Today's news tips:
1. Macroeconomic outlook for next week: The Fed will come out with "shutdown shackles", and gold will face a major test
2. State Council Report on Financial Work: A Moderately Loose Monetary Policy Must Be Implemented in Detail
3. Trump said at a private gathering that cryptocurrency could solve the $35 trillion U.S. debt problem
4. CZ: Kyrgyzstan’s national stablecoin will be launched on BNB Chain
5. Prediction platform Myriad may be listed on BNB Chain
6. Binance Alpha will list Piggycell (PIGGY) on October 28th
7. Binance hired a friend of Trump's eldest son to lobby the White House and paid him $450,000 for his work in January
The total market value of 8.x402 ecological tokens rose to US$180 million, a 24-hour increase of 265%.
Macro
Next week's macro outlook: The Fed comes with "shutdown shackles", and gold faces a major test
This week was another turbulent week for global markets. Trade conflicts dominated market volatility this week. After soaring to an all-time high of $4,381 on Monday, gold prices plummeted, plunging over 5% in a single day, its largest drop in nearly a decade. Although prices have since stabilized somewhat, and despite weaker-than-expected US CPI data, they still closed lower for the first time in ten weeks. The following are key market observations for the new week:
At 02:00 on Thursday, the Federal Reserve announced its interest rate decision
At 02:30 on Thursday, Federal Reserve Chairman Powell held a monetary policy press conference
At 1:15 AM on Friday, Logan, the 2026 FOMC voting member and president of the Dallas Fed, delivered a speech.
At 9:30 PM on Friday, Logan, the 2026 FOMC voting member and president of the Dallas Fed, will deliver a speech.
Until there is greater clarity on both inflation and the job market, Powell is unlikely to significantly change his language on the future path of policy while announcing a quarter-point rate cut. If the Fed questions the market's expected path of another 100 basis point rate cuts after October, the risk of disappointing traders increases.
Trump said at a private gathering that cryptocurrency could solve the $35 trillion U.S. debt problem
According to Bitcoinist, Trump said at a private gathering that cryptocurrency has a "great future" and hinted that the United States might be able to use cryptocurrency to solve the $35 trillion U.S. debt problem. According to the leaked video, Trump said: "I will write on a small note: $35 trillion in cryptocurrency, we have no debt, this is what I like to do." It is worth noting that this is not the first time Trump has hinted at using digital assets to eliminate the ever-expanding U.S. debt. He has publicly stated many times that Bitcoin can be used to "save the United States."
According to Politico, Checkmate Government Relations, run by Ches McDowell, a North Carolina lobbyist and hunting partner of Donald Trump Jr., the eldest son of President Donald Trump, has generated $7.1 million in revenue in the past three months alone. The firm only opened a Washington, D.C., office earlier this year. According to a disclosure report, Binance hired McDowell in late September to lobby the White House and Treasury Department on financial policy issues and "executive relief." Binance paid Checkmate $450,000 for its work over the past month.
However, CZ's pursuit of a pardon has been ongoing for much longer than a month. As early as February of this year, three weeks after Trump was sworn in as US President, Binance and CZ each hired crypto lawyer Teresa Goody Guillén. Trump had considered appointing her as SEC Chair. Her law firm's report shows that it has received a total of $290,000 in fees from Binance and CZ so far this year.
Johnson Asiama, Governor of the Bank of Ghana, stated at an International Monetary Fund (IMF) conference that Ghana will be able to develop strong cryptocurrency regulations by the end of the year. “The bill is being submitted to Parliament. Hopefully, by the end of December, we will be able to regulate cryptocurrencies in Ghana.”
The Bank of Ghana first released draft legislation in August 2024. Among these guidelines, the central bank proposed an eight-pillar framework, which included increased registration and reporting requirements for exchanges and virtual asset service providers (VASPs). The new law aims to address growing interest in cryptocurrencies among Ghanaian investors. Approximately 3 million Ghanaians, nearly 9% of the population, use cryptocurrencies.
According to Lianhe Zaobao, the Monetary Authority of Singapore (MAS) has launched an investigation into whether the establishment of DW Capital Holdings (DWC), a Singaporean company, by Prince Group head Tan Chee (陳志) violated regulations. In 2018, Tan Chee established DW Capital Holdings (DWC) to manage family office assets, claiming to manage over S$60 million, including S$10 million in car financing, S$30 million in fine wines, and approximately S$20 million in yacht management and other ancillary services. DWC claimed to meet the requirements of the MAS's 13X program, thus enjoying tax exemptions.
The State Council's "Report on Financial Work" was submitted to the Standing Committee of the 14th National People's Congress for deliberation on the 26th. The report noted that China's financial institutions' operating and regulatory indicators remained within a reasonable range. The financial regulatory system has been further improved. High-level financial opening-up has expanded in an orderly manner. International financial cooperation has continued to deepen, and the ability to safeguard national financial security has been continuously enhanced.
Regarding the next steps of work, the report proposes six aspects: implementing a moderately loose monetary policy in detail to create a suitable monetary and financial environment to consolidate and expand the positive momentum of economic recovery; further strengthening and improving financial supervision, and continuously enhancing the quality and effectiveness of supervision; highlighting the key directions of financial services for the real economy, and focusing on providing high-quality financial services; continuously deepening the structural reform of the financial supply side; promoting high-level two-way opening of finance to safeguard national financial security; preventing and resolving financial risks in key areas, and maintaining the bottom line of no systemic financial risks.
