Gate Research Institute: Powell's hawkish remarks triggered a pullback in the encryption market, while SuiNS rose against the trend.

Summary

  • Influenced by Powell's hawkish comments, encryption assets have significantly pulled back, with BTC falling by 3.39% and ETH falling by 4.03%.
  • SuiNS daily increase is about 635.58%, and Sui ecosystem continues to emerge high-potential investment projects.
  • Solana daily DEX volume accounted for 42%, reaching a historical high.
  • Network 3 has more nodes than Helium, currently ranking fifth in the global DePIN track.
  • Tether launches the Hadron platform to simplify the asset tokenization process and promote financial democratization.
  • Wyden completed a Series B financing of over 16 million US dollars, with participation from FiveT Fintech, C3 VC Fund, etc.

Market Review

  • BTC - BTC price fell 3.39% in the past 24 hours, currently priced at $87,311, with a highest price of $91,764 and a lowest price of $86,679 within 24 hours. After rising, BTC has remained stable around the $88,000 level in the past two days. Despite short-term pullback pressure, BTC's long-term rise potential is still optimistic, and market sentiment and policy changes will continue to affect its price movement.【1】

  • **ETH **—— ETH price dropped by 4.03% in the past 24 hours, currently priced at $3,058, with a 24-hour high of $3,240 and a low of $3,030. If the ETH price falls below the support level of $3,073, the market may face short-term pullback pressure. Currently, ETH has strong support near $2,900, which may attract new buyers to get on board. In this scenario, ETH is expected to maintain a consolidating trend and gather momentum at higher price levels, breaking the current downward pressure and ushering in new pump opportunities.【2】

  • ETF - On November 14th, BTC ETF saw a net outflow of over $400 million, while ETH ETF saw a net outflow of $3.24 million. Among them, BTC ETF experienced a net outflow for the first time in seven days.【3】
  • AltCoin —— Blockchain Capital Portfolio, Pantera Capital Portfolio, Terminal of Truths, etc. pumped 8.17%, 6.85%, 6.33% in respective zones.【4】
  • Three Major US Stock Indexes - The S&P 500 Index fell 0.60%, the Nasdaq Index fell 0.64%, and the Dow Jones Index fell 0.47%.【5】
  • Spot Gold - Spot gold price rose 0.09% to $2,567 per ounce. 【6】
  • Fear and Greed Index — The Fear and Greed Index dropped from 88 to 80 yesterday, indicating that the market is still in a state of extreme greed*, suggesting that the market is very hot*.【7】

Popular Token

According to the gate market data [8], combined with the volume and price performance of the past 24 hours, the popular altcoins are as follows:

SuiNS —— Single-day increase of approximately 635.58%, with a market capitalization of 44.59 million US dollars. SuiNS allows users to easily transfer, update, and protect their own digital identity, ensuring privacy and control. The integration of various blockchain ecosystems in SuiNS promotes interoperability and innovation, making SuiNS an essential tool for developers, businesses, and individuals to simplify interaction with blockchain technology while maintaining the highest security standards.

On November 14th, Sui Name Service, the domain name service of the Sui ecosystem, opened the NS Token Airdrop for claiming. As a result, the price of NS Token quickly pumped. The launch of NS Token aims to strengthen decentralization and empower community members with more decision-making power, especially allowing Airdrop Non-fungible Token holders to directly participate in the development of the protocol. With the arrival of TGE, investors have high expectations for the market performance of NS Token, which may bring new rising momentum to the Sui ecosystem. [9]

**CELA - The daily increase is about 218.10%, with a market capitalization of $6,386 million. Cellula reintroduces BTC Proof of Work mechanism into EVM-compatible network. The core of the project is centered around Conway's Game of Life, and it pioneers asset distribution and Liquidity allocation through virtual Proof of Work (vPOW) guidance.

On November 14th, after the listing of CELA Token, it attracted market attention, and the market demand quickly rose, driving the price of CELA to pump significantly in a single day. The innovative model of this project and the launch of a new Token may make investors full of expectations for its potential.

In addition, to encourage user participation, CELA has launched a series of benefit activities with the gate platform, including a $20,000 trading reward and a $10,000 deposit cashback activity. Participants need to complete trading or deposit tasks and share rewards based on volume and net deposit amount. The activity will continue until November 21st.

