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According to Odaily, this week has seen cryptocurrencies outperform traditional assets, driven by growing optimism surrounding U.S. policy initiatives and a persistent tightening of Bitcoin supply. A report from Bitwise Europe attributes this surge to discussions about the potential establishment of a strategic Bitcoin reserve by the United States. Pennsylvania has already enacted legislation supporting such reserves, sparking speculation that other states may soon follow suit. Betting activity on Polymarket has amplified these expectations, with the probability of establishing a national Bitcoin reserve soaring to over 50% last week. The report delves into Bitcoin's supply constraints amid increasing demand from ETFs and corporations. Inflows into U.S. spot Bitcoin ETFs have surged, surpassing the overall growth in Bitcoin supply, leading to an imbalance between supply and demand. This shortage is reflected in Bitcoin's liquidity and high liquidity supply indices, both of which have plummeted to historic lows. Corporations are increasingly adopting Bitcoin as a reserve asset, with companies like Microstrategy making significant purchases, reinforcing this trend. Researchers further explain that Bitcoin is not the only cryptocurrency benefiting from a more transparent regulatory environment in the U.S. Altcoins, including XRP, and meme coins like DOGE have also made progress. The Department of Government Efficiency has adopted a crypto-friendly stance, adding momentum to these assets, particularly DOGE. However, Ethereum has not kept pace, possibly due to capital flows favoring other cryptocurrencies. On a broader economic scale, the U.S. Consumer Price Index (CPI) data for October aligned with forecasts. Combined with other indicators, this has strengthened expectations of a potential interest rate cut by the Federal Reserve in December, introducing another variable to the evolving cryptocurrency narrative.

According to Odaily, the supply of Bitcoin on cryptocurrency exchanges has significantly decreased, reaching its lowest level since November 2018. This trend indicates a growing preference among investors to hold Bitcoin for the long term rather than engage in active trading. Data from CryptoQuant reveals that the number of Bitcoins held on exchanges has dropped to approximately 2.58 million, marking a substantial decline from the peak levels observed during the bull market before 2021. Analysts suggest that the reduced supply of Bitcoin on exchanges creates pressure on buyers, as the number of Bitcoins available for sale diminishes. Consequently, if demand remains steady or increases, the upward trend in Bitcoin's value is likely to continue. This development also reflects a strengthened confidence among investors in Bitcoin as a store of value, driven by unpredictable global economic policies and rising inflation.

According to Odaily, Bitwise CEO Hunter Horsley announced on platform X that options for the Bitwise Bitcoin ETF (BITB) are anticipated to commence trading on Wednesday. The ETF recorded a trading volume of approximately $115 million yesterday, with assets under management nearing $4 billion. Bloomberg ETF analyst James Seyffart commented on the development, stating, "It appears that BITB, along with other Bitcoin ETFs I suspect, will begin options trading on Wednesday." This move is seen as a significant step in the cryptocurrency market, potentially increasing the accessibility and flexibility of Bitcoin investments for traders and investors. The introduction of options trading for Bitcoin ETFs could provide market participants with more tools to hedge their positions and manage risk effectively. The anticipation surrounding the launch of options trading for BITB reflects the growing interest and confidence in Bitcoin ETFs as a viable investment vehicle. As the cryptocurrency market continues to evolve, the addition of options trading is expected to attract a broader range of investors, further integrating digital assets into mainstream financial markets. This development underscores the ongoing maturation of the cryptocurrency sector, highlighting the increasing demand for diversified investment products that cater to both institutional and retail investors.

Binance Founder Changpeng Zhao (CZ) took to X (formerly Twitter) to praise MicroStrategy founder Michael Saylor’s recent presentation on Bitcoin and the crypto industry, describing it as "well worth the time to listen." CZ highlighted the geopolitical implications of Saylor’s concept of a Bitcoin Strategic Reserve.In his post, CZ emphasized the urgency of nations adopting Bitcoin, stating, "There will be a race for nations to print money to buy bitcoin, i.e., the Bitcoin Strategic Reserve. No one can afford to be last!" This comment aligns with Saylor’s broader discussion of the geopolitical logic behind countries stockpiling Bitcoin as a strategic reserve.Michael Saylor’s presentation delved into the impact of the Trump administration’s sweeping election victory on November 5 and its influence on the crypto industry. He outlined drivers of the "Crypto Renaissance," including adopting digital asset frameworks and the geopolitical advantages of Bitcoin reserves.CZ’s remarks reflect growing industry consensus that Bitcoin could play a pivotal role in the global financial landscape, not just as an investment asset but as a key component of national reserves in an increasingly digitized economy. The conversation underscores the potential for a new era where Bitcoin’s significance extends beyond individuals and corporations to sovereign states.  

