Morning News | Trump hopes to make the U.S. a "Bitcoin superpower"; cryptocurrency trading app Fomo completes $17 million Series A funding; how Ripple supports a $40 billion valuation
Overview of Important Market Events on November 6整理：ChainCatcher
Important News:
- He Yi: Calculating by percentage clearly shows we are not at the bottom now, but the underlying logic of the industry is changing
- Trump: Hopes to make the U.S. a "Bitcoin superpower"
- Arthur Hayes calls for ZEC again, bullish to $1000
- GoPlus: The creator of "Binance Life" actually made only $4000
- Data: The crypto market rebounds across the board, with the PayFi sector leading with over 7%, ETH breaks $3400
- Cryptocurrency trading app Fomo completes $17 million Series A funding, led by Benchmark
- YZi Labs announces investment in digital inheritance platform Funes
What important events happened in the past 24 hours?
According to ChainCatcher, Binance co-founder He Yi responded to community users' questions about whether he is certain that we are not in a bear market: "Of course I'm not certain, but it doesn't affect my long-term confidence in the industry. If calculated by historical percentages, it is clear that we are not at the bottom; but the underlying logic of the industry has changed, and the paradigm of industry volatility will also change. History does not repeat itself, but it does rhyme."
Yesterday, He Yi stated that when Bitcoin fell from $1000 to $200, some said the crypto circle was over. When Bitcoin fell from $20000 to $3000, some said the crypto circle was over. When Bitcoin fell from $60000 to $17000, there were still people saying the crypto circle was over. Today, Bitcoin has just dropped from $120000 to the $100000 range, and once again, voices are emerging that the crypto circle is about to end. In every cycle, some people lose heart and exit the market, while others remain calm and composed. History does not repeat itself, but it does rhyme. DYOR.
Trump: Hopes to make the U.S. a "Bitcoin superpower"
According to ChainCatcher, Trump, speaking at the "U.S. Business Forum" on the first day in Miami, Florida (local time November 5 at 1 PM), called for the U.S. to embrace crypto assets (virtual currencies) and expressed his ambition to pursue leadership in this field.
Trump stated, "We gather here in Miami to embrace a crucial industry. I signed a historic executive order to end the federal government's war on crypto assets. The crypto industry was once surrounded, but that is no longer the case. Because this is a huge industry, a massive industry. I have many talented people and outstanding entrepreneurs around me who are not only engaged in other businesses but are also actively involved in the crypto asset field."
Additionally, he said, "Crypto assets can greatly alleviate the burden on the dollar and bring many positive effects. We are focusing on promoting this. We want to make the U.S. a superpower in Bitcoin (BTC) and the center of global crypto assets."
Arthur Hayes calls for ZEC again, bullish to $1000
According to ChainCatcher, BitMEX co-founder Arthur Hayes stated that ZEC will reach $1000 next. He hopes those who dislike him will continue to short. Previously, on October 30, BitMEX co-founder Arthur Hayes called for ZEC, stating that nothing can stop this train, and ZEC will rise to $10,000.
GoPlus: The creator of "Binance Life" actually made only $4000
According to ChainCatcher, BitMEX co-founder Arthur Hayes stated that ZEC will reach $1000 next. He hopes those who dislike him will continue to short. Previously, on October 30, BitMEX co-founder Arthur Hayes called for ZEC, stating that nothing can stop this train, and ZEC will rise to $10,000.
According to ChainCatcher, on November 6, based on SoSoValue data, the crypto market rebounded across the board, with a general increase of about 2% to 7% over 24 hours. Among them, the PayFi sector led with a 7.31% increase, with Telcoin (TEL) rising 28.44%, XRP rising 7.71%, and Dash (DASH), which previously had a large increase, falling 11.41%. Additionally, Bitcoin (BTC) rose 2.75%, breaking $103,000; Ethereum (ETH) rose 5.09%, breaking $3400.
Notably, MAG7.ssi rose 4.31%, DEFI.ssi rose 5.05%, and MEME.ssi rose 3.87%.
