Trump officially sworn in as the 47th President of the United States
President-elect Trump was sworn in, officially becoming the 47th President of the United States.
Later, the news was that Trump's speech ended without mentioning cryptocurrencies. Republican congressional documents did not list cryptocurrencies as a priority. Trump nominated Caroline Pham as acting CFTC chair, and appointed crypto-friendly Mark Uyeda as acting SEC chair.
Utah state legislator introduces strategic Bitcoin reserve legislation
According to Bitcoin Magazine, Utah state representative Jordan Teuscher has introduced strategic Bitcoin reserve legislation.
After Trump's inauguration, Musk-led government efficiency office DOGE faces three lawsuits
According to Businessinsider, shortly after US President Trump was sworn in, three lawsuits were filed in federal court against the government efficiency office (DOGE) led by Elon Musk. The lawsuits allege that DOGE violated the 1972 Federal Advisory Committee Act (FACA) by failing to meet transparency requirements such as open meetings, balanced perspectives, and record keeping. The first lawsuit, filed by the left-wing legal organization Democracy Forward, claims that DOGE is a "shadow agency" led by an "unelected billionaire" that may make decisions impacting millions of Americans without transparency and oversight. The second lawsuit, filed by National Security Counselors, focuses on the establishment and operating procedures of DOGE, arguing that it did not comply with the legal requirements for advisory committees. This lawsuit also alleges that DOGE's members are predominantly tech industry executives, lacking in diversity and balance. The third lawsuit, filed jointly by Public Citizen, State Democracy Defenders Fund, and the American Federation of Government Employees, claims that DOGE's members do not represent the interests of ordinary Americans. These groups had previously applied to the Trump transition team for representation on DOGE, but received no response. Although Musk had previously stated that all DOGE actions would be publicly disclosed to ensure transparency, the lawsuits allege that much of the communication was conducted through the encrypted app Signal, lacking in public access. Lawyer McClanahan stated that DOGE may make short-sighted decisions due to the lack of federal employee perspectives, emphasizing that "government work is different from corporate operations". So far, Musk, Trump, and their representatives have not responded to the lawsuits.
US President-elect Trump stated that he will impose tariffs and taxes on foreign countries to benefit American citizens, rather than taxing US citizens to enrich other countries. He plans to establish an external Revenue Service to collect all tariffs and taxes, in order to attract foreign service funds into the US treasury. He emphasized that this will rapidly revive the "American Dream" and achieve unprecedented economic prosperity. Additionally, Trump stated that the focus going forward will be on defeating America's enemies while avoiding war, as the US does not wish to be embroiled in war. Trump also proposed various policies, including reclaiming measures taken due to overcharging of US ships in the Panama Canal, and announcing the renaming of the Gulf of Mexico to the Gulf of America. Furthermore, he clearly stated that from today, the official policy of the US government will be to recognize only two genders: male and female.
Ethereum Foundation transfers 50,000 ETH to a new wallet address dedicated to supporting DeFi
According to The Block, the Ethereum Foundation has announced the establishment of a wallet address to begin participating in decentralized finance (DeFi), confirming Vitalik Buterin's recent statement about the non-profit organization continuing to undergo organizational changes. The organization plans to inject approximately $150 million worth of ETH into this wallet, but noted that it may take several days to complete the setup. Hsiao-Wei Wang, who was recently appointed to a leadership role at the Foundation, posted on X on Monday, stating: "The Ethereum Foundation has set up a new 5-of-3 multi-sig wallet... and has initiated the process of sending 50,000 ETH to this wallet, but please be patient; due to signature delays, this will take a few days to process, and the Ethereum Foundation will use this new wallet to participate in the DeFi ecosystem."
According to discussions on Twitter by Eric.eth and Josh Stark, the Ethereum Foundation (EF) has been criticized for directly selling and converting its held ETH into stablecoins to support its internal budget, rather than staking the ETH and using DeFi strategies (such as yield-generating products) to cover its budget needs, which would avoid negatively impacting the ETH price. In response, Vitalik Buterin addressed the community's concerns on Twitter. He mentioned that the Ethereum Foundation's past reluctance to stake ETH was primarily due to two reasons: 1. Regulatory factors: The previous regulatory environment may have posed potential legal risks to the EF's staking activities, but these concerns have now significantly diminished; 2. Hard fork stance issues: If the EF chose to stake, it would have been forced to take a stance on any future controversial hard forks, as staking would have deeper tied the Foundation to the main chain. This is still the primary concern, but Vitalik stated that they are exploring solutions to reduce this impact. Spot On Chain replied that even if the EF chooses to stake ETH and earn staking rewards, it would still need to sell ETH to meet its funding requirements, so it is uncertain whether the staking income could fully replace the current sell-off model. They also suggested that the EF should prioritize over-the-counter (OTC) sales when selling ETH to reduce the price impact on the market.
