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$BTC Trump Media & Technology Group (TMTG) recently announced plans to raise $2.5 billion through private financing to build an enterprise-level Bitcoin treasury, aimed at enhancing financial stability and serving as a long-term store of value. The plan includes issuing $1.5 billion in common stock and $1 billion in convertible bonds, with Crypto.com and Anchorage Digital responsible for custody. This move is seen as emulating MicroStrategy's Bitcoin reserve strategy, designed to appeal to the crypto community and boost the company's valuation. Previously, the Trump administration signed an executive order to include 200,000 seized Bitcoins (approximately $18 billion) in the national strategic reserve, prohibiting their sale and exploring budget-neutral accumulation methods. This series of measures reinforces Bitcoin's 'digital gold' attribute while also sparking market controversy over conflicts of interest between public and private interests.

#特朗普比特币金库 Trump Media & Technology Group (TMTG) recently announced plans to raise $2.5 billion through private financing to establish an enterprise-level Bitcoin treasury, aimed at enhancing financial stability and serving as a long-term store of value. The plan includes issuing $1.5 billion in common stock and $1 billion in convertible bonds, to be custodied by Crypto.com and Anchorage Digital. This move is seen as emulating MicroStrategy's Bitcoin reserve strategy, intended to cater to the crypto community and elevate the company's valuation. Previously, the Trump administration had signed an executive order to incorporate 200,000 confiscated Bitcoins (approximately $18 billion) into the national strategic reserve, prohibiting their sale and exploring budget-neutral accumulation methods. This series of initiatives reinforces Bitcoin's 'digital gold' attribute while sparking market controversy over public-private conflicts of interest.

#卡尔达诺稳定币提案 卡尔达诺稳定币提案是指卡尔达诺创始人Charles Hoskinson提议将国库中价值1亿美元的ADA转换为卡尔达诺原生支持的稳定币USDM。这一提案具有多方面意义：
增强生态系统流动性：稳定币是DeFi发展的重要基础，提案旨在提升卡尔达诺网络中稳定币的流动性，有助于促进生态系统内的交易、做市等活动，提高网络的总锁定价值（TVL），推动去中心化金融业务发展。
创造经济收益与资金循环：该提案包含自给自足的经济模型，预计可实现5%-10%的年化收益。收益将用于从公开市场购买ADA并返还至国库，有助于减少流通中的ADA数量，扩大国库规模，为生态系统提供持续支持，形成资金的良性循环。

On October 17, 2023, Charles Hoskinson, the founder of Cardano, recently proposed a plan to convert 140 million ADA (approximately 100 million USD) from the Cardano treasury into USDM stablecoins to enhance the liquidity of the ecosystem and promote DeFi development. Hoskinson emphasized that the conversion would be executed through over-the-counter trading and a time-weighted average price strategy to avoid market impact, and it is expected to yield an annualized return of 5%-10%, with some of the profits being used to repurchase ADA. However, some community members are concerned that the large-scale conversion could trigger market volatility and suggest adopting a collateralized stablecoin solution instead of directly selling ADA. The proposal is still under discussion, and if approved, it could attract more institutional investors to participate in the Cardano ecosystem.

$ADA 卡尔达诺创始人查尔斯·霍斯金森近期提出一项提案，计划将1.4亿ADA（约1亿美元）从卡尔达诺财政库转换为USDM稳定币，以增强生态系统的流动性并推动DeFi发展。霍斯金森强调，该转换将通过场外交易和时间加权平均价格策略执行，以避免市场冲击，并预计可带来5%-10%的年化收益，部分收益将用于回购ADA。然而，部分社区成员担忧大规模转换可能引发市场波动，建议采用抵押型稳定币方案替代直接抛售ADA。该提案仍在讨论中，若通过，可能吸引更多机构投资者参与卡尔达诺生态。

#卡尔达诺稳定币提案 Cardano founder Charles Hoskinson recently proposed a plan to convert 140 million ADA (approximately 100 million USD) from the Cardano treasury into USDM stablecoin, aiming to enhance the ecosystem's liquidity and promote DeFi development. Hoskinson emphasized that the conversion will be executed through over-the-counter trading and time-weighted average price strategies to avoid market impact, and is expected to yield an annual return of 5%-10%, with a portion of the profits used to buy back ADA. However, some community members are concerned that a large-scale conversion could trigger market volatility and suggest using a collateralized stablecoin solution instead of directly selling ADA. The proposal is still under discussion, and if approved, could attract more institutional investors to participate in the Cardano ecosystem.

