10.30 AI Daily The AI field has a broad prospect, and OpenAI is ambitiously planning an IPO.

1. Headline

1. OpenAI plans to go public in 2027 with a valuation potentially reaching one trillion dollars.

OpenAI is preparing for an IPO, with expectations to file with regulators as early as 2027. According to insiders, OpenAI's valuation could reach around $1 trillion, potentially making it one of the largest IPOs in history. However, OpenAI faces substantial funding needs and governance challenges. Although the capital markets remain optimistic about AI investments, OpenAI's cash burn rate far exceeds its revenue, posing a potential bubble risk in the future. If successful in going public, it will impact the confidence of the entire AI industry.

OpenAI's IPO plan reflects the enormous potential and investment enthusiasm in the field of artificial intelligence. At the same time, it highlights the significant challenges AI companies face on the path to commercialization. Issues such as strong funding demand, rapid technological iteration, and regulatory gaps will test OpenAI's development journey. Its IPO process and valuation level will become an important barometer for the future development of the AI sector.

2. AI Model Competition: DeepSeek holds long positions without losses, while other models are chasing highs and cutting lows with two short positions.

Affected by the Federal Reserve's interest rate cuts and Powell's speech, the cryptocurrency market continues to experience significant fluctuations. In the on-chain AI trading competition, only the DeepSeek model maintained a long position without losses, while the other models suffered varying degrees of losses due to chasing highs and cutting losses. The DeepSeek yield remains above 80%, while the Qwen3 model saw its yield drop from 58% to 41% due to stop-loss on BTC long positions.

This result once again confirms the differences in the capabilities of AI models in trading. DeepSeek demonstrates strong risk management abilities, maintaining stability in turbulent market conditions. In contrast, other models are too focused on chasing short-term market trends, ultimately falling into losses. The key to AI trading lies in the quality of model training, strategy design, and execution capabilities, rather than simply following bullish and bearish trends. This AI competition has provided valuable practical references for the industry.

3. Mastercard intends to acquire Zerohash to enhance stablecoin infrastructure

According to reports, Mastercard is in the late stages of negotiations to acquire Zerohash, with the transaction amount between $1.5 billion and $2 billion. Zerohash is a cryptocurrency and stablecoin infrastructure startup, and this acquisition will strengthen Mastercard's position in the stablecoin space.

Stablecoins are seen as an important link between cryptocurrencies and the traditional financial world, making infrastructure development crucial. MasterCard's move aims to seize the opportunity and lay a solid foundation for the future of stablecoin business. This also reflects the increasing importance traditional financial giants place on cryptocurrencies and their proactive embrace of emerging technologies. Once this acquisition is completed, it will further promote the application of stablecoins in areas such as payments and settlements.

4. The Hong Kong Securities and Futures Commission plans to provide guidance on digital asset treasury.

The Chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, stated that there are currently no regulations governing listed companies' participation in cryptocurrency investment in Hong Kong. He will monitor the market situation and study providing relevant guidelines for the market. He urged investors to recognize the intrinsic value of digital asset financial holdings.

Digital asset treasury is a way for enterprises to hold cryptocurrencies, which has become increasingly popular in Hong Kong and globally in recent years. The statement from the Hong Kong Securities and Futures Commission reflects the regulatory body's attention to this emerging trend. Relevant policies may be introduced in the future to establish norms for the operation of digital asset treasuries. This will help maintain market order, protect investor rights, and provide guidance for corporate participation.

5. The Ethereum ecosystem faces a crisis of trust, and Vitalik Buterin needs to provide guidance.

Ethereum is experiencing unprecedented scrutiny. Since the launch of the ETF, Ethereum has seen a net outflow of funds exceeding $1.2 billion. From core researchers to developer community organizations, as well as related commercial companies and external investors, a massive trust crisis is emerging.

As a massive decentralized business entity in the entire cryptocurrency market and even the traditional market, Ethereum faces unprecedented challenges. Vitalik Buterin needs to better guide different participants in terms of direction and goals; otherwise, this crisis of trust may intensify, potentially leading to a situation where old structures must be broken to establish new ones. The development of Ethereum is no longer just about itself, but also about the future of the entire industry.

