Daily Digital Currency News Summary (2024-10-17)

Mini Program: Daily Digital Currency Dynamic Summary

1. Dogecoin price soars 10% as Musk's “Ministry of Government Efficiency” receives support

According to CoinDesk, with social media discussions on Elon Musk's “Department of Government Efficiency” (Department of Government Efficiency), the price of Dogecoin (DOGE) has risen 10% in the past 24 hours, breaking the $0.12 mark. Musk recently donated $75 million to the Political Action Committee supporting the Trump campaign and publicly proposed the establishment of a government efficiency department consistent with the “DOGE” abbreviation, further fueling the market's focus on Dogecoin. Musk's close relationship with Trump and recent interactions between the two sides have raised the market's expectations for more support for Dogecoin in the future, especially if Trump wins the election. As DOGE-related trading volumes and futures holdings (OI) surged, market interest in this token has clearly heated up.

2. Bitcoin's market share reached its highest level since April 2021

In the face of the downturn in the altcoin market, Bitcoin's market share has reached its highest level since April 2021 as cryptocurrency prices continue to rise, according to Cointelegraph. TradingView data shows that early this morning, Bitcoin's dominance reached its highest point in three and a half years, or 58.77%, while Bitcoin's price also reached a new high in ten weeks.

3. Standard Chartered: Bitcoin has 12% room to rise before the US election

In a new study, Geoff Kendrick, head of digital asset research at Standard Chartered Bank, estimates that before the November US presidential election, Bitcoin could reach $73,800, up 12% from current levels.

4. Italy plans to raise Bitcoin's capital gains tax from 26% to 42%

According to Bloomberg, Italy plans to raise capital gains taxes on cryptocurrencies such as Bitcoin from 26% to 42%. Italy's Deputy Finance Minister Maurizio Leo revealed the news during a budget planning conference call in Rome.

5. Li Jiachao: Promoting the central bank's application of artificial intelligence in innovative financial services such as digital currency and virtual asset transactions

Chief Executive Li Jiachao of the Hong Kong Special Administrative Region: The Government will continue to promote the central bank's policy position and policy on applying artificial intelligence to innovative financial services such as digital currency, mobile payments, virtual banking, virtual insurance, and virtual asset transactions. Measures include: 1. Promoting cross-border payment applications using central bank digital currencies. The Hong Kong Monetary Authority is actively testing and exploring more technical solutions and scenarios related to cross-border trade settlement on various central bank digital currency cross-border networks, and expanding the participation of public and private institutions. 2. Improving the regulation of virtual assets and transactions. The Treasury Board will complete a second round of consultation on the regulation of virtual asset OTC transactions and submit a virtual licensing system to regulate virtual asset escrow service providers. 3. Promote the real-world asset tokenization and digital currency ecosystem. The Hong Kong Monetary Authority is promoting the Ensemble project. carry out.

6. Ethereum staker revenue fell 30% since its March peak as on-chain activity slowed

According to The Block, the revenue of Ethereum stakers is slowly declining, totaling US$174 million in September, below the peak of US$247 million in March, reflecting a decline in on-chain activity and a decline in overall market enthusiasm. The pledgers' revenue of US$174 million in September was far higher than the transaction fee revenue of US$35.5 million, highlighting the heavy reliance on block subsidies. Despite declining revenue, the number of validators continues to grow. Ethereum now has 1.09 million validators, showing increased participation in network security. The increase in the number of validators shows continued confidence in the long-term future of Ethereum, even as individual rewards have declined. Since the merger, Ethereum's annual supply destruction rate has remained at -0.06%, effectively removing 861,000 ETH from circulation each year. However, since April, an increase in the supply of Ethereum has been observed as the number of people using the main chain has decreased, and this observation may cause supply inflation. The highest annualized destruction rate was recorded on April 5, at -0.38%, and has been rising steadily since then. In fact, the number of active addresses on Ethereum has also declined, further indicating a decline in on-chain activity.

7. Report: 94% of Asian private wealth stakeholders surveyed are investing or planning to invest in cryptocurrencies

A new report from Hong Kong wealth management platform Aspen Digital estimates that 76% of Asia's private wealth sector is already involved in digital assets, and another 18% are planning to invest in the future.

8. Thailand's Huishang Bank becomes the first bank in the country to use stablecoins for cross-border payments

According to Cryptoslate, Thailand's fourth-largest and oldest bank, the Thai Foreign Exchange Bank (SCB), has become the country's first financial institution to provide stablecoin-based cross-border payments and remittance services. The stablecoin remittance service will be offered in partnership with fintech company Lightnet. The move is aimed at reducing transaction fees and providing customers with faster international transfers. The introduction of stablecoin-based services will enable SCB customers to send and receive payments globally 24 hours a day, 7 days a week. The service was tested through the Bank of Thailand's digital asset sandbox to ensure that the system met regulatory standards and was flexible for future expansion. This move is expected to further promote the development of Thailand's digital economy and make SCB an important player in the financial services sector in the future.

