Morning News | The Federal Reserve announced a 25-basis-point rate cut at the end of the year. Gemin

Spot gold prices experienced a short-term increase of $16, currently priced at $4205.23 per ounce.

Market trends

Market conditions yesterday

● The Federal Reserve is scheduled to announce interest rate decisions on Thursday. It is expected that the benchmark interest rate will be lowered by 25 basis points, to the range of 3.50%-3.75%.

The Federal Reserve will announce its interest rate decisions at 03:00 on Thursday. Markets expect the rate to be reduced by 25 basis points, to 3.50%-3.75%. There are differences within the FOMC regarding whether to continue with further rate cuts. Due to the government shutdown, key October data is unavailable. Expectations for changes in SEP and point charts are limited. Markets are watching whether the Reserve Management Program (RMP) will be introduced after the balance sheet reduction. Bank of America predicts that the Fed may purchase approximately $45 billion in short-term U.S. bonds starting in January. If combined with reinvestment in MBS, the total amount could reach around $60 billion. If the RMP is announced, the focus of the meeting may shift from interest rates to balance sheet issues.

● BlackRock has deposited 2196 BTC with Coinbase, worth $202.76 million.

Chain-level data shows that BlackRock has deposited 2196 BTC with Coinbase, worth $202.76 million.

● Trump criticized the Federal Reserve for reducing interest rates too much and is considering appointing someone as Powell’s successor.

U.S. President Trump said that the Federal Reserve should have doubled the rate cuts.

● Tidal Trust plans to launch a Bitcoin ETF for night-time trading.

12月10日Tidal Trust已向美国SEC提交了首只夜间交易比特币ETF(Bitcoin AfterDark ETF)的申请。根据注册文件，该ETF将在美国市场收盘时买入比特币，并在次日交易重新开始后卖出，白天该基金的资产会转而投资美国国债、货币市场基金和类似的现金工具。

● 美国参议院银行委员会或将《加密货币市场结构法案》审议延至2026年

加密记者Eleanor Terrett在X平台发文表示，美国两党参议员今日再次就《加密货币市场结构法案》举行了会谈，会后参议员Mark Warner透露，鉴于该法案目前的状况下周对其进行审议“非常困难”，该观点也得到了其他参议员的认同，现在看来美国参议院银行委员会很可能要等到新一年才能对该法案进行审议。

● Polygon启动Madhugiri硬分叉，吞吐量提升33%

Polygon has officially activated its latest network upgrade—Madhugiri hard fork. This upgrade aims to improve processing efficiency by optimizing performance. The block time has been reduced from 2 seconds to 1 second, resulting in faster transaction confirmation times. It is expected that overall throughput will increase by approximately 33%. The Madhugiri fork incorporates several optimization measures developed for Ethereum’s Fusaka upgrade, including improvements to gas measurement methods and execution processes, enabling the network to handle higher computational loads more effectively. Additionally, the hard fork introduces a new type of transaction, which will further optimize cross-chain interactions between Polygon and Ethereum.

● The US government transferred 1933 WETH, worth approximately $6.5463 million

According to AiCoin’s monitoring, the US government account transferred a total of 1933 WETH to 0x6...94D, with a value of about $6.5463 million. The price may be declining; this information is for reference only

● The Chair of the CFTC said that Bitcoin can now be used as collateral

The Chair of the U.S. Commodity Futures Trading Commission (CFTC) stated on CNBC live broadcast that Bitcoin can currently be used as collateral.

● The daily trading volume of Strategy’s shares has now surpassed that of e-commerce giant Amazon

According to market reports, the daily trading volume of Strategy’s shares ($MSTR) has now exceeded that of e-commerce giant Amazon.

● Gemini has received approval from the CFTC to launch a prediction market, and plans to expand crypto derivatives offerings

The Commodity Futures Trading Commission (CFTC) has officially granted Gemini the license to operate as a Designated Contract Market (DCM). This allows Gemini to launch a prediction market platform called Gemini Titan, which will initially offer binary event contracts, i.e., questions of “yes” or “no”. Gemini also stated that it may eventually expand its services to include derivatives such as crypto futures, options, and perpetual contracts, all regulated by the CFTC.

● Brevis has partnered with Aster to integrate ZK’s security and privacy technologies into on-chain transactions.

According to official announcements, the ZK-based smart verification platform Brevis has joined forces with Aster. As a multi-chain DEX, Aster supports yield-based collateral and hidden orders features. This collaboration aims to address the three major challenges faced by DEXs: achieving a true balance between speed, security, and privacy.

Brevis can offload complex computations to off-chain environments, thereby generating efficient ZK proofs. These proofs can then be verified on-chain at much lower costs compared to on-chain executions. Through this partnership, both parties will work together to explore ways to leverage these capabilities, achieving execution speeds comparable to those of centralized exchanges, while maintaining cryptographic-level security and protecting users’ account data privacy without compromising market transparency.

● State Street and Galaxy plan to launch tokenized liquidity funds on Solana in 2026.

State Street and Galaxy Asset Management announced that they will launch a token-based liquidity fund called SWEEP on Solana at the beginning of 2026. This fund will provide 24/7 on-chain liquidity management for qualified institutions. The fund will use PayPal’s stablecoin, PYUSD, as the underlying asset for buying and selling operations. Ondo Finance has committed to investing approximately $200 million as initial capital. Once SWEEP is launched, it will be extended to Stellar and Ethereum, and Chainlink technology will be used for cross-chain data and asset processing.

● Bitwise CEO: The four-year cycle is over. Since February this year, the market has been in a bear market. However, a major rally is expected in 2026.