2. Industry News

1. The Federal Reserve's rate cut of 25 basis points triggers significant volatility in the cryptocurrency market.

The Federal Reserve announced as expected a 25 basis point rate cut to a range of 3.75%-4.00%, and will end its balance sheet reduction plan on December 1. However, Powell made cautious remarks after the meeting, emphasizing that a rate cut in December is “far from certain,” causing uncertainty in the market regarding the Fed's policy outlook. As a result, Bitcoin fell back below $110,000 from its high, U.S. stocks plummeted from their peaks, and both the dollar and U.S. Treasury yields rose.

Analysts point out that the end of the Federal Reserve's balance sheet reduction signifies a liquidity turning point, but the uncertainty regarding policy outlook has increased, causing the market to reprice the pace of interest rate cuts. Risk assets are under short-term pressure, and volatility has significantly increased. The Bitcoin liquidation map shows that the lower support level is in the range of $109,600 to $108,000, and if this level is lost, it may trigger a chain liquidation; the upper pressure zone is located at $112,300 and $116,000. Against the backdrop of liquidity reallocation and a strengthening dollar, the crypto market may enter a period of consolidation.

Market participants indicate that although there is downward pressure in the short term, in the long run, the continuous inflow of ETF funds and the demand for crypto assets from institutions remain unchanged. Investors need to be cautious of risk-averse fund flows triggered by macro policy uncertainties, as the market will enter a new phase of “structural repricing.”

2. Shiba Inu coin breaks through the downward channel, whale buying drives the rebound.

Shiba Inu Coin ( SHIB ) has performed strongly in the past 24 hours, breaking through key Fibonacci levels, with a trading price of $0.00001034. Analysts believe that the token has broken out of a downward channel and confirmed an inverse head and shoulders pattern, and it seems to be regaining investor confidence. Large holders—also known as whales—are adding momentum to this trend.

The discussion focused on the decentralized burn plan, highlighting community-driven token management. Market sentiment reflects a cautiously optimistic mood due to the volatility of SHIB's market capitalization. Analysts expect that if trading volume continues to increase, Shiba Inu may continue to rise, with a target price around $0.000012. However, some analysts caution that SHIB lacks practical use cases, and investors should proceed with caution.

Overall, the short-term rebound of Shiba Inu coin is mainly driven by whale buying, and the future trend still needs to observe the development of community activity and actual application scenarios.

3. The Solana ecosystem buyback trend may drive up SOL prices.

Multiple projects within the Solana ecosystem are conducting token buybacks, raising market expectations for an increase in the price of SOL. According to statistics, deBridge is using 100% of its revenue to buy back its own tokens and has repurchased 3% of the circulating supply; Orca is using 20% of its earnings for buybacks; Solend plans to buy back tokens worth 10 million dollars.

Analysts believe that this wave of buybacks will boost the long-term development of the Solana ecosystem and provide actual demand support for the SOL token. Currently, the trading price of SOL is $197.63, with a key resistance level at $280. If the weekly close is above this, it may break through significantly.

However, some analysts are cautious about the effects of buybacks. They point out that the scale of the buybacks is relatively limited, and some projects have yet to disclose specific buyback details and token handling plans, which may limit their impact on SOL prices in the short term. Investors should closely monitor the buyback progress of various projects.

Overall, the buyback trend in the Solana ecosystem reflects the project's confidence in long-term development, providing some support for the SOL token, but the specific degree of impact remains to be observed.

4. ZCash's privacy features are highly sought after, with the price soaring 45% within a week.

In the past week, the price of ZCash(ZEC) surged by 45%, currently trading at $65.2. Analysts believe this is mainly due to the increased demand for its privacy protection features in the cryptocurrency market. Data shows that the protected supply of ZEC has reached 4.5 million, as traders have gained confidence in ZCash's privacy technology.

Technical indicators reflect a bullish momentum following the Federal Reserve meeting. The ZEC price encounters some resistance around $60, but if it can effectively break through this key level, the next target may be $80. However, some analysts also caution that the trading volume of ZEC is relatively low, and investors should operate with caution.

Overall, the privacy protection feature is the main driving force behind the rise in ZEC prices. As regulation becomes increasingly stringent, the demand for privacy assets in the crypto market may continue to grow, bringing more upward potential for ZEC. However, investors should also be aware of liquidity risks.

