Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) in the United States, has advocated for the legalization of Bitcoin futures and is known in the industry as the "father of encryption." Giancarlo has repeatedly stated publicly that the CFTC is the ideal choice for managing the cryptocurrency market, especially in the context of Bitcoin and Ethereum being considered commodities. The Trump administration's plan is consistent with Giancarlo's views and provides policy support for the CFTC to play a greater role in regulating digital assets. However, the CFTC's manpower and budget resources are relatively limited compared to the SEC. In 2024, the CFTC's operating budget is $400 million, only one-sixth of the SEC's, and its staff is also much smaller than the SEC's. In this situation, whether the CFTC can handle the expanded scope of responsibilities is still an important practical issue.
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Analysis: The US CFTC has limited manpower and budget, and whether it can be competent for crypto regulation has attracted attention
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Over $1 Billion Liquidated in the Last 24 Hours, Mainly Long Positions
On November 9, data showed that over the past 24 hours, a total of $1.016 billion was liquidated across the entire network, with long positions accounting for $915 million and short positions for $101 million, primarily affecting long positions. Among these, Ethereum saw liquidations of $449 million, while Bitcoin experienced $273 million in liquidations. -
Trump Responds to 'First President with a Cryptocurrency Company' Controversy
On November 9, Donald Trump, in an interview with CBS's '60 Minutes,' was asked about allegations of conflicts of interest involving himself and his family business, including cryptocurrency ventures. He responded, 'Every president has their own issues.' When the interviewer pointed out that no previous U.S. president has ever owned a cryptocurrency company, Trump countered that past presidents have held significant assets like oil and likened cryptocurrency to traditional business assets, asserting that they are essentially similar. Trump also stated that he cannot simply ask his sons to stop running their businesses during his four-year term just because he is president. -
Senator Richard Blumenthal Requests Documents from WLFI, Binance, and Tether Related to Trump-Linked Crypto Projects and Alleged Illegal Activities
On November 9, U.S. Senator Richard Blumenthal is set to become the chairman of the Senate Permanent Subcommittee on Investigations. He has sent letters to World Liberty Financial, Fight Fight Fight LLC, Binance, and Tether, requesting records and information related to the investigation of Trump-linked crypto projects and alleged illegal activities. He warned that if the relevant entities fail to submit the requested materials by January 4, 2027, the committee will consider taking further action. -
BTC Falls Below $75,000
Market data shows that BTC has fallen below $75,000, currently priced at $74,992.85, with a 24-hour decline of 1.16%. The market is experiencing significant volatility, so please ensure proper risk management. -
Key Events and Data Forecast for This Week: Fed Officials Speak, China-US CPI, US-Russia-Ukraine Talks
On November 9, the key events and data forecast for this week are as follows: 1. Monday: ① Data: China's October CPI data; China's October M2 money supply year-on-year; ② Events: Speech by RBA Assistant Governor Hunt; Speech by 2027 FOMC voting member and Chicago Fed President Goolsbee; ③ Earnings reports: Occidental Petroleum (OXY.N), Lucid Group (LCID.O), etc. 2. Tuesday: ① Data: US October New York Fed 1-year inflation expectations; US weekly ADP employment change; US October seasonally adjusted CPI month-on-month; US October seasonally adjusted core CPI month-on-month; China's October trade balance in USD; China's October trade balance; ② Events: G7 Foreign Ministers' Meeting, with foreign ministers from Saudi Arabia, Egypt, South Korea, Kenya, Brazil, and Ukraine also attending; US, Russia, and Ukraine meeting in Abu Dhabi from November 10 to 11; Speech by 2027 FOMC voting member and Richmond Fed President Barkin; Speech by Bank of England Governor Bailey on central bank independence; Bank of Japan to release summary of opinions from October monetary policy meeting; Speech by Fed Governor Waller; Speech by 2026 FOMC voting member and Dallas Fed President Logan; ③ Holiday: Indian National Stock Exchange closed for one day due to Diwali; ④ Earnings report: TSMC to release October 2026 revenue report. 3. Wednesday: ① Data: US 10-year Treasury auction yield and bid-to-cover ratio as of November 10; US weekly API crude oil inventory; Germany's October CPI month-on-month final value; ② Events: OPEC to release monthly oil market report; US, Russia, and Ukraine meeting in Abu Dhabi from November 10 to 11; EIA to release monthly short-term energy outlook report; Bank of Canada to release monetary policy meeting minutes; Speech by 2028 FOMC voting member and Kansas Fed President George; Speech by 2026 FOMC voting member and Philadelphia Fed President Harker; ③ Holiday: US markets open normally for Veterans Day, CME's US Treasury futures will also trade normally, but the US cash bond market will be closed all day. 4. Thursday: ① Data: UK Q3 GDP year-on-year preliminary value; UK September three-month GDP month-on-month; UK September manufacturing output month-on-month; UK September seasonally adjusted goods trade balance; UK September industrial output month-on-month; US initial jobless claims for the week ending November 7; US October existing home sales annualized; ② Events: Domestic refined oil to enter a new round of price adjustment window; Speech by 2026 FOMC voting member and Cleveland Fed President Mester; ECB to release economic bulletin; ③ Earnings reports: SMIC (00981.HK), Applied Materials (AMAT.O), etc. 5. Friday: ① Data: US weekly EIA crude oil inventory, weekly EIA Oklahoma Cushing crude oil inventory, weekly EIA strategic petroleum reserve inventory; France's October CPI month-on-month final value; Eurozone Q3 GDP year-on-year revised value; Eurozone Q3 seasonally adjusted employment month-on-month preliminary value; Eurozone... -
