Daily News | Vitalik Plans to Redesign Ethereum Staking; Bitcoin Mining Difficulty Continues to Reach A New Historical High; As FTX Frequently Cashes Out, it May Prepare for Restart

2023-11-28, 05:11

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## Crypto Daily Digest: Vitalik Plans to Redesign Ethereum staking; Tron has become a breeding ground for terrorist organizations

Recently, Vitalik, the co-founder of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, said in the blog video with The Defiant during the Devconnect conference in Türkiye that he planned to redesign the Ethereum staking and completely solve all problems affecting its performance. The UTXO payment system model has been praised by Vitalik for its characteristics.

Vitalik shares his views on integrating various new protocols into the Ethereum code blockchain. He specifically mentioned private memtools, account abstraction protocol ERC-4337, code precompilation, ZK-EVMs, and liquidity staking.

Among these protocols, he tends to integrate protocols like the Account Abstraction Protocol ERC-4337, while protocols like memtools require more caution.

He stated that regardless of which protocols are integrated, it involves balancing development flexibility, performance advantages, and centralization risks. Vitalik also expressed concern about the increasing concentration of Ethereum's liquidity staking in the proof of equity model. Ethereum's liquidity staking providers Lido and <a href="/price/rocket-pool-rpl" target="_blank" class="blog_inner_link">Rocket Pool</a> have over 32% of their staking supply. He said that although they have set up security mechanisms, this may not be enough, which poses a risk to Ethereum and is currently the most concerning issue for V God.

Do you always have to pay back when you come out? Recently, Justin Sun has had a lot of troubles. According to Reuters, according to interviews with seven financial crime experts and blockchain investigation experts, Tron has surpassed <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> as the preferred crypto transmission platform designated by Israel, the United States, and other countries as terrorist organizations.

Through an analysis of the cryptocurrency seizures announced by Israeli security agencies since 2021, it was found that the target number of Tron wallets has significantly increased, while the number of seized Bitcoin wallets has decreased. Analysis has found that the Israeli National Counter Terrorism Financing Authority (NBCTF), responsible for seizing such items, froze 143 Tron wallets between July 2021 and October 2023. The agency believes that these wallets are related to "designated terrorist organizations" or used for "serious terrorist crimes."

In response to this, Justin Sun tweeted on the X platform that Tron is a decentralized protocol similar to Bitcoin and Ethereum, with nodes operating globally. The global super representative is responsible for running this agreement. Although Tron is committed to combating terrorist financing by integrating various analytical projects and partners, its primary task remains to maintain decentralization, ensure the security of everyone's assets, and continue to provide immediate, affordable, and reliable transactions.

The difficulty of mining has reached a new high. According to Mempool data, the mining difficulty of Bitcoin was adjusted at 08:26 on the 26th (block height of 818496), with an increase of 5.07% to 67.96T, setting a new historical high. The current hash rate is approximately 469 EH/s.

On November 27th, according to CoinShares weekly report data, the net inflow of funds from digital asset investment products last week was $346 million, which has been a net inflow for 9 consecutive weeks, and this week has reached the largest weekly inflow amount in nearly 9 weeks.

The report points out that the market is currently in the largest round of gains since the bull market at the end of 2021, driven by market expectations for the launch of spot-based ETFs in the United States. The combination of price increases and capital inflows has now pushed the total assets under management (AuM) to $45.3 billion, the highest level in a year and a half.

Last week, the total inflow of Bitcoin was $312 million, slightly exceeding the year-to-date inflow of $1.5 billion. The proportion of ETP trading volume to the total Bitcoin spot trading volume is still much higher than the average, at 18% last week, highlighting the continuous increase in the use of ETP to gain exposure to this asset class.

Ethereum inflow of $34 million last week, bringing the inflow of funds for the past four weeks to $103 million, almost correcting this year's outflow trend, marking a decisive shift in market sentiment. The total inflows of <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a>, and Chainlink were $3.5 million, $800000, and $600000, respectively.

At a time of rising market prices, FTX has been idle and has been transferring funds from its own wallet to Binance for sale, which may prepare for the upcoming 2.0 restart.