According to BlockBeats, MicroStrategy has announced its intention to privately offer $1.75 billion in zero-coupon convertible senior notes, set to mature in 2029. These notes will be unsecured and will not bear interest. Investors will have the option to convert these notes into cash or shares of MicroStrategy's common stock. The proceeds from this offering are earmarked for the acquisition of Bitcoin and for general corporate purposes. This move aligns with MicroStrategy's ongoing strategy to increase its Bitcoin holdings, reflecting the company's strong belief in the long-term value of the cryptocurrency. The decision to issue convertible notes without interest payments indicates a strategic approach to leverage capital while minimizing immediate financial obligations. MicroStrategy's continued investment in Bitcoin highlights its commitment to integrating digital assets into its financial strategy. The company has been a prominent advocate for Bitcoin, frequently utilizing its capital to expand its cryptocurrency portfolio. This latest financial maneuver underscores MicroStrategy's confidence in Bitcoin's potential as a store of value and a hedge against inflation. The offering is expected to attract significant interest from investors looking to gain exposure to Bitcoin through a corporate vehicle. By offering convertible notes, MicroStrategy provides an opportunity for investors to participate in the potential upside of Bitcoin while also having the option to convert their investment into equity. This dual benefit could appeal to a wide range of institutional and individual investors. MicroStrategy's approach reflects a broader trend among corporations seeking to diversify their balance sheets with digital assets. As the cryptocurrency market continues to evolve, companies like MicroStrategy are at the forefront of integrating these assets into traditional financial frameworks. The outcome of this offering will be closely watched by market participants as an indicator of institutional appetite for Bitcoin and related financial instruments.

According to BlockBeats, on November 19, Whale Alert reported that two Bitcoin addresses, each holding 20 BTC, were activated after being dormant for 11 years. The activation occurred at 6:39:24 AM UTC+8. These Bitcoins, which were worth only $4,586 in 2013, have now appreciated significantly, with a current value of approximately $1,828,988. This represents an unrealized gain of over $1.82 million. The reactivation of these addresses highlights the substantial increase in Bitcoin's value over the past decade. In 2013, Bitcoin was still in its early stages, and its price was relatively low compared to today's market. The significant appreciation in value underscores the potential long-term benefits of holding cryptocurrencies, despite their inherent volatility and market fluctuations. This event also raises questions about the reasons behind the reactivation of such long-dormant addresses. It could be due to various factors, including changes in the holders' financial strategies, the need for liquidity, or simply taking advantage of the current market conditions. The activation of these addresses adds to the ongoing discussions about the movement of old Bitcoins and their impact on the market. Overall, the reactivation of these Bitcoin addresses serves as a reminder of the cryptocurrency's growth and the potential for significant returns over time. It also highlights the importance of monitoring dormant addresses, as their activation can influence market dynamics and investor sentiment.

According to BlockBeats, on November 19, data from CloverPool indicated a recent adjustment in Bitcoin mining difficulty at block height 870,912. This adjustment occurred at 4:42:12 UTC+8, resulting in a 0.63% increase, bringing the mining difficulty to a new record high of 102.29 T. This marks a continuation of the trend of increasing difficulty levels in Bitcoin mining. The adjustment reflects the ongoing changes in the Bitcoin network's computational power, which is measured by the average hash rate. Over the past seven days, the network's average hash rate has been approximately 738.3 EH/s. This increase in mining difficulty is a response to the rising hash rate, which signifies the growing computational power being dedicated to Bitcoin mining globally. These adjustments are part of the Bitcoin network's protocol, designed to maintain a consistent block production time of approximately 10 minutes. As more miners join the network and the hash rate increases, the difficulty level is adjusted to ensure that blocks are not produced too quickly. Conversely, if the hash rate decreases, the difficulty is lowered to maintain the block production rate. The continuous rise in mining difficulty underscores the competitive nature of Bitcoin mining, as miners invest in more advanced technology to increase their chances of successfully mining new blocks. This trend also highlights the increasing energy consumption associated with Bitcoin mining, which has been a topic of discussion and concern among environmentalists and industry stakeholders. Overall, the latest adjustment in Bitcoin mining difficulty reflects the dynamic and evolving nature of the cryptocurrency landscape, as miners and the network adapt to changing conditions and technological advancements.

