11.6 AI Daily: Trump's lead triggers a big rise in the Cryptocurrency market, regulatory policies may undergo significant changes

1. Headlines

1. Trump leads in key swing states, DOGE surges 30% breaking $0.2

The U.S. presidential election has officially kicked off, with Republican candidate Trump temporarily leading and currently also leading in swing states. This news may have stimulated the price of Dogecoin, which has surged by over 30% in a single day, the highest daily increase among the top 100 cryptocurrencies by market capitalization.

As a controversial meme coin, DOGE's price fluctuation is often closely related to investor sentiment and market hot events. Trump's leading position undoubtedly injected a shot in the arm into the crypto market, and investors' optimistic expectations of his return to power have driven funds into risky assets.

Analysts point out that Trump's inauguration may bring a more relaxed regulatory environment for Crypto Assets, which will benefit industry innovation and development. At the same time, his supporters are increasingly fond of memes and may also be the driving force behind the big pump of Dogecoin. However, some believe that speculative trading is the main reason for the sharp rise in Dogecoin in the short term.

Anyway, the rise of DOGE reflects investors' optimism about Trump's election. If the final result meets expectations, the crypto market may usher in a new bull run. But investors also need to be alert to the risks of excessive speculation.

2. Incident before ETH Devcon! Participants robbed at knifepoint, attendees please be cautious

The ETH Conference Devcon was held in Bangkok, but some developers encountered robbery on the way there, reminding all developers to pay attention to safety.

According to reports, a developer from the Ethereum community heading to Devcon was robbed at knifepoint in Bangkok. Although no casualties were reported, the financial loss was substantial. This incident has drawn widespread attention, prompting attendees to call for enhanced security measures.

The organizers of the conference said that they have maintained close contact with the local police and reminded all participants to pay attention to personal and property safety. At the same time, they also called on developers to take care of each other and not go out alone.

Analysts pointed out that this incident has once again sparked attention to the security of conferences. As a top global Blockchain technology event, Devcon has gathered many well-known developers and project party. Once a major security incident occurs, it will have a serious impact on the entire industry.

Therefore, the organizers and local authorities need to increase security measures to ensure the smooth running of the conference. Participants should also be vigilant and guard against various criminals. Only by ensuring personal and property safety can Devcon truly become a stage to showcase the strength of blockchain technology.

3. encryptionexchangeCoinbase faces heavy fines from regulators, paying over $600 million in fines

The largest Crypto Assets exchange Coinbase in the United States was fined over 600 million dollars by the New York Financial Service department for violating Anti-Money Laundering regulations. This is the largest penalty the encryption industry has suffered so far.

It is reported that Coinbase failed to comply with Anti-Money Laundering regulations between 2021 and 2022, and there were serious compliance deficiencies. This includes failing to maintain an effective Anti-Money Laundering program, failing to properly review suspicious transactions, etc.

New York financial regulators stated that Coinbase's misconduct seriously jeopardized the integrity of the financial system, and therefore imposed severe penalties. At the same time, Coinbase is also required to complete rectification within two years and establish a sound internal control system.

This heavy penalty has triggered widespread follow and discussion in the industry. Supporters believe that the regulatory agencies treat encryption companies equally, reflecting the principle of fairness and promoting the standardized development of the industry. However, some argue that excessive fines will increase the Compliance costs of encryption companies, which may hinder innovation.

Analysts say the fine marks a tightening of regulatory scrutiny on the encryption industry. In the future, encryption companies will need to strengthen internal controls, improve Anti-Money Laundering and other Compliance measures in order to survive and thrive in a regulated environment.

4. The Artificial Intelligence Data Platform Pundi AI Data testnet goes live, promoting the democratization of AI data.

Singaporean technology company Pundi AI has launched the Testnet of its new Decentralization data annotation platform, Pundi AI Data, which uses blockchain technology to completely change the way AI data is collected and managed. The platform is open to individuals and organizations worldwide to contribute data, supporting various types of data such as text, images, and videos. Through the unique 'earn rewards by annotation' model, users can not only earn income by annotating data, but also effectively improve data quality, helping AI developers obtain higher quality and more diverse data for more accurate AI training. This innovative initiative will promote data democratization, enabling every participant to receive equal returns in the AI ecosystem.