PROS —— Single-day increase of about 91.17%, with a market capitalization of 63.86 million US dollars. Prosper is bringing institutional-level BTCMining capabilities on-chain, and is committed to fully unleashing the potential of BTC, the most decentralized Cryptocurrency.

Recently, Prosper announced that it has received investment support from BIT Mining. With the deepening of this cooperation, Prosper is expected to further unleash the potential value of BTC, attracting more investors to follow and support, or thus Favourable Information may drive a significant pump in the price of PROS Token in a single day. [11]

Highlight Data

ETF contract long/short ratio, liquidation volume As of 4:00 (UTC+0) on November 5th, according to Coinglass data, the weighted funding rate for BTC Holdings is 0.0136%【12】; the weighted funding rate for ETH Ethereum Holdings is 0.0151%【13】.

In the past 24 hours, the total amount of contract liquidation on the entire network is approximately 481 million US dollars, with long orders liquidated exceeding 335 million US dollars. BTC has the highest amount of liquidation, reaching 122 million US dollars, followed by ETH with 67.35 million US dollars. Liquidation is mainly concentrated in long orders, while some AltCoins such as XRP and MOODENG are mainly liquidated in short orders.【14】

Solana chain's daily DEX volume accounted for 42%, reaching a historical high According to SolanaFloor data, Solana's daily DEX volume accounts for 42%, reaching a historical high, significantly surpassing other public chains. This data further indicates that Solana's high throughput and low fees can maximize the satisfaction of DEX traders' needs for transaction speed and cost.【15】

Hamster Kombat daily volume reaches 53 billion US dollars, Tokenholder reaches 11 million Recently, the Hamster Kombat team announced that the HMSTR Token volume has reached a new high, reaching 53 billion US dollars, with a Spot volume of 13 billion US dollars and a Perpetual Futures volume of 40 billion US dollars. Currently, the platform has 11 million Token holders, and the large user base provides a solid foundation for its growth. This morning, Musk posted a hamster emoticon on Platform X, and as a result, hamster concept Tokens including HMSTR have shown significant gains.

Network 3 Node数超 Helium,位居 DePIN 赛道全球第五 According to the data from DePINscan, the number of Nodes in the Decentralization edge AI infrastructure project Network 3 has exceeded 439,000, surpassing the well-known DePin project Helium and ranking fifth globally. It is officially announced that the Airdrop activity for Network 3 will start at the end of the year, with plans for a TGE at the end of the year. Network 3 has secured a $5.5 million financing from top institutions such as Borderless, EV3, IoTeX, Mask Network, and Bing Venture.

In the continuous development of Decentralization AI applications, Network 3 has the potential to further expand its market share and become a leader in the edge AI infrastructure field. The project enables users to engage in collaborative training without sharing raw data by building a Decentralization federated learning framework, thereby promoting the democratization of the AI industry. [17]

Hotspot Review

Federal Reserve Chairman Powell said the U.S. economy is recovering well and is not in a hurry to cut interest rates Federal Reserve Chairman Powell is optimistic about the US economic recovery and labor market performance, believing that inflation is returning to the 2% target and affirming the effectiveness of monetary policy. He indicated that the Fed is not in a rush to cut interest rates and will adjust policies based on data to achieve employment and price stability. Powell expects inflation to continue to decline, but the process may experience Fluctuation, demonstrating caution in inflation management. His speech led to a drop in market expectations of a rate cut in December, affecting the stock and interest rate markets. The market is sensitive to the direction of Fed policy, and persistently high inflation above the target has increased uncertainty after the December meeting. Powell's commitment to completing his term as chairman ensures the stability of the Fed's leadership. Market participants need to follow economic data and policy trends to grasp the impact of policy changes on the market.

18 states in the United States jointly sue the SEC, accusing it of excessive regulation of the encryption industry Republican attorneys general from 18 states in the United States jointly filed a lawsuit against the Securities and Exchange Commission (SEC), accusing the SEC of unconstitutional overregulation of the encryption industry under the leadership of Chairman Gary Gensler.

