According to Deep Tide TechFlow, Matrixport's official report states that newly elected President Trump has nominated three key cabinet minister candidates to oversee the Treasury, Commerce, and SEC. These candidates are considered to be friendly to cryptocurrencies, recognizing the importance of digital assets in the modern financial system, and are expected to promote the integration of cryptocurrencies into the U.S. economy. If these nominations are realized, 2024 may witness a revival of DeFi, with traditional finance integrating DeFi and blockchain technology. Although regulations will be clearer, the application of cryptocurrencies may become the biggest winner in the elections. This change could force other countries to accept cryptocurrencies and accelerate global adoption.
Matrixport states that the possibility of establishing a strategic Bitcoin reserve has increased, but the U.S. may not actively purchase Bitcoin.
● Bloomberg: U.S. spot Bitcoin ETF monthly inflows expected to set a record
According to Odaily Planet Daily, due to Trump's support for cryptocurrencies, Bitcoin has historically reached $99,588 per coin, and 12 U.S. spot Bitcoin ETFs are about to welcome record monthly net inflows. Data compiled by Bloomberg shows that as of November, ETFs issued by firms such as BlackRock and Fidelity Investments have attracted $6.2 billion in funds, while the previous peak inflow of $6 billion was set in February this year when investors were excited about these products launched at the beginning of the year.
Bitcoin has more than doubled this year, outperforming global stocks and assets like gold.
● Metaplanet plans to raise 9.5 billion yen to increase Bitcoin holdings
According to Decrypt, Japanese investment company Metaplanet announced plans to raise 9.5 billion yen (approximately $62 million) by issuing stocks to increase its Bitcoin holdings. The company will issue 29,000 stock subscription rights to the Cayman Islands investment management company EVO Fund. Metaplanet stated that the funds raised will primarily be used to purchase Bitcoin to mitigate risks arising from the depreciation of the yen.
The company noted that the importance of Bitcoin is growing, and the yen-to-dollar exchange rate has returned to 154 levels. This stock issuance requires regulatory approval under Japan's Financial Instruments and Exchange Act, and if approved, it will take place from December 16, 2024, to June 16, 2025. At the current Bitcoin price, the company will purchase over 638 BTC. Metaplanet has also decided to suspend its metaverse-related business plans due to the lack of profitability prospects and will incorporate Bitcoin purchases into its financial strategy.
● Analysts remind that the Bitcoin mining cost is $90,524
According to ChainCatcher, analyst Ali pointed out that there has been a lot of recent discussion about Bitcoin dropping below $90,000. He reminded that the average mining cost of Bitcoin currently stands at $90,524. Historically, Bitcoin has never dropped below its mining cost during bull markets.
● Data: 90.8% of Ethereum holders are profitable and have not entered overheated state
According to Jin10 data, with Ethereum rising more than 5% in the past 7 days, over 90% of Ethereum holders are now profitable. However, traders are uncertain about whether it can break through the key level of $4,000 and have increased short positions.
CoinGlass data shows that if Ethereum reaches $4,000, approximately $1.43 billion in short positions may be liquidated.
Data from IntoTheBlock shows that 90.8% of ETH holders are profitable, while 9.2% of loss holders only account for 2.8% of the total supply, indicating limited potential selling pressure. Some traders are optimistic that Ethereum is still likely to return to its annual highs.
CryptoQuant writers noted that Ethereum's funding rates have risen significantly but are still below levels seen during historical highs, indicating that it has not yet entered an overheated state.
● XRP market cap surpasses $100 billion
According to ChainCatcher, XRP's market cap has surpassed $100 billion, overtaking BNB to become the fourth-largest cryptocurrency by market cap (excluding stablecoins). It is currently priced at $1.76, with a 24-hour increase of 21.5%.
● Analysis: XRP price soars to new highs since 2021, due to ETF expectations and SEC changes
According to Decrypt, XRP's price reached $1.67 on Friday morning, the highest level since May 2021.
Reasons for the increase in XRP's price include expectations for an XRP exchange-traded fund (ETF) and potential changes at the U.S. Securities and Exchange Commission (SEC). On Monday, global ETF provider WisdomTree registered an XRP ETF in Delaware. On Wednesday, the European XRP ETP was renamed Bitwise Physical XRP ETP, and Ripple announced plans to invest in that fund. Ripple CEO Brad Garlinghouse stated that global demand for crypto assets is surging in 2024.
XRP has been in a legal battle with the SEC since 2020, and in 2023 a federal judge ruled that XRP is not necessarily a security. In October this year, the SEC appealed key parts of the ruling. With SEC Chairman Gary Gensler preparing to leave, XRP's price has surpassed a three-year high.
● Taiwan will implement new anti-money laundering rules on November 30
According to Foresight News, Taiwan's Financial Supervisory Commission (FSC) will issue new anti-money laundering rules on November 30. The new rules require service providers such as crypto trading platforms to complete anti-money laundering compliance registration. Non-compliance could result in up to two years of imprisonment and fines of up to 5 million New Taiwan dollars (approximately $153,700).
