Gate Daily (December 17): Putin's government refuses to recognize Bitcoin as currency; U.S. senator calls for investigation into Trump's relationship with PancakeSwap

Bitcoin (BTC) slightly rebounds and rises back, currently around $87,680 as of December 17. Non-farm payrolls show job gains better than expected on the surface, but the unemployment rate rises, triggering volatility in the US stock and cryptocurrency markets. The Chairman of Russia’s State Duma Financial Market Committee stated that cryptocurrencies will never become currency in Russia, only serving as investment tools. US Senator Warren calls for an investigation into crypto projects related to Trump.

Macro Events & Hot Topics in the Crypto Circle

1. Anatoly Aksakov, Chairman of Russia’s State Duma Financial Market Committee, said that legislators support the central bank’s opposition to using cryptocurrencies for payments between individuals and companies. Aksakov stated: “We must understand that cryptocurrencies will never become currency in Russia; they can only be used as investment tools. When payments are needed, only rubles should be used.”

While making these remarks, despite the central bank’s resistance, the government is preparing to regulate the industry given the rising adoption of cryptocurrencies domestically. The central bank has repeatedly called for a complete ban on cryptocurrencies, while the Ministry of Finance favors regulating exchanges and taxing traders’ profits. Both sides are unwilling to compromise, proposing competing bills to ban or legalize crypto-related industries. These bills ultimately failed, and after four years of deadlock, they stalled in the national Duma committee.

2. US Senator Elizabeth Warren requests a national security investigation into a segment of the crypto sector, specifically expressing concerns about decentralized exchange PancakeSwap. She claims the exchange attempts to inflate tokens related to World Liberty Financial (WLFI), associated with President Trump.

In a letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi on Monday, Warren stated that the exchange operates on multiple blockchains and is a major protocol on Binance Smart Chain. She urges them to investigate whether it is linked to “any improper political influence exerted by the Trump administration on law enforcement decisions,” echoing a similar request she made last month regarding WLFI.

3. The US Bureau of Labor Statistics (BLS) released data showing that non-farm employment increased by 64,000 in November, beating market expectations of 45,000, indicating a rebound after a sharp decline in October. However, non-farm employment for October was confirmed to have decreased by 105,000, and the unemployment rate rose to 4.6%, higher than the expected 4.5%, reaching a four-year high.

News Highlights

1. Blocto Wallet announced it will cease operations after five years of ongoing losses.

2. Alameda’s former CEO Caroline Ellison was released from prison in October and transferred to community supervision.

3. Rainbow Tokenomics: 15% airdrop at TGE, total supply of 1 billion tokens.

4. The Bank of Canada announced standards for “high-quality” stablecoins.

5. Major Wall Street firms have sold over $530 million worth of notes linked to BlackRock Bitcoin ETF.

6. K33 analyst: Bitcoin’s Q4 performance significantly underperformed the stock market, possibly indicating a positive trend in January.

7. US Senator Warren requests an investigation into Trump-related crypto projects.

8. Huang Licheng deposited 1.2 million USDC into Hyperliquid and reopened a long ETH position.

9. The Marshall Islands launched the world’s first blockchain-based universal basic income plan on the Stellar network.

10. Suspected Bitmine received 48,049 ETH from FalconX, worth approximately $142 million.

11. JD.com’s digital collectibles platform “Lingxi” announced the launch of a gift transfer feature.

12. AAVE token holders propose the DAO adopt a “poison pill” plan to acquire Aave Labs, escalating revenue sharing disputes.

Market Trends

1. Latest Bitcoin news: $BTC slightly rebounds, currently around $87,680. Over the past 24 hours, liquidations reached $61 million, mainly short positions.

2. US stock markets closed on December 16 with mixed results. The Nasdaq rose against the trend, but the S&P 500 and Dow Jones Industrial Average declined. The Dow fell 302.30 points, down 0.6%, closing at 48,114.26; the S&P 500 dropped 16.25 points, down 0.2%, closing at 6,800.26, marking three consecutive days of decline; the Nasdaq rose 54.05 points, up 0.2%, closing at 23,111.46. The Philadelphia Semiconductor Index fell 0.5%.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $87,551.10 USDT, if the price drops to around $86,363, total long liquidations exceed $257 million; if it rises to around $88,117, total short liquidations exceed $135 million. Short liquidations are significantly lower than longs, suggesting traders should reasonably control leverage to avoid large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, spot inflow of $1.86 billion and outflow of $1.91 billion, net outflow of $0.05 billion.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $PIPPIN, $BEAT, $PTB, $BCH, $ADA have led net outflows, presenting trading opportunities.

Selected Opinions from X KOL

Phyrex Ni (@Phyrex_Ni): “The current market stability is decent. Although the latest non-farm data shows rising unemployment, the market doesn’t see this as a sign of recession. Instead, it hopes that higher unemployment could stimulate the Fed to cut interest rates more. So far, US stocks have responded well, and Bitcoin’s price has slightly recovered. Some friends are asking about Japan’s rate hike on Friday. The market has already anticipated this, almost certain Japan will hike rates. The reaction should be minimal, and the 0.75% rate hike isn’t very high. The market worries about continued rate hikes later.”

“Looking at Bitcoin data, the expected has arrived. Turnover rates are surging, remaining high on workdays for a long time. This indicates significant pressure on short-term investors. Higher short-term turnover makes it harder for the market to push prices higher. However, from the chip structure, earlier investors are still rational. Even those at a loss at high levels haven’t moved much, as if gradually rebuilding the bottom. It seems unlikely that Bitcoin will break below $80,000 easily. This has happened a few times before. Let’s wait and see.”

Today’s Outlook

1. UK November Consumer Price Index (annual rate), previous 3.6%

2. UK November Unadjusted Producer Output Price Index (annual rate), previous 3.6%

3. UK November Unadjusted Producer Input Price Index (annual rate), previous 0.5%

4. Germany December IFO Business Climate Index, previous 88.1

5. Eurozone November Consumer Price Index Final (monthly rate), previous -0.3%

6. Eurozone November Consumer Price Index Final (annual rate), previous 2.2%

7. US Last Week EIA Crude Oil Inventory Change (ten thousand barrels), previous -181.2

8. NY Fed President Williams to give opening remarks at the 2025 Forex Market Structure Conference hosted by the NY Fed