Based on Block chain technology, Pundi AI Data ensures the transparency and credibility of all data contributions and transactions. Each piece of data in the platform will be encrypted, verified, and stored in the form of non-fungible Token (NFT) to ensure the source and authenticity of the data.

Zac Cheah, Founder of Pundi AI, stated that as AI models become increasingly complex, the demand for high-quality training data is also rising. Pundi AI's Decentralization platform not only possesses scalability, transparency, and security, but also empowers global users to participate in AI revolution, promoting fairness and democratization of data ownership. With the launch of this Testnet, Pundi AI is laying the foundation for the future AI data ecosystem, making AI development more inclusive and data a trusted resource.

5. Humanoid Robot Industry Receives Capital Favor Again, Experts Optimistic about Long-term Development Prospects

Recently, the humanoid robot industry has once again attracted the attention of the Capital Market. Multiple humanoid robot companies have successively completed a new round of financing, with a total financing amount of over 1 billion yuan.

Behind the explosive data, there are multiple factors such as policy promotion, technological progress, great market demand potential, and gradual improvement of industrial ecology. The experts believe that the above phenomenon reflects the high recognition and expectations of the future development of this field by the capital.

On the one hand, China's humanoid robot industry is in a stage of rapid development, and many aspects require a large amount of financial support; on the other hand, product iteration and cost reduction rely on technological progress, and the breakthrough of technological difficulties also depends on strong financial support.

In addition, humanoid robots have broad prospects for application in the service industry, education, medical care, and other fields, with huge market demand potential. With the development of emerging technologies such as 5G, artificial intelligence, and so on, the functions of humanoid robots will continue to expand, and the application scenarios will become more and more diverse.

Experts say that the continued favor of capital will bring new development momentum to the humanoid robot industry. However, it is also necessary to pay attention to the challenges that may be encountered in the process of industry development, such as technological bottlenecks and unsmooth application promotion. It requires the joint efforts of the government, enterprises, capital, and longer to promote the healthy and orderly development of the industry.

二. Industry Data

1. ETH

Recent transaction price 2443.2800 USDT, intraday decline -0.6999%.

2. BTC

Recent transaction price 68894.5000 USDT, intraday increase +0.4000%.

3. DOGE

Recent transaction price 0.1679 USDT, intraday increase +11.4000%.

4. SUI

Recent transaction price is 1.9269 USDT, with an intraday increase of +2.6000%.

5. GT

Recent transaction price 8.4790 USDT, intraday decrease -0.2000%.

3. Industry News

1. BTC broke through $75000, reaching a new historical high! Expectation of Trump's victory pushed the crypto market to big pump

BTC broke through $75,000 on November 6, setting a new all-time high. This surge is mainly driven by Favourable Information that Trump is leading in the US election. As Trump's probability of winning increases, the market's expectations for the favorable development of the Crypto Assets industry are heating up, prompting investors to buy encryption assets such as BTC in large quantities.

Analysts pointed out that if Trump is elected, it is expected to promote the relaxation of cryptocurrency regulatory policies and create a more relaxed environment for the industry to develop. At the same time, BTC, as an inflation hedge asset, is highly sought after against the backdrop of rising inflation expectations.

The sharp rise in the price of BTC has also boosted the pump in the entire crypto market. Mainstream tokens such as Ethereum and Dogecoin have experienced varying degrees of pump. Data from exchanges shows that investors are getting on board with great enthusiasm and the trading volume has increased significantly. However, analysts also remind that the short-term price increase of BTC is too large, and investors need to be aware of the risk of profit-taking.

ETH breaks $2600, reaching a recent high

Etherum broke through $2,600 on November 6, setting a new recent high. Boosted by the surge in Bitcoin and expectations of Trump's victory, the price of Ethereum saw a significant pump on that day.

Analysts believe that as the second largest asset in the field of Cryptocurrency, Ethereum's PA is often influenced by the BTC market. In addition, the good prospects for the development of the Ethereum ecosystem are also important factors driving its price pump.

