币界网11月18日消息，美联储副主席杰斐逊近日就数字资产发表重要讲话，明确表示美联储既不鼓励也 不阻止加密货币的使用，并将创新交由私营部门主导。他特别强调，只要美联储政策与企业和家庭需求 保持同步，加密货币和其他创新不会影响美联储的货币政策能力。 这一表态被业内视为美联储对数字资产领域采取中立立场的重要信号。在监管环境逐渐明晰的背景下， XBIT等去中心化交易平台有望在更加明确的市场环境中获得发展机遇。杰斐逊的发言凸显了美联储对 金融创新的包容态度，同时也为加密货币市场的长期发展提供了政策层面的确定性。 政策解读：美联储的"中性立场"深意 美联储此次表态的核心在于确立了对加密货币创新的"中性立场"。这种立场并非消极观望，而是一种基 于对美国金融体系深刻理解的战略选择。通过将创新主导权交给市场，美联储既避免了过度干预可能对 创新造成的压制，又确保了金融系统的整体稳定。 美联储的立场实际上为数字资产创新划定了清晰的边界，在确保银行体系安全稳健的前提下，私营部门 可以自由探索区块链技术和加密货币的应用潜力。这种政策环境为像XBIT去中心化交易所这样的创新 平台提供了宝贵的发展空间。 去中心化交易的机遇与挑战 全球监 ...

Core Insights - In October, the total trading volume of perpetual decentralized exchanges (perp DEX) reached a record high of $1.2 trillion, doubling from the previous month, primarily driven by incentive programs and a large-scale liquidation event on October 10 [1] Group 1: Market Performance - Lighter, Aster, EdgeX, Pacifica, and ApeX all set monthly trading records, with Lighter's market share rising to 27%, becoming the market leader [1] - Hyperliquid's market share declined to 10%, down from 33%, indicating a significant contraction [1]

Core Insights - Hyperliquid, a decentralized exchange with around 11 employees and no external investors, has rapidly emerged as a major player in the cryptocurrency market, achieving a daily trading volume exceeding $13 billion and an annualized revenue of over $1 billion [1][2] - The platform's unique model and significant market impact have made it a focal point of controversy within the crypto space, especially following its handling of over $10 billion in forced liquidation trades during a recent market downturn [1][6] - Hyperliquid's founder, Jeff Yan, has built the platform without traditional venture capital backing, opting instead for a self-sustaining model through the issuance of its HYPE token, which has seen its price surge from $3.90 to $38 since its launch [4][5] Company Overview - Hyperliquid was founded by Jeff Yan, a Harvard graduate with a strong technical background, who aims to create a decentralized platform where users can self-custody their assets [3] - The platform operates without a board of directors, allowing Yan to focus solely on its mission without external pressures [3] Token Economics - Hyperliquid has rejected traditional venture capital funding, instead issuing its HYPE token, which constitutes 31% of its total supply, distributed to users based on their trading volume [4] - The HYPE token has become one of the most successful token launches in history, with a market capitalization of approximately $10 billion [5] Market Dynamics - The platform's appeal lies in its provision of anonymity and high leverage, primarily through perpetual contracts, which are not available on compliant platforms in the U.S. [6] - Hyperliquid's operations in a largely unregulated environment raise concerns about user recourse, especially highlighted during significant market events [6] Future Aspirations - Jeff Yan envisions Hyperliquid as a "universal exchange" that will accommodate a wide range of financial products beyond cryptocurrencies, including traditional stocks and indices [7] - Recent developments indicate that Hyperliquid is beginning to attract interest from traditional financial markets, with new products being launched on the platform [7]

Core Insights - Hyperliquid, a decentralized exchange with around 11 employees, has rapidly emerged as a major player in the cryptocurrency market, achieving a daily trading volume exceeding $13 billion and an annualized revenue of over $1 billion [1][2] - The platform has gained attention due to its handling of over $10 billion in forced liquidation trades during a recent market downturn, raising concerns about potential insider trading linked to its anonymous trading features [1][5] Company Overview - Founded by Jeff Yan, a Harvard graduate with a strong technical background, Hyperliquid operates without a board of directors or external investors, allowing for a focused mission [3] - The platform has rejected traditional venture capital funding, instead opting to self-fund through the issuance of its HYPE token, which has seen its price surge from $3.90 to $38, resulting in a market capitalization of approximately $10 billion [4] Trading Features - Hyperliquid's appeal lies in its provision of anonymity and high leverage, primarily through perpetual contracts, which are not available on compliant platforms in the U.S. [5] - The platform's lack of user identity verification has attracted traders seeking anonymous trading options, contributing to its rapid growth [5] Market Impact - The recent market volatility, exacerbated by high leverage trading, led to the largest liquidation event in the cryptocurrency sector, totaling at least $19 billion, with Hyperliquid accounting for over $10 billion of that amount [5] - The platform's unregulated status limits users' recourse options, raising concerns about the risks associated with its trading environment [5] Future Aspirations - Jeff Yan envisions Hyperliquid as a comprehensive trading platform that could eventually support a wide range of financial products beyond cryptocurrencies, including stocks and private equity [6] - The platform has already begun to attract interest from traditional financial markets, indicating a potential expansion of its offerings [6]