On Nov 18, 2024, 23:08 PM(UTC). According to Binance Market Data, Bitcoin has dropped below 91,000 USDT and is now trading at 90,952.203125 USDT, with a narrowed narrowed 1.44% increase in 24 hours.

According to Decrypt, renowned Brazilian pianist Lord Vinheteiro, whose real name is Fabrício André Bernard Di Paolo, has been hospitalized following the loss of access to a significant Bitcoin stash valued at over 2 million reais (approximately $366,000). The incident has captured widespread attention in Brazil, where Vinheteiro boasts over 7 million YouTube subscribers. The pianist revealed on social media that he lost the password to his Bitcoin wallet, suspecting that a housekeeper might have discarded it along with some old sheet music. In a tweet, he sought assistance for recovering the password for his Ledger Nano X wallet. Vinheteiro's financial woes extend beyond the lost Bitcoin. He admitted to making poor investment choices, including purchasing Bitcoin at around $70,000 and selling it at approximately $50,000, as well as investing in a bankrupt Brazilian telecommunications company, OIBR3, based on a YouTuber's recommendation, resulting in losses exceeding $30,000. His struggles have been a topic of discussion on the podcast of Luan Onofre, another prominent Brazilian YouTuber specializing in financial analysis. Onofre shared a voice message from Vinheteiro, in which the pianist expressed desperation over his financial situation and sought help in recovering his Bitcoin password. The stress from these financial setbacks reportedly led to Vinheteiro's hospitalization with an undisclosed condition. Brazilian cryptocurrency security expert Marcello Paz, speaking on Onofre's podcast, highlighted the challenges of recovering lost access to hardware wallets like Ledger. Paz explained that without both the PIN and backup phrase, recovery is virtually impossible, as Ledger devices erase data after three failed PIN attempts. Despite numerous offers of assistance, Vinheteiro has yet to recover his lost Bitcoin. He expressed frustration over the lack of genuine help, stating that many demanded upfront payments for their services, with one individual disappearing after receiving payment. The incident has resonated within Brazil's cryptocurrency community, which ranks among the top 10 globally in crypto adoption, according to Chainalysis. Efforts to contact Vinheteiro for further comment have been unsuccessful. The situation underscores the importance of secure management of cryptocurrency assets and the potential consequences of losing access to digital wallets.

According to Odaily, the Options Clearing Corporation (OCC) in the United States has announced its plans to introduce options for spot Bitcoin ETFs. This development was disclosed by Bitcoin Magazine on the X platform. The introduction of these options marks a significant step in the financial markets, potentially offering investors new avenues for trading and hedging Bitcoin-related assets. The OCC's move to launch spot Bitcoin ETF options comes amid growing interest and demand for cryptocurrency investment products. As the regulatory landscape continues to evolve, the introduction of these options could provide more flexibility and opportunities for market participants. This initiative aligns with the broader trend of integrating digital assets into traditional financial systems, reflecting the increasing acceptance and mainstream adoption of cryptocurrencies. The launch of spot Bitcoin ETF options by the OCC is expected to have a notable impact on the market, potentially influencing trading volumes and investor strategies. As the financial industry adapts to the rise of digital currencies, such developments are likely to play a crucial role in shaping the future of cryptocurrency investments. Market observers will be keenly watching how this initiative unfolds and its implications for the broader financial ecosystem.

On Nov 18, 2024, 15:43 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 92,000 USDT benchmark and is now trading at 92,243.992188 USDT, with a narrowed 1.99% increase in 24 hours.

