Sol Strategies may receive huge credit line before Trump takes office
Reprinted from jinse
01/08/2025·1Mheadlines
▌Trump may be sentenced before taking office as President of the United States
On January 7, local time, Judge Alan Gesmer of the U.S. Court of Appeals in New York rejected President-elect Trump’s latest request to postpone the sentencing process in his “hush money” case. Trump's lawyers argued that as president-elect he enjoys the same immunity from criminal prosecution as presidents, but that argument was rejected by the courts. With less than two weeks until Trump takes office, presidential immunity could delay the case until he leaves office if the sentencing is not completed before the start of his second term on January 20. The court's ruling means that Trump's sentencing is still scheduled for January 10. However, Trump and his legal team said they would continue to pursue legal avenues to delay or cancel the sentencing.
▌Sol Strategies obtained a $25 million credit line for investment in SOL tokens and staking business
Listed holding company Sol Strategies (stock code: CYFRF, HODL.CN) announced that it has obtained a US$25 million credit line for investment in SOL tokens and staking business.
Sol Strategies has drawn down $4 million in principal from the credit facility and plans to use "remaining funds to make large-scale purchases of Solana tokens to support its staking operations and acquisitions." The company must use the entire quota before January 6, 2027, the statement said.
As of December 31, 2024, Sol Strategies has over 1.5 million SOL tokens (valued at approximately CAD $450 million) staked in its validator operations. This includes more than 140,000 SOLs owned by the company.
Quotes
As of press time, according to Coingecko data:
BTC’s recent transaction price was US$97,001.38, with an intraday increase or decrease of -5.0 % ;
ETH’s recent transaction price was US$3,397.72, with an intraday increase or decrease of -7.8% ;
BNB’s recent transaction price was US$700.64, with an intraday increase or decrease of -3.9 % ;
SOL’s recent transaction price was US$202.68, with an intraday increase or decrease of -7.2 % ;
DOGE’s recent transaction price was 0.3512 yuan, with an intraday increase or decrease of -9.5% ;
XPR’s recent transaction price was $2.30, with an intraday increase or decrease of -5.1% .
policy
▌U.S . Senator Cynthia Lummis met with U.S. SEC Chairman nominee Paul Atkins to discuss digital asset legislation and rule reform.
On January 8, U.S. Senator Cynthia Lummis met with U.S. Securities and Exchange Commission (SEC) chairman nominee Paul Atkins to discuss digital asset legislation and rule reform. She hinted at possible changes in the future, joking that she wanted the SEC to enter "Atkinsdiet mode."
As previously reported, on August 1, 2024, U.S. Senator Cynthia Lummis of Wyoming officially proposed the "Bitcoin Strategic Reserve Act", which will direct the U.S. government to establish a reserve fund for this scarce decentralized asset. The bill also sets a long-term goal of accumulating 1 million Bitcoins over time, representing approximately 5% of the total Bitcoin supply. The bill plans to use existing U.S. Treasury funds to purchase Bitcoin in an amount corresponding to the U.S. Treasury’s gold allocation.
▌Trump proposed a number of surprising strategies at the press conference, and many countries responded
At a press conference held at Mar-a-Lago, U.S. President-elect Trump made a number of shocking statements in just one hour and escalated his remarks on sovereignty issues against Canada and other countries. He called for the use of economic means to absorb Canada as part of the United States, and did not rule out the use of force to seize the Panama Canal and Greenland, and asked NATO countries to increase defense spending to 5% of GDP. He also vowed that "the Middle East will descend into chaos" if Hamas does not release the Israeli hostages before he takes office. In addition, Trump also promised to rename the Gulf of Mexico to the "Gulf of America." He did not explain how these seemingly impossible promises would be achieved, other than threatening to impose tariffs on uncooperative countries, including Denmark. In this regard, many parties responded to Trump's relevant remarks. Canadian Prime Minister Trudeau said that Canada cannot be reduced to a state of the United States. The country's foreign minister said that he will never retreat in the face of threats; the Danish Prime Minister reiterated that Greenland is not for sale; the President of Panama responded that he will not retreat under Trump Before taking office, he commented on Trump’s remarks about the Panama Canal. Foreign media commented that these words of Trump are consistent with a bolder posture, that is, Trump believes that he has been authorized (by the people and the Electoral College) to speak and act almost as he wants.
▌ Coinbase wins interlocutory appeal permission to appeal SEC securities charges to the Second Circuit
Coinbase Chief Legal Officer paulgrewal.eth posted on the X platform that U.S. Judge Failla approved Coinbase’s interlocutory appeal motion and suspended the district court proceedings. This is a major legal victory for Coinbase and means that Coinbase will be able to appeal the SEC’s charges against it to the Second Circuit Court.
The SEC previously alleged that Coinbase violated federal securities laws by operating as an unregistered exchange and broker-dealer and illegally selling unregistered securities through its staking program.
Blockchain application
▌ Ripple partners with Chainlink to drive adoption of stablecoin RLUSD
Ripple and Chainlink have partnered to further expand the use and utility of the Ripple USD (RLUSD) stablecoin in decentralized finance (DeFi).
cryptocurrency
▌ TD Cowen: The Trump administration is expected to relax rules on banks’ use of cryptocurrencies, but caution is still needed
Investment bank TD Cowen said the Trump administration may bring positive changes to crypto entities working with banks, but expectations for this new regulatory environment should be “within reason.”