In the past 8 hours, FTX has transferred 8 million MATICs (approximately $5.95 million) and 1529 ETHs (approximately $3.22 million) to Coinbase and OKX. The address marked as FTX transferred 250000 SOLs to Wintermute, approximately $13.6 million.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1701155092BTC.png)
This week continues to consolidate within the triangular convergence range. Two scenarios are considered: a breakthrough of $37,980, with potential targets at $40,500 and $42,015. On the downside, if the bearish trend breaks the upward trend, caution is advised as a drop below $40,000 may disrupt the market structure.

### ETH
![](https://gimg2.gateimg.com/image/article/1701155115ETH.png)
Ethereum retreated again to the $2,000 psychological level. If the bearish structure solidifies, a further dip to $1,857 is possible. Aggressive bearish positions may continue, but attention should be paid to maintaining upward pressure. Bullish trends are monitoring resistance levels, aiming for a fourth upward movement to $2,135, with a breakout potentially reaching $2,381.

### SOL
![](https://gimg2.gateimg.com/image/article/1701155137SOL.png)
Signs of a top are visible on the four-hour chart, and a head and shoulders pattern is forming on the daily chart. Aggressive long positions should maintain a stop loss at $59.14. A conservative strategy waits for a break below $52.02, targeting a continued bearish trend to $46.10. Both strategies offer attractive risk-reward ratios, making short positions favorable at higher levels.

## Macro: The yield of US Treasury bonds has fallen by 4.9%, and the probability of a rate cut in March next year has risen to 40%
On Monday, the US dollar index continued to decline, dropping to an intraday low of 103.18 in the US market and ultimately closing down 0.19% at 103.22, which is set to record the largest monthly decline in a year. The 10-year US Treasury yield plummeted significantly and fell to an intraday low of 4.381%, ultimately closing at 4.390%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, fell 4.9% and ultimately closed at 4.890%.

Trading in the US stock market was lackluster, with the Dow Jones Industrial Average closing down 0.16%, the Nasdaq down 0.07%, and the S&P 500 down 0.2%. Spot gold stabilized at the $2,000 mark and rose to an intraday high on August 23, 2018 in the Asian session, ultimately closing 0.57% higher at $2014.02 per ounce; Spot silver fluctuated above the 24 level and ultimately closed up 1.29% at $24.64 per ounce.

WTI crude oil showed a roller coaster trend, dropping to an intraday low of $74.03 during the European session, then recovering all lost ground and rising to an intraday high of $76.18 in the US session, ultimately closing down 0.19% at $74.99 per barrel; Brent crude oil fell below the $80 mark at one point in the trading session, then fluctuated around this level, ultimately closing 0.14% lower at $79.99 per barrel.

There is still not much information on the macro level recently, but Wall Street has started to blow the wind again. The market unanimously believes that whether the Federal Reserve raises interest rates or not, it will definitely cut rates next year.

That is to say, the current consensus in the market is that interest rates will definitely be lowered next year, starting at least 100 points. This consensus will invisibly put pressure on the Federal Reserve to adjust tomorrow's policies and direction.

Some dovish comments also suggest that the Federal Reserve has effectively confirmed that the interest rate hike cycle has ended. Due to July becoming more and more like the last rate hike of the current cycle, and considering that it takes an average of 8 months from the last rate hike to the first rate cut, the first rate cut will be in March next year.

The market at least partially agrees with this view, so in recent days, the likelihood of a rate cut in March next year is as high as 40%. Of course, if the Federal Reserve is really going to start cutting interest rates in just four months, it will have a profound impact on the entire market, which is why Cosimo Codacci Pisanelli of Goldman Sachs wrote in his latest macro report, "The Fed will determine the global cycle," that the timing of the Fed's first rate cut is crucial.

Goldman Sachs' Cosimo believes that the weeks leading up to the end of the year will be noisy as data gradually weakens and the bond market begins to prepare for supply in the first quarter of next year. The central bank's speech will continue to lean towards hawks to prevent excessive relaxation of financial conditions until the central bank has a deeper understanding of deteriorating economic growth and first-quarter wage data next year. However, the market will continue to resist the central bank's hawkish rhetoric when various economic indicators, especially labor indicators, slow down.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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