LianGuai Morning Post | Musk comments on Block’s self-custody wallet AVAX becoming the 10th largest cryptocurrency by market capitalization

LianGuai Morning Post | Musk Shares Remarks on Block's Self-Custody Wallet AVAX Rising to 10th Place in Cryptocurrency Market Capitalization

Headline

▌Musk Comments on Block’s Self-Custody Wallet: “If it’s not your key, it’s not your wallet”

Earlier today, Block, led by Jack Dorsey, released its Bitkey bitcoin hardware wallet. Jack Dorsey promoted it on the X platform, saying “Move your bitcoin off exchanges.” Musk replied to Jack Dorsey’s tweet, stating, “As they say, if it’s not your key, it’s not your wallet.” (Not your keys, not your wallet)

▌Avalanche becomes the 10th largest cryptocurrency by market capitalization

Market data shows that Avalanche (AVAX) has surpassed Bitcoin Cash (BCH), Polygon (MATIC), Polkadot (DOT), Tron (TRX), and Chainlink (LINK) in market cap in the past two weeks. It has become the 10th largest cryptocurrency with a current market cap of approximately $9.8 billion. In terms of USD, AVAX has already risen by 150% this year.

• Exved Brings Tether’s USDT Stablecoin to the Global Stage with New Cross-Border Payment Service
• Uniswap’s Unicorn Meet VPP and HYPR – Today’s Biggest Crypto Gainers!
• Versatus Labs: From Zero to Laser-Focused Success!

---

Market Data

As of the time of writing, according to coinmarketcap data:

BTC recent trading price is $43,331.7, with a daily change of -0.76%;

ETH recent trading price is $2,358.41, with a daily change of +1.48%;

BNB recent trading price is $233.3, with a daily change of +0.21%;

XRP recent trading price is $0.6446, with a daily change of +1.21%;

DOGE recent trading price is $0.0961, with a daily change of -0.11%;

ADA recent trading price is $0.4587, with a daily change of +3.33%;

SOL recent trading price is $68.44, with a daily change of +3.84%.

---

Policy

▌US Judge Orders Binance Founder Zhao Changpeng to Stay in the US

Market news: A US judge has ordered Binance founder Zhao Changpeng to stay in the US until the judgment is made.

▌US Bipartisan Bill Proposes Expanding Treasury Department’s Sanctioning Power for Cryptocurrency-related Issues

US Senators Mark Warne, Mike Rounds, and Mitt Romney today proposed a bill called the “Preventing Financing of Terrorism Act,” which seeks to expand the Treasury Department’s sanctioning power to cover more terrorist organizations, including Hamas, and provide them with more resources to address cryptocurrency-related issues.

The new bill allows the Treasury Department to identify foreign financial institutions and foreign digital asset companies that knowingly facilitate transactions for Hamas and other groups, and then impose sanctions on them. The bill also includes a provision from the “Cryptocurrency and National Security Enforcement Act” (CANSEE) introduced in July. The statement claims that this provision grants the Treasury Department’s Financial Crimes Enforcement Network the authority to “limit transactions involving significant money laundering issues that do not involve US correspondent bank accounts.”

▌The Basel Committee on Banking Supervision plans to discuss stablecoin risk management

The global bank standard-setter, the Basel Committee, has announced plans to discuss potential revisions to stablecoin standards. This news comes after the committee assessed the elements of the bank cryptocurrency risk prudent review released in December of last year.

The Basel Committee states that it hopes to hold discussions on the standards for stablecoins to receive regulatory treatment similar to group 1b, which refers to “cryptographic assets with effective stabilizing mechanisms.” It also agrees to continue monitoring changes in banks’ cryptocurrency custody activities and considers the need for additional work.