5. Analyst: The Fed's hawkish statements limit risk appetite, Bitcoin volatility may intensify.

Analyst Axel Adler Jr. stated that Powell's hawkish remarks on December's policy and the rise of 2-year Treasury yields by 7 basis points both indicate that the market does not expect a rapid rate cut in the future. This limits investors' risk appetite, and Bitcoin's volatility may intensify.

He pointed out that although the end of the Federal Reserve's quantitative tightening is a mild positive for risk assets, Powell's cautious remarks have cooled market expectations for a rate cut in December. Against the backdrop of persistently high inflation, the Federal Reserve may not shift to an easing policy too quickly.

Another analyst stated that Bitcoin's current calmness is conditional, and once the Federal Reserve's actions deviate from expectations, this calmness will become fragile. Bitcoin may further retreat to the active investors' actual price around $88,000.

Overall, the mixed hawkish and dovish signals released by the Federal Reserve at this meeting have intensified market uncertainty regarding policy outlook, and the volatility of risk assets such as Bitcoin may continue to increase. Investors need to closely monitor subsequent economic data and statements from the Federal Reserve.

( 6. Hedera Analyst: HBAR is expected to surpass Ethereum and become the next generation blockchain leader.

Analyst Nick believes that when large blockchain networks encounter issues, Hedera's continued efficient operation will gain development opportunities. He pointed out that Ethereum has recently become sluggish due to a failure in Amazon Web Services, while Hedera has maintained stable operation.

Nick expects that Hedera's HBAR token is likely to surpass Ethereum in the coming years and become the leader of the next generation of blockchains. He believes that HBAR's performance advantages, low transaction fees, scalability, and enterprise-level application scenarios will attract more users and developers to join.

However, some analysts are cautious about this. They believe that the Ethereum ecosystem is already very large and difficult to replace in the short term. For HBAR to surpass it, significant progress is needed in areas such as decentralized applications and the developer community.

Overall, Hedera's technological advantages have gained some recognition, but it will take time and more practical applications to become the next generation of blockchain leader. Investors need to comprehensively assess its development prospects.

) 7. Top cryptocurrency presale projects under 1 dollar attract attention

This week, some top cryptocurrency presale projects under $1 have gained widespread attention on Reddit and Telegram, including BlockchainFX, Blazpay, and Tapzi. These projects have attracted a lot of investor interest in their early stages.

Analysts believe that the high level of attention on these low-priced presale projects is mainly due to their potential for high returns. If the projects succeed, investors could see returns multiplied several times.

However, analysts also remind that pre-sale projects carry certain risks. Investors need to conduct a comprehensive evaluation of the project's development prospects, team background, token economic model, etc. Excessive hype may lead to investment losses.

Overall, while low-priced presale projects have certain appeal, investors need to remain rational, weigh the risks and rewards, and make prudent decisions. Only projects with genuine long-term value can ultimately gain market recognition.

8. XRP price forms a symmetrical triangle, analysts optimistic about a breakout target of $4.5

The XRP three-day chart is forming a striking symmetrical triangle pattern, indicating that the price is entering a tightening phase, with volatility contracting before a potential decisive breakout. Trader STEPH IS CRYPTO analyzes that if there is a strong breakout with high volume above $3, the target price for XRP could reach $4.5.

Analysts believe that the recent price rebound of XRP and historical trends show strong indicators, potentially leading to greater gains compared to Ethereum in the future. However, some analysts are more cautious, suggesting that the upside potential for XRP may be nearing its peak.

Overall, the XRP price is expected to break through in the short term, but whether it can truly achieve the target price of $4.5 needs to be observed based on the subsequent trading volume and changes in market sentiment. Investors should remain cautiously optimistic and manage risks well.

9. BlackRock CEO Supports Tokenization: XRP Will Become the Foundation of the New Financial System

Larry Fink, the CEO of BlackRock, stated during a discussion on the development of digital finance that every central bank currency and ETF will be tokenized, and they require a cross-border settlement layer, with XRP being the foundation of this new financial system.

Black Swan capitalist Versan Aljarrah shared Fink's remarks, believing that it confirms the long-held expectations of XRP supporters for a transformation in the global market. He believes that XRP's

3. Project Highlights

1. OpenAI has set a goal to have automated AI research interns by 2026.

OpenAI is a leading artificial intelligence research company, co-founded in 2015 by well-known figures including Elon Musk, dedicated to ensuring that the development of artificial intelligence benefits humanity. The company has made several groundbreaking advancements in the field of artificial intelligence, including the development of large language models such as GPT-3.

