Headline
▌BTC has broken through $89,000.
The market shows that BTC has broken through $89,000, currently reported at $89,030.4, with a 24-hour increase of 10.79%. The market is volatile, please ensure to manage risk effectively.
▌MicroStrategy's Bitcoin holdings currently have an unrealized profit of approximately $12.9 billion.
At the current Bitcoin price of $88,875.7, MicroStrategy's Bitcoin holdings have an unrealized profit of approximately $12.9 billion. Previous reports indicated that as of November 11, 2024, MicroStrategy holds a total of 279,420 Bitcoins, with a total purchase cost of approximately $11.9 billion, averaging about $42,692.
Market
As of the time of writing, according to Coingecko data:
BTC's recent trading price is $88,860.74, with a daily fluctuation of +10.3%;
ETH's recent trading price is $3,360.26, with a daily fluctuation of +5.4%;
BNB's recent trading price is $657.11, with a daily fluctuation of +4.6%;
SOL's recent trading price is $221.09, with a daily fluctuation of +5.0%;
DOGE's recent trading price is $0.346, with a daily fluctuation of +22.6%;
XPR's recent trading price is $0.346, with a daily fluctuation of +4.4%.
Policy
▌TD Cowen: Bipartisan cryptocurrency legislation is more likely to pass under Trump's leadership, but "will not be a top priority."
TD Cowen researchers wrote in a report on Monday that bipartisan cryptocurrency legislation covering stablecoins and market structure is more likely to pass during Trump's second term, but "will not be a top priority." Researchers believe that "given the Trump team's focus on extending tax cuts and addressing tariff and trade issues, cryptocurrency will not be a top priority."
The report indicates that another factor that may delay the political process is "reasonable concerns about AML/BSA compliance" and the potential role of cryptocurrency in evading sanctions, drug/human trafficking, and financing terrorism. Analysts state: "The more the industry ignores government oversight, the harder it will be to reach an agreement that can pass both chambers."
▌Trump is looking for candidates to support cryptocurrency for financial institutions.
According to the Washington Post, U.S. President-elect Trump is preparing to take a more lenient stance on cryptocurrency, seeking key candidates who are friendly to the crypto industry for the U.S. government, while his senior advisors are consulting with crypto executives on potential changes to federal policy. Initial discussions focused on a range of financial regulatory agencies, including the SEC. According to five informed sources, Trump's advisors are considering appointing current regulators, former federal officials, and financial industry executives to important leadership positions, many of whom have publicly expressed support for cryptocurrency. They warned that the discussion process is still in its early stages, and the candidate list is still changing.
▌U.S. judge dismisses former Celsius CEO's request to dismiss fraud and manipulation charges.
Former Celsius CEO Alex Mashinsky is facing criminal charges in the U.S., with his representative lawyer failing to dismiss two charges related to commodity fraud and manipulation of Celsius (CEL) token prices.
Judge John Koeltl has submitted a document to the U.S. District Court for the Southern District of New York, ruling that the arguments made by Mashinsky's legal team to dismiss the charges are "either meaningless or unfounded." The judge denied the motion to dismiss two counts, leaving seven charges in the indictment, with Alex Mashinsky's trial set to begin in January 2025.
Blockchain Applications
▌Aave Labs and Lens's parent company Avara launched the cryptocurrency wallet Family Wallet.
Aave Labs and Lens's parent company Avara announced the launch of Family Wallet, which the team describes as "a secure, user-friendly cryptocurrency wallet for everyone," offering features such as in-app messaging, NFT support, DeFi integration, and advanced security.
Previous reports indicated that about a year ago, Aave Companies acquired the development team behind Family, Los Feliz Engineering, and rebranded it as Avara.
Cryptocurrency
▌OpenAI CEO: I am confident in the bright future of cryptocurrency.
OpenAI CEO Sam Altman stated on the X platform: "In the past year, world (also known as worldcoin) has made amazing progress, and I am incredibly proud of the team, especially under the leadership of alexblania! A rare combination of vision and execution. Overall, I am confident in the bright future of cryptocurrency!"
▌Bitcoin's market value surpasses silver's market value.
Bitcoin's market value surpasses silver's market value, becoming the world's eighth-largest asset, with Bitcoin's market value currently at $1.741 trillion and silver's market value currently at $1.735 trillion.
▌In the past 24 hours, there have been $576 million in liquidations across the market.
CoinGecko data shows that the total market capitalization of cryptocurrency has surpassed $3 trillion, currently at $3.13 trillion, with a 24H increase of 6.7%. Additionally, BTC market share is 56.4%, and ETH market share is 13%.
According to Coinglass data, there have been $576 million in liquidations across the network in the past 24 hours, including $216 million in long positions and $360 million in short positions.
▌Yesterday, Grayscale ETH had a net inflow of $63.3 million, setting its highest single-day inflow record.
According to Farside Investors data, the inflow data for the U.S. spot Bitcoin ETF and spot Ethereum ETF (as of November 11) is as follows:
Spot Bitcoin ETF: GBTC net inflow of $24.2 million; BTC net inflow of $28.2 million;
Spot Ethereum ETF: ETH net inflow of $63.3 million, setting its highest single-day inflow record.
Important Economic Dynamics
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 65.1%.
According to CME's "Fed Watch," the probability of the Federal Reserve maintaining current interest rates unchanged until December is 34.9%, while the cumulative probability of a 25 basis point cut is 65.1%. The probability of keeping current rates unchanged until January next year is 23%, while the cumulative probability of a 25 basis point cut is 54.8%, and a cumulative 50 basis point cut is 22.3%.
▌U.S. Congressman: If the 2017 tax cuts are made permanent, the Federal Reserve may reduce interest rate cuts.
U.S. Congressman Nouriel Roubini stated that if the 2017 tax cuts are made permanent, the Federal Reserve may reduce interest rate cuts. (Jin Shi)
Jinse Encyclopedia
▌What is Kraken's Ink?
Ink is a layer two bridge being developed by Kraken, designed to enhance the efficiency of decentralized finance (DeFi) by increasing transaction speed, reducing costs, and improving flexibility. Kraken's Ink seamlessly integrates centralized and decentralized environments, providing users with all the necessary tools and services while alleviating common challenges associated with these environments. The solution operates as a layer two (L2) solution on Ethereum, relieving pressure on the layer one (L1) chain.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Please establish correct investment concepts and ensure to raise risk awareness.
