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Holonym and Gitcoin Passport unite to revolutionize online identity with privacy-preserving verification.
Holonym Foundation – a digital identity project specializing in zero-knowledge (ZK) technology – acquired Gitcoin Passport to create the world’s largest Proof of Humanity solution.
As part of the deal, human.tech (a feature bolstered by Holonym Foundation, which builds on personal freedom, privacy, and financial autonomy) will roll out 34.5 million ZK credentials with Gitcoin Passport’s 2 million users.
The Partnership’s Main Goal According to a document shared with CryptoPotato, the acquisition will position Holonym Foundation as the leading provider of privacy-preserving on-chain reputation and Sybil detection. It will merge Gitcoin Passport’s reliable identity verification system with the Human Network by incorporating its Human Key technology.
For its part, Gitcoin Passport will change its name to Human Passport to better represent its role as a Proof of Humanity solution, enabling individuals to confirm their identity while keeping their personal data private.
Widely adopted by major blockchain networks, Gitcoin Passport offers advanced reputation tools to over 110 partners. Its Proof of Humanity Score has safeguarded $200 million in airdrops, establishing itself as the leading platform for preventing Sybil attacks, ensuring secure token distributions, and promoting decentralized identity adoption.
Rebranded as Human Passport, the service will integrate zero-knowledge (ZK) technology to enhance private on-chain reputation, making it a key component of the human.tech suite.
You may also like: ZKsync Creator Announces Layoffs as It Pivots to Permissioned Privacy Chain New XRPL Startup Initiative Launched by Seoul FinTech and XRPL Korea (Report) Vitalik Buterin Reconsiders 2017 View on Full Chain Validation ‘Evolving Into Something Even Greater’ Among the people commenting on the acquisition was Shady El Damaty – CEO and co-founder of Holonym Foundation. He claimed that digital identity preserves privacy and allows individuals to control their data is “the future of online interactions.”
In his view, integrating Gitcoin Passport and launching human.tech is “a major leap forward in empowering digital human rights.”
Kevin Owocki – founder of Gitcoin Passport – also gave his two cents. He said his brainchild has always aimed to provide individuals with tools to demonstrate their authenticity while maintaining privacy.
“With human.tech taking the helm, Passport is evolving into something even greater: an identity layer that champions human dignity, privacy, and verifiable trust on the internet. This transition strengthens our shared mission to build open, decentralized systems that serve people first,” he concluded.
The second week of February showed strong activity in crypto VC funding as HashKey Group secured $30 million with a $1.50 billion valuation.
According to Crypto Fundraising data, the week brought total funding to over $150 million, with payment solutions and infrastructure projects leading.
The funding pattern showed rising interest in stablecoin development and L1 infrastructure. Let’s dive deeper into the investments from the last seven days.
HashKey Group, $30 million Raised $30 million from Beijing-based Gaorong Ventures HashKey Group (HSK) is building finance and banking solutions The project has raised a total of $130 million. HashKey Group secures $30 million investment from Gaorong Ventures
Hong Kong-based HashKey Group has secured a $30 million investment from China’s Gaorong Ventures, Bloomberg reported today, citing people familiar with the matter.
HashKey Group is a regulated digital asset… pic.twitter.com/pfeZXNm03U
— EchoeWeb (@Echoeweb) February 14, 2025 Plasma, $24 million Secured $24 million in an unknown round Plasma — backed by Framework, Bitfinex, and Peter Thiel — has raised a total of $27.5 million Legend, $15 million Raised $15 million in an unknown round “We couldn’t be more stoked to have the unwavering support of the best to do it, w/ a16z crypto leading and support from Coinbase Ventures,” Legend founder and CEO Jayson Hobby said. The project is creating wallet infrastructure and building comprehensive wallet solutions Mango Network, $13.5 million Secured $13.5 million in an unknown round Backed by Amrita Ventures, Kucoin, and Tido Capital Mango Network is developing L1 infrastructure https://twitter.com/CryptoRank_VCs/status/1890395373283295384
StakeStone, $10 million Raised $10 million in an unknown round Backed by BingX, StakeStone is building DeFi infrastructure to improve liquidity, optimize capital efficiency, and expand cross-chain asset protocols in decentralized finance. The project has raised a total of $32 million so far. Check out our coverage here. Human Passport, $10 million Holonym Foundation acquired Human Passport, previously known as Gitcoin Passport, for $10 million, according to Cointelegraph. The project focuses on building identity solutions Passport is evolving. We’re scaling with privacy on https://t.co/o2LptMGrap.