The application fields of Decentralized Finance and Non-fungible Tokens on the Ethereum blockchain continue to heat up, attracting a large amount of funds and user participation. Data shows that the Ethereum network has been continuously increasing in activity, with a significant rise in volume and active Address numbers.

However, some analysts have expressed concerns about the recent rapid rise in Ether. They believe that the price of Ether has significantly exceeded its fundamentals, and investors need to be cautious of the risk of profit-taking. At the same time, the congestion and high fees on the Ethereum network still need to be addressed.

3. DOGE surged 30%, breaking through $0.2

DOGE, which has been followed closely, rose more than 30% on November 6th, with the price exceeding $0.2. The big pump of DOGE is mainly driven by Favourable Information that Trump is leading in the US election.

Analysts pointed out that if elected, Trump is expected to promote relaxed Cryptocurrency regulatory policies, creating a more relaxed environment for industry development. As a risky asset, DOGE benefits from the increase in market risk preference.

At the same time, the continuous activity of the DOGE community is also an important factor in pumping its price. The DOGE community has recently launched new marketing campaigns, attracting a large number of new investors to get on board.

However, some analysts are also concerned about the bubble of DOGE. They believe that DOGE lacks practical application scenarios, and its price is mainly affected by speculative trading, posing significant investment risk. Investors need to rationally view the Fluctuation in the price of DOGE and control the risk well.

4. AltCoin's strong upward trend, AICryptocurrencyzone leads the way

Driven by the expectation of Trump's victory, the Cryptocurrency market saw a full line of pump. Among them, AltCoin and AI Crypto Assets zone have shown the most significant increase.

Data shows that AICryptocurrencyzone saw a surge of 26.09% on November 6th, far exceeding other zones. Analysts believe that as an emerging field, AICryptocurrency has been highly sought after by investors. With the continuous deepening of AI technology in the Cryptocurrency field, the development prospects of this field are highly promising.

Meanwhile, AltCoinzone's rise also reached 17.77%. Analysts pointed out that as a high-risk, high-return investment, AltCoin is sought after in the context of increasing market risk appetite. However, AltCoin lacks practical application scenarios, and its price fluctuation is mainly affected by speculative speculation. Investors need to control risks.

Overall, the expectation of Trump's victory has driven the overall pump of the cryptocurrency market. However, investors also need to be alert to the risk of profit taking in the short term and take a rational view of the market situation.

5. Analyst: BTC short-term gains may have peaked, long-term still has pump space

Although BTC reached a new all-time high on November 6th, some analysts believe that the short-term increase in BTC may have peaked and there could be profit-taking in the future.

Analysts point out that the recent big rise of BTC is mainly driven by expectations of Trump's victory. However, once the election results are settled, this driving force will no longer exist, and BTC price may experience a pullback.

At the same time, the current price of BTC has significantly exceeded its fundamentals, posing a certain risk of a bubble. Investors need to be alert to the risk of profit-taking in the short term.

However, in the long run, as a hedge against inflation, the value of BTC will gradually become apparent. With the rise in global inflation expectations, BTC is expected to attract more funds. Analysts predict that the long-term pump trend of BTC will arrive in 2025 or 2026.

Overall, BTC faces certain pullback pressure in the short term, but in the long term, the pump space is still promising. Investors need to rationally view the price Fluctuation of BTC and control the risk well.

IV. Project Highlights

1. NYM launches Token buyback plan, paving the way for privacy protection services

Nym is a Decentralization privacy infrastructure project aimed at providing users with strong privacy protection through obfuscation network technology. The project recently announced that it will repurchase up to 20 million NYM tokens to improve the market awareness of NymVPN, incentivize network operators, and provide higher privacy protection services for journalists and activists.

NymVPN is the flagship product of Nym, which adopts innovative Noise-Generating Mixnet technology to effectively resist privacy threats such as AI surveillance. The product will be launched soon and will be open for free testing for one month. This Token repurchase program will provide financial support for the promotion and ecological construction of NymVPN, which will help promote the development and application of privacy protection technology.