Arthur Hayes believes Trump will not establish a Bitcoin reserve
According to CoinDesk, BitMEX co-founder and former CEO Arthur Hayes stated: "I don't think Trump is going to go about establishing a Bitcoin reserve. At the end of the day, I don't know what use it is for you to borrow money to buy Bitcoin on any of Trump's platforms." He said: "Before you destroy the bond market, you have so much borrowing capacity. Are you going to borrow money to buy Bitcoin? Are you going to borrow money to provide healthcare for the elderly who voted for you, or are you going to manufacture more bombs so the defense lobby likes you? You can borrow money to buy all sorts of different things. I just don't think he's going to spend money on Bitcoin." Regarding the implementation of a Bitcoin reserve, Hayes said "I hope I'm wrong". However, he pointed out that the limited time before the midterm elections may constrain the ability to implement major policy changes, and there are many other things that need to be allocated time and budget.
Mark Cuban considers creating a meme coin, with sales revenue to be donated to the US Treasury
Billionaire entrepreneur and cryptocurrency advocate Mark Cuban stated on X platform: "If meme coins are the future, maybe I'll issue one. But I'll add a twist. The issuance terms will be the same as TRUMP: 20% circulating supply, same release schedule. But there's one difference. All proceeds from token sales will go directly to the U.S. Treasury. The wallet address will be public so everyone can track the flow of funds. If you want to gamble, go ahead. But at least use this money to help reduce the U.S. debt."
Coinbase International to List Trump (TRUMP) Perpetual Futures Contract
Coinbase International announced on X platform that Coinbase International and Coinbase Advanced will add support for the Official Trump (TRUMP) perpetual futures contract, with the TRUMP-PERP market expected to open on or after UTC 2025-01-20 23:30 (Beijing time 2025-01-21 06:30). Update: Coinbase International has announced that the TRUMP-PERP market is now open.
Coinbase to List Official Trump (TRUMP) Token
Coinbase Assets announced on X platform that Coinbase will add support for the Official Trump (TRUMP) on the Solana network. Do not send this asset through other networks, as funds may be at risk of loss. Coinbase will add support for TRUMP with an "experimental" label. Once the asset's supply is sufficient, the TRUMP-USD trading pair will be launched in phases. Trading time will be announced separately when liquidity conditions are met. Be aware that some users on Coinbase's Solana network may experience severe delays in sending and receiving. Therefore, the sending, receiving, and withdrawal/deposit of TRUMP tokens on Coinbase may be affected.
MetaMask Co-Founder's Farcaster Account Hacked and Used to Promote Meme Coin
MetaMask stated on X platform: "The Farcaster account of our co-founder Dan Finlay has been hacked and used to promote a meme coin. We have contacted the Farcaster team to help investigate this incident." In addition, Slow Mist founder Yu Xian posted a reminder on X that the Farcaster account of the MetaMask co-founder had been hacked and a meme was posted; this meme has already "rug", and the creator's address should have come from a mixer platform, with over 1,000 SOL in profits.
Tether-Backed Video Sharing Platform Rumble Purchased Bitcoin for the First Time Last Friday
Rumble founder and CEO Chris Pavlovski tweeted that last Friday, Rumble ($RUM) completed its first Bitcoin ($BTC) purchase, and said this would not be the last, hinting that the company may continue to increase its Bitcoin holdings in the future. Previously, Rumble announced a Bitcoin financial strategy, including plans to purchase $20 million worth of Bitcoin.
Binance to List AIXBT/TRY and TRUMP/TRY Spot Trading Pairs on January 21
Binance will list the AIXBT/TRY and TRUMP/TRY spot trading pairs on 2025-01-21 16:00 (UTC+8), and will simultaneously open trading bot services for the above trading pairs.