Gitcoin Passport has been acquired by @0xholonym Foundation and is now Human Passport, bringing zk-powered digital identity to our 2M users with 35M+ credentials—on track to becoming the largest issuer… pic.twitter.com/neJz0ky1KT
— Human Passport (previously Gitcoin Passport) (@HumnPassport) February 10, 2025 Notable crypto VC funding rounds < $10 million GamerBoom raised $9 million for AI gaming with NVIDIA backing NodeGo secured $8 million for AI-powered DePIN infrastructure BitRobot Network raised $6 million for Solana gaming Blum gathered $5 million for multichain trading Partnr secured $4 million for AI gaming communication WalletConnect raised $4 million through public sale with $200 million FDV Drosera gathered $3.25 million for Ethereum security Cabal, Teneo, and InfiniFi each secured $3 million Fireverse raised $2.5 million for AI music BitRobot Network and DeFi App each gathered $2 million Whetstone Research secured $1.3 million for DeFi research Hivello raised $900K and $100,000 in separate public sales with $45 million FDV
A tongue-in-cheek post from Ethereum co-founder Vitalik Buterin—“Make Communism Great Again”—sparked a deeper debate on social media: What political ideology, if any, should guide Web3?
For Gitcoin and Allo.Capital co-founder Kevin Owocki, the answer is simple—none of them.
A community note on X pointed to a post from April 1, 2024, in which Buterin said, “Degen communism: the only correct political ideology,” linking to a blog post.
Even though it was written on April Fool’s Day, despite the timing, Buterin’s post sparked real conversation about which political ideologies fit the blockchain space.
“We should stop using 20th-century words to talk about 21st-century technology,” Owocki told Decrypt at ETH Denver in February.
Owocki emphasized that the emergence of blockchain and artificial intelligence has created a new design space for governance, one far more dynamic than the ideological frameworks of the past.
“In the past, it was, ‘Is this socialism, communism, or capitalism?’” he said. “In the future, there's going to be infinitely more design space because of crypto and AI than ever before.”
To illustrate the scale of what’s possible, Owocki turned to video games.
"I've been playing a lot of Zelda recently, and there's this moment where you get the map, where it goes from seeing just a little to seeing the whole world,” he said. “That's what AI and crypto are doing for our governance structures. So, let's not fight over this little patch of 20th-century land. Let's explore the great frontiers of DAO design. We just found the map. We just have to follow it."
Owocki’s point goes beyond semantics. For him, leaving behind 20th-century language also means leaving behind 20th-century governance models.
A case for DAOs
That’s where DAOs—decentralized autonomous organizations—come in. Instead of fitting crypto into old political ideologies, he sees DAOs as a blank canvas for entirely new systems of coordination, decision-making, and power-sharing.
But even as DAOs promise a fresh start, they’re not immune to the same old power dynamics. Owocki warns that without thoughtful design, decentralized systems can still fall victim to cabals—tight-knit groups that coordinate to take control, much like the political cliques Web3 aims to leave behind.
To counter this, Owocki pointed to a mechanism called “cluster matching” that discourages coordinated voting blocs by algorithmically detecting and dampening their influence.
“If Rena and I always vote together, the algorithm flags us as a cabal and dampens our votes,” he said. “If two people who usually vote differently back the same proposal, the system gives it more weight, because it sees cooperation across social distance.”
For Owocki, innovations like this represent more than technical tweaks—they’re early signs of a new democratic infrastructure emerging from within crypto.
“Let’s not fade the DAO space because of past problems,” he said. “Let’s lean into what’s possible now.”
Wishful thinking
Still, not everyone shares the idealistic vision often attached to decentralized governance.
Allo.Capital co-founder and Gitcoin Executive Director Rena O’Brien took aim at what she sees as wishful thinking about fairness and equality in Web3 communities and the shadowy behavior that undermines those ideals.