$BTC **以色列伊朗冲突冲击币圈，市场恐慌加剧**

以色列与伊朗的军事冲突引发加密货币市场暴跌，比特币跌破10.3万美元，以太坊跌至2500美元，24小时爆仓超10亿美元。投资者转向黄金、原油等避险资产，美元走强进一步压制币价。高杠杆交易加剧波动，机构资金持续撤离。短期市场或继续震荡，但长期仍看好加密货币基本面。若局势缓和，币价可能快速反弹，需关注关键支撑位及地缘政治动向。

#以色列伊朗冲突 **以色列伊朗冲突冲击币圈，市场恐慌加剧**

以色列与伊朗的军事冲突引发加密货币市场暴跌，比特币跌破10.3万美元，以太坊跌至2500美元，24小时爆仓超10亿美元。投资者转向黄金、原油等避险资产，美元走强进一步压制币价。高杠杆交易加剧波动，机构资金持续撤离。短期市场或继续震荡，但长期仍看好加密货币基本面。若局势缓和，币价可能快速反弹，需关注关键支撑位及地缘政治动向。

The recent tariff policies imposed by the United States on $BTC have sparked widespread controversy, particularly regarding the increase in tariffs on countries such as China, Canada, and Mexico, which has intensified global trade tensions. The U.S. claims that this move aims to protect domestic industries and curb the influx of illegal drugs like fentanyl, but critics argue that it is more about political manipulation, shifting focus away from domestic governance failures. The increased tariffs have raised the prices of imported goods in the U.S., with approximately 80% of the costs borne by consumers, exacerbating inflation pressures. Meanwhile, multiple countries have taken retaliatory measures, such as China imposing tariffs on U.S. agricultural products and Canada imposing retaliatory tariffs on U.S. goods, further impacting global supply chains. Economists warn that this policy could hinder economic growth in the U.S. and globally, potentially leading to a recession.

The recent tariff policy imposed by the United States, with a particular focus on increases against countries such as China, Canada, and Mexico, has sparked widespread controversy, exacerbating global trade tensions. The U.S. claims that this move is intended to protect domestic industries and curb the influx of illegal drugs like fentanyl, but critics argue that this is more about political manipulation, diverting attention from domestic governance failures. The increase in tariffs has driven up the prices of imported goods in the U.S., with approximately 80% of the costs borne by consumers, further intensifying inflationary pressures. At the same time, multiple countries have taken countermeasures, such as China imposing tariffs on U.S. agricultural products and Canada levying retaliatory tariffs on U.S. goods, further impacting global supply chains. Economists warn that this policy could hinder economic growth in the U.S. and globally, potentially even leading to a recession.

$ETH **Encrypted Roundtable Discussion: Exploring Privacy and Security in the Digital Age**

In the wave of digitization, encryption technology has become a core tool for protecting privacy and security. Recently, a roundtable discussion on encryption technology gathered industry experts to discuss end-to-end encryption, blockchain security, and the challenges posed by quantum computing. Participants emphasized that encryption is not just a technical issue, but also relates to human rights and freedom. Although there is tension between government regulation and privacy protection, the consensus is: strengthening encryption standards and promoting open-source collaboration are essential for building a safer digital future. This discussion provided valuable insights for balancing innovation and security and called on the public to value data autonomy.

#加密圆桌讨论 **Encrypted Roundtable Discussion: Exploring Privacy and Security in the Digital Age**

In the wave of digitization, encryption technology has become a core tool for protecting privacy and security. Recently, a roundtable discussion on encryption technology gathered industry experts to explore end-to-end encryption, blockchain security, and the challenges posed by quantum computing. Participants emphasized that encryption is not just a technical issue, but also relates to human rights and freedom. Although there is tension between government regulation and privacy protection, the consensus is that strengthening encryption standards and promoting open-source collaboration are essential to building a safer digital future. This discussion provided valuable insights for balancing innovation and security, and also called for public attention to data autonomy.

$ETH Nasdaq recently submitted an application to the U.S. Securities and Exchange Commission (SEC) to include XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM) in its cryptocurrency index (NCI) to expand the coverage of the Hashdex Nasdaq Cryptocurrency Index U.S. ETF (NCIQ). If approved, this ETF will shift from tracking only Bitcoin (BTC) and Ethereum (ETH) to including 9 major cryptocurrencies, providing a broader exposure to digital assets. The SEC is expected to make a decision by November 2, 2025. Market analysis suggests that this move could drive institutional funds into the altcoin market, enhance liquidity, and further promote the integration of cryptocurrencies with traditional finance.