Privacy protection has always been a key follow issue in our field. With the rapid development of AI technology, traditional privacy protection methods are facing severe challenges. Nym's mixnet technology provides a new approach to solving this problem, promising to bring users a more secure and reliable privacy protection experience. Industry experts believe that Nym's innovative technology is expected to lead to new developments in the field of privacy protection, injecting new vitality into our ecosystem.

2. KIP Protocol strategically invests in HackQuest to empower DeAI developers

KIP Protocol is a Decentralization Artificial Intelligence (DeAI) foundational project that recently announced strategic investment in our developer education platform, HackQuest. This move aims to fully leverage HackQuest's developer network, advance KIP's ecosystem development and developer program, and support the growth of the new generation of DeAI developers.

As a leading developer education platform, HackQuest organizes more than 50 hackathons worldwide every year and has a community of over 50,000 active developers. This investment will further enhance the influence of KIP Protocol in the promotion and education of DeAI, while providing powerful DeAI development components for HackQuest to help emerging DeAI developers get started.

DeAI is considered one of the important directions for our development. By combining artificial intelligence with Blockchain technology, DeAI is expected to promote innovative development of our ecosystem. However, the training of DeAI developers has always been a bottleneck restricting the development of this field. The collaboration between KIP Protocol and HackQuest will help cultivate more DeAI talents and inject new energy into our ecosystem.

3. Pundi AI Data testnet launched, promoting democratization of AI data

Pundi AI Data is a Decentralization AI data annotation platform that recently announced the official launch of its testnet. The platform is based on Blockchain technology and opens up global individuals and organizations to contribute data through the 'earn rewards by annotation' model, supporting various types of data such as text, images, videos, etc.

The innovation of Pundi AI Data lies in ensuring the transparency and credibility of all data contributions and transactions. Each piece of data in the platform will be encrypted, verified, and stored in the form of non-fungible tokens (NFTs) to guarantee the source and authenticity of the data. This model is expected to promote the democratization of AI data, allowing every participant to receive equal rewards in the AI ecosystem.

High-quality training data is the key to the development of AI models. However, there are still many problems in the acquisition and management of AI data, such as uneven data quality and risks of privacy leakage. The Decentralization model of Pundi AI Data provides a new approach to solving these problems, and is expected to promote the healthy development of the AI data ecosystem. Industry insiders believe that the launch of this platform will provide AI developers with higher quality and more diverse data resources, ensuring more accurate AI training.

4. Gate.io launches AI coin selection function to help users optimize investment decisions

Crypto Assets trading platform gate recently announced the launch of AI coin selection function, aiming to provide users with more accurate market insights through data-driven methods. This feature has the advantages of multi-dimensional Technical Analysis, forward-looking market predictions, user-friendly characteristics, and advanced trading efficiency, which can help users quickly and accurately discover potential investment opportunities in the market and seize investment opportunities.

The launch of the AI coin selection feature signifies another important layout of Gate.io in the field of artificial intelligence. By analyzing and modeling massive historical data, this feature can automatically identify market hotspots and investment opportunities, providing users with a more intelligent and efficient investment experience.

The application of artificial intelligence technology in the financial field is becoming increasingly widespread. Compared to traditional investment analysis methods, the AI coin selection function can capture market signals more quickly and accurately, helping investors make correct decisions in a timely manner. Industry insiders believe that this innovative attempt by gate will further promote the intelligent development of cryptocurrency trading, bringing users a better investment experience.

5. Economic Trends

1. US election results trigger global market Fluctuation

Economic Background: The pace of global economic recovery remains weak, with GDP growth in major economies slowing down and inflation pressures continuing to increase. The US annualized quarter-on-quarter GDP growth rate in Q3 rose by 2.6%, lower than expected. CPI in October increased by 7.7% year-on-year, reaching a 40-year high. The job market remains stable, with the unemployment rate staying at a low of 3.5%.

Important Event: The results of the US midterm elections have caused significant fluctuation in global markets. The Republican Party is expected to regain control of the House of Representatives, which could lead to obstacles in the Biden administration's progress on fiscal and trade policies. There are significant differences between the two parties regarding economic policies, and the future policy direction is uncertain.

