the market shows ETH has fallen below $4,000 and is now trading at $3,999.51, with a 24-hour increase of 3.54%. The market is fluctuating greatly, so please be prepared for risk control.

police in Leshan, Sichuan successfully broke up a large-scale cross-regional underground money laundering criminal network involving 13 provinces nationwide, with a total amount involved of up to 38 billion yuan. The police found that the gang controlled 24 shell companies, provided "public-to-private" services without real operations, and used virtual currency transactions to implement cross-border fund transfers. The operation information was complex, with about 20 million pieces of fund data intertwined. After meticulous investigation, a total of 176 criminal suspects were arrested, and the main culprit, Wan, was sentenced to thirteen years and six months in prison. Currently, the cases in various places are still under further investigation.

On December 7th, Bitwise saw a large outflow of BTC. According to Arkham monitoring data, approximately 18 hours ago, 2,583 BTC flowed out of Bitwise's Bitcoin exchange-traded fund BITB Bitcoin ETF to an unknown address starting with bc1q4, with a value of up to $257.15 million.

Whale Alert monitors showed that at around 19:41 Beijing time, an address that holds 870,019 DOGE (worth $391,889) was activated after being dormant for 11 years.

According to a report from the US Congress Hill, billionaire Musk hinted on social media on December 6 that he would not use his growing influence in the Trump administration to harm or retaliate against industry competitors. The report also stated that the CEO of American artificial intelligence company OpenAI, Altman, and the founder of Amazon, Bezos, both said this week that they believe Musk will not abuse his relationship with US President-elect Trump to strengthen his competitive position. Musk responded to this when he reposted the relevant post on his social media platform X on the 6th, saying, "They are right." 

On December 7th, according to Mobile Payment Network, the Office of the Standing Committee of the Shanghai Municipal People's Congress announced that the 17th meeting of the 16th Standing Committee of the Shanghai Municipal People's Congress reviewed the "Several Provisions on Promoting the Application of Blockchain to Empower Electronic Documents in Pudong New Area, Shanghai (Draft)". In order to further promote legislative democracy, the draft regulations and related explanations are now publicly announced to solicit opinions from the society, so as to further study and modify them, and then submit them to the future Standing Committee meetings for review. The "Several Provisions on the Application of Electronic Documents" support the integration of the digital RMB system into the blockchain infrastructure, and promote the use of digital RMB in various application scenarios such as electronic document certification, pricing, payment, settlement, and investment and financing. In addition, the "Several Provisions on the Application of Electronic Documents" also state that relevant departments will promote the management and sharing of various electronic certificates and documents generated by their performance relying on blockchain infrastructure.

Cytonic, a layer-1 blockchain called "MultiVM" that allows for compatibility with various Web3 technologies, has raised $8.3 million in a seed round led by Lemniscap and Lattice. Developed by MultiVM Labs, Cytonic is the first layer 1 blockchain that runs multiple VM's within the same network layer using shared storage, addressing blockchain compatibility challenges. Cytonic is compatible with most blockchains like Bitcoin, Ethereum, and Solana, enabling different transaction types to be processed together in a single block, with the goal of making on-chain interactions easier and reducing transaction fees and waiting times when moving assets between chains.

Celestia co-founder Nick White stated on social media that the core of blockchain is verifiability, with the aim of freeing us from committees and intermediaries. A more decentralized committee is still a committee.

On December 7th, according to official sources, Megabit officially launched the LDO USDT perpetual contract with up to 75x leverage at 20:00 (UTC+8).

the market shows that AAVE has fallen below $280 and is now reported at $279.95, with a 24-hour increase of 8.05%. The market is volatile, so please take appropriate risk control measures.

Arkham shared in a post on December 6th that BlackRock's ETF purchased over $500 million worth of Ether in the past week, and its ETH holdings doubled in the past month.

KOL @arndxt_xo released the following analysis on the topic "Is the NFT market dead?" on X: The floor price of BAYC once exceeded 150 ETH, but has now fallen sharply to 11 ETH, a drop of 90% in USD terms. It's not just BAYC, the entire NFT market has basically disappeared: daily trading volume once reached 100-200 million USD (sometimes even reaching 1 billion USD), and now only hovers around 5 million USD. The reasons for the current situation facing the NFT market are as follows: - Unsustainable use cases: the hype surrounding digital art and collectibles initially cannot be sustained. Although innovative, many projects lack long-term utility beyond speculation; - Liquidity crisis: the broader contraction of the crypto market has had a particularly severe impact on NFTs. With reduced capital flows, NFT illiquidity has become a major liability; - Narrative shift: market attention has shifted away from NFTs. Current trends indicate that people are turning to Meme coins and other narratives; - Technological limitations: many NFTs do not store actual content on the chain, but rely on URLs or IPFS hashes. This raises concerns about long-term viability and true ownership; - Market saturation: the influx of low-quality projects and "cash grab" behavior has diluted the market space, making it harder for quality projects to stand out. Looking to the future, although the current situation is bleak, there are still some potential catalysts for recovery: - Atomic NFTs: integrating files and metadata on the chain can solve some key technical issues;- Utility-focused projects: NFTs that provide real utility rather than speculation may garner attention; - Integration with DeFi: NFT collateral loans or fractionalization can improve liquidity; - Gaming and Metaverse applications: these areas can bring more sustainable use cases for NFTs.They believe that NFTs are a great idea, but without a lot of innovation around PFP, it cannot be sustained. If projects use new ERC NFT standards such as ERC404, they may eventually be adopted and breakthrough with good support or promotion, "I really hope to see the return of NFTs".

