Article source: Trading Moment
1. Market Observation
Keywords: BTC, SHIB, ETH
Mara Holdings acquired a 240 MW wind farm in Texas to support its mining operations. Despite potential challenges from the Bitcoin halving in 2024, the company remains committed to its expansion plans. However, the industry is also facing adjustment pressures, as Bitcoin miner Foundry has cut 16% of its U.S. workforce, reflecting the current pressures in the mining market.
Since the approval of the Bitcoin spot ETF in January this year, BlackRock's iShares Bitcoin Trust ETF has accumulated more than $48 billion in Bitcoin, becoming an important institutional force in the cryptocurrency market. BitMEX founder Arthur Hayes noted that Bitcoin is currently stabilizing around $95,000, and market analysts are generally optimistic about its future prospects, expecting it to break $100,000 within the next five years, with a long-term target of $1 million. This positive trend has also driven other cryptocurrencies, such as Shiba Inu (SHIB) and other altcoins, which are expected to see significant growth when Bitcoin reaches $120,000.
Some notable movements have also emerged in the market: a Bitcoin wallet that had been dormant for over ten years recently became active, bringing an astonishing 10,817% return to its holder. Meanwhile, another wallet holding $257 million in Bitcoin also transferred 2,700 BTC after nearly 11 years.
In terms of commercial applications, Virgin Voyages has become the first cruise company to accept Bitcoin bookings, showcasing the potential of cryptocurrencies in the real economy. Several U.S. states are also considering legislation related to establishing Bitcoin reserves. However, the market faces some challenges: Cash App has canceled its zero-fee Bitcoin transfer service, and dtcpay in Singapore plans to replace Bitcoin and Ethereum with stablecoins before 2025 due to price volatility. Meanwhile, cryptocurrency expert Ki Young Ju reminds investors to pay attention to and address liquidity challenges arising from Bitcoin fund outflows.
2. Key Data (As of December 4, 09:45 HKT)
S&P 500: 6,049.88 points (Year-to-date +26.84%)
Nasdaq: 19,480.91 points (Year-to-date +29.77%)
10-Year U.S. Treasury Yield: 4.222% (Year-to-date +35.03 basis points)
U.S. Dollar Index: 106.230 (Year-to-date +4.87%)
Bitcoin: $95,826.57 (Year-to-date +126.73%), daily spot trading volume is $66.92 billion
Ethereum: $3,679.32 (Year-to-date +61.27%), daily spot trading volume is $39.35 billion
3. ETF Flows (December 3 EST)
Bitcoin ETF: -$17.3 million
Ethereum ETF: +$67.3 million
4. Important Dates (Hong Kong Time)
ISM Manufacturing PMI (December 2, 11:00 PM)
Actual: 48.4 / Previous: 46.5 / Expected: 47.5
JOLTS Job Openings (December 3, 11:00 PM)
Actual: 7,744,000 / Previous: 7,372,000 / Expected: 7,490,000
ISM Services PMI (December 4, 11:00 PM)
Actual: Pending / Previous: 56 / Expected: 55.5
Non-Farm Payrolls (December 6, 09:30 PM)
Actual: Pending / Previous: 12,000 / Expected: 183,000
Unemployment Rate (December 6, 09:30 PM)
Actual: Pending / Previous: 4.1% / Expected: 4.1%
5. Hot News
The Trump team plans to appoint former SEC Commissioner Paul Atkins to replace Gary Gensler, but Paul Atkins holds a negative attitude towards this position.
Everclear will migrate the NEXT token to CLEAR on December 6 and launch a new tokenomics model.
Mining company Foundry has cut about 60% of its staff, reducing the total number of employees from 250 to about 80 to 90.
BNB rose over 19% to $765 per coin during the day, reaching an all-time high.
TRON (TRX) fell back after hitting $0.45, marking an all-time high.
The Chief of Staff and Chief Secretary of the South Korean Presidential Office collectively resigned.
Cryptocurrency AI company GAIB completed a $5 million Pre-Seed round of financing, led by Hack VC.
Grayscale has applied to convert the Solana Trust Fund into an ETF.
Coinbase's international site will launch Morpho perpetual futures contracts.
Over 163 million USDT flowed into Upbit within an hour after South Korea announced a 'curfew'.
Coinbase has listed MOG Coin (MOG) on its coin listing roadmap.
BTC briefly plunged 30% on Upbit, while XRP briefly dropped 60%.
Vitalik articulated his vision for the development of an ideal cryptocurrency wallet, focusing on cross-L2 transactions and privacy protection.
XRP Ledger has reduced the minimum reserve requirement from 10 XRP to 1 XRP.
Shen Yu: Leveraging operations in cryptocurrency trading is the most difficult, and I no longer expect to escape the peak.
Arthur Hayes: Be cautious with VC-backed projects that have high FDV and low circulation.
Hashflow through a burn proposal: 50% of protocol fees will be used for buybacks and burns.
Magic Eden will open ME token airdrop eligibility checks on December 4, with TGE scheduled for December 10.
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