The probability of the Fed cutting interest rates by 25BP in November is 86.8%

According to CME’s “FedWatch”, the probability of the Fed lowering the Interest Rate by 25 basis points in November is 86.8%, the probability of maintaining the current Intrerest Rate is 13.2%, and the probability of lowering the Interest Rate by 50 basis points is 0%. In December, the probability of maintaining the current Intrerest Rate is 3.5%, the cumulative probability of lowering the Interest Rate by 25 basis points is 32.9%, the cumulative probability of lowering the Interest Rate by 50 basis points is 63.6%, and the cumulative probability of lowering the Interest Rate by 75 basis points is 0%.

Golden Encyclopedia

▌What is dynamic re-Sharding

Dynamic re-Sharding is a relatively new term, Near Protocol’s marketing team refers to it as the ‘Holy Grail of Sharding,’ but it also creates a new vocabulary that is not immediately understandable. Based on the concept of Sharding on the Blockchain, re-Sharding occurs when the network adjusts the number of Shards based on the load. An overloaded Shard can become two Shards, while two underutilized Shards can become one.