Gate Daily (October 24): Trump pardons Binance founder CZ; Revolut obtains MiCA license; Bitcoin miners' debt surges by 500%

Bitcoin (BTC) has made a strong rebound, currently reported at around $110,500 on October 24. Binance confirmed that its founder CZ has received a pardon from President Trump. Revolut has obtained a MiCA license in Cyprus and will launch encryption services across Europe. Bitcoin miner debt surged by 500%, and miners are intensifying the hashrate competition.

Macro Events & Coin Circle Hot Spots

1. The Wall Street Journal reported on October 23, citing informed sources, that after months of lobbying and appeals from Binance and its former CEO, U.S. President Donald Trump pardoned the convicted founder of Binance, CZ. Informed sources stated that President Trump has signed the pardon, but the White House website and the Federal Register (where presidential pardons are usually published) have not released any official details. This information was later confirmed by Binance. In November 2023, CZ admitted to a charge of failing to implement adequate anti-money laundering (AML) programs at Binance, in violation of the Bank Secrecy Act. As part of the plea, CZ agreed to resign from his position at Binance. In April 2024, CZ was sentenced to four months in prison in the U.S. He was subsequently released in September.

2. Revolut has obtained a MiCA license from CySEC, allowing it to offer regulated encryption services across all 30 markets in the European Economic Area (EEA). The company stated that this move will drive Revolut's expansion in the encryption market, as the fintech firm prepares to launch its next-generation “Encryption 2.0” platform. Costas Michael, CEO of Revolut Digital Assets Europe, stated: “This authorization enables us to deliver groundbreaking encryption products with higher transparency and trust to our growing customer base, while further reaffirming our commitment to encryption as an asset class.”

3. Investment giant VanEck stated that in order to meet the demand for artificial intelligence and Bitcoin production, the debt of Bitcoin miners has increased from $2.1 billion to $12.7 billion in just 12 months. VanEck analysts Nathan Frankovitz and Matthew Sigel mentioned in the October Bitcoin ChainCheck report released on Wednesday that if miners do not continue to invest in the latest machines, their share in the global hashrate will decline, leading to a reduction in the daily share of Bitcoin earned. “We refer to this dynamic as the 'ice cube melting problem.' Historically, mining companies have relied on the stock market rather than debt to finance these high capital expenditure costs,” they said.

News Update

1. The 223rd Ethereum ACDE meeting: Glamsterdam proposal deadline is October 30, and the Fusaka mainnet is scheduled for December 3.

2. The Satoshi Nakamoto-era wallet that has been dormant for 14.4 years has awakened and transferred out 150 BTC, approximately 16.56 million USD.

3. Solmate's stock price soared by 50%, and it will establish the first Solana validation node center in the Middle East and initiate an aggressive acquisition strategy.

4. Clanker joins the Farcaster ecosystem, activating the CLANKER buyback and deflation mechanism.

5. Spark transfers 100 million USD stablecoin reserves to the Superstate encryption arbitrage fund.

6. OpenAI acquires the macOS natural language interface product Sky.

7. In Q3, the merger and acquisition transaction volume in the encryption industry surpassed 10 billion USD, soaring over 30 times compared to a year ago.

8. Three addresses related to the TRUMP team received an airdrop of MET worth 4.2 million USD.

9. “The Wall Street Journal”: U.S. President Trump pardoned the convicted Binance founder CZ.

10. Fireblocks acquires Dynamic, expanding the on-chain developer stack.

Market Trend

1. Latest news on Bitcoin: $BTC strong rebound, currently reported at around 110,500 USD, with liquidation of 61.57 million USD in the past 24 hours, mainly from short positions;

2. As investors assess the prospects of US-China trade and the latest batch of mixed corporate earnings reports, major global stock markets mostly rose on October 24, with all four major indices on Wall Street closing higher. The Dow Jones Industrial Average rose by 144.20 points or 0.31%, closing at 46734.61 points. The S&P 500 index gained 39.04 points or 0.58%, closing at 6738.44 points. The Nasdaq index increased by 201.40 points or 0.89%, closing at 22941.80 points. The Philadelphia Semiconductor Index surged by 169.82 points or 2.54%, closing at 6847.39 points.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 110,498.60 USDT, if it drops to around 108,859 USD, the total liquidation amount of long positions exceeds 98 million USD; if it rises to around 112,177 USD, the total liquidation amount of short positions exceeds 210 million USD. The liquidation amount for shorts is significantly higher than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 2.5 billion dollars, outflow was 2.41 billion dollars, with a net inflow of 90 million dollars.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $SOL, $XPIN, $COAI, $RIVER, and $EVAA have seen net outflows, indicating trading opportunities.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “Today's tasks are much easier to write, the market sentiment is beginning to stabilize, mainly for two reasons. One is that the highest leaders of China and the US will meet in Malaysia on October 30, and the outcome of the meeting will directly affect the tariffs on November 1, which will likely be TACO. The weekly report has also analyzed this; although everyone is just talking big, high tariffs are very expensive for both China and the US, especially for some troublesome areas. The other matter is that Trump has pardoned CZ, and we discussed this issue earlier today. The biggest advantage for CZ might be the ability to re-enter Binance's operations legally and compliantly. Although this doesn't have much to do with the market, it is evident that the US government is still willing to continue retreating in terms of cryptocurrency. Of course, the Trump family making money happily in this market is also one reason for this.”

“The key events for next week are also very clear, starting with the Federal Reserve's interest rate meeting and Powell's speech in the early morning of the 30th, followed by the unknown timing of the China-U.S. talks on the 30th. The core PCE data on the 31st doesn't seem important anymore, and next week both parties should also discuss the issue of resuming the shutdown.”

“Looking back at the data of Bitcoin, the turnover rate has started to decrease, and the extent of the decrease is quite significant, indicating that the panic among some investors is subsiding. With the rebound in BTC prices, the sentiment of loss-making investors is gradually improving. Recently, the main ones leaving the market are short-term investors who bought in at the bottom these past few days. The CPI data released on Thursday night is gradually improving, but it should still have an impact on the market. This time, the CPI expectation is for an increase, but it should be interpreted as a one-time increase due to tariffs, which will not have a significant impact on the Fed's interest rate cuts in October. However, partners must be prepared for the possibility of increased volatility.”

Today's Outlook

1. UK September seasonally adjusted retail sales (month-on-month), previous value was 0.5%.

2. France's October Manufacturing Purchasing Managers' Index preliminary value, previous value was 48.2

3. Germany's October Manufacturing Purchasing Managers' Index preliminary value, previous value was 49.5

4. Eurozone October Manufacturing Purchasing Managers' Index preliminary value, previous value was 49.8

5. UK October Manufacturing Purchasing Managers Index (Preliminary), Previous Value: 46.2

6. The seasonally unadjusted Consumer Price Index (CPI) for September in the United States (annual rate) was 2.9% previously.

7. The seasonally adjusted core consumer price index (year-on-year) for the United States in September is 3.1%, previous value.

8, U.S. new home sales (annualized monthly rate) for September, previous value was 20.5%

9. The final value of the University of Michigan Consumer Confidence Index for the United States in October is 55.0.