On Nov 18, 2024, 14:37 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 91,000 USDT benchmark and is now trading at 91,025.476563 USDT, with a narrowed 0.87% increase in 24 hours.

According to Blockworks, Bitcoin's value is often attributed to its transparency and accountability. The cryptocurrency's supply is well-documented, with precise knowledge of how many bitcoins have been mined and which addresses hold them. However, the number of bitcoins lost forever due to inaccessible private keys remains unknown. Estimates suggest that around 20% of all bitcoins, equivalent to 3.7 million BTC or $318 billion, may never move again. Despite this, the location of these coins on the blockchain is always traceable. In contrast, the availability of gold and silver is less clear. The World Gold Council reports that 212,582 tonnes of gold have been mined throughout history, with 45% made into jewelry, 22% in bars and coins, 17% held by central banks, and the remainder scattered in various forms. The total value of mined gold is estimated at $18 trillion, but the amount readily available for market use is uncertain. Similarly, data on silver's total above-ground supply is vague. According to the 2019 CPM Group Silver Yearbook, 1.751 million metric tonnes of silver have been mined, with its market cap estimated at nearly $1.9 trillion. The comparison between Bitcoin and these precious metals highlights the challenges in determining their true market sizes. A gold-focused blog in 2021 valued silver at only $108 billion, excluding industrial and jewelry uses, making it appear much smaller than Bitcoin's current market cap of $1.8 trillion. However, using broader definitions, silver still surpasses Bitcoin, albeit marginally. For Bitcoin to surpass both silver and gold in market cap, it would need to reach $96,000 to eclipse silver and $910,000 to surpass gold. This scenario suggests a significant increase in Bitcoin's value, requiring a tenfold rise to achieve these milestones.

According to PANews, Bitdeer, a prominent Bitcoin mining company, has reported a net loss of $50.1 million for the third quarter of 2024. This marks a significant decline in total revenue, which fell from $87.3 million in the same period last year to $62 million. The company attributes this downturn to several factors, including the anticipated Bitcoin halving in April 2024, an increase in global hash rate, reduced hosting revenue, and higher research and development expenses related to the SEAL02 chip development. The company's gross profit saw a sharp decline, dropping from $21.1 million in the third quarter of 2023 to $2.8 million. Additionally, the adjusted EBITDA shifted from $28 million last year to a negative $8.5 million. Despite these financial setbacks, Bitdeer managed to increase its cash and cash equivalents from $203.9 million in the previous quarter to $291.3 million as of September 30. Operationally, Bitdeer experienced a decrease in total managed hash rate, which fell from 21.2 EH/s in the third quarter of 2023 to 17.1 EH/s. This reduction was primarily due to the conversion of 100 MW of hosting capacity at the Texas facility to water cooling for self-mining and the cessation of hosting less efficient mining machines by some clients following the Bitcoin halving. Despite these challenges, self-mining revenue saw a slight increase from $30.1 million to $31.5 million, driven by a 27.9% rise in average self-mining hash rate to 7.8 EH/s and an increase in Bitcoin prices during the quarter. However, the impact of the halving and the rise in global network hash rate could not fully offset the overall revenue decline.

On Nov 18, 2024, 1:05 PM (UTC), according to Binance Market Data, Bitcoin (BTC) dropped below 90,000 USDT and is now trading at 89,937.15625 USDT, with a narrowed 1.15% decrease in 24 hours.

According to BlockBeats, recent market reports indicate that MicroStrategy has made a significant investment in Bitcoin over the past week, purchasing the cryptocurrency worth $4.6 billion. This move underscores the company's continued commitment to Bitcoin as a key component of its investment strategy.MicroStrategy, known for its substantial Bitcoin holdings, has consistently increased its cryptocurrency assets, viewing Bitcoin as a hedge against inflation and a store of value. The latest acquisition further solidifies its position as one of the largest corporate holders of Bitcoin globally. This purchase aligns with the company's strategy to leverage Bitcoin's potential for long-term growth and stability.The acquisition comes amid fluctuating market conditions, with Bitcoin's price experiencing volatility. However, MicroStrategy's decision to invest heavily in Bitcoin reflects its confidence in the cryptocurrency's future prospects. The company's CEO, Michael Saylor, has been a vocal advocate for Bitcoin, often highlighting its advantages over traditional fiat currencies.This substantial purchase by MicroStrategy is likely to influence market dynamics, potentially impacting Bitcoin's price and investor sentiment. As the company continues to expand its Bitcoin portfolio, it remains a significant player in the cryptocurrency market, attracting attention from both investors and industry analysts.