In other sectors, the Meme sector rose 5.51% over 24 hours, with OFFICIAL TRUMP (TRUMP) rising 16.56% and Giggle Fund (GIGGLE) soaring 130.10%; the DeFi sector rose 4.91%, with AERO (Aerodrome Finance) rising 10.58%; the Layer1 sector rose 4.66%, with Zcash (ZEC) continuing its upward trend, climbing 11.21%; the Layer2 sector rose 4.56%, with SOON (SOON) surging 112.83%; the CeFi sector rose 3.03%, with Aster (ASTER) rising 11.55%.
The crypto sector indices reflecting historical market trends show that ssiPayFi, ssiDePIN, and ssiDeFi indices rose by 7.68%, 5.70%, and 5.72%, respectively.
OpenAI CFO: The market is overly focused on potential bubbles in the AI field, and enthusiasm for artificial intelligence is still insufficient
According to ChainCatcher, OpenAI CFO Sarah Friar stated today that the market is overly worried and focused on potential bubbles in the AI field and should show more "enthusiasm" for the potential of AI technology. Friar said, "When I think about the actual impact of AI and its effects on individuals, I believe people’s enthusiasm for AI is still insufficient. We should continue to work hard."
Recently, to support the construction of its AI data center, OpenAI has reached a series of significant deals with Nvidia and AMD, which have been criticized as "internal circular financing arrangements." Friar denied this circularity and stated, "What we are currently doing is building a complete infrastructure to bring more computing into this world. I don't think this is circular at all. A lot of work last year was to diversify the supply chain."
Cryptocurrency trading app Fomo completes $17 million Series A funding, led by Benchmark
According to ChainCatcher, market news reports that the cryptocurrency trading app Fomo has completed $17 million in Series A funding, led by Benchmark, bringing the total funding amount to $19 million.
The project attracted 140 industry leaders to become angel investors through unique strategies, including Polygon Labs CEO Marc Boiron, Solana co-founder Raj Gokal, and former Coinbase CTO and angel investor Balaji Srinivasan. Fomo was launched in May this year and enables fast account opening and trading through Apple Pay integration, supporting cross-chain trading of millions of crypto assets, charging a 0.5% transaction fee while waiving Gas fees, and allowing users to track others' trading strategies through built-in social features.
YZi Labs announces investment in digital inheritance platform Funes
According to ChainCatcher, YZi Labs announced an investment in Funes, with the specific investment amount not disclosed. Funes is a digital inheritance platform that is building a 3D architectural model open archive, and the new funds will support its advancement of AI × culture × real-world data infrastructure.
According to ChainCatcher, White House cryptocurrency and AI director David Sacks stated, "Thanks to Senate Agriculture Committee Chairman John Boozman and committee member Cory Booker, constructive discussions on cryptocurrency market structure legislation took place today before the Senate Agriculture Committee. I am encouraged by the significant progress made so far and look forward to the introduction of a bipartisan joint draft in the near future."
According to ChainCatcher, monitoring by Lookonchain shows that a certain whale, 0x540C, has just withdrawn 114.9 million USDT from Aave, raising the USDT utilization rate in Aave's main market to 92.83%, exceeding the protocol's set optimal utilization threshold of 92%.
The dollar index slightly fell to 100.204, with significant changes in major currency exchange rates
According to ChainCatcher, as reported by Jinshi, the dollar index measuring the dollar against six major currencies fell by 0.02% that day, closing at 100.204 in the foreign exchange market. 1 euro exchanged for 1.1486 dollars, higher than the previous trading day's 1.1479 dollars; 1 pound exchanged for 1.3047 dollars, higher than the previous trading day's 1.3015 dollars; 1 dollar exchanged for 154.11 yen, higher than the previous trading day's 153.63 yen; 1 dollar exchanged for 0.8104 Swiss francs, lower than the previous trading day's 0.8105 Swiss francs; 1 dollar exchanged for 1.4113 Canadian dollars, higher than the previous trading day's 1.4101 Canadian dollars; 1 dollar exchanged for 9.5654 Swedish kronor, lower than the previous trading day's 9.5861 Swedish kronor.