TD Cowen's Washington research group, led by Jaret Seiberg, wrote in a report that banks have a responsibility to comply with anti-money laundering (AML) and Bank Secrecy Act (BSA) rules and manage risks such as liquidity and concentration. Analysts said: “Even if Trump’s regulators become less concerned about the increasing links between traditional finance and cryptocurrencies, this will cause some banks to remain cautious, which is why some banks may still think the risks are too great, and Others will seize the opportunity. Additionally, some cryptocurrency entities may resist any government oversight, which may limit how comfortable banks are with working with them.”
Nonetheless, Jaret Seiberg said that under the Trump administration, the connection between traditional finance and cryptocurrencies will be “inevitable.”
▌ Arbitrum Foundation awards largest-ever developer grant to South Korean giant Rakuten
Offchain Labs, the developer behind Arbitrum, announced at the CES 2025 conference that the Arbitrum Foundation awarded the largest developer grant in history to South Korea's Lotte Group. Lotte Group is a multi-billion dollar South Korean conglomerate known for its vast portfolio of shopping malls, media companies and entertainment properties.
A representative for the company declined to disclose the exact amount of the grant “at this stage,” which, according to Offchain Labs, solidifies Arbitrum’s position as the primary blockchain infrastructure provider for Rakuten’s Metaverse gaming platform Caliverse.
▌ CryptoQuant: Coinbase Bitcoin premium turns positive for first time since December 17, 2024
Analysis by CryptoQuant shows that the Coinbase Bitcoin premium turned positive for the first time since December 17, 2024, as a signal of rising demand for Bitcoin from U.S. investors. CryptoQuant analyst Burak Kesmeci said: “Since the approval of spot Bitcoin ETFs in the United States, U.S. investor behavior has been a leading indicator of the cryptocurrency market. The data shows that U.S. investor behavior has once again shifted to buying pressure becoming dominant.”
Furthermore, analysts added that Bitcoin’s recent breakthrough above the $100,000 mark was due to the weakening selling pressure from miners and the improvement of miners’ profitability.
▌Analyst : The correlation between Bitcoin and U.S. stocks appears again
Bitcoin and the S&P 500 began to diverge following the election of Donald Trump, but the two asset classes have recently begun to move more in tandem, said Andre Dragosch, Bitwise’s head of European research. Bitcoin and the S&P 500 have once again begun to correlate closely, with their correlation reaching 0.88 (0 indicating no correlation and 1 indicating absolute correlation) at the most recent 20-day moving average.
Dragosch concluded: “While on-chain factors are likely to provide significant impetus until at least mid-2025, a deterioration in the macro situation could also pose short-term risks to Bitcoin, especially given its correlation with the S&P 500. Sex is still relatively high.”
▌ CME Group executive: ETH’s performance will surpass BTC this year
Payal Shah, director of stock and cryptocurrency research and product development at CME Group, wrote that ETH will outperform BTC this year.
The article stated that Ethereum has risen by about 53% in 2024, while Bitcoin has risen by 113%; however, Ethereum's recent performance shows good prospects. Ethereum has gained 39% since the U.S. election results were announced, outpacing Bitcoin's 35% gain and signaling a potential boost for Ethereum on optimism about President-elect Donald Trump's expected pro-crypto policies. Recovery, in addition, other key factors driving this optimism include strong staking activity, stable transaction fees and growing institutional interest, especially through ETFs.
Important economic developments
▌The probability that the Fed will keep interest rates unchanged in January is 95.2%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in January is 95.2%, and the probability of cutting interest rates by 25 basis points is 4.8%. The probability of keeping current interest rates unchanged by March is 60.9%, the probability of a cumulative 25 basis point interest rate cut is 37.3%, and the probability of a cumulative 50 basis point interest rate cut is 1.7%.
▌The U.S. dollar index rose 0.26% on the 7th
The U.S. dollar index, which measures the U.S. dollar against six major currencies, rose 0.26% on the day and closed at 108.549 in late foreign exchange trading. As of late trading in New York, 1 euro was worth $1.0355, down from $1.0388 on the previous trading day; 1 pound was worth $1.2490, down from $1.2513 on the previous day. 1 U.S. dollar was exchanged for 157.78 yen, higher than 157.54 yen on the previous trading day; 1 U.S. dollar was exchanged for 0.9086 Swiss francs, higher than 0.9045 Swiss francs on the previous trading day; 1 U.S. dollar was exchanged for 1.4347 Canadian dollars, higher than the previous trading day 1.4337 Canadian dollars; 1 US dollar exchanged for 11.1091 Swedish kronor, higher than the previous trading day's 11.0528 Swedish kronor.
▌Bostic : Inflation is expected to gradually drop to 2% this year, but the Fed should still make cautious decisions
Fed's Bostic said that given the uneven progress in reducing inflation, officials should be cautious in making decisions and prefer to keep interest rates high. Bostic also said in a podcast recorded on Dec. 9 and released on Tuesday that he expects inflation to continue to gradually fall toward the Fed's 2% target this year. He said he expected price pressures to subside, although there may be times when it looks like progress is stalling or that inflation is becoming more aggressive. "I want to make sure that we're getting the right signals and that our policies are calibrated to the right signals. If we have to make mistakes, I'm going to make them in a good way," Bostic said on the podcast . "I want to ensure - certainly ensure - that inflation gets to 2%, which means we may have to keep policy rates higher than people expect."
Golden Encyclopedia
▌What is a compressed NFT?
CNFT is a newer non-fungible token that utilizes state compression technology to store data more efficiently on Solana. Unlike traditional NFTs, which store all token metadata directly on-chain or through external links such as IPFS, cNFTs use Merkle trees to optimize data storage.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
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