9. a16z Crypto Report: Cryptocurrency Activity and Usage Reaches All-Time High

According to The Block, a study released by a16z Crypto on Wednesday found that cryptocurrency activity and usage reached an all-time high this year. The report estimates that as of September, there were around 617 million global cryptocurrency holders, including 60 million monthly active users. By 2024, monthly active crypto addresses climbed to over 220 million, with Base leading the list with 22 million addresses in the Ethereum Virtual Machine (EVM) chain, while Solana dominates non-EVM chains, with over 100 million addresses. The number of mobile wallet users also reached its highest level this year, with the US accounting for 12% of global users. In addition, the report also pointed out that Ethereum's DenCun upgrade and the EIP-4844 introduced in March of this year helped increase the value of ETH on Layer 2 by 36%, while the share of Layer 2 payments in Layer 1 fees decreased by 94%. Data scientist Daren Matsuoka at a16z Crypto said, “We seem to be at a turning point in cryptographic infrastructure, which is rapidly driving the expansion of blockchain and unlocking new possibilities for applications and user activity. The sharp drop in user transaction fees helps stablecoins find suitable product markets. We've also observed an emerging shift in behavior in the NFT sector, which is very interesting: an increase in low-cost, social collecting activity, and a decrease in expensive, speculative secondary market activity.”

10. US DTCC launches digital sandbox “DTCC Digital Launchpad” to innovate capital market infrastructure

According to Cointelegraph, the American Depository Trust and Settlement Corporation (DTCC) launched the digital sandbox “DTCC Digital Launchpad” to innovate capital market infrastructure. The digital sandbox will be an open ecosystem where market participants and technology providers can launch pilot projects and develop clear production paths. DTCC invited a group of participants to the Digital Launchpad to develop plans to address key collateral management challenges and propose scalable solutions. Their results will be announced in the first quarter of 2025. At the same time, DTCC customers will be able to access the DTCC digital asset product suite within the sandbox, so they can develop their own “use cases without significant investment.” They can receive DTCC's guidance and support during this process. Nadine Chakar, DTCC's global head of digital assets, said in a statement that DTCC is seeking a “unique approach” to challenge the digital asset industry. She added, “DTCC Digital Launchpad's ultimate goal is to unite the entire industry to build production-ready, secure, and efficient digital market infrastructure and standards to transform capital markets for generations to come.”

11. Robinhood launches desktop platform and adds futures and index options trading features to the app

Fintech company Robinhood (HOOD.O) launched a desktop platform on Wednesday and added futures and index options trading features to its mobile app (APP), aiming to seize market share from traditional brokerage firms, according to Reuters. The company said its desktop trading platform called “Robinhood Legend” will focus on active traders. At no additional charge, the platform will provide advanced trading tools, real-time data, and custom and preset layouts. At the same time, the app will allow users to trade futures products such as the benchmark S&P 500 index (.SPX), newly opened tabs, oil, and bitcoin. Customers can also trade index options.

12. The Instagram of the owner of the Doge meme prototype Shiba Inu Kabosu was stolen this morning, and the stolen account has begun posting false content

According to AggrNews, the Instagram of Kabosumama, the prototype owner of the DOG project “Shiba Inu Kabosu” (Shiba Inu Kabosu), was hacked. She previously posted a message on her blog saying that she was unable to log in. Furthermore, BweNews added that Kabosumama's Instagram hacker was quite cunning and posted a fake post about a new member of the family. The hacker launched a memecoin ahead of time, luring victims to follow suit and then quickly divest and run away.

13. Juan Tacuri, the main promoter of the crypto Ponzi scheme Forcount, has been jailed for 20 years

US Attorney Damian Williams of the Southern District of New York announced that Juan Tacuri, the main promoter involved in the cryptocurrency Ponzi scheme Forcount (later renamed Weltsys), has been jailed for 240 months (20 years). The scam has scammed thousands of investors worldwide, mostly targeting the Spanish-speaking community in the US. As one of the most successful promoters of the scam, Tacuri made millions of dollars and used the funds to buy Florida properties and luxury goods. By hosting luxury events and community campaigns, Tacuri and others lure victims into investing in so-called cryptocurrency products, promising daily returns and doubling the investment within six months. However, Forcount does not conduct cryptocurrency trading or mining; the funds are actually used to pay old investors through new investor funds, while also being used for promotion and personal consumption. Ultimately, most investors were unable to withdraw their profits and lost all of their funds. Tacuri was also sentenced to one year of supervised release, and ordered to seize 3.61 million US dollars of funds and the property purchased through fraud, and was also required to pay corresponding compensation.

14. Salvadoran poll: 92% of people acknowledge not using Bitcoin transactions, and only 1.3% think Bitcoin is the country's main future development direction

According to a new survey by the Francisco Gavidia University of San Salvador, in El Salvador, only 7.5% of respondents said they used cryptocurrency for transactions, while 92% admitted that they are not using cryptocurrencies, and only 1.3% think Bitcoin is the country's main future development direction, according to Decrypt. About 58% of respondents said they think the country is moving in the right direction and overwhelmingly support President Booker. The survey interviewed 1,224 18-year-old Salvadorans and covered everything from the economy to security. According to reports, El Salvador made Bitcoin the country's legal tender in 2021.