Market response: Investor concerns about the prospects of US politics have intensified, with the three major US stock indexes collectively falling. The S&P 500 index fell by 2.51%, and the Nasdaq Composite Index fell by 3.36%. The US dollar index rose sharply, breaking through the 111 level. International oil prices plummeted, with Brent crude oil futures falling by more than 3%. Safe-haven sentiment is rising, and US bond yields are declining.

Expert opinion: Goldman Sachs analysts said that the "stalemate" situation of divided government may continue, which will limit the introduction of major fiscal policies in the coming years. UBS economists believe that policy deadlock may exacerbate economic slowdown and slow down the pace of Fed rate hikes. Citigroup analysts pointed out that political uncertainty may intensify market fluctuations, and investors should remain cautious.

2. The European Central Bank raised interest rates by 75 basis points, and inflation in the euro area remained high.

Economic background: The eurozone economy is on the brink of recession, with GDP rising by 0.2% quarter-on-quarter and 2.1% year-on-year, lower than expected. The inflation rate soared to a record high of 10.7% in October. The job market remains robust, with the unemployment rate staying at a low of 6.6%.

Important Event: The European Central Bank raised interest rates as scheduled by 75 basis points, raising the three key interest rates to 1.5%, 2%, and 2.25%, marking the largest single rate hike since 2011. The ECB has pledged to continue raising rates significantly until inflation rates visibly decrease.

Market response: Eurozone stock markets generally fell, with the German DAX index down 0.49% and the French CAC40 index down 0.47%. The euro against the US dollar saw a small pump in the Exchange Rate, with the latest report at 1.0073. European bond yields generally rose, with the yield on German 10-year bonds rising to 2.29%.

Expert opinion: Deutsche Bank analysts said that the European Central Bank's interest rate hike exceeded expectations, demonstrating its determination to fight inflation. However, excessive interest rate hikes may exacerbate the risk of economic recession. Goldman Sachs analysts believe that the European Central Bank still has room for further interest rate hikes and is expected to raise interest rates by another 50 basis points in March next year. Nomura Securities analysts pointed out that the slowdown in the European economy has become a certainty, and the European Central Bank may pause interest rate hikes in 2023.

3. The Central Bank of the UK raised interest rates by 75 basis points, and the British pound rebounded.

Economic Background: The UK economy has officially entered a recession, with a 0.2% quarter-on-quarter decline in GDP in the third quarter. The inflation rate in October reached a record high of 11.1%, the highest in over 40 years. The job market remains tight, with an unemployment rate of only 3.6%.

Important Event: The Bank of England has raised Benchmark Interest Rates by 75 basis points to 3%, reaching a new high since 2008 as scheduled. The Bank of England hinted that it will continue to "resolutely" raise interest rates until the inflation rate significantly falls.

Market response: The UK stock market fell, with the FTSE 100 index down 0.76%. The pound sterling surged nearly 2% against the US dollar, with the latest rate at 1.1425. The UK 10-year government bond yield rose to 3.51%.

Expert opinion: Standard Chartered Bank analysts said that the Bank of England's interest rate hike exceeded expectations, showing its determination to fight inflation. However, the risk of economic recession in the UK has increased, and the Bank of England's future interest rate hike space may be limited. Nomura Securities analysts believe that the Bank of England still needs to continue to raise interest rates significantly, and it is expected to raise interest rates by another 50 basis points in May next year. Goldman Sachs analysts pointed out that the UK's inflation rate may peak and fall back in the second half of 2023.

Six. Regulation & Policy

1. The results of the U.S. election may trigger a major change in Cryptocurrency regulatory policies

The results of the US presidential election are causing a global follow. As the world's largest economy, the US government's regulatory policies on Crypto Assets will have far-reaching implications. With the expanding lead of Republican candidate Trump, the market expects him to promote Crypto Assets-friendly policies during his tenure.

Trump expressed support for the development of Cryptocurrency multiple times during the campaign. He promised to abolish existing regulatory restrictions and promote the legalization of digital assets such as BTC in the United States. This is in stark contrast to the strict regulatory stance of the current government. If Trump is elected and fulfills his promises, the US Cryptocurrency regulatory policy will undergo a 180-degree transformation.