According to Cointelegraph, after experiencing a series of declines in 2024, the weekly sales volume of NFTs on mainstream blockchain networks has finally turned from a decline to an increase. According to data from NFT tracking platform CryptoSlam, digital collections based on the top five NFT blockchains have performed well in terms of sales. The sales data of Ethereum, Solana, Polygon, and Mythos Chain have all increased, with Polygon leading the way with a 123.20% increase in seven-day sales volume. In addition to the growth in weekly sales volume, the number of NFT buyers also increased last week, with over 500,000 NFT buyers in the past seven days, an increase of 37.97% from the previous week.

Over 5 million users are participating in India's retail CBDC pilot, which involves 16 banks. The Governor of India's central bank has suggested that a full-scale implementation of a CBDC should not be rushed. Speaking at a conference in Bengaluru, the senior official of the Reserve Bank of India (RBI) emphasized caution in rolling out a system-wide CBDC.

Telegram provides a user-friendly platform for playing games and earning tokens, making it a standout option in the crowded iGaming industry. The launch of Telegram's Mini Apps has attracted new users to Web3 gaming projects without requiring a separate app download. The top seven Telegram games to earn tokens include Catizen, Musk Empire, and Hamster Kombat, which offer various ways to earn rewards and potentially lucrative opportunities. To start playing, download the Telegram app and search for your favorite game, following the specific instructions provided by the game and exploring dedicated bots or interfaces within channels or groups.

According to TheBlock, with the cooling of the Memecoin craze, the total daily transaction fees paid on the Solana blockchain have dropped to the lowest level in months. On Monday, Solana's daily transaction fees dropped to $639,000, a 65% decrease from this month's peak of $1.83 million on August 8 and an 87% decrease from the historical high of $5.08 million on March 18.

On August 27th, according to the official announcement by TNA, the Bitcoin domain name and DA protocol TNA officially launched the Flashpool activity, which will start at 8 pm Beijing time on August 27th, 2024. Users can pledge the ecological token $BN to participate in sharing up to $100,000 in the $SATS reward pool. The $BN token has been listed on exchanges such as KuCoin and Gate, and has reached a pledge amount of $150 million in KuCoin's Gempool activity. This activity also introduces the concept of domain name pledging, and pledging TNA domain names can increase the reward share. In the future, Flashpool plans to cooperate with other Bitcoin ecological projects to launch more reward pools and activities.

Ethereum development company Chainbound has completed a $4.6 million financing round, led by Cyber Fund, with participation from Maven 11, Robot Ventures, and Bankless Ventures. It is reported that this startup company is developing a protocol called Bolt, which will achieve sub-second transaction confirmation on Ethereum, greatly speeding up the current average confirmation time of around 7 seconds.

According to official sources, MEET48 is partnering with CoinPost, LY Corporation's subsidiary LINE NEXT Inc., and TST ENTERTAINMENT CO., LTD to host the official opening party of Asia's largest Web3 conference, WebX2024, in Tokyo, Japan on August 27th. SNH48 Group's Top 16 idols and famous DJ Steve Aoki will bring exciting performances. In addition, MEET48 will participate in WebX as the title sponsor, engaging in fireside chats with guests such as TON, BNB Chain, CoinPost, Gemie, Gate Ventures, Near, and performing on the main stage with SNH48 Group's Top 16 idols.

According to data from NFT tracking platform CryptoSlam, the weekly sales volume of NFTs on mainstream blockchain networks has finally turned from a decline to an increase after experiencing a series of declines in 2024. The digital collections based on the top five NFT blockchains have performed well in terms of sales. The sales data of Ethereum, Solana, Polygon, and Mythos Chain have all increased, among which Polygon's seven-day sales volume growth leads with a 123.20% increase. In addition to the increase in weekly sales volume, the number of NFT buyers also increased last week, with over 500,000 NFT buyers in the past seven days, an increase of 37.97% from the previous week. (Cointelegraph)