OpenAI CEO Sam Altman recently revealed that the company has set an internal goal: to have an automated AI research intern running on hundreds of thousands of GPUs by September 2026; and to achieve a truly automated AI researcher by March 2028. Altman stated that OpenAI may not fully achieve this goal, but given its potential massive impact, maintaining openness and transparency is in the public interest.

This goal reflects OpenAI's pursuit of autonomous research capabilities in artificial intelligence. If achieved, it would mark a new milestone for AI systems in research and innovation. However, Altman also emphasized the importance of ensuring the safety of AI systems. OpenAI's safety policies encompass multiple aspects, including value alignment, goal alignment, reliability, adversarial robustness, and system security.

Industry insiders welcome OpenAI's goals, believing that this will drive the rapid development of artificial intelligence technology. However, some analysts remind us that while pursuing autonomy, it is essential to pay extra attention to the safety and controllability of AI systems to avoid unexpected situations. Overall, OpenAI's goal highlights the company's ambitions in the field of artificial intelligence and will also promote innovation and progress across the entire industry.

2. The first AI agent launch platform of the Sui ecosystem, Surge, reshapes asset launch logic.

Sui is a brand new Layer 1 public chain developed by Mysten Labs, using the Move programming language, and features high scalability and low transaction fees among other advantages. This public chain officially launched in May this year, and its ecosystem is currently developing rapidly.

Recently, a project called Surge has attracted widespread attention within the Sui ecosystem. Surge is positioned as the first AI agent launch platform on Sui, aiming to reshape the logic of asset launches. The core idea of the project is to utilize AI agents to coordinate and execute actual on-chain expenditures, such as participating in token issuance platforms, purchasing new tokens, or completing e-commerce settlement processes, while automatically generating compliant receipts.

The emergence of Surge aligns with the development trend of AI agents in the cryptocurrency field. Technology giants like Google are promoting the standardization of AI agent payment protocols, aiming to gain an advantage as cryptocurrency becomes the “economic language” of AI agents. Surge can be seen as a concrete implementation of this trend within the Sui ecosystem and is expected to become the most promising trigger point on Sui.

The innovation of Surge lies in the combination of AI agents with on-chain payments, enhancing payment efficiency and compliance. Each AI-driven transaction is equipped with timestamp recording and audit readiness features, making it widely applicable in managing financial transaction groups, social automation, and other scenarios.

Industry insiders believe that Surge has built a foundation for AI-native and transparent finance in the cryptocurrency field, which will promote the intelligent and efficient development of on-chain payments. In the future, the Sui ecosystem may become a pioneer in the integration of AI agents and cryptocurrency, leading industry innovation.

3. Solana Ecosystem Buyback Handbook: Analysis of Nine Major Project Buyback Mechanisms and Impacts

As one of the leading Layer 1 public chains, the Solana ecosystem has numerous high-quality projects. Recently, more than ten projects within the Solana ecosystem are conducting token buybacks, which has attracted widespread attention in the market.

According to statistics, there are currently at least 9 projects within the Solana ecosystem that are conducting token buybacks, including deBridge, Solana FM, Hubble Protocol, Marinade, Orca, Parrot Protocol, Solend, Tulip Protocol, and Wormhole. Among them, deBridge is using 100% of its revenue to buy back its own tokens, and so far has repurchased 3% of the token supply.

Different projects have varying buyback mechanisms and handling methods. For example, Solana FM will directly burn the repurchased tokens; Hubble Protocol will distribute the repurchased tokens to the community; Marinade's repurchased tokens will be burned; Orca will inject the repurchased tokens into the liquidity pool; Parrot Protocol's repurchased tokens will be locked; Solend will redistribute the repurchased tokens to the lenders; Tulip Protocol's repurchased tokens will be burned or injected into the liquidity pool; Wormhole's repurchased tokens will be destroyed.

Token buybacks aim to increase token value, enhance investor confidence, and maintain healthy ecological development. From the current situation, the buyback actions within the Solana ecosystem are having a positive impact, helping to boost market confidence and attract more funds into the market.