This transition is expected to create a more relaxed operating environment for Crypto Assets companies. First, Trump may dismiss the current chairman of the Securities and Exchange Commission, and appoint a new chairman who holds a close position. Secondly, Trump may push for revisions to relevant regulations to clarify the legal status of Crypto Assets, paving the way for institutional investors to participate. In addition, Trump is also expected to relax regulations on encryption financial products such as stablecoins, promoting industry innovation.

Market expectations of Trump's election have driven up the prices of mainstream cryptocurrencies such as BTC. Investors generally believe that loose regulatory policies will bring new development opportunities for cryptocurrencies. However, some experts have warned that the specific details of regulatory policies still need to be observed. Excessive leniency may bring new risks, and the government needs to strike a balance between promoting innovation and preventing risks.

2. The Monetary Authority of Singapore promotes the development of tokenization assets and explores new regulatory models.

The Monetary Authority of Singapore (MAS) recently announced the launch of the "Guardian" program, aimed at promoting the development and regulation of tokenized assets. The program will collaborate with more than 40 financial institutions, associations, and policy makers to develop and commercialize tokenized assets, including fixed income products and funds, and deepen the liquidity of tokenized assets.

Tokenization of assets refers to converting TradFi assets into digital Token form, and on-chain issuance and circulation in Block. Compared to traditional assets, Tokenized assets have higher transparency, Liquidity, and programmability. The Monetary Authority of Singapore believes that Tokenized assets have broad application prospects and are expected to drive financial market innovation.

The "Guardian Plan" aims to establish a comprehensive regulatory framework for tokenization assets. The Monetary Authority will work with the industry to develop standards for the issuance, trading, and settlement of tokenization assets, and explore corresponding risk management measures. At the same time, the plan will also study the application scenarios of tokenization assets in cross-border payments, trade financing, and other fields.

Insiders welcome this. The Chairman of the Singapore FinTech Association praised the forward-looking measures of the Monetary Authority of Singapore, which will help Singapore take the lead in the field of tokenization assets. Several Financial Institutions have also expressed their active participation in promoting the development of tokenization assets.

However, experts also remind to be vigilant about related risks. The development of tokenized assets may bring new regulatory challenges such as operational risks, Money Laundering risks, etc. The HKMA needs to strike a balance between promoting innovation and preventing risks, and establish a prudent and effective regulatory system.

3. The European Union plans to set an energy consumption limit for Cryptocurrency Mining, sparking industry controversy

To address the environmental impact of Cryptocurrency Mining, the European Commission recently proposed a new draft policy to set energy consumption limits for Cryptocurrency Mining activities. Once passed, this policy will restrict the development of Cryptocurrency Mining within the EU.

According to the draft, the EU will set upper limits on the energy consumption of Crypto Asset Mining and gradually tighten restrictions. By 2025, the energy consumption of Crypto Asset Mining will be limited to the maximum level at the current level. By 2030, the energy consumption limit will further drop to two-thirds of the 2025 level. By the middle of this century, the energy consumption of Crypto Asset Mining will be limited to the range of renewable energy sources.

The European Commission believes that Cryptocurrency Mining consumes too much energy, which is contrary to the EU's carbon neutrality goals. According to calculations, the annual carbon emissions from BTC Mining are equivalent to the entire Netherlands. Therefore, it is necessary to regulate Mining activities through energy consumption restrictions and promote the Cryptocurrency industry's transition to a green and low-carbon direction.

The policy has sparked widespread controversy within and outside the industry. Supporters believe that this is a necessary measure to address climate change, and the cryptocurrency industry should take on environmental responsibilities. However, critics point out that energy consumption restrictions will severely hinder the development of cryptocurrency mining in the European Union and exacerbate the EU's lag in this emerging field.

There are also differences within the industry. Some Mining Pools and Mining companies have indicated that they will actively seek alternative solutions, such as using green energy or improving energy efficiency. However, some companies believe that if the policy is implemented, they may have to relocate their business from the European Union.

Overall, the EU's regulatory policy has triggered widespread follow. It reflects the balance considerations of various governments in promoting the development of Crypto Assets and environmental sustainability. The future direction of this policy and its impact on the industry remain to be further observed.