The lawsuit alleges that the SEC has engaged in 'severe government overreach' in the $30 trillion encryption industry through a series of enforcement actions, encroaching on the regulatory powers of individual states. 18 states have established their own regulatory frameworks for Cryptocurrency, and the SEC's actions not only hinder the industry's development but also conflict with the regulatory efforts of the states. The plaintiffs are seeking a court ruling that 'digital asset trading is not covered by investment contracts' and are seeking to prevent the SEC from bringing lawsuits against digital asset platforms that are not registered as securities exchanges. They believe that the SEC's actions exceed the scope authorized by Congress.

This lawsuit is an important Node in the development of the encryption industry, and its outcome will have a far-reaching impact on the future direction of the crypto market. If the lawsuit is successful, the court's ruling will provide clear legal basis for the encryption industry, dropping regulatory uncertainty. This is expected to attract more investment, drive industry innovation, and boost investor confidence, and may even trigger a new wave of investment frenzy. States will also have greater autonomy to develop Cryptocurrency regulatory frameworks that are in line with local realities. If the lawsuit fails, the SEC will strengthen its supervision of the encryption industry, which may hinder industry innovation, increase Compliance costs, and exacerbate market Fluctuation.

SEC Chairman Urges Cryptocurrency Compliance, May Resign After Trump Takes Office Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), urged Cryptocurrency exchanges to register and comply with relevant securities regulations in a recent speech, while calling on institutions selling securities to make appropriate disclosures. He pointed out that there are currently about 10,000 digital assets on the market, many of which are actually securities. He also specifically mentioned that, excluding BTC, Ethereum, and stablecoins, the total market capitalization of other encryption assets is about $600 billion, less than 0.1% of the global capital market.

Gary Gensler's speech was released after Trump won the presidential election, and Trump had previously stated during his campaign that he would dismiss Gensler as the SEC chairman. Sources indicated that Gensler may resign from the chairmanship after Trump takes office, but it is not ruled out that he may continue to serve as a commissioner at the SEC. In his speech, Gensler expressed pride in his work experience at the SEC, stating that working diligently with colleagues to protect American investors and market fairness was a great honor for him.

Tether launches the Hadron platform, streamlining the asset tokenization process and promoting financial democratization Tether announced the launch of the Hadron platform, which aims to simplify the tokenization process of assets, enabling a wide range of asset categories such as stocks, bonds, stablecoins, loyalty points, etc. to be digitized through blockchain technology. Hadron integrates the technology accumulated by Tether over the years, aiming to provide convenient asset issuance and management tools for institutions, fund managers, governments, private companies, etc., making the lifecycle management of tokenized assets easier. The platform places great emphasis on compliance and security, equipped with comprehensive tools such as KYC (Know Your Customer), AML (Anti-Money Laundering), and transaction monitoring, ensuring the security of token circulation in multi-chain and centralized trading environments. In addition, users have full control over their token holdings.

From an overall perspective, the launch of Hadron demonstrates Tether's vision to promote transparency and decentralization in the financial industry. The advantages of Hadron lie in its flexible contract functionality and support for multi-chain structures, which not only facilitate the digitization of traditional assets but also open up new financing channels for countries and enterprises. Paolo Ardoino, the CEO of the platform, stated that Hadron aims to provide a secure and scalable tokenization solution for the global financial market, bringing users higher transparency and control. Despite the often closed and opaque nature of TradFi systems, Tether hopes to promote financial democratization through Hadron, enabling more individuals and institutions to enjoy the convenience and innovation of digital assets. [20]

Degen lifting ban on basic infrastructure migration, will launch full-chain interoperability and L3 ecosystem Airdrop DEGEN platform recently announced a series of important updates, which will gradually implement innovative features including Omnichain support, new development tools, upgraded veDEGEN treasury, and on-chain tipping system in the future. First, DEGEN will expand to multiple blockchain networks, providing users with fast and seamless cross-chain bridges services, and explicitly supporting the Base network as its main platform. In addition, the DEGEN developer community will benefit from new tools such as REST and GraphQL API, account abstraction tools, and test networks to further promote the development of its ecosystem. The official also plans to provide gas subsidies and milestone bonuses to developers through future airdrop activities to promote the ecological development of DEGEN.

