Mini Program: Daily cryptocurrency dynamic summary.
1. Bitcoin mining difficulty adjusted up by 1.59% to 103.92 T, setting a new historical high.
CloverPool data shows that Bitcoin mining difficulty adjustment occurred at block height 872,928 (2024-12-02 23:34:00), with difficulty increased by 1.59% to 103.92 T, setting a new historical high. The current average hash rate of the entire network is 726.57 EH/s.
2. The rise in Bitcoin prices drives miner income to its highest level since April.
According to Bitcoin.com News, due to the rise in Bitcoin prices, the income of Bitcoin miners has significantly increased, reaching its highest level since April this year.
3. Coinbase CEO: Expects rapid introduction of cryptocurrency laws in the U.S. after Trump takes office.
According to CNBC, Coinbase's Chief Policy Officer, Hilscher, stated that he believes cryptocurrency legislation will move through Congress 'rather quickly' after Trump takes office. Trump is well-known for his supportive platform for cryptocurrencies during his campaign. At the time of his remarks, two key pieces of cryptocurrency-related legislation are advancing in Congress. One is the (21st Century Financial Innovation and Technology Act) initiated by Republicans, aimed at establishing a legal framework for digital assets. This bill passed in the House earlier this year. The other is the (Payment Stablecoin Clear Act), which aims to establish a regulatory framework to license stablecoin issuers—stablecoins are tokens pegged to the value of fiat currencies like the U.S. dollar. The stablecoin bill has not yet been voted on in the House.
4. Data: Many indicators in the crypto market reached historical highs in November, with total on-chain transaction volume increasing by 69.4%.
According to a post by The Block's research director @lars0x, many indicators in the crypto market reached historical highs in November, with adjusted on-chain transaction volume increasing by 69.4% to $710 billion (BTC: +70%, ETH: +68.3%). Adjusted stablecoin on-chain transaction volume increased by 30.7% to $1.17 trillion, with issuance supply increasing by 12% to a new high of $167.2 billion, of which USDT accounted for 79.9%, and USDC accounted for 17.4%. In November, Bitcoin miner income increased by 18.6% to $1.21 billion, while ETH stakers' income grew by 18.8% to $263 million. A total of 46,553 ETH were burned in November, equivalent to $147 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.48 million ETH has been burned, equating to $12.6 billion. Monthly NFT market trading volume on Ethereum increased by 61.5% to $196.3 million. In November, legitimate CEX spot trading volume grew by 123.6% to $1.88 trillion, with a monthly net inflow of +$6.6 billion for all Bitcoin spot ETFs. On November 7, IBIT net inflow reached a record high of $1.12 billion. Bitcoin futures open interest increased by 42.2%, and Ethereum futures open interest rose by 72.7%, both setting new highs. BTC monthly futures trading volume rose by 69.2% to $2.1 trillion. CME Bitcoin futures open interest increased by 61.4% to a new high of $20.1 billion (with daily trading volume up 86.9% to $9.8 billion). ETH futures monthly trading volume grew by 92.8% to $940 billion. Bitcoin options open interest increased by 53.2%, setting a new high; Ethereum options open interest rose by 84.2%. BTC monthly options trading volume increased by 105.3% to $110.9 billion, while ETH monthly options trading volume rose by 115.5% to $21.9 billion.
5. U.S. Bitcoin and Ethereum ETFs set single-month net inflow records in November, thanks to Trump's support for cryptocurrencies.
Thanks to the commitment of U.S. President-elect Donald Trump to relax regulations on the cryptocurrency industry, U.S. exchange-traded funds (ETFs) for direct investments in Bitcoin and Ethereum have experienced unprecedented demand. Compilation data shows that both Bitcoin and Ethereum ETFs set record net inflows for a single month in November, at $6.5 billion and $1.1 billion, respectively. Last Friday, the daily fund inflow for the Ethereum ETF also set a historical high.
6. Bitcoin mining company MARA increases convertible senior notes issuance to $850 million, part of which is used to purchase Bitcoin.