“This idea of one token, one vote, or that we're all created equal, and the shadow cabals? It’s dumb,” she said. “It’s 2025. Woman up. Let’s stop talking about political ideologies. There’s shipping to be done.”
For O’Brien, the problem isn’t just theoretical—it’s practical, pointing to Ethereum’s adoption struggles as a symptom of deeper gaps in the ecosystem.
“Once we figure out how to fix those issues, we can move into the infighting,” she said. “Our tools are broken. We can’t decide if we’re building at the app or protocol layers, or where the actual value lies.”
Owocki agreed that the space is still early, but urged critics to take a longer view. He likened today’s DAOs to corporations in their infancy.
“LLCs are 60 years old. Corporations are 300. When DAOs are 50, they’re going to be good,” he said.
Edited by Sebastian Sinclair
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The software company will reduce the scale of its operations to focus on sustainability.
Software company Gitcoin announced that it will be winding down its Grants Lab, citing an unclear path towards profitability and a maturing L2 ecosystem.
Gitcoin announced the move via a blog post today, and clarified that the shutdown is specific to the Grants Lab and the Grants Stack technology. Other Gitcoin offerings, such as the Human Passport and KERNEL, will remain operational.
The company will not be omitting grant work entirely from its structure, but is shutting down the larger-scale operation of Grants Labs.
Instead of submitting a budget to Gitcoin Governance for H2 2025, Grants Labs will spend the remainder of its H1 funds on severance pay to affected employees.
Gitcoin founder Kevin Owocki clarified, “We’re not retreating - we’re refocusing. Gitcoin will continue, but with a leaner team aligned around a more focused Gitcoin Grants program and managing its portfolio of assets.”
Gitcoin’s token, GTC, rallied on the news and is up 5% over the last 24 hours. The token surge comes after a strong week for GTC and altcoins in general, and GTC is up 34% over the last seven days to a $20 million market capitalization.
GTC PriceThe blog post goes on to cite potential growth opportunities and future activations for the Gitcoin ecosystem.
Some of these possibilities include new utilities for the GTC token, community activations through governance or public goods funding, or doubling down on existing grant recipients.
Juliet Ochago of the Gitcoin DAO emphasized that users can expect ongoing improvements for donors and grantees, and continued innovation within the Grants Program itself.
The pivot will mean an increased focus on community involvement, which the team is softly referring to as the “Gitcoin Community Edition” phase of project development.
Gitcoin, a platform dedicated to public funding within the Ethereum $1,623 ecosystem, has decided to shut down its main software development unit, Gitcoin Labs. Kevin Owocki, one of the platform’s founders, indicated that achieving profitability under current conditions was not realistic, leading to this significant decision.
Closure of Gitcoin Labs and Grant Program FocusOwocki explained through his X account that “the financial burden of the Grants Lab has exceeded the resources available.” Following discussions with Gitcoin’s senior executives and the Grants Lab leader, it was announced that there would be no new budget for the second half of the year.
After the closure, remaining funds will be utilized to pay severance for affected employees. In the midst of this news flow, Gitcoin’s main network asset, GIT coin, experienced a decline of approximately 2% in value.
Altcoin GIT CoinCompany officials emphasized that support for existing technologies will not cease immediately, and efforts are underway to ensure a smooth transition.
Restructuring Process: A New Vision for GitcoinDespite the closure, Owocki remains optimistic, stating that Gitcoin will continue with a smaller, more focused team. The new phase will concentrate on strengthening the Gitcoin Grants program and effectively managing the existing asset portfolio.
Beginning nearly a year ago, the restructuring process has seen the platform adopt a more capital-oriented strategy while maintaining its community-focused structure. Several DAOs merged in February 2024, the Layer 2 Public Goods Network was closed, and investments shifted towards more profitable projects, marking a continuation of this transformation.
Additionally, Gitcoin will close its donation management tool, known as Grants Stack. The Allo Protocol, designed for democratic capital allocation, will also be terminated. However, the identity verification solution, Human Passport, will be retained and supported.
Gitcoin reassured its partners and users that “the technologies you use will not vanish overnight,” promising to provide support throughout the transition. Ongoing work aims to determine how the technological shift will occur and which solutions will be maintained.