Among them, focusing on promoting high-level two-way opening of finance, the report said that the internationalization of the RMB should be promoted steadily, prudently and orderly, and the international currency functions of the RMB such as pricing, payment, investment and financing, and reserves should be comprehensively enhanced.
Viewpoint
Ethereum co-founder Vitalik Buterin regularly reminds us on the X platform that "a key property of blockchains is that even a 51% attack cannot render invalid blocks valid. This means that even if 51% of validators collude (or suffer a software vulnerability), they cannot steal users' funds. However, if you start trusting your validator set to do other things outside the blockchain's control (off-chain), then this property breaks down - at that point, 51% of validators could collude and give incorrect answers, and you would have no recourse."
ZachXBT: Didn't call the crypto wallet Vultisig a scam, only criticized the founder
On-chain detective ZachXBT tweeted that he did not call the crypto wallet Vultisig a scam, but rather criticized founder JP for negligence and lack of ethics, such as refusing to refund any fees incurred by his products due to illegal activities and having his personal wallet stolen due to a North Korean hacker attack on his Telegram call. He may evade all responsibility if a serious incident occurs in the future.
Project News
CZ: Kyrgyzstan’s national stablecoin will be launched on BNB Chain
CZ published a post on the X platform revealing some details about his visit to Kyrgyzstan, including:
1. Kyrgyzstan’s national stablecoin will be launched on BNB Chain;
2. Kyrgyzstan’s central bank digital currency (CBDC) is ready for launch;
3. Kyrgyzstan establishes a national cryptocurrency reserve, including BNB;
4. Binance Academy partners with 10 top universities;
5. The Binance app is fully localized in Kyrgyz.
Giggle Academy: No tokens or smart contracts have been issued yet.
Giggle Academy issued a statement on the X platform clarifying that it currently does not issue any cryptocurrencies, tokens, or smart contracts. Recently, it discovered that someone was impersonating its official and community members to create fake token projects. Giggle Academy has not participated in any investment projects. Giggle Academy's mission is to promote free, high-quality education globally and it does not solicit funds or app downloads via private messages. The team reminds users to be wary of unidentified links and scams. If you encounter any suspicious activity, report the impersonator immediately to prevent financial loss.
Prediction platform Myriad may be listed on BNB Chain
Prediction platform Myriad released a blurry trailer on the X platform, featuring a yellow logo similar to the BNB Chain logo. CZ responded by saying, "Good color."
Decentralized social protocol Farcaster opens account registration for free
Farcaster, a decentralized social protocol, announced on Twitter that it has opened free account registration. No invitation code or in-app payment is required. Previously, new Farcaster users had to pay $5 to register.
Binance Alpha to List Piggycell (PIGGY) on October 28th
According to an official announcement, Binance Alpha will list Piggycell (PIGGY) on October 28th. Eligible users can redeem their Binance Alpha Points on the Alpha event page after trading opens. Detailed information will be announced later.
Binance Alpha Launches Second Wave of OLAXBT (AIO) Airdrops, Starting at 226 Points
According to an official announcement, Binance Alpha has launched the second wave of OLAXBT (AIO) airdrops. Users holding at least 226 Binance Alpha Points can claim 250 AIO tokens. The point threshold will automatically decrease by 15 points every hour until all rewards are distributed. Claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page; otherwise, they will forfeit the airdrop.
Pudgy Penguins to collaborate with 'Kung Fu Panda'
NFT project Pudgy Penguins tweeted that it is collaborating with DreamWorks Animation's "Kung Fu Panda."
Important data
NFT transaction volume fell by about 40% to $94.91 million this week
CryptoSlam data shows that NFT market transaction volume plummeted 39.93% to $94.91 million over the past week. The number of NFT buyers increased by 33.14% to 509,798, while the number of sellers rose by 21.04% to 413,225. The number of NFT transactions decreased by 7.63% to 1,543,392.
Ethereum network transaction volume reached $36.75 million, down 62.46% from the previous week. Bitcoin network transaction volume reached $13.07 million, up 15.57%. Base network transaction volume reached $9.24 million, down 34.8%.
This week's high-value transactions include:
- Known Origin #264609 sold for $246,984.31 (63.8 ETH)
- CryptoPunks #7839 sold for $174,846.97 (44.99 ETH)
- CryptoPunks #7378 sold for $173,119.61 (45 ETH)
- CryptoPunks #7461 sold for $167,646.53 (42 ETH)
According to on-chain analyst Aunt Ai’s monitoring, 0xsun.eth deposited 303,000 USDC as a margin to Hyperliquid two hours ago, and then briefly opened two short positions on BTC, but each order only lasted 6-11 minutes. An hour later, all the margin was withdrawn and recharged back to Binance.
According to Coingecko data, the total market value of x402 ecological tokens reached US$180 million, with a 24-hour increase of 265%. Among them, the market value of PING was approximately US$51.292 million, a 24-hour decrease of 22.5%; the market value of BNKR was approximately US$53.29 million, a 24-hour increase of 4%.