Federal Reserve Under Strongest Checks Amid Trump’s Overhaul Efforts; Walsh Faces Challenges in Building Core Team
On November 9, Nick Timiraos, chief economic reporter for The Wall Street Journal and known as the 'voice of the Federal Reserve,' wrote that the results of the U.S. midterm elections have altered the power dynamics between the Trump administration and the Federal Reserve, providing the strongest checks yet on Trump's efforts to control the Fed. With the Democrats gaining control of the Senate, they will have greater influence over Federal Reserve appointments and the ability to block Trump from placing more loyalists on the Board of Governors. Although Trump can appoint his chosen Kevin Warsh as Fed Chair, he still lacks one supporter to secure a majority on the seven-member board. The prospects for obtaining this seat have clearly narrowed. The Trump-led White House has mounted the most direct challenge to the Fed's independence in decades, including an unprecedented attempt to dismiss current board members. Previously, checks on Trump came from several sources: a retiring Republican senator obstructing Fed nominations; Jerome Powell deciding to remain on the board after stepping down as chair; and a court temporarily allowing Fed Governor Lisa Cook to continue her duties. With the Democrats controlling the Senate, these dispersed checks will form a broader institutional constraint. During the remainder of Trump's term, the Democrats will be able to exercise oversight over all personnel nominations to the seven-member board of the Federal Reserve. Mark Spindel, an investment manager who studies the relationship between the Fed and Congress and co-authored related works, believes that Trump's plan to reshape the relationship between the Fed and the White House has faced significant setbacks. 'Clearly, it was declared dead last Tuesday,' Spindel said. He further stated, 'He can no longer get his people onto the board, nor can he fill partisan board seats. This matter is over.' -
Strive CEO Hints at Possible BTC Accumulation Data Disclosure Next Week
On November 8, Strive CEO Matt Cole posted a graphic of the company's Bitcoin holdings on the X platform, possibly indicating that BTC accumulation data may be disclosed next week. -
DeepSeek Harness Plans to Establish Official Plugin Marketplace and Author Support Program
On November 8, DeepSeek Harness announced plans to build an official plugin marketplace for developers to publish plugins and users to find them. The company is also preparing a support program for plugin authors, which aims to provide token funding, technical exchanges, and promotion of their works. A call for intentions has been opened, and the rules for participation and details of support will be announced upon the official launch. The team will also enhance the stability and compatibility of the plugin API and strengthen plugin security. The official disclosure revealed that the number of third-party plugins has increased to approximately 35,000, with about 60% of active users having created or installed at least one plugin. -
Houthi Forces: Responding to Blockades with Blockades, Escalation with Escalation
On November 8, the Houthi forces in Yemen stated in a declaration that they would continue to launch military operations deep into Saudi territory as retaliation for the casualties among the Yemeni people, until they force Saudi Arabia to cease its aggression. They also pledged to continue to inflict significant damage on Saudi Arabia through targeted military actions. The statement emphasized that Yemen will adhere to the principle of 'responding to blockades with blockades and escalation with escalation,' and will persist in striking the troop assembly points of Saudi forces and their officers until Saudi Arabia halts its military operations and lifts the blockade on Yemen. -
Hyperliquid Whales' Short Positions Rise to $900 Million, Highest Since October 2025
On November 8, according to on-chain data, Hyperliquid whales are significantly shorting Bitcoin: the scale of BTC short positions ranges from $892 million to $924 million, while long positions are between $454 million and $483 million; the largest single short position is approximately $178.5 million, with an average entry price of around $76,400, while Bitcoin's price at that time was about $75,800. Related accounts have been continuously increasing their short positions since turning net short on October 27. Market analysts point out that if the extremely crowded shorts encounter a price increase, forced liquidations could trigger a short squeeze.
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