However, some analysts point out that the scale and intensity of buybacks for certain projects are still insufficient, and the buyback scale needs to be further expanded to truly take effect. At the same time, the final destination of the repurchased tokens is also worth paying attention to, as whether they are destroyed or redistributed will affect the long-term supply of the tokens.

Overall, the buyback actions within the Solana ecosystem demonstrate the project's intention to maintain the ecosystem and protect investors' interests, which will be beneficial for the long-term healthy development of the Solana ecosystem. However, the specific effects still need to be observed further, and both inside and outside the industry will continue to pay attention to the progress of these buyback actions.

4. Ju.com launches the “Ju Selection” section focusing on high-quality projects and early Alpha opportunities.

Ju.com is a leading cryptocurrency exchange that recently launched the “Ju Select” trading zone, aimed at providing users with quality project selection and liquidity aggregation services.

The “Ju Selection” section will filter high-quality projects with long-term value support and explosive potential through multi-dimensional data and research frameworks, creating a systematic and high-win-rate investment opportunity pool for users. This section will integrate on-chain data, AI signals, fundamental research, and community enthusiasm to build a comprehensive evaluation model, selecting assets with robust governance and economic models, and clear growth curves.

At the same time, Ju.com will provide deep liquidity assurance for selected projects through joint market value management and order book optimization, and adopt a “spot + contract” dual-channel strategy, allowing high-quality targets to quickly enter the derivatives market and expand strategic space.

This area will also introduce a layered risk control and transparent information disclosure mechanism to help users manage risks more effectively during the early participation phase. Users can find the “Ju Selected” section under the “Market” - “Spot” column on the Ju.com platform.

Ju.com stated that the launch of the “Ju Selection” section is intended to help users discover truly high-quality projects and seize early Alpha opportunities. This section will continue to be optimized to provide users with more high-quality investment options.

Industry insiders believe that the launch of the “Ju Selected” section will help standardize the project launch process, improve project quality, and promote the long-term healthy development of the industry. It will also intensify competition among exchanges, encouraging them to continuously innovate and improve in areas such as project selection and liquidity support.

5. Vitalik Buterin once again sold the airdropped Meme token CAT, cashing out 14,216 USDC.

Vitalik Buterin is the founder of Ethereum and one of the most prominent figures in the industry. He often receives airdrops of various tokens and chooses to sell some of them.

According to monitoring, Buterin has recently sold the Meme token CAT, which he obtained for free, cashing out 14,216 USDC. Previously, he had also sold airdrop tokens multiple times, which sparked widespread attention and discussion.

On one hand, Buterin's sale of airdrop tokens can be seen as a measure to maintain fairness, avoiding the concentration of too many tokens in individual hands and affecting token distribution. On the other hand, some believe that as an industry leader, he should support more projects instead of frequently selling tokens.

However, from Buterin's actions, it seems that he does not have a positive outlook on the long-term prospects of most airdrop projects, and therefore chose to cash out and leave. This also reflects that there are a large number of speculative Meme token projects in the current market, lacking real practical value.

Industry insiders say that Buterin's move may spark more imitation, accelerating the burst of the Meme token bubble. It also warns project teams that they need to genuinely focus on product practicality, rather than pursuing short-term speculative behavior, in order to gain the recognition and support of important figures within the industry.

In the future, the development prospects of Meme token projects still need further observation. However, it is certain that only projects with practical application scenarios can ultimately survive and achieve long-term development.

6. FLM突破0.025USDT 1小时涨幅超30%

FLM is a cryptocurrency based on the Flare network, and its price has recently seen a significant increase. According to market data, FLM has surpassed 0.025 USDT, with a 1-hour increase of over 30%.

FLM token is the native cryptocurrency of the Flare network, used for paying transaction fees, serving as collateral for staking, and more. The Flare network aims to be a highly scalable distributed system that supports various smart contracts and decentralized applications.

The main reason for the surge in FLM prices is that the Flare network has recently made significant progress. At the end of September, the Flare network officially launched its mainnet, marking the official operation of the network. In addition, Flare has also launched a series of DeFi applications, such as the decentralized exchange Flare, which has injected real use cases for the FLM token.