Mathilda DV, leader of the Gitcoin Grants Program, shared on X that “today is a significant turning point for us. It’s a tough day, but I remain hopeful for the future.” She emphasized that despite the closure of Grants Stack, the Gitcoin Grants Program would continue to strengthen.
The project is noted to have strong financial resources, with assurances that funding for the Gitcoin Grants Program is secure “until around 2029.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The privacy-focused platform, formerly called Gitcoin Passport, aims to protect networks against bots and fake accounts.
Identity verification application Human Passport, formerly known as Gitcoin Passport, has rolled out new Sybil resistance tools for Ethereum Layer 2 (L2) Base to deter fake users and bots.
Base, which boasts a total value locked (TVL) of $6.6 billion, currently boasts nearly 34 million active addresses per month, according to Token Terminal.
A Sybil attack occurs when a single entity creates multiple fake identities to manipulate a system or network. In crypto, a Sybil attack can refer to the creation of multiple bots or fake identities in an attempt to gain undue influence or control of a blockchain, and can compromise security and privacy. This kind of attack is also often used during token generation events or airdrops, as the attacker attempts to acquire a disproportionate allocation of tokens.
Human Passport works by letting users collect “stamps” — verifiable credentials that prove the user is a real, unique human, without requiring them to share sensitive personal information.
Human Passport’s new tools for Base introduce a machine learning–powered Sybil Detection Model that analyzes wallet behavior in real time, according to a press release viewed by The Defiant. Users can also mint their Stamps-based score and identity data directly on Base without requiring further personal data for know-your-customer (KYC) procedures, or compromising privacy.
Earlier this year, the Holonym Foundation (HF) purchased Human Passport from Gitcoin and made it part of the human.tech ecosystem. The ID verification software now runs on the Human Network – an actively validated service (AVS) on EigenLayer with over $1.4 billion in staked assets to secure the network, according to HF’s blog.
The update also includes a tool called Cross-chain Intelligence, which combines activity across Base, Ethereum, and other EVM-compatible chains for more accurate verification, the release notes.
The rollout is a major step in Human Passport’s mission to offer simple, privacy-first tools that help communities verify real people and prevent abuse by bots.
“Base is exploding with activity, but where there’s growth, Sybils follow,” said Kyle Weiss, co-founder of Human Passport, in a statement. “Communities die when rewards go to bots, but with Human Passport on Base, we’re making sure that never happens.”
Shady El Damaty, the CEO of human.tech by Holonym, echoed the sentiment:
“Sybil resistance isn’t just about stopping bots, it’s about defending what it means to be human in a world where that definition is under siege.”
Gitcoin was widely disseminated through fake phishing announcements using the GitHub notification system
PANews reported on September 22nd that, according to 0xkatz.era, a fake phishing announcement appeared on Gitcoin . The attackers used GitHub's native notification system to spam a large number of users. Affected users found that the page was no longer accessible when they clicked on the relevant organization link. Some users have reported the account and related issues to GitHub , reminding the community to be vigilant and prevent phishing risks.
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SK Hynix stock price surge expands to 14.7%, Samsung Electronics rises 6%
PANews reported on March 11 that Ethereum founder Vitalik Buterin posted on the X platform that Gitcoin Grants' "deep funding" continues, and a major funding round was recently completed. Vitalik advised developer Devansh Mehta to continue refining the model (including its prediction market version), but to ensure that design details and funding sources are adapted to the needs of "chaotic times."
He points out that the deep funding model currently possesses two advantages: it reflects the principle of meritocracy, avoiding excessive egalitarianism; and it can benefit from artificial intelligence while maintaining human dominance. However, in terms of adapting to the needs of a "chaotic era," the mechanism still bears a distinct "stable era" character—that is, attempting to build a large-scale instrument embodying principles of justice and gain unanimous societal consensus in funding it. Vitalik believes it is necessary to consider how to make this mechanism function in a world that no longer operates in this way.
On April 1st, Ethereum Foundation researcher Devansh Mehta proposed a Validator Rewards Redistribution (VRR) scheme at the EthCC conference. Under the proposal, validators would be able to signal on the consensus layer and autonomously choose to redirect a portion of their staking rewards to a designated smart contract—rather than withdrawing all funds to their personal wallets. Recipients could include entities like Gitcoin, Octant, public goods funding platforms, security audit firms, and core protocol research teams. The scheme entails two Execution Layer changes: a mechanism for validators to signal their redirection percentage, and logic to transfer funds to the specified contract.
