LianGuai Morning Post | Solana’s ecosystem token BONK market capitalization exceeds 1 billion dollars; SEC Chairman Will reevaluate spot Bitcoin ETF application.

LianGuai Morning Post | Solana's BONK token market capitalization surpasses $1 billion; SEC Chairman to review spot Bitcoin ETF application.

Headlines

▌Solana’s ecosystem token BONK exceeds $1 billion market cap

Market data shows that the Solana-based Meme token BONK has surpassed a market cap of $1 billion for the first time, ranking 69th in CoinGecko’s list of most valuable cryptocurrencies. After being listed on Coinbase, BONK has risen by 64% in the past 24 hours, with a trading price reaching $0.00001755, setting a new all-time high.

▌SEC Chairman: Will reevaluate spot Bitcoin ETF applications based on recent court rulings

In an interview with CNBC, US SEC Chairman Gary Gensler stated that the agency’s “new perspective” on spot Bitcoin ETF applications is related to recent court rulings. He said, “We have previously rejected some of these applications, but the District Court of Columbia has weighed in, so we will reconsider this issue based on the court’s ruling.”

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Gensler reiterated his view that the cryptocurrency industry has many instances of non-compliance with existing securities laws. He said, “There is too much fraud and misconduct in the crypto field. Not only do they violate securities laws, but they also violate other laws related to anti-money laundering and protecting the public from bad actors.”

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Market

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

The recent trading price of BTC is $43,023.9, with a daily percentage change of +1.36%;

The recent trading price of ETH is $2,316.39, with a daily percentage change of +1.80%;

The recent trading price of BNB is $253.4, with a daily percentage change of +0.92%;

The recent trading price of XRP is $0.6317, with a daily percentage change of +1.43%;

The recent trading price of DOGE is $0.0983, with a daily percentage change of +3.00%;

The recent trading price of ADA is $0.6434, with a daily percentage change of +1.24%;

The recent trading price of SOL is $75.66, with a daily percentage change of +5.61%.

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Policies

▌US Financial Stability Oversight Council calls for legislation to address cryptocurrency risks

The Financial Stability Oversight Council (FSOC), composed of heads of major US financial regulatory agencies, released its annual report after a meeting, reviewing the developments in climate, banking, cybersecurity, artificial intelligence, and other issues over the past year. The report suggests that Congress should pass legislation to define and address issues related to the cryptocurrency spot market and stablecoins. The report points out that these recommendations are consistent with those made by the FSOC at the end of 2022.

The report mentions this year’s Curve Finance hack, which resulted in a loss of $50 million for the protocol. Although Curve later recovered 73% of the funds, the report states that one of the main concerns is the collapse of loans backed by CRV due to collateral losses. The report also states, “If comprehensive legislation is not enacted, the Council remains prepared to consider appropriate measures to address risks associated with stablecoins.”

▌SEC Chair refuses to disclose whether bitcoin spot ETF will be approved

SEC Chair Gary Gensler refused to disclose whether the bitcoin spot ETF will be approved. He stated that the SEC is evaluating 8-12 spot bitcoin ETFs and reiterated concerns about the lack of sufficient regulation for cryptocurrency.

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Blockchain Applications

▌Ethereum early supporter Cyber.Fund to invest $100 million in blockchain and related technologies

Cyber.Fund, an early supporter and investment firm of Ethereum, has committed to investing $100 million in projects at the intersection of blockchain technology, artificial intelligence (AI), and the Internet of Things (IoT). According to a Thursday email announcement, Cyber.Fund also supports Cosmos, Solana, and Polkadot, focusing on the development of a “Cybernetic Economy” where blockchain serves as the foundation. The company defines the Cybernetic Economy as an interconnected automated economic framework where blockchain, AI, and IoT are integrated around it.

▌BankSocial, an open banking platform, launches Wallet 2.0 application

BankSocial, an open banking platform by US Credit Cooperative, has announced the launch of the new BankSocial Wallet 2.0 application. The wallet is a multi-chain, Hedera-compatible self-custody wallet with integrated staking capabilities. It can be downloaded from the App Store, Google Play, and the online purchasing platform getthewallet.com.

▌Infura introduces Unified Key Experience (UKE) to simplify key management systems

Blockchain development toolkit Infura has announced the introduction of the new Unified Key Experience (UKE) to simplify key management systems. This update integrates all Infura keys (Eth1 keys and Unified Key Service) into a user-friendly system called UKE.

▌Farcana game studio raises $10 million in seed funding, with participation from Animoca Brands

Farcana, a game studio, has announced that it has raised $10 million in seed funding from companies including Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle to further develop its third-person multiplayer shooter game. Rarestone Capital, MMPro Trust, Unpopular Ventures, Kapo Capital, Emchain, Hasu Capital, and Dravus Investment also participated in this round of funding.

Farcana aims to incorporate blockchain elements in the game, such as play-to-earn tournaments that reward the top 10% of players with bitcoin. The game plans to operate in a free-to-play mode and offer optional battle passes, NFTs, and crafting features.