Analysts believe that the price of FLM may remain high in the short term. As the Flare ecosystem continues to improve, the application scenarios for the FLM token are expected to expand, driving its price upward in the medium to long term. However, investors should still be cautious and pay attention to the volatility risk of the token price.

4. Economic Dynamics

1. The Federal Reserve lowered interest rates by 25 basis points as expected, and Powell sent cautious signals.

The U.S. economy is expected to maintain moderate growth in the first half of 2025, with an annualized GDP growth rate of 2.1% in the third quarter, slightly lower than the previous quarter's 2.3%. The inflation rate fell to 3.8% in August, but it is still above the Federal Reserve's target level of 2%. The labor market remains generally robust, but recent hiring has slowed down.

At the interest rate decision meeting on October 30, the Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 3.75%-4% as expected. This is the fourth interest rate cut by the Federal Reserve this year, aimed at preventing further deterioration of the job market. However, Chairman Powell issued a cautious signal at the press conference, stating that another rate cut in December “is far from a done deal,” which stands in stark contrast to the market's previous high expectations for a cut in December.

Powell emphasized that the Federal Reserve needs to manage the risk of persistently high inflation and has a responsibility to ensure that it does not become a lasting issue. He also pointed out that due to the government shutdown leading to a lack of economic data, the Federal Reserve may need to pause interest rate adjustments. This statement triggered market volatility, and investors' expectations regarding the Federal Reserve's policy direction in December have diverged.

Goldman Sachs Chief Economist Jan Hatzius stated that Powell's remarks reflect internal divisions within the Federal Reserve, making future actions more controversial. He expects the Federal Reserve to conclude the current rate cut cycle in the first half of 2026.

Jeffrey Roach, Chief Economist at LPL Financial, believes that the downside risks within the labor market are likely to ensure that the Federal Reserve continues to cut interest rates in December and throughout next year. However, he also noted that Powell's cautious remarks mean that complacency in financial markets will weaken, and volatility will increase.

2. Trump conveys signals of trade easing during the meeting

Against the backdrop of a slowdown in global economic growth, the trade relationship between the two major economies, the United States and China, has been a focal point of market attention. On October 30, U.S. President Trump held a high-level meeting with Chinese President in Busan.

The outcome of the talks has relieved the market. Both sides have reached a temporary trade agreement lasting one year, in which the United States will reduce tariffs on Chinese imports, while China will also ease export controls on rare earths and critical minerals. This is seen as a positive signal for easing the trade tensions between China and the United States.

After the announcement, US stock futures and Asian stock markets rose in response. The S&P 500 futures rose by as much as 0.7%, and the Korea Composite Stock Price Index closed up by 1.2%. Analysts believe that the easing of trade tensions is expected to boost global economic growth expectations.

Peter Oppenheimer, co-head of Goldman Sachs' Global Investment Research division, said: “While this is just a temporary agreement, it paves the way for reaching a broader agreement in the future. This will help alleviate downward pressure on the global economy.”

However, some analysts have expressed doubts about the content of the agreement. Alan Ruskin, a macro strategist at Deutsche Bank, believes that the agreement lacks specific details and is unlikely to fundamentally resolve the structural differences between China and the United States. He warned that trade tensions could escalate again after the agreement expires.

3. The European Central Bank stands pat, and the economic recovery outlook is unclear.

The Eurozone economy stagnated in 2025. The annualized GDP growth rate in the third quarter was only 0.3%, the lowest since 2021. The inflation rate rose to 3.1% in September, well above the European Central Bank's target of 2%. The labor market showed weakness, with the unemployment rate rising to 7.6% in August.

At the interest rate decision meeting on October 31, the European Central Bank remained steady, deciding to keep the benchmark interest rate at 0.25%. ECB President Lagarde stated that despite the “highly uncertain” economic outlook, the current inflation pressures are mainly due to supply-side factors, and there is no need to raise interest rates at this time.

Lagarde emphasized that the European Central Bank will “remain patient,” closely monitoring economic data and will take action if necessary. However, she did not provide clear guidance on future policy direction, which has intensified market concerns about the eurozone's economic recovery outlook.

David Folkerts, chief eurozone economist at Commerzbank, believes that the European Central Bank's wait-and-see stance is disappointing. He stated: “Inflation rates remain high, and the labor market shows signs of weakness; the European Central Bank should take action to address potential demand shortfalls.”