---

Blockchain Applications

▌As Ordinals Trading Surges, TON Blockchain Processing Speed comes to a Halt

According to messages from TON developers and users on Telegram, as protocol activity inspired by Ordinals surges, the TON blockchain processing speed slows down. According to data from the dTON bot monitoring blockchain status, there were over 2.5 million transactions waiting to be processed as of early Friday morning Beijing time, with the TON blockchain speed dropping to less than 1 transaction per second. The most popular TON cryptocurrency wallets, Wallet and Tonkeeper, temporarily suspended their services.

Reportedly, during the “public pressure test” in early November, TON’s top speed reached approximately 100,000 TPS. According to a technical report published anonymously on the Telegraph blogging platform, the congestion is attributed to “validator nodes running on weaker hardware.”

▌Web3 Social Protocol Inspect Now Supports Avalanche Ecosystem

Web3 social protocol Inspect has announced support for the Avalanche ecosystem. Inspect introduces a new dedicated ranking system for Avax NFTs, providing detailed views of the NFT community based on Avax. Inspect is preparing to expand its partnerships and further explore the depths of its dynamic ecosystem.

---

Cryptocurrency

▌LayerZero: Token Launch Expected in the First Half of 2024

LayerZero Labs posted on social media that LayerZero has had the ability to use native tokens in the protocol since its inception, as evidenced by the immutable code launched on day one. Over the past few months, we have heard discussions from the community and a lack of clear communication. We now state clearly that LayerZero will launch a token. Its release is something we are committed to doing and is expected to happen in the first half of 2024.

▌Santiment: Increased FUD may push BTC to $50,000

Cryptocurrency analysis firm Santiment published on the X platform that traders are concerned about the crypto market falling into a “bull trap,” despite Bitcoin temporarily losing momentum, Ethereum and altcoins are surging again. If FUD (fear, uncertainty, and doubt) sentiment increases, it may push BTC to $50,000, squeezing shorts betting on lower prices.

▌US Senator Warren: Cryptocurrency is a “new threat”

US Senator Elizabeth Warren, in an interview on CNBC, said, “There is a new threat, and that is cryptocurrency. It is being used to fund terrorism, it is being used for drug trafficking, and North Korea is using it to pay for about half of its nuclear weapons program. We cannot allow this situation to continue.”

▌Fidelity Global Macro Director: Bitcoin is an exponentially growing asset

Fidelity Global Macro Director, Jurrien Timmer, shared his new insights on Bitcoin on social media platforms. He compared Bitcoin to gold, calling BTC the “younger brother, trying to establish its own place.”

Timmer also stated that Bitcoin’s unique properties do not end due to its limited supply. It is an exponentially growing digital asset, and its adoption follows the classic S-curve path, indicating a growth pattern similar to major technological innovations.

---

Important Economic Trends

▌Personal online lending information is fully connected to the credit rating system, “Does online lending affect mortgage loans?” receives attention

From Huabei and Jiebei to JD Gold Bar and Meituan borrowing, as various consumer credit products become popular, consumers are concerned about whether online lending will affect mortgage loans. China Securities Journal conducted an in-depth investigation and found that most e-commerce loans have been connected to the People’s Bank of China’s credit rating system. Customer service representatives stated that if users maintain good repayment habits, it will not have a negative impact on their credit records. However, some banks require customers to provide a “clearance certificate” for other credit loans when applying for a mortgage, to confirm the customer’s monthly income, down payment source, repayment ability, etc. In addition, multiple instances of overdue online loans may also lead to the rejection of mortgage loan applications. (China Securities Journal)

---

LianGuai Encyclopedia

▌Three main LST architectural models

Rebase tokens: These tokens automatically adjust their balance based on deposits and rewards. Reward tokens: These tokens increase in value and rewards over time as the exchange rate between the token and the staked asset changes. Wrapped tokens: Some LSTs have wrapped versions available. After wrapping, these tokens no longer undergo automatic balance adjustments and become rewarded tokens.

Disclaimer: LianGuai, as a blockchain information platform, provides articles for information purposes only and does not constitute actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!