Core Viewpoint - MyStonks has announced a brand upgrade to msx.com, marking its transition towards a global financial technology platform, emphasizing user-centric innovation and enhanced digital financial services [1][6]. Company Development and Strengths - Since its launch in March 2025, MyStonks has become a leading platform in decentralized trading of US stock tokens, supporting over 200 tokenized assets and surpassing 50,000 users, with daily trading volumes reaching up to $200 million [2]. - The platform has established a secure, compliant, and efficient on-chain asset trading ecosystem, positioning itself as an industry innovation benchmark [2]. - MyStonks offers spot trading of US stock tokens and perpetual contracts with leverage up to 20 times, catering to various risk preferences [2]. Strategic Partnerships - Within six months of its launch, MyStonks formed strategic partnerships with several leading institutions, including a deep collaboration with Fidelity for independent custody of all on-chain US stock assets [3]. - Collaborations with platforms like BSC, OKX Wallet, and others enhance the ecosystem through support in areas such as public chain integration, asset management, and market data services [3]. Compliance and Security - MyStonks obtained a Money Services Business (MSB) license from the US FinCEN and completed SEC registration for security token offerings (STO), becoming one of the few RWA platforms recognized by strict regulations [4]. - The platform is actively pursuing compliance licenses in major markets, including the EU, UK, Singapore, Hong Kong, and Dubai [4]. - A comprehensive security audit by CertiK was completed in September 2025, ensuring the safety of smart contracts and core architecture [4]. Technological Innovations - MyStonks has implemented multi-chain bridge technology, allowing seamless asset transfer across Solana, Ethereum, Tron, and BNB, enhancing user asset choices and liquidity [4]. - The platform employs Merkle Tree technology for on-chain asset proof, ensuring data integrity and transaction transparency [4]. User Governance and Community Engagement - MyStonks adopts a DAO governance model, encouraging community participation in decision-making and asset selection, fostering a sense of belonging among users [4]. - The platform has designed multi-layer incentive mechanisms to stimulate ecosystem vitality and ensure long-term user engagement [4]. Brand Upgrade and User Experience - The brand upgrade to msx.com features a minimalist black-and-white design with vibrant green accents, reflecting the platform's commitment to innovation and user experience [6][8]. - Enhanced navigation and user interface improvements aim to streamline user interactions and facilitate easier access to trading functionalities [11][13]. - A new user onboarding module simplifies the trading process, aiming to improve user retention and conversion rates [11]. Future Outlook - MyStonks aims to continue prioritizing user experience and technological innovation, aspiring to be a bridge between real-world assets and blockchain finance, leading the digital finance industry into a new development phase [14].

Market Dynamics - The cryptocurrency market is experiencing a divergence in strategies, with a notable shift of funds between ETH and altcoins, indicating a rebalancing of market capital [1] - The performance of altcoins is heavily influenced by Bitcoin's movements, as traders believe that significant fluctuations in altcoins require Bitcoin to break upward [2][3] - The current macroeconomic policies of the US, particularly the Federal Reserve's stance, are critical in shaping the trends of altcoins, with expectations of interest rate cuts potentially benefiting altcoin performance [3] Institutional Movements - Recent actions by institutional players, such as significant losses from wallet addresses linked to Trend Research, highlight the liquidity challenges faced in the altcoin trading environment [1] - The integration of traditional finance with the crypto market is deepening, as evidenced by the US Department of Commerce's blockchain applications and JPMorgan's substantial commitments to Numerai [2] Decentralized Platforms - XBIT.Exchange is showcasing unique advantages in the current market, offering a decentralized trading environment that allows users to maintain control over their assets without identity verification or risk management interventions [5][6] - The rise in trading volumes for altcoins, particularly SOL and related tokens, on decentralized platforms indicates a shift in trading preferences amid liquidity issues on centralized exchanges [5] Future Outlook - The future trajectory of altcoins is expected to be influenced by Bitcoin's dominance, potential shifts in Federal Reserve policies, and specific sectors like oracle tokens and platform coins that may lead the way [5][6] - A dual-track investment strategy is recommended, focusing on SOL and event-driven altcoins, while being cautious of potential delays in altcoin rallies due to ETF funding flows or Federal Reserve policy changes [6][8] Regulatory Environment - The regulatory stance of the SEC on altcoin classifications remains crucial, as many institutions face hurdles in their attempts to launch crypto ETFs beyond Bitcoin and Ethereum [6][8]

