BlockBeats News, October 31st: Federal Reserve's Logan stated that the Fed should not cut interest rates this week and should not cut them again in December. She pointed out that the labor market is "broadly balanced" and does not need immediate support, while inflation appears likely to remain above the 2% target for some time. Logan stated: "The current economic outlook does not warrant a rate cut. I don't think it's necessary to cut rates this week. Unless there is clear evidence that inflation will fall faster than expected or that the labor market will cool more rapidly, I would find it hard to support another rate cut in December."

Logan does not have a voting role on the Federal Reserve's policymaking committee this year. She mentioned that data from the private sector, state unemployment claims, and the Fed's own business and community contacts have provided the central bank with insights into the economy, and the overall situation is "far from worrisome."

Subscribe to Federal Reserve Updates (Xinhua Finance)

BlockBeats News, October 31, according to LookIntoChain monitoring, BlackRock deposited 3496 BTC (approximately $384 million) and 31754 ETH (approximately $122 million) to Coinbase Prime 3 hours ago.

BlockBeats News, October 31st, According to The Block, the Ether.fi community has put forward a proposal to allocate up to 50 million US dollars from its treasury for the repurchase of ETHFI tokens, to be executed when their trading price falls below 3 US dollars, making it the latest major DeFi protocol to adopt a buyback strategy as a liquidity and price support tool. According to a governance proposal released on Thursday, the plan authorizes the Ether.fi Foundation to conduct open market purchases of ETHFI when the spot price is below 3 US dollars.

As of October 31st, ETHFI has dropped over 89% from its 2024 peak, with a trading price of approximately 0.93 US dollars, within the proposed buyback range. Buybacks have become the preferred method for protocols with significant fee revenue but weak secondary market demand, a practice similar to traditional corporate finance strategies. However, Ether.fi's strategy ties the buyback trigger directly to a price threshold rather than a fixed time interval or budget plan.

BlockBeats News, October 31st, according to HyperInsight monitoring, the "100% Win Rate Whale" currently holds a total value of 3.66 billion US dollars in BTC, ETH, and SOL long positions, with an unrealized loss of 7.1 million US dollars. The SOL position has the highest unrealized loss of up to 6.62 million. All three positions are in unrealized losses, and there have been no trading activities in the past 24 hours.

BlockBeats News, October 31st, Marathon Digital acquired EDF subsidiary Exaion, with the transaction terms prohibiting EDF from using its computing power for AI or Bitcoin mining.

BlockBeats News, October 31, US Treasury Secretary Yellen stated that she discussed the adoption of a US dollar stablecoin with the Singaporean Prime Minister. (FXStreet)

BlockBeats News, October 31st, Fed's Logan stated that another rate cut in December would be challenging. If the repo rate remains elevated, the Fed will need to engage in asset purchases. (Forex Factory)

BlockBeats News, October 31, glassnode posted that "BTC once again retested the 0.85 cost range around $109,000, which has historically been a key level. Holding this level usually triggers a significant rebound; once it is breached, the price often continues to test the 0.75 cost range (around $98,000)."

BlockBeats News, October 31st - On Friday, Kansas City Fed President Esther George said that he dissented against the Fed's rate cut decision this week, citing concerns that economic growth and investment could put upward pressure on inflation. George stated: "In my view, the labor market is overall at balance, the economy is showing sustained momentum, and inflation remains too high." Earlier this month, the U.S. Labor Department reported that consumer prices rose 3% over the year ending in September, with inflation running above the Fed's 2% target for over four years. George reiterated that businesses in her region are worried about ongoing cost increases and that monetary policy should maintain some restraint on demand growth.

George said: "I believe that a 25 basis point rate cut would not do much to alleviate labor market pressures, which are more likely originating from technological and demographic shifts. However, if markets question the Fed's commitment to the 2% inflation target, a rate cut could have a more lasting impact on inflation." She also stated that current monetary policy is only mildly restrictive, and financial market conditions remain loose. This is the first time George has dissented as a Fed official. (via Jinse Finance)

BlockBeats News, October 31: According to Caixin's report, the Cambodian Prince Group is suspected of operating a large-scale international fraud syndicate. Following the mid-October announcement of indictments against "Prince Group" leader Chen Zhi by the United States and the United Kingdom, and the seizure of his approximately $15 billion worth of Bitcoin, the Singapore police today announced that they have conducted law enforcement actions against the Cambodian scam group "Prince Group" leader Chen Zhi and his associates, freezing assets worth over 1.5 billion Singapore dollars (about 800 million RMB).

During the law enforcement operation, the Singapore police issued asset freezing orders for a total of 6 properties under Chen Zhi and his associates' names, as well as various financial assets including bank accounts, securities accounts, and cash. The Singapore police stated that Chen Zhi and his associates are currently not in Singapore, and the investigation is still ongoing.