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Cryptocurrency

▌Marathon Digital CEO: Plans to acquire bitcoin mining companies and related infrastructure in the next two years

Marathon Digital CEO Fred Thiel, in an interview with Bloomberg, stated plans to acquire competitors’ bitcoin mining companies and related infrastructure in the next two years. He said, “We intend to expand dramatically in 2024 and 2025, and you’ll see us becoming consolidators in the industry.” Thiel believes that the SEC’s approval of a bitcoin spot ETF should be beneficial for miners as it will boost overall demand for cryptocurrency.

Marathon Digital, headquartered in Las Vegas, is one of the largest crypto mining companies. The company’s stock price has risen over 400% this year, while Bitcoin has risen about 160% during the same period.

▌First Trust submits application to SEC for Bitcoin “buffer-type” ETF

According to screenshots of documents released by Bloomberg analyst James Seyffart, First Trust has submitted an application to the SEC for a Bitcoin “buffer-type” ETF. These types of funds aim to protect against a certain percentage of downside losses at the expense of sacrificing some upside gains.

Analysts expect that other entrants in this field will offer unique differentiated strategies to provide Bitcoin exposure in the coming weeks.

▌First-ever Bitcoin NFT series auctioned by Sotheby’s sells for approximately $450,000

Sotheby’s auctioned off a series of “Inscriptions” created using the Bitcoin blockchain and the Ordinals protocol, with a selling price of approximately $450,000. This is five times the highest estimate. The auction, which ended on Wednesday, consisted of three images created by a pseudonymous artist known as Shroomtoshi.

According to a spokesperson for the auction house, the three lots attracted bids from 148 individuals, with over two-thirds of the bidders being new buyers for Sotheby’s.

▌Crypto company SafeMoon officially applies for Chapter 7 bankruptcy

According to Watcher.Guru, crypto company SafeMoon has officially applied for Chapter 7 bankruptcy.

Previously reported by LianGuai, the SEC accused SafeMoon and its management team of fraud and unregistered issuance of cryptocurrency securities in November. SafeMoon CEO John Karony and CTO Thomas Smith have been arrested, while founder Kyle Nagy remains at large. The SEC stated that the SafeMoon executive team withdrew over $200 million from the project and misappropriated investors’ funds for personal use.

▌CryptoUK report: “Lack of crypto knowledge” among the majority of UK MPs

A report released by self-regulatory trade association CryptoUK on December 14th analyzed the sentiment of UK MPs towards cryptocurrency and blockchain between 2022 and 2023. It found that only 37 MPs specifically mentioned cryptocurrencies and blockchain, accounting for 5.7% of the 650 MPs, indicating a lack of crypto-related knowledge among the majority of MPs. According to CryptoUK, some high-ranking figures of the UK government in 2023 include MP and former Economic Secretary Andrew Griffith, as well as cryptocurrency advocate Lisa Cameron.

A spokesperson for CryptoUK stated, “It is crucial that MPs from across parties and corners of the UK better understand the crypto asset industry. Nearly 5 million people in the UK own some form of crypto asset, and tens of thousands work in the industry, supporting the local economy and aiding UK economic growth.”

▌US Department of Justice accuses four individuals of involvement in an over $80 million money laundering and crypto investment fraud scheme

The US Department of Justice has charged four individuals with involvement in money laundering, cryptocurrency investment fraud, and other fraudulent schemes involving millions of dollars of victim funds. According to court documents, Lu Zhang, Justin Walker, Joseph Wong, and Hailong Zhu are accused of conspiring to set up shell companies and bank accounts to launder the proceeds of cryptocurrency investment scams (also known as “Ponzi schemes”) and other fraudulent schemes. They moved funds through domestic and international financial institutions, with the overall fraudulent scheme involving at least 284 transactions and resulting in over 80 million dollars in losses for victims. Over 20 million dollars of victim funds were directly deposited into bank accounts associated with the defendants. If convicted, Lu Zhang and Justin Walker could face up to 20 years in prison.

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Important Economic News

▌CICC: Optimizing Real Estate Policies in Beijing and Shenzhen Shows Promising Results

According to CICC research, the policy adjustments in Beijing and Shenzhen cover multiple dimensions, with the two cities having completed two rounds of policy optimization. This round of policy adjustments is expected to boost local market expectations and play a leading role from a national perspective. The developer sector has already shown undervalued cost-effectiveness, coinciding with the industry’s valuation shift at the end and beginning of the year. It is recommended to pay attention to trading opportunities with a focus on the value return of high-quality leading targets. We believe that high-quality non-central government-owned enterprises have higher cost-effectiveness, and we also favor the value return of average-good type leading targets. In the short term, the industry beta may still face pressure. Before the physical market stabilizes, we can focus on the progress of urban villages policies to catalyze the stock prices of relevant concept stocks in a bottom-up approach. In addition, high-quality dividend stocks have become attractive with their dividend yields. (Jin10 Data APP)

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LianGuai Encyclopedia

▌What is Composability in DeFi?

In decentralized finance (DeFi), composability refers to the ability of various applications and protocols to communicate seamlessly, allowing the combination and integration of their building blocks to create new functionalities or financial services. This interoperability is similar to LEGO blocks, where different protocols can be assembled and flexibly combined.

Disclaimer: LianGuai acts as a blockchain information platform, and the published articles are for informational reference only and not intended as actual investment advice. Please establish the correct investment concept and be sure to raise risk awareness.

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