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SK Hynix plans to list on NASDAQ on July 10: A crypto whale opens 90% of its bullish positions in a single day, with all $21.27 million in long positions in unrealized profit.
According to Hyperinsight’s monitoring, SK Hynix officially announced its U.S. listing date today, targeting a July 10 debut on the NASDAQ. The company had previously disclosed a over $29 billion listing fundraising plan yesterday afternoon. Driven by listing optimism, SKHX surged 14% intraday, hitting $1930 at press time, with a daily trading volume of $407 million and open interest of $237 million. Since the news broke yesterday, 10 whales have built positions in SKHX on Hyperliquid, 9 of which opened long positions totaling around $21.27 million, at an average entry price of ~$1797.8 and average unweighted liquidation price of ~$1390.6. With price gains, all 9 long positions are now in unrealized profit. Market data shows that positions of over $1 million amount to roughly $140 million, with a long-short ratio (longs/shorts) of ~0.715. The average entry price for longs is ~$1672, while shorts average ~$1640. The nearest short liquidation threshold stands at $2149, just $200 away from the current price, mounting short-side pressure. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group, set it as admin (enable message sending permission) to auto-sync on-chain updates.
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According to Bitget market data, Wendy's (WEN) rallied 25.66% in the regular trading session, then climbed an extra 18.96% in after-hours trading, now changing hands at $9.35. Earlier reports noted that Serenity took to Twitter to mock the latest meme stock movement unfolding on Reddit's high-risk trading communities, targeting U.S. fast-food chain Wendy's. The Reddit community's meme warning reads: "If Wendy's goes bankrupt, we'll all be out of jobs, and after losing all our trading money, we'll have to work behind Wendy's trash cans." Serenity later clarified that they hold no positions, only found the activity amusing, and added they were unsure if the campaign would succeed. Wendy's holds a special cultural status on Reddit's WallStreetBets community; for years, "working behind Wendy's trash cans" has been a staple joke among retail investors mocking their trading losses.
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The entire cryptocurrency market is down across the board; funding rates indicate BTC remains in bearish territory, while ETH’s bullish sentiment is significantly stronger than BTC’s.
According to HTX market data, Bitcoin is currently trading at $61,684.51, down 1.88% in the past 24 hours; Ethereum is at $1,647.36, down 1.48% over the same period. Current funding rates on major centralized exchanges (CEXs) show a clear divergence between BTC and ETH: BTC rates across all platforms have fallen back into bearish territory, while ETH rates on most platforms remain above the neutral range, indicating significantly stronger bullish sentiment for ETH than BTC. BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. They serve as a fund exchange mechanism between long and short traders; platforms do not collect these fees, instead using them to adjust the cost or return of traders holding contracts, so that contract prices stay close to the underlying asset prices. A funding rate of 0.01% is the benchmark. A rate above 0.01% indicates broad bullish market sentiment, while a rate below 0.005% signals widespread bearish sentiment.
On June 21, blockchain security firm Blockaid announced its monitoring systems have detected signs of a front-end attack on Gitcoin’s subdomain files.gitcoin.co. The malicious code found on the site, dubbed "Eleven Drainer," is engineered to steal users’ cryptocurrency wallet funds. Blockaid is urging the public to refrain from accessing or interacting with the website right now; the issue is under active investigation and remediation.
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According to HTX market data, Bitcoin is currently trading at $61,684.51, down 1.88% in the past 24 hours; Ethereum is at $1,647.36, down 1.48% over the same period. Current funding rates on major centralized exchanges (CEXs) show a clear divergence between BTC and ETH: BTC rates across all platforms have fallen back into bearish territory, while ETH rates on most platforms remain above the neutral range, indicating significantly stronger bullish sentiment for ETH than BTC. BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. They serve as a fund exchange mechanism between long and short traders; platforms do not collect these fees, instead using them to adjust the cost or return of traders holding contracts, so that contract prices stay close to the underlying asset prices. A funding rate of 0.01% is the benchmark. A rate above 0.01% indicates broad bullish market sentiment, while a rate below 0.005% signals widespread bearish sentiment.
