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According to data from Coinglass, as reported by Odaily Planet Daily, a total of $376 million in positions were liquidated across the network in the past 24 hours. Of this, $227 million were long positions and $14,900 were short positions. In addition, $140 million were liquidated in BTC and $111 million in ETH.

According to a revised paper published on December 5th, Blockstream researchers Mikhail Kudinov and Jonas Nick propose that hash-based signature technology may be a key solution to protect Bitcoin from the threat of quantum computers. The researchers argue that hash-based signatures are a compelling post-quantum solution because their security relies entirely on a mechanism similar to the hash function assumptions already present in Bitcoin's design. This scheme has undergone extensive cryptanalysis during the post-quantum standardization process at the National Institute of Standards and Technology (NIST), enhancing the credibility of its robustness. It is estimated that older Pay-To-Public-Key Bitcoin wallets created before 2012 (including Satoshi Nakamoto's $98 billion holdings) contain approximately $600 billion worth of BTC, and these wallets will be the first to face the threat of quantum computers. (DL News)

Huoxun Finance News, December 12th - According to CoinDesk, both the Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC) will significantly regulate the U.S. cryptocurrency industry. The chairpersons of these two agencies nominated by Trump are currently undergoing Senate confirmation proceedings, which are nearing completion—however, the Senate may still need several days before the final vote. On Thursday, the Senate passed a resolution with 52 votes in favor and 47 against, bringing Mike Selig one step closer to taking over the CFTC, while Travis Hill's appointment as FDIC chairman will soon be decided. A spokesperson for Senate Majority Whip John Barrasso posted on the X platform that the final vote could take place "early next week." Senate Republicans tend to adopt an unusual approach, confirming dozens of Trump's nominees at once. In this vote, 97 confirmations were pending, with Selig and Hill being just two of them.

According to The Block, on December 12th, Senator Tim Scott, Chairman of the Senate Banking Committee, stated that "substantial progress" is being made in pushing a major cryptocurrency bill into law after meeting with top bank CEOs on Thursday. Scott met with Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charlie Scharf of Wells Fargo on Thursday to discuss this landmark legislation. The bill aims to establish rules for the entire digital asset industry and grant regulatory agencies such as the SEC and CFTC corresponding powers. This week, the three bank CEOs are expected to meet with senators to discuss the cryptocurrency legislation proposal. The meetings were reportedly held separately, one with Democrats and one with Republicans, and both meetings were described as "friendly." Sources familiar with the matter revealed that the meetings discussed issues such as yield, decentralized finance, and anti-money laundering. The banking association believes that the GENIUS bill, which is expected to become law this summer, has loopholes that need to be addressed. They argue that the problem lies in the law's insufficient restrictions on stablecoin issuers paying interest to holders, which could make these assets more attractive stores of value and credit mechanisms than simply a means of payment, thus creating "market-distorting incentives" for the banking industry. Furthermore, the banking groups believe that the restrictions imposed by the GENIUS Act are easily circumvented by exchanges, brokers, and other related parties.