Core Insights - Bitcoin price has successfully surpassed the $110,000 mark, driven by an improving U.S. policy environment, and has created a historical high after significant volatility [1][4] - The Trump family's net worth surged by $6 billion due to their cryptocurrency holdings, particularly in World Liberty Financial tokens [4][5] - U.S. Treasury Secretary Bessent's positive statements regarding digital asset regulation have injected strong momentum into the cryptocurrency market [4][5] Market Dynamics - Bitcoin's price volatility is primarily influenced by changes in U.S. macroeconomic policy expectations, uncertainties in Federal Reserve monetary policy, and adjustments in large institutional investors' positions [2] - The current market environment favors flexible trading strategies, such as long and short positions, over traditional single-direction holding strategies [2] Regulatory Environment - The U.S. government is undergoing a fundamental shift in its approach to cryptocurrency regulation, with plans to introduce more favorable policies in tax and compliance areas [4][5] - Bessent emphasized that the strong performance of the U.S. economy provides a solid foundation for the development of digital assets, including Bitcoin [5] Institutional Investment - Institutional investors are significantly increasing their allocations to Bitcoin and related digital assets, enhancing market conditions for trading strategies [5][6] - Notable investments include BlackRock's iShares Core MSCI EAFE ETF increasing its stake in Metaplanet stocks by approximately $675 million and Deutsche Bank's $47 million increase in MicroStrategy stocks [6] Technological Advancements - XBIT decentralized exchange platform is redefining the cryptocurrency trading experience through technological innovations, eliminating traditional KYC processes and enhancing user control over digital assets [8][9] - The platform's advanced smart contract architecture ensures a fully decentralized trading mechanism, improving asset security and enabling complex trading strategies [9]

Core Viewpoint - The cryptocurrency market is experiencing a new wave of volatility influenced by geopolitical tensions and macroeconomic policies, with Bitcoin (BTC) trading between $108,000 and $110,000, currently at $109,200, down 1.18% in the last 24 hours [1][3]. Group 1: Geopolitical and Federal Reserve Policy Impact on BTC - Ongoing military actions in Gaza and potential long-term U.S. control over post-war Gaza are increasing global risk premiums and driving up energy prices, leading to heightened market risk aversion [3]. - Despite recent easing inflation data, rising energy prices due to geopolitical risks may push inflation expectations higher, potentially delaying the Federal Reserve's interest rate cuts [3]. - If international oil prices continue to rise, the Federal Reserve may maintain high interest rates longer, increasing liquidity pressure on risk assets, including cryptocurrencies [3]. Group 2: Technical and Funding Analysis - BTC's recent 4-hour candlestick chart shows a downward trend, with a low of $108,212.01 and resistance at $111,827, indicating a lack of clear directional signals in the short term [3]. - Key support and resistance levels for BTC are identified: strong support at $106,746 and resistance around $111,827, with potential further declines to $105,000 if support is broken [4]. Group 3: Market Sentiment and Capital Flow - The cryptocurrency market is experiencing significant internal capital flow divergence, with GameFi sector down 5.93% and some tokens dropping over 20% due to whale sell-offs, while certain assets in the Meme sector are rising [7]. - Despite overall market weakness, trading volume on the XBIT decentralized exchange remains relatively active, indicating a shift towards more resilient assets [7]. Group 4: XBIT's Role in Market Volatility - In the context of geopolitical risks and policy uncertainties, the security and autonomy of trading platforms are becoming focal points for users, with XBIT providing a decentralized trading environment that allows users to control their private keys [8]. - The trend towards decentralized platforms like XBIT is also influenced by increased scrutiny of centralized platforms by U.S. regulators, prompting users to seek more autonomous asset management solutions [8]. Group 5: Macro Strategy Recommendations - Investors are advised to focus on oil prices, the U.S. dollar index, and Federal Reserve policy signals rather than solely on geopolitical events [8]. - Short-term volatility in crypto assets is expected to rise, but medium to long-term trends will depend on global liquidity changes [8]. - Utilizing technical support and resistance levels for position management is recommended to avoid emotional trading [8]. - Diversifying asset risk through decentralized platforms like XBIT can enhance capital control flexibility [8]. Conclusion - The latest BTC price movements reflect macro market uncertainties, with geopolitical factors, energy prices, and Federal Reserve policies continuing to influence capital flows, while key technical levels will determine short-term trends [11].