This update not only reflects the DEGEN team's innovation, but also demonstrates its high regard for user experience. For example, in the new veDEGEN vault, users can customize the staking period according to their needs and enjoy the compatibility of the EIP-4626 revenue vault, providing more flexibility for Lock-up Position users. In addition, DEGEN has introduced an on-chain tipping system, allowing users to view tipping status in real time and support cross-platform applications, reflecting the platform's progress in transparency and Decentralization. These measures not only bring convenience to DEGEN users, but also provide operational tools for other memecoin communities to learn from, demonstrating DEGEN's leading position in building active communities.

Financing Information

According to RootData, a total of 4 projects announced funding in the past 24 hours, with the highest amount being $16.32 million, involving DePIN, CeFi, Decentralized Finance zone. Here are the top three funding sizes:

Pulse —— Pulse has completed a $1.8 million Pre-Seed round of financing, with participation from Borderless Capital, Mapleblock, and others. Pulse is building an open health network that allows users to freely use their data and be rewarded for it.

Wyden - Wyden has completed a Series B financing round of $16.32 million, with participation from FiveT Fintech, C3 VC Fund, and others. Wyden ensures optimal execution through end-to-end digital asset arrangement and connections within the market scope. Seamless integration with major custodians, core banks, and portfolio management system providers makes Wyden a leading institutional trading platform, covering the entire transaction lifecycle of cryptocurrencies and digital assets.

Folks Finance - Folks Finance has completed a $3.2 million Series A financing with a valuation of $75 million, with participation from Collab+Currency, Lemniscap, and others. Folks Finance is a Decentralized Finance platform that provides innovative tools for lending, trading, and managing digital assets. Users can deposit assets to earn returns, obtain loans by providing collateral, exchange assets through Folks Router, and participate in Algorand governance with gALGO and xALGO assets.

Heurist —— Heurist completed a $2 million seed round of financing, with participation from companies such as Amber Group and Selini Capital. Heurist is a Layer2 network based on ZK Stack for hosting and reasoning artificial intelligence models. It integrates global computing resources, allowing anyone to freely access and use Open Source AI models.

Airdrop Opportunity

USUAL——A Decentralization Stable Coin project,focuses on the issuance of Stable Coin $USD0 backed by real-world assets (RWA), aiming to provide security and transparency through multi-chain infrastructure. USUAL distributes governance rights through Token $USUAL, and Tokenholders will be responsible for decision-making on Risk Management, collateral, and Liquidity strategies. The vision of USUAL is to create a Decentralization version similar to Tether, sharing profits with users while simplifying the integration of Decentralized Finance and RWA. USUAL will launch on Mainnet in July 2024, currently offering point activities for users to interact and qualify for future Airdrops.【

Interaction Steps:

  • Enter the USUAL official website.【
  • Click "Mint USD0" on the homepage to convert assets into $USD0.
  • Select the asset pool that provides LP on the 'Drugstore' page (such as USD0/USD0++).
  • Confirm the amount of $USD0 you want to deposit and convert to LP.
  • After depositing, check the points obtained within a few minutes.

Project Risks

  • USD0 may be unpegged, but with real-world asset support, the risk is relatively small.
  • USD0++ needs to be in Lock-up Position for 4 years, or can be converted in advance through Swap.

Note: Airdrop plans and participation methods may be updated at any time. It is recommended that users follow the official channels of USUAL to obtain the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct sufficient research before participating. gate does not guarantee subsequent Airdrop rewards distribution.

Reference:

  1. Gate.io,
  2. Gate.io,
  3. Soso Value,
  4. CoinGecko,
  5. Investing,
  6. Investing,
  7. Gate.io,
  8. Gate.io,
  9. X,
  10. X,
  11. X,
  12. CoinGlass,
  13. CoinGlass,
  14. CoinGlass,
  15. Artemis,
  16. Hamster,
  17. Depinscan,
  18. CNN,
  19. The block,
  20. Tether,
  21. X,
  22. X,
  23. Rootdata,

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Disclaimer Crypto Assets market investment involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. gate is not responsible for any losses or damages caused by such investment decisions.

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