Bitcoin mining company MARA Holdings announced that its zero-coupon convertible senior note issuance has increased to $850 million, additionally providing a $150 million purchase option. The notes will mature in 2031, and the funds raised will primarily be used to repurchase some existing notes maturing in 2026, as well as to acquire Bitcoin and for general corporate purposes. According to the announcement, the initial conversion price for this issuance is $34.5831 per share, a premium of 40% over MARA's current share price.
7. Shen Yu: Leverage operations in crypto trading are the most difficult; no longer expect to escape peaks.
Shen Yu shared insights on trading difficulty levels. He believes that arbitrage operations have the lowest difficulty, requiring only basic addition and subtraction skills; bottom-fishing operations require a certain grasp of position management and emotions; selling after a spike while holding a heavy position demands a high mental fortitude; peak escaping operations need comprehensive analysis of fundamentals, macro factors, and group sentiment; leveraged trading is the most difficult due to its amplification of volatility and reduction of survival rates, requiring mastery of various trading techniques. Shen Yu stated that after years of trading, he no longer expects to escape peaks but has learned how to take over positions.
8. BitGo launches retail platform, offering cryptocurrency asset trading, custody, and staking services.
According to The Block, cryptocurrency infrastructure company BitGo officially launched a retail platform to provide regulated digital asset trading, staking, wallets, and custody services for users worldwide. Since its establishment in 2013, BitGo has primarily served institutional clients, and this expansion into the retail market continues its institutional-level security and compliance standards. CEO Mike Belshe stated that the platform aims to provide 'security-first' crypto solutions for retail investors. The new platform is now live and offers eligible U.S. users the chance to win one Bitcoin.
9. South Korea expands cryptocurrency price manipulation investigation to individual investors.
According to News1, since the implementation of South Korea's (Virtual Asset User Protection Act) six months ago, the Financial Services Commission (FSS) is now expanding its investigation into price manipulation to individual investors. Recently, an investor was suspected of price manipulation by the FSS due to frequent short-term trading on a major exchange and is undergoing investigation. Although these trades were merely part of day trading activities, due to their suspicious nature, the FSS has requested the investor to prove that there was no intention to manipulate the market. With the recent rise in cryptocurrency prices, the FSS is closely analyzing trading patterns and volumes to detect potential signs of price manipulation.
10. 10X Research: South Korea's cryptocurrency retail trading volume reaches $18 billion in 24 hours, setting the second highest this year.
The latest report from research institution 10X Research shows that South Korea's retail cryptocurrency trading volume reached $18 billion in the past 24 hours, setting the second highest level of the year, surpassing the local stock market's trading volume of $14 billion. Among them, XRP led with a trading volume of $6.3 billion, followed by Dogecoin ($1.6 billion), XLM ($1.3 billion), ENS ($900 million), HBAR ($800 million), and Shiba Inu ($600 million). The report also noted that several cryptocurrencies have doubled in value over the past few weeks, with Tezos rising 96% and Enjin rising 91%.
11. QCP Capital: Microsoft's shareholder vote next week may become a catalyst for Bitcoin to break through $100,000 by the end of the year.
Singapore's cryptocurrency investment firm QCP Capital stated that during the Thanksgiving weekend, boosted by Michael Saylor's presentation of Bitcoin investment strategies to Microsoft, Bitcoin prices briefly touched $98,000. Microsoft's shareholders are set to vote on December 10 on a proposal to include Bitcoin in its balance sheet. This could become the catalyst needed for Bitcoin to break through $100,000 by the end of the year. Major shareholders of Microsoft, such as Vanguard, BlackRock, and Fidelity, have already ventured into the cryptocurrency space through investments in MicroStrategy (MSTR), Coinbase, and other cryptocurrency companies. It can be said that they have already established a sufficient level of involvement. On the other hand, if the proposal is approved, it will not only have a positive impact on Bitcoin but also boost their other investments. As we await Microsoft's decision next week, U.S. employment and labor data will again be in focus this week. The U.S. Institute for Supply Management (ISM) Manufacturing Index and Purchasing Managers' Index (PMI) data are scheduled for release on Monday and Wednesday, respectively. However, the focus of the week will be on Friday's Non-Farm Payrolls (NFP) data. The market will closely watch this week's reports for better insights into inflation, especially ahead of the interest rate decision on December 17-18.