Group 1: Market Expectations and Economic Indicators - The market is anticipating the release of the U.S. July Core PCE data, with a consensus expectation of a year-on-year increase of 2.9%, slightly above the Federal Reserve's mid-year forecast of 2.8% [1] - If the Core PCE data meets expectations, the probability of a 25 basis point rate cut in September remains high; however, if it unexpectedly exceeds 3.0%, it could disrupt the Federal Reserve's plans and lead to short-term volatility in U.S. stocks [1][8] Group 2: XBIT Decentralized Exchange Performance - XBIT decentralized exchange saw a trading volume exceeding $20 billion in July, a 350% increase month-on-month, with institutional users accounting for 42% of the volume, indicating a significant rise in trust among professional investors [2] - The platform's non-custodial architecture and smart contract auditing mechanism ensure user private keys are stored offline, eliminating the risk of asset misappropriation [4] - XBIT's unique "on-chain order book + off-chain matching engine" technology allows for millisecond-level transaction speeds, helping users avoid liquidity issues in traditional markets [6] Group 3: Risk Management and Trading Mechanisms - Analysts suggest that if the Core PCE data is below expectations (e.g., below 2.7%), the probability of a rate cut by the Federal Reserve will strengthen, potentially leading to a continued rebound in U.S. stocks; conversely, if the data exceeds expectations, caution is advised regarding potential market corrections [8] - XBIT's decentralized arbitration mechanism ensures that trading disputes are resolved through community node voting, providing additional protection for traders in a high-volatility environment [8] Group 4: Technological Innovations and Market Impact - XBIT is the first exchange to adopt "quantum-resistant encryption algorithms" and "cross-chain liquidity pools," achieving asset cross-chain trading delays of less than one second [9] - The AI-driven compliance auditing system, NeuralAudit, can monitor abnormal trading activities in real-time, enhancing the platform's security and compliance [9] - The platform's efficient trading experience and secure architecture provide investors with a quality channel to balance risk and return, especially during the initial phase of rate cuts [11] Group 5: Future Market Dynamics - The CME FedWatch tool indicates a 91.3% probability of a 25 basis point rate cut in September, with the Core PCE data being a key determinant [11] - Regardless of the outcome, XBIT's technological innovations and security advantages are reshaping trading paradigms in the cryptocurrency market, positioning it as a crucial tool for investors to seize market opportunities during pivotal policy shifts [11]

Market Analysis - Bitcoin is currently in a critical technical consolidation phase, oscillating between $108,212.01 and $113,114.11, showing a typical trendless behavior [1] - Technical indicators suggest a slow accumulation of bullish momentum, with MACD histogram remaining negative but gradually shortening, and KDJ indicator in the oversold zone [1] - The macro environment, influenced by the Federal Reserve's high interest rate policy, has led to cautious investor sentiment and declining trading volumes [1] Institutional Movements - El Salvador's Bitcoin office announced a security upgrade by diversifying Bitcoin assets across multiple new addresses, reflecting long-term regulatory environment expectations [2] - The CFTC reported a net short position of -372 contracts in Bitcoin as of August 26, indicating a bearish sentiment among institutional investors [2] - The rise of decentralized exchanges like XBIT, which allow users to maintain control over their private keys, contrasts with the tightening regulations faced by traditional exchanges [2] Exchange Innovations - XBIT.Exchange offers an innovative solution by eliminating KYC verification, account freezing risks, and trade auditing mechanisms, allowing users complete control over their assets [3] - Following the SEC's new regulatory framework announcement in August, XBIT saw a 47% increase in user registrations from the U.S., highlighting a shift towards decentralized solutions for asset security [3] Market Outlook - The Federal Reserve's September interest rate decision is expected to significantly impact the cryptocurrency market, with potential price tests at $107,670.95 or upward challenges at $114,062.0 depending on the policy stance [4] - XBIT's decentralized exchange model provides unique advantages in this environment, aligning with regulatory asset protection requirements while offering trading freedom [4] Investment Strategies - A range trading strategy is recommended, with entry points near $108,302.0 and profit-taking around $113,114.11, while setting a stop-loss at $107,670.95 to mitigate risks from potential hawkish Fed policies [6] - XBIT's advanced order types facilitate precise execution of these strategies, enhancing trading certainty in a volatile market [6] Industry Trends - In August, decentralized exchanges experienced a 32% increase in trading volume, significantly outpacing the 15% growth of centralized exchanges, driven by investor distrust following the FTX incident [6] - XBIT's newly launched cross-chain trading feature allows users to perform atomic swaps between Bitcoin and Ethereum, addressing current investor needs for cross-chain asset allocation [6] Conclusion - The cryptocurrency market is at a historical intersection of traditional finance and decentralized finance, with regulatory changes accelerating the flow of funds towards platforms like XBIT [9] - The current market consolidation may represent a buildup phase before the next price movement, emphasizing the importance of balancing asset security and trading flexibility for investors [9]