Hunter Horsley, CEO of Bitwise, stated on social media that the four-year cycle of cryptocurrencies has ended, and the market has changed and become more mature.

Horsley noted that looking back at 2025, the market has been in a bear market since February, but this was masked by continuous buying activity from cryptocurrency funds. He believes that all these factors are preparing for a major rally in 2026.

● After ten years of silence, dark web wallet related to Silk Road transferred $3.14 million in BTC to an unknown address

According to The Block, hundreds of cryptocurrency wallets associated with the dark web market Silk Road were reactivated after being inactive for over ten years. They transferred $3.14 million in BTC to an unknown address.

According to Arkham Intelligence's data, approximately 312 wallets related to the closed dark web market “Silk Road” have transferred BTC to the address “bc1q…ga54”. The reason for these wallets being activated again remains unclear. As of now, these Silk Road-related wallets still hold around $41.3 million in BTC. In January this year, Coinbase CEO Conor Grogan stated on the X platform that he had identified wallets associated with Silk Road founder Ross Ulbricht, and those wallets contained approximately $47 million in BTC.

Earlier this year, U.S. President Trump signed an executive order granting amnesty to Ulbricht, who is currently serving a sentence.

● He Yi: Will distribute BNB to users who suffered losses due to WeChat account theft

Binance co-founder Yi He’s WeChat account was hacked recently, causing some users who trusted the information from Yi He to suffer losses after purchasing a certain meme coin. Yi He has announced that he will allocate a portion of his BNB to compensate users who lost money due to trading that meme coin using Binance’s non-keyed wallet and the Alpha platform during the time when his account was stolen. The distribution will be completed within 24 hours.

● Japan’s Financial Services Agency plans to include crypto assets under the Financial Products Trading Act

The Japanese Financial Services Agency released a report stating that it plans to shift the regulatory framework for cryptocurrency assets from the Payment Services Act to the Financial Instruments Trading Act. The new framework requires enhanced disclosure requirements for IEOs; project creators must disclose their identities and token distribution methods. Regulatory authorities will also strengthen efforts to combat unregistered platforms and prohibit insider trading. Additionally, the Japanese government is considering setting a uniform tax rate of 20% on profits from cryptocurrency transactions. The Japanese Financial Services Agency is cautious regarding the licensing of overseas cryptocurrency ETFs.

● HashKey Holdings’ public offering is in its final stage, with nearly 148 times more applicants than available shares sold

HashKey Exchange, the parent company of HashKey Holdings (stock code: 03887), which is set to launch on the Hong Kong Stock Exchange, continues to see active interest from investors. It is reported that the international offering portion of the sale has received an overwhelming response, attracting long-term investments from both international and Chinese institutions.

Meanwhile, the public offering portion has also received enthusiastic responses from investors. According to latest data from various brokerages as of the time of publication, the total amount of funds raised through brokerage channels has reached approximately HK$24.898 billion. With an initial fundraising amount of HK$167 million, there was an initial oversubscription of approximately 148.91 times, indicating high investor enthusiasm.

HashKey Holdings’ public offering deadline is December 12th.

● Key points from the Fed’s statement and Powell’s press conference:

FOMC Statement:

1. Overview of the announcement: Interest rates have been reduced by 25 basis points to 3.50%-3.75%. This is the third consecutive meeting during which interest rates have been lowered. Milan supports a reduction of 50 basis points, while Goolsbee and Schmid recommend keeping the current rate unchanged.

2. Interest rate prospects: Further adjustments to the magnitude and timing of interest rate reductions will be considered. The projected levels remain consistent with those in September, and it is expected that there will be one reduction in the next two years.

3. Inflation prospects: Inflation has increased compared to the beginning of the year but remains at a relatively high level, consistent with previous statements. Inflation expectations for next year were lowered in the SEP report.

4. Economic prospects: Economic activity has been expanding at a moderate pace, and the uncertainty around future trends remains high, consistent with previous statements. GDP growth projections for the next three years have been raised.

5. Employment market: The description of unemployment rates as “low” was removed. It is believed that risk factors related to employment have increased in recent months. The forecast for unemployment rate next year remains at 4.4%.

6. Bond purchases: Treasury bond purchases will begin on December 12th, with an initial investment of $40 billion over the next 30 days. Restrictions on regular overnight repurchase operations have been lifted.

Powell’s press conference:

1. Interest rate prospects: We can wait and see how the economy develops. Currently, interest rates are at the upper end of the neutral range. No one expects interest rates to rise in the near term. Long-term interest rates may increase due to expectations of faster economic growth.

2、通胀前景：通胀风险偏向上行。峰值通胀率可能高出或低于当前水平零点几个百分点。当前通胀超调主要由关税引起。若关税取消，通胀率将处于2%区间的低位。关税的影响很可能是一次性的。

3、经济前景：不认为经济过热，明年的基准前景将是稳健增长，可以等待并观察发展情况。

4、就业前景：劳动力市场存在下行风险。近几个月就业增长被夸大了6万个岗位。失业率可能最多再上升0.1%-0.2%。

5、购债情况：购买短期国库券仅用于准备金管理，购债规模可能在未来几个月内保持高位，随后逐渐减少。

6、最新预期：截至发稿，期货市场预期美联储明年累计降息55个基点，较会前小幅增加，明年1月降息25个基点的概率为24.4%。

7、市场反应：美联储声明公布至鲍威尔讲话期间，金银先涨后跌再走高，白银则顺势创下历史新高、美债收益率下行约4BP、美元整体走弱，非美货币对走强、美股趋向上行，道指涨超1%。特朗普在会后批评鲍威尔，称降息幅度可以更大。