According to BlockBeats, a report released by Bernstein on November 18 analyzes the key catalysts that could drive Bitcoin's price to its cycle target of $200,000 by 2025. The report identifies several significant factors, including Bitcoin strategic reserves, commitments to crypto regulation, and the demand for Bitcoin ETFs and MicroStrategy. The report notes that the "Trump election trade" has concluded. However, the impact of a new era of crypto regulation is yet to be fully reflected in Bitcoin's price. Investors are advised to continue holding Bitcoin-related assets for at least the next 12 to 18 months. As most institutional investors are reassessing their anti-crypto stance, the market is expected to undergo a lengthy period of structural reconfiguration. The report suggests that those who are bullish on Bitcoin may find themselves on the right side of history.

According to Coindesk: Bitcoin’s price rally to over $93,000 is reshaping its perceived relationship with traditional markets and other cryptocurrencies. Once considered a high-risk asset closely linked to U.S. equities, Bitcoin (BTC) is increasingly carving out its own identity in the investment landscape, as data reveals a weakening correlation with the Nasdaq and Ethereum (ETH).Bitcoin and Nasdaq: Diverging Paths in 2024In 2024, Bitcoin and the Nasdaq Composite moved in tandem on only 52% of trading days, according to Investing.com. This marks a sharp departure from previous years when the two assets frequently exhibited a near-perfect correlation, particularly in 2021 and 2022.Since March 2024, the correlation between Bitcoin and the Nasdaq on a 30-day rolling basis dropped to 0.46, one of the lowest levels in five years. By September, it briefly turned negative at -0.50. While the Nasdaq has fallen 4% below its recent all-time high, Bitcoin continues its upward trajectory, now trading just 1.5% shy of its peak.Institutional Demand and Bitcoin's Independent MomentumBitcoin’s implied volatility has declined significantly over the years, now sitting at around 60%, down from over 100% in 2021, according to Glassnode. This shift reflects growing institutional interest and a maturing market that views Bitcoin as a standalone asset class rather than merely a risk-on investment.Fidelity data supports this perspective, showing Bitcoin as one of the best-performing asset classes when adjusted for risk. Additionally, Bitcoin’s correlation with the S&P 500 has dropped to just 19%, further indicating its growing independence from traditional markets.Bitcoin vs. Ether: Correlation Weakens Among Leading CryptosThe decoupling trend extends to Bitcoin and Ether (ETH), the two largest cryptocurrencies by market capitalization. Historically, the two assets have exhibited a strong correlation, often near 1:1. However, their 30-day rolling correlation now stands at just 0.35, the second-lowest level ever recorded.This divergence is attributed to the market's evolving understanding of these assets' unique use cases. While Bitcoin increasingly resembles "digital gold," Ether is often viewed as the backbone of decentralized finance (DeFi) and blockchain applications.Market Outlook: Bitcoin's Growing MaturityBitcoin's reduced correlation with both equities and other cryptocurrencies signals its maturation as an asset class. As the total cryptocurrency market hits a new all-time high of $3.025 trillion, Bitcoin continues to consolidate its position as the seventh-largest asset by market cap.Analysts expect this trend to persist, with Bitcoin gradually decoupling from traditional risk-on assets and trading more on its own fundamentals. Whether in its relationship with equities or Ether, Bitcoin is increasingly proving to be an independent force in global markets.