Yei Finance: All user funds are fully available, and the team will fully repay the main pool debt
According to ChainCatcher, Sei ecosystem lending protocol Yei Finance clarified and assured the community that all user funds on Yei are fully available and can be withdrawn 100%. Approximately $8.6 million USDC is borrowed in the Yeiend main pool with sfastUSD as collateral, and the Yei team will fully repay this debt to ensure all USDC deposits are withdrawable. Currently, the withdrawal function has been suspended during the debt repayment period. An update will be released as soon as possible to indicate when the protocol will resume normal operations.
Last night, Yei Finance stated that due to abnormal conditions in the current fastUSD market, the team has suspended the protocol to take preventive measures. The team is actively investigating and expects to provide an update within the next 24 hours.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of November 7, 09:00,
The top five popular tokens on ETH in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular tokens on Solana in the past 24 hours are: TRUMP, Fartcoin, ME, DOOD, CHILLGUY
The top five popular tokens on Base in the past 24 hours are: ZORA, VITYUAL, DEGEN, TOSHI, BRETT
What are some interesting articles worth reading in the past 24 hours?
Why can Bitcoin only rise when the U.S. government reopens?
The U.S. government shutdown has officially entered its record 36th day. In the past two days, global financial markets have plummeted. The Nasdaq, Bitcoin, tech stocks, the Nikkei index, and even safe-haven assets like U.S. Treasuries and gold have not been spared. Panic in the market is spreading, while politicians in Washington are still arguing over the budget. Is there a connection between the U.S. government shutdown and the decline in global financial markets? The answer is beginning to emerge.
This is not an ordinary market correction, but a liquidity crisis triggered by the government shutdown. When fiscal spending is frozen, hundreds of billions of dollars are locked in Treasury accounts and cannot flow into the market, cutting off the blood circulation of the financial system.
MegaETH announces the allocation strategy for its token sale
Handling a token sale event that was oversubscribed by 28 times and had over 53,000 participants is not as fun as it sounds. In my previous article, I emphasized that we primarily focused on two groups of people:
Early, active MegaETH community members
Those we believe will grow alongside MegaETH in the long term
A few days before the sale ended, Artemis (our data lead) and I met in Istanbul to conduct extensive simulations. We tried many different methods to "perfectly" measure everyone's contributions and quickly realized that it was impossible to do so in such a short time, as "contribution" is multifaceted.
DeFi's potential $8 billion bomb has only exploded $100 million so far
Fund managers, a role once trusted and demystified in the stock market, carried the wealth dreams of countless retail investors during the booming period of A-shares. At that time, everyone was chasing fund managers who graduated from prestigious schools and had impressive resumes, believing that funds were a less risky and more professional alternative to direct stock trading.
However, when the market fell, investors realized that so-called "professionalism" could not combat systemic risks. Worse, they earned their management fees and performance bonuses when they made profits, but losses were borne by the investors. Now, when the role of "fund manager" comes to the blockchain under the new name "Curator," the situation becomes even more dangerous. They do not need to pass any qualification exams, undergo any regulatory scrutiny, or even disclose their true identities.
They only need to create a "vault" on a DeFi protocol, using absurdly high annualized returns as bait to attract hundreds of millions of dollars in funds. Yet where that money goes and what it is used for remains unknown to investors.
Another heavyweight financing deal this year, how does Ripple support a $40 billion valuation?
On November 5, digital asset and infrastructure company Ripple announced the completion of a $500 million strategic financing round, achieving a post-investment valuation of $40 billion—this is the largest external financing round for the project since its Series C round in 2019 ($200 million, $10 billion valuation), with a fourfold increase in valuation over six years.
Large financing, RLUSD exceeding $1 billion, and a partnership with Mastercard form a positive feedback loop, marking Ripple's transition from the "blockchain version of SWIFT" concept to an actual revenue-driven global settlement infrastructure.
Risk warning