Yield Yak Suffers Frontend Attack, Subdomain Injected with Malicious Code
PANews, June 24 – Blockaid issued a security alert on X platform, stating that its system has detected an attack targeting the front end of the Yield Yak website. The project's subdomain vote.yieldyak.com was injected with the eleven drainer malicious code. Blockaid noted that the attack method is similar to the security incident that hit Gitcoin.co yesterday.
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SK Hynix stock price surge expands to 14.7%, Samsung Electronics rises 6%
According to Blockaid's monitoring, the Yield Yak website has suffered a front-end attack. Subdomains of the site currently contain "eleven drainer" code. The attack method is similar to that of the earlier attack on Gitcoin.
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Preview: The U.S. May core PCE data will be released at 20:30 tonight, and is projected to hit its highest level since October 2023.
The Fed’s key inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released at 20:30 tonight, with markets expecting a sharp rise in May inflation that could reignite rate hike bets. The headline PCE year-over-year growth rate is projected to hit 4.1% in May, up from 3.8% in April and marking its highest level since 2023. Core PCE, which excludes food and energy, is forecast to rise to 3.4% year-over-year, up from 3.3% in April and its highest reading since October 2023. Core PCE has remained above the Fed’s 2% inflation target since 2021. The recent short-term inflation uptick was driven mainly by surging gasoline prices amid the Iran conflict in May. Oil prices have since edged lower following the signing of a peace deal between the U.S. and Iran, but core inflation has strengthened in tandem, indicating that price pressures are not solely tied to geopolitical oil shocks. Data from the CME FedWatch Tool shows that as of Wednesday, markets are pricing in a 34% probability of a 25 basis point rate hike in July. Aditya Bhave, U.S. economist at Bank of America Securities, noted that the recent inflation rebound stems in part from tariffs and one-off disruptions, but successive supply shocks have eroded the Fed’s patience, while deflationary room in the housing sector has largely been exhausted. Data shows that core PCE dipped to 2.6% in April, its lowest level since 2022, but annualized core PCE growth over the past three and six months has hovered near 3.8%.
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SK Hynix plans to list on NASDAQ on July 10: A crypto whale opens 90% of its bullish positions in a single day, with all $21.27 million in long positions in unrealized profit.
According to Hyperinsight’s monitoring, SK Hynix officially announced its U.S. listing date today, targeting a July 10 debut on the NASDAQ. The company had previously disclosed a over $29 billion listing fundraising plan yesterday afternoon. Driven by listing optimism, SKHX surged 14% intraday, hitting $1930 at press time, with a daily trading volume of $407 million and open interest of $237 million. Since the news broke yesterday, 10 whales have built positions in SKHX on Hyperliquid, 9 of which opened long positions totaling around $21.27 million, at an average entry price of ~$1797.8 and average unweighted liquidation price of ~$1390.6. With price gains, all 9 long positions are now in unrealized profit. Market data shows that positions of over $1 million amount to roughly $140 million, with a long-short ratio (longs/shorts) of ~0.715. The average entry price for longs is ~$1672, while shorts average ~$1640. The nearest short liquidation threshold stands at $2149, just $200 away from the current price, mounting short-side pressure. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group, set it as admin (enable message sending permission) to auto-sync on-chain updates.
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The "Retail vs. Wall Street" concept-linked token WEN continues its strong run, rising over 18% in after-hours trading.
According to Bitget market data, Wendy's (WEN) rallied 25.66% in the regular trading session, then climbed an extra 18.96% in after-hours trading, now changing hands at $9.35. Earlier reports noted that Serenity took to Twitter to mock the latest meme stock movement unfolding on Reddit's high-risk trading communities, targeting U.S. fast-food chain Wendy's. The Reddit community's meme warning reads: "If Wendy's goes bankrupt, we'll all be out of jobs, and after losing all our trading money, we'll have to work behind Wendy's trash cans." Serenity later clarified that they hold no positions, only found the activity amusing, and added they were unsure if the campaign would succeed. Wendy's holds a special cultural status on Reddit's WallStreetBets community; for years, "working behind Wendy's trash cans" has been a staple joke among retail investors mocking their trading losses.