12. Four asset management firms have submitted applications to the U.S. SEC to launch Bitcoin ETFs with different levels of protection.
According to the Financial Times, four asset management firms have submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Bitcoin ETFs that use derivatives to reduce or protect investors from losses. These ETFs include Buffer ETFs and Managed Floor ETFs. Institutions such as Calamos Investments, First Trust Portfolios, and Innovator ETFs have applied for products with varying levels of protection, including a buffer ETF that protects against 30% losses and a managed floor ETF with a three-month term. Grayscale plans to launch an ETF that covers Bitcoin spot ETFs while selling call options, sacrificing some price appreciation potential but providing stable premium income. Currently, these ETFs face challenges including options position limits. The Chicago Board Options Exchange is about to launch Bitcoin index options with higher position limits, which could provide greater capacity for product structures. If approved, these ETFs could be listed as early as February next year.
13. Market news: Enron plans to use decentralized technology to 'solve the global energy crisis' and hinted at launching some form of token.
According to DB, Enron is re-emerging with decentralized technology to 'solve the global energy crisis' and hinted at launching some form of token. According to its shared press release, Enron announced: 'Enron today announces its reemergence, committed to solving the global energy crisis. With a bold new vision, Enron will leverage cutting-edge technology, human intelligence, and adaptive spirit to tackle the major challenges of energy sustainability, accessibility, and affordability. Key pillars of Enron's vision include permissionless innovation: decentralized technology is continually advancing, and we will certainly play a significant role in its future development.'
14. Nano Labs plans to purchase and hold $50 million worth of Bitcoin over the next five years.
According to PR Newswire, cryptocurrency mining chip design company Nano Labs (Nasdaq: NA) announced its plan to purchase and hold $50 million worth of Bitcoin over the next five years. Nano Labs stated that this strategic decision underscores the company's confidence in BTC as a long-term store of value and a foundational asset in the rapidly growing Web 3.0 ecosystem. In November, Nano Labs announced it would accept Bitcoin payments.
15. Sora Ventures launches $150 million fund to promote Bitcoin financial strategies among listed companies in Asia.
According to CryptoSlate, Sora Ventures has launched a $150 million fund aimed at encouraging publicly listed companies across Asia to adopt Bitcoin-centric financial strategies. The fund aims to replicate MicroStrategy's model, using Bitcoin as a primary reserve asset to optimize financial strategies and enhance shareholder value. According to the announcement, the fund is targeting companies listed on major stock exchanges in Japan, Hong Kong, Thailand, Taiwan, and South Korea. The first successful case of this strategy was Tokyo Stock Exchange-listed Metaplanet collaborating with Sora Ventures to implement the MicroStrategy model. According to a statement, the fund aims to identify and collaborate with companies that can benefit from Bitcoin-centric financial management. This includes tailoring strategies based on each country's regulatory and market environment. For instance, Japan's taxation on unrealized Bitcoin gains poses unique challenges, which can be mitigated by strategic corporate frameworks. Sora Ventures managing partner Jason Fang emphasized the scalability of the micro-strategy model. He revealed plans to expand the initiative to more companies, including a potential collaboration with a company listed on the Hong Kong Stock Exchange and ongoing negotiations with a candidate company on the Thailand Stock Exchange. Fang emphasized the synergistic benefits achievable through networking, where companies adopting Bitcoin financial management can collectively enhance their operational and financial conditions.
16. Cambodia blocks 16 cryptocurrency trading websites, including Binance and Coinbase.
According to Nikkei News, Cambodia has blocked access to 16 cryptocurrency trading websites, including Binance and Coinbase, but has not blocked their applications, highlighting the country's struggle to control the illegal yet flourishing cryptocurrency market. Facing international pressure, Cambodia needs to improve its reputation as a center for online fraud, and the government is attempting to regulate cryptocurrencies and other digital services. However, this has had little effect on the decentralized nature of cryptocurrency trading while also cutting off related businesses for some established industry participants.
Article reposted from: Jinshi Data