Goldman Sachs European economist George Zachariades holds a relatively optimistic view. He expects that as supply bottlenecks ease, the inflation rate will drop to around 2% by 2026. At that time, the European Central Bank may begin to gradually raise interest rates.

But he also warned that geopolitical risks could disrupt the economic recovery process in the Eurozone. The conflict between Russia and Ukraine, as well as the possibility of a “hard Brexit” for the UK, are all potential sources of uncertainty.

5. Regulation & Policy

1. The U.S. prosecution argues that the authority to formulate cryptocurrency policy should belong to Congress.

Background: Recently, a case involving a maximum extractable value robot with a case amount of up to 25 million USD, MEV###, is being heard in a US court. This case has sparked widespread discussion on cryptocurrency regulatory policies.

Policy Content: During the trial of this case, the U.S. prosecutor rebutted arguments regarding cryptocurrency policy, asserting that the authority to formulate digital asset policy should belong to Congress rather than being led by the courts. The prosecution believes that the formulation of cryptocurrency regulatory policy needs to comprehensively consider the current state of industry development, technological innovation, and public interest, which requires the participation and decision-making of legislative bodies.

Market Reaction: Industry insiders believe that the prosecutor's stance reflects the U.S. government's cautious attitude towards cryptocurrency regulation. On one hand, the government hopes to leave room for innovation, avoiding excessive regulation that could hinder industry development; on the other hand, there is a need to establish clear rules to maintain market order and protect investors' rights. The outcome of this case may set a precedent for future cryptocurrency-related cases.

Expert Opinion: Cryptocurrency legal expert Joshua Gessler stated that the prosecution's argument reflects the complexity of cryptocurrency regulation. He believes that the rapid development of cryptocurrency technology far exceeds the coverage of existing laws and regulations, necessitating Congress to establish a comprehensive regulatory framework. Meanwhile, the court's rulings in specific cases will also provide references for legislation.

2. German political parties call for Bitcoin to be regarded as a strategic asset, exempt from EU regulation.

Background: The European Union is drafting the Markets in Crypto-Assets Regulation (MiCA), aimed at standardizing regulatory standards for crypto assets across member states. However, the main opposition party in Germany, the Alternative for Germany ###AfD(, has raised objections to this.

Policy Content: The Alternative for Germany party submitted a formal motion to the Bundestag, opposing the excessive regulation of Bitcoin under MiCA. The motion defines Bitcoin as a “decentralized, unmanipulable, and limited unique asset class”, advocating for its recognition as a strategic asset, exempt from the stringent regulations of MiCA.

Market Reaction: The proposal has sparked widespread discussion across Germany and even the EU. Supporters argue that Bitcoin, as the pioneer of cryptocurrencies, possesses unique attributes and status, and should not be equated with other crypto assets. Opponents, however, worry that overly lenient regulation will increase risks for investors.

Expert Opinion: German fintech expert Andreas Antonopoulos stated that Bitcoin, as a new type of asset, indeed requires a regulatory approach that differs from traditional assets. He suggested that we can draw on the regulatory experiences of precious metals like gold, ensuring transparency while providing appropriate room for freedom.

) 3. The Hong Kong Securities and Futures Commission plans to provide guidelines for listed companies holding cryptocurrencies.

Background: In recent years, some Hong Kong-listed companies have begun to use cryptocurrencies as cash management tools or core businesses, drawing the attention of regulators.

Policy Content: The Chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, stated that the Securities and Futures Commission will study whether guidelines are needed for listed companies participating in digital asset treasury DAT. At the same time, the Commission will also strengthen the regulation of such companies to prevent speculation and risk spread.

Market Reaction: Market participants have mixed reactions to the statements made by the Securities and Futures Commission. Supporters believe that clear regulatory guidance is beneficial for standardizing market order and protecting investors' rights; opponents are concerned that excessive regulation may stifle innovation and impact Hong Kong's status as a fintech hub.

Expert Opinion: Professor Chen Shouxin, Director of the FinTech Lab at the Chinese University of Hong Kong, believes that the measures taken by the Securities and Futures Commission meet practical needs. He stated that cryptocurrencies, as a new type of asset, have significant price volatility. If listed companies hold a large amount, it may adversely affect their stock prices, thus requiring guidance and regulation from the regulatory authorities.