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Danske Bank: Federal Reserve may raise interest rates at least twice
Danske Bank senior analyst Kirstine Kundby-Nielsen and chief analyst Jens Peter Sorensen stated in a report that they expect the U.S. Federal Reserve to raise interest rates twice, in December 2026 and March 2027 respectively, bringing the federal funds rate to 4.00%-4.25%. "However, we emphasize there is a risk that rate hikes could come earlier and that the number of hikes may exceed two," they said. The first Federal Reserve meeting led by Kevin Warsh sent a clear signal that the Fed is increasingly moving away from forward guidance surrounding future monetary policy decisions. "All signs indicate that (the Fed) is leaning toward having greater discretion in future policy decisions," the Danske Bank analysts added. Source: Jin10
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SK Hynix's stock price rise widened to 15.4%, while Samsung Electronics gained 6.3%.
According to Bitget data, SK Hynix’s stock price gain has widened to 15.4%, with Samsung Electronics up 6.3%.
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The entire cryptocurrency market is down across the board; funding rates indicate BTC remains in bearish territory, while ETH’s bullish sentiment is significantly stronger than BTC’s.
According to HTX market data, Bitcoin is currently trading at $61,684.51, down 1.88% in the past 24 hours; Ethereum is at $1,647.36, down 1.48% over the same period. Current funding rates on major centralized exchanges (CEXs) show a clear divergence between BTC and ETH: BTC rates across all platforms have fallen back into bearish territory, while ETH rates on most platforms remain above the neutral range, indicating significantly stronger bullish sentiment for ETH than BTC. BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. They serve as a fund exchange mechanism between long and short traders; platforms do not collect these fees, instead using them to adjust the cost or return of traders holding contracts, so that contract prices stay close to the underlying asset prices. A funding rate of 0.01% is the benchmark. A rate above 0.01% indicates broad bullish market sentiment, while a rate below 0.005% signals widespread bearish sentiment.
Binance Margin will phase out several BTC margin trading pairs, including Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP, and AVA. This affects both cross and isolated-margin trading options, reducing available pairs for users.
The exchange has cautioned users to close positions and transfer affected assets from Margin Wallets to Spot Wallets to avoid potential losses. However, despite the delisting news, coins like Highstreet and Perpetual Protocol have surged by 6% to 12% in price, while AVA, Gitcoin, BAND, and STP recorded modest gains of 1% to 2%. This mixed market response highlights varying investor sentiment across the affected assets.
Binance To Delist These Tokens On December 3, Binance informed users about upcoming changes to its margin trading offerings. Several BTC trading pairs, including Band Protocol, Gitcoin, and Highstreet, will no longer be available for cross or isolated-margin trading.
According to the announcement, BAND/BTC and GTC/BTC cross-margin pairs, along with isolated margin pairs like AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC, will be removed. The delisting process begins on December 4, 2024, with the suspension of isolated margin borrowing. Full removal, including automatic closure of positions and cancellation of pending orders, will occur on December 11, 2024, at 06:00 UTC.
Binance, one of the top crypto exchanges, advises users to act proactively by closing positions and transferring funds to Spot Wallets ahead of these deadlines. While these pairs are being phased out, the underlying assets will still be tradable on other available pairs within the platform. These changes aim to streamline Binance’s offerings and better align with market demands.
Price Movements Of The Crypto Amid Delisting November saw a bullish trend in the crypto market, with approximately $1 trillion added in just one month. This surge in market momentum has positively impacted several of the affected assets, despite Binance’s delisting announcement.
Band Protocol (BAND) price traded at $1.90, up 4% in the last 24 hours and 22% over the past week. GTC price surged 40% in the past week, reaching $1.20, and has gained 100% over the last month. PERP rose 7% to $1.03, marking a 20% increase in just one week.
Highstreet (HIGH) price also saw strong performance, up 12% to $2.04. Meanwhile, STPT price exchanged hands at $0.05, a 40% hike over the past month. AVA price was up 8%, priced at $0.72, reflecting a positive short-term outlook despite the upcoming delisting.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
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Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
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Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
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US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
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US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
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During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