Blind Computing Network Nillion Announces 75 Million NIL Token Airdrop Plan
The blind computing network Nillion announced that it will allocate up to 75 million NIL tokens (7.5% of the total supply) as rewards to community members and early contributors, including: 1. Validator program participants: active validators who have run a node for at least 1 week 2. Community contributors: such as Discord volunteers, OG members, Blind Warriors, POAP holders, etc. 3. Developers: including Github contributors, hackathon and bounty program participants, SDK users, and technical content creators. In addition, participants can receive additional reward bonuses by supporting the network (such as participating in the Nill Pill program or mainnet hardening). The airdrop registration deadline is 2023-02-03 17:00 UTC, and those who do not register will lose their eligibility to receive the tokens. The tokens will be distributed to the registered wallets after the mainnet launch.
Google Crypto-Related Searches Hit 5-Year High
According to CoinDesk, as the U.S. President-elect prepares to deliver his inauguration speech, Google search data shows that the global search volume for the keyword "how to buy cryptocurrency" has surged to a 5-year peak (100 points). This data reflects the tremendous interest of retail investors in the crypto market. Analysts point out that the meme coins $TRUMP and $MELANIA launched by Trump quickly attracted tens of billions in market capitalization, and have helped push crypto assets from the fringe into the mainstream, reversing the traditional "Overton Window" (the range of policies politically acceptable to the mainstream population at a given time). There are rumors that Trump may announce a Bitcoin strategic reserve plan and make cryptocurrency a national priority in his inauguration speech, which has generated strong market attention. Former Coinbase CTO Balaji said that Trump's moves could ignite a wave of tokenized equity financing, while anonymous analyst Trevor.btc believes Trump's actions lay the groundwork for potential deregulation of the U.S. crypto market.
The Trump family crypto project World Liberty Financial (WLFI) announced on X platform that to commemorate the inauguration of Donald J. Trump as the 47th President of the United States, WLFI has announced the following strategic purchases: $47 million ETH, $47 million wBTC, $4.7 million Aave, $4.7 million LINK, $4.7 million TRX, $4.7 million ENA.
Earlier, there were reports that World Liberty Financial had purchased AAVE and Wrapped TRX on-chain; World Liberty Financial had purchased $4.7 million worth of LINK on-chain; World Liberty had increased its holdings of various crypto assets to over $51 million; After Trump's inauguration, his project WLFI purchased $4.7 million worth of Bitcoin.
Solana Network's Daily Transaction Fees Reach $33.3 Million, Setting a New Record
According to The Block, the Solana network's daily transaction fees reached a record-breaking $33.3 million last Sunday, due to the launch of Trump family meme coins ($TRUMP and $MELANIA) significantly boosting on-chain transaction activity. Since the two tokens were launched, the daily trading volume on Solana's decentralized exchanges has consistently remained above $27 billion, leading all Layer 1 blockchains. The meme coin $TRUMP has quickly surged to a market capitalization of $14 billion, with a fully diluted valuation of $70 billion, ranking it among the top 20 cryptocurrencies. Meanwhile, $MELANIA has a market cap of $1.6 billion, also contributing significant growth to the Solana ecosystem. In addition, the price of Solana's native token has risen over 50% in the past week, reaching a new all-time high of over $260. It was previously reported that Solana's DEX trading volume has exceeded $158 billion so far this month, breaking the network's all-time high record.
According to the latest weekly report from CoinShares, digital asset investment products recorded a $2.2 billion inflow last week, driven by the Trump inauguration hype, setting a new single-week high for the year, and the total assets under management (AuM) reached a historic high of $171 billion. Bitcoin dominated the inflows, attracting $1.9 billion in capital, bringing the year-to-date inflows to $2.7 billion. ETH saw an inflow of $246 million last week, offsetting the net outflows since the beginning of the year. XRP saw an inflow of $31 million last week, bringing the cumulative inflows since mid-November 2024 to $484 million. From a regional perspective, the US saw $2 billion in inflows, while Switzerland and Canada recorded $89 million and $13 million in inflows, respectively.
The Ethereum Foundation sells 100 ETH again to obtain 336,000 DAI
According to on-chain analyst Yujin's monitoring, 5 minutes ago, the Ethereum Foundation's address 0xd77...1f4, used for small and high-frequency ETH sales, sold 100 ETH at a price of $3,364 to obtain 336,000 DAI.