According to Cointelegraph: Polish presidential candidate Sławomir Mentzen has vowed to establish a Strategic Bitcoin Reserve if elected in 2025, signaling a significant shift toward a crypto-friendly future for Poland. Mentzen, popular among libertarian and right-wing voters, made the commitment in response to a public inquiry on X (formerly Twitter) on Nov. 17, following a proposal shared by Lech Wilczynski, CEO of crypto exchange Swap.ly.Mentzen’s Vision for a Crypto-Forward PolandMentzen affirmed his intention to implement a Bitcoin reserve in line with an open-source model policy by the Satoshi Action Fund, which advocates for governments to hedge against economic instability with Bitcoin. “Of course,” Mentzen replied when asked if he would pursue this strategy if elected.The presidential candidate also highlighted his broader goal of making Poland more crypto-friendly, a stance that resonates with younger, tech-savvy voters in a rapidly digitizing economy.Following Global Bitcoin LeadersMentzen’s proposal mirrors promises made by U.S. President-elect Donald Trump, who pledged to establish a "Strategic Bitcoin Stockpile" as part of his administration’s crypto strategy. The plan aligns with a bill introduced by U.S. Senator Cynthia Lummis, aiming to acquire one million Bitcoin within five years to hedge against national debt.Similarly, countries like El Salvador and Bhutan have embraced Bitcoin on a national scale. Under President Nayib Bukele, El Salvador legalized Bitcoin as legal tender in 2021 and has accumulated 5,748 BTC to date. Bhutan, through its mining operations, holds approximately $780 million in digital assets, as revealed by Arkham Intelligence in September 2024.Poland's Opportunity in the Crypto SpaceIf implemented, a Bitcoin reserve could position Poland as a regional leader in cryptocurrency adoption. Such a move would align with growing global trends of governments using Bitcoin as a hedge against economic volatility and inflation.With presidential elections scheduled for May 2025, Mentzen’s pro-Bitcoin stance could appeal to voters seeking innovative financial policies and greater economic independence through digital assets.Poland may soon join the ranks of nations making bold strides in Bitcoin adoption, with Mentzen leading the charge toward a crypto-driven economic future.

According to CoinDesk: Bitcoin's (BTC) 260-day fractal dimension suggests a climb beyond $200,000, with BCA Research citing network effects and global wealth as key drivers.BCA Research’s $200K Bitcoin PredictionBitcoin's (BTC) price may more than double from its current levels near $90,000, reaching as high as $200,000, according to BCA Research. In a November 14 note, the firm highlighted that Bitcoin’s 260-day fractal dimension complexity remains above the 1.20 threshold—a level that typically signals the peak of a bull market.“Bitcoin's structural uptrend remains intact with an ultimate destination of $200,000+,” BCA Research Chief Strategist Dhaval Joshi stated, citing the metric's historical reliability in forecasting market cycles.What Is the 260-Day Fractal Dimension?The fractal dimension is a measure of the complexity of price movements over time. Higher values indicate unpredictable price trends, while lower values suggest greater stability and complacency.Currently, Bitcoin’s 260-day fractal dimension remains well above 1.20, signaling that the market is not yet approaching a bull market peak. BCA Research explains that a drop below this level could correspond with Bitcoin prices exceeding $200,000.“Despite Bitcoin’s election-fueled rally, its 260-day complexity is not yet close to the 1.2 level that would signal the start of another crypto winter,” the research note emphasized.Network Effect and Wealth Growth as Key DriversThe analysis also points to Bitcoin's network effect as a core driver of its price growth. Similar to gold, Bitcoin derives value from its perceived role as a non-confiscable asset in a fiat-based monetary system.“As global wealth rises, the network effect of both gold and Bitcoin will increase,” the report stated, adding that these assets serve as insurance against hyperinflation, banking system failures, or government expropriation. Near-Term Retracement Expected Before Long-Term GrowthWhile BCA Research acknowledges the potential for short-term price corrections, the firm believes Bitcoin's long-term trajectory remains firmly upward. The team predicts that temporary dips may provide buying opportunities as the market continues its structural uptrend.“We should expect a near-term retracement, but Bitcoin’s structural uptrend is intact,” Joshi said.Implications for InvestorsThe $200,000 price target underscores Bitcoin's growing appeal as a store of value and hedge against economic uncertainty. With its current rally fueled by institutional interest and favorable macroeconomic conditions, Bitcoin continues to solidify its position as a key asset in diversified portfolios.BCA Research’s $200K prediction reinforces the bullish outlook for Bitcoin, supported by fractal analysis and network effects. While near-term volatility may occur, the cryptocurrency’s long-term potential remains robust, with structural trends pointing toward unprecedented price levels.