#纳斯达克加密ETF扩容 Nasdaq recently submitted an application to the U.S. Securities and Exchange Commission (SEC) to include XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM) in its cryptocurrency index (NCI) to expand the coverage of the Hashdex Nasdaq Cryptocurrency Index U.S. ETF (NCIQ). If approved, this ETF will shift from tracking only Bitcoin (BTC) and Ethereum (ETH) to including 9 major cryptocurrencies, providing broader exposure to digital assets. The SEC is expected to make a decision by November 2, 2025. Market analysts believe this move could drive institutional capital into the altcoin market, enhance liquidity, and further promote the integration of cryptocurrencies with traditional finance.

On November 2, 2025, NASDAQ recently submitted an application to the U.S. Securities and Exchange Commission (SEC) to include XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM) in its cryptocurrency index (NCI) to expand the coverage of the Hashdex NASDAQ Cryptocurrency Index U.S. ETF (NCIQ). If approved, the ETF will shift from tracking only Bitcoin (BTC) and Ethereum (ETH) to include nine mainstream cryptocurrencies, providing broader exposure to digital assets. Market analysis suggests that this move could drive institutional capital into the altcoin market, enhance liquidity, and further promote the integration of cryptocurrencies with traditional finance.

The current progress of the China-U.S. trade negotiations may have indirect but far-reaching effects on the B circle (blockchain and cryptocurrency industry). On one hand, if the negotiations make breakthroughs and tariff barriers are lowered, it may promote China-U.S. technology cooperation, including cross-border applications and investment flows in blockchain technology. On the other hand, if the negotiations reach a stalemate, the U.S. may tighten technology export controls further, affecting Chinese blockchain companies' supply chains in key areas such as chips and cloud computing. Additionally, China's countermeasures on key resources like rare earths may impact the global high-tech industry, including the manufacturing of cryptocurrency mining equipment. Therefore, investors in the B circle need to closely monitor the dynamics of the negotiations, especially the terms related to technology restrictions and financial policies, to respond to potential market fluctuations.

The current progress of China-US trade negotiations may have indirect but far-reaching effects on Circle B (the blockchain and cryptocurrency industry). On one hand, if the negotiations achieve breakthroughs and tariff barriers are lowered, it could promote China-US technological cooperation, including the cross-border application and investment flow of blockchain technology. On the other hand, if the negotiations reach a stalemate, the US may further tighten technology export controls, affecting Chinese blockchain companies in key areas such as chips and cloud computing supply chains. In addition, China's countermeasures on key resources like rare earths may impact the global high-tech industry, including the manufacturing of cryptocurrency mining equipment. Therefore, investors in Circle B need to closely monitor the dynamics of the negotiations, especially the terms related to technology restrictions and financial policies, to respond to potential market fluctuations.

In recent years, South Korea has experienced a transition from strict regulation to gradual relaxation in cryptocurrency policy. In July 2024, the 'Virtual Asset User Protection Act' will come into effect, strengthening penalties for market manipulation and insider trading, and requiring exchanges to ensure the security of user assets. Starting in June 2025, South Korea will waive cryptocurrency trading fees for non-profit organizations and exchanges to promote transparent donations and compliant trading. At the same time, following the presidential election in 2025, policies may be further relaxed, including allowing spot ETFs, legalizing stablecoins, and gradually opening up participation for institutional investors. These measures aim to balance innovation and regulation, promoting South Korea as a global blockchain hub.

In recent years, South Korea has undergone a shift in cryptocurrency policy from strict regulation to gradual easing. In July 2024, the "Virtual Asset User Protection Act" will take effect, strengthening penalties for market manipulation and insider trading, and requiring exchanges to ensure the security of user assets. Starting in June 2025, South Korea will exempt non-profit organizations and exchanges from cryptocurrency trading fees to promote transparent donations and compliant trading. At the same time, after the presidential election in 2025, policies may be further relaxed, including allowing spot ETFs, legalizing stablecoins, and gradually opening up participation to institutional investors. These measures aim to balance innovation and regulation, positioning South Korea as a global blockchain center.

In recent years, South Korea has experienced a shift in cryptocurrency policy from strict regulation to gradual relaxation. In July 2024, the "Virtual Asset User Protection Act" will come into effect, strengthening penalties for market manipulation and insider trading, and requiring exchanges to ensure the safety of user assets. Starting in June 2025, South Korea will exempt non-profit organizations and exchanges from cryptocurrency trading fees to promote transparent donations and compliant trading. Meanwhile, after the presidential election in 2025, policies may be further relaxed, including the allowance of spot ETFs, legalization of stablecoins, and gradual opening for institutional investor participation. These measures aim to balance innovation and regulation, promoting South Korea to become a global blockchain hub.