Stablecoin Deposit Activity Phase 2 Raises Over $230 Million

On November 7th, the President of the New York Fed, Williams, stated that the model-based estimation of the neutral interest rate in the United States is approximately 1%. (FXStreet)

On November 7th, based on HTX market data, Bitcoin fell below $101,000, with a 24-hour decline of 2.6%.

On November 7th, Hourglass posted a message saying, "After the commencement of Phase 2 of the Stable Deposit Event, the platform witnessed an abnormally large volume of traffic, resulting in Hourglass's frontend RPC capacity being fully utilized." "Due to the excessive demand, Hourglass's institutional liquidity pool has temporarily suspended new deposit operations. All user funds remain safe. Further announcements will be made shortly."

On November 7th, as per the monitoring of LookOnChain, USDX has deviated from its peg to $0.3887. The whale address 0xe454 noticed this deviation and spent 800,000 USDT to purchase 933,241 USDX at an average price of $0.8572 per USDX. This is their second purchase of USDX after buying 1.4 million USDX a week ago, and all the tokens have been submitted for redemption. If the redemption is successful, they anticipate making a profit of approximately $135,000. However, as of now, 3 hours have elapsed and the redemption has not been completed yet.

On November 7th, Daniel Li, the founder of Liquid Capital (formerly LD Capital), posted, saying, "We are continuously optimistic about the future market and the buying strategy. We believe that there is a 20% probability of another significant retracement. There is a 50% probability that BTC will retest $116,000 and ETH will retest $4,000 with wide fluctuations. There is a 30% probability that by the end of the year, a short squeeze rally will start and break through to a new high above $5,000. This is due to the expectations of interest rate cuts and the news of the government reopening. Also, observing the current structural pullback in the US stock market, with a very low probability of a sharp decline in the short term. The key point is that the AI bubble is still in its early to middle stage. It is being actively promoted as a national strategy in the US, coupled with strong performance in the financial reports of major companies. Cryptocurrency is relatively undervalued compared

On November 7th, as per the monitoring of Onchain Lens, Circle has minted an extra 7.5 billion USDC on the Solana network. From October 11th onwards, Circle has minted a cumulative total of 52.5 billion USDC on the Solana network.