Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.98 trillion, of which BTC accounts for 59.96%, or $1.79 trillion. The market value of stablecoins is $182.1 billion.
This week, the price of BTC fluctuated upward, and the current price of BTC is $90,962. ETH fluctuated in a range this week, and the current price is $3,087. Among the top 200 projects on CoinMarketCap, most of them rose and a small part fell, including: ACT rose 3368.03% in 7 days, PNUT rose 1780.56% in 7 days, PEPE rose 115.72% in 7 days, and DOGE rose 87.83% in 7 days.
The MEME track cannot be ignored. If you miss MEME, you may miss this bull market.
This week, the U.S. Bitcoin spot ETF had a net inflow of $1.845 billion, and its total market value is about to exceed $100 billion. The U.S. Ethereum spot ETF had a net inflow of $535.5 million.
On November 13, according to CME's "Fed Watch" data, the probability that the Federal Reserve will maintain the current interest rate unchanged by December is 24.3%, and the probability of a cumulative interest rate cut of 25 basis points is 75.7%.
Due to multiple factors such as Trump's election as the next US president, the Federal Reserve's interest rate cut, BTC halving, and continued inflows into Bitcoin spot ETFs, BTC is expected to break through the 100,000 mark this year. As a result, we should pay attention to the MEME track and be optimistic about the subsequent development of the market.
The Fear & Greed Index on November 16th was 80 (higher than last week), and this week's sentiment: 5 days of Greed, 2 days of Extreme Greed.
Understand now
Review of the week's major events
1. Standard Chartered Bank analysts: SOL is expected to hit a new high before the end of the year, and ETH may hit a new high when Trump takes office in January next year;
2. a16z Crypto: New projects can explore token launches without worrying too much about regulation;
3. On November 11, DOGE surpassed USDC in market value to become the sixth largest cryptocurrency;
4. Arthur Hayes: Market trends suggest Trump may abandon the dollar and print a lot of money;
5. Sky founder: If Bitcoin reaches $80,000, the DeFi revival will be confirmed;
6. Trump says Elon Musk and VIVEK will lead the Department of Government Efficiency (DOGE);
7. Trump hinted that he would elect the SEC chairman through a "recess appointment" to bypass Senate review;
8. Coinbase CEO: Cryptocurrency will become the next version of stocks and the Internet;
9. Fed Governor Waller: Stablecoins must be regulated to address the risk of bank runs;
10. Former SEC Chairman: Cryptocurrency legislation may be introduced during Trump's administration;
11. On November 14, Bitcoin briefly broke through $93,000, setting a new record high;
12. After the release of the US CPI, the probability of the Federal Reserve cutting interest rates by 25 basis points in December rose to 75.7%;
13. Robinhood US relists SOL, ADA and XRP;
14. The U.S. SEC approved the Japanese crypto trading platform Coincheck to be listed on Nasdaq;
15. Pennsylvania lawmakers proposed a bill to invest in Bitcoin and cryptocurrency ETFs to "hedge against inflation";
16. Arkham Exchange trading points are now live;
17. GoPlus: The X account of Hat Dog WIF was stolen. Please be aware of the risk of phishing.
18. Trump nominated former SEC Chairman Jay Clayton as U.S. Attorney for the Southern District of New York.
Macroeconomics
1. On November 15, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), issued a statement suggesting that he might leave the SEC;
2. On November 15, Bitwise stated that it had submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) by New York Stock Exchange Arca, Inc. (“NYSE Arca”), proposing to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP);
3. On November 13, according to CME's "Fed Watch" data, the probability that the Fed will maintain the current interest rate unchanged by December is 24.3%, and the probability of a cumulative interest rate cut of 25 basis points is 75.7% (before the CPI was announced, the probability was 37.9% and 62.1%, respectively);
The probability of maintaining the current interest rate unchanged by January next year is 16.5%, the probability of a cumulative interest rate cut of 25 basis points is 59.2%, and the probability of a cumulative interest rate cut of 50 basis points is 24.3%. (Before the CPI was announced, the percentages were 26.5%, 54.9%, and 18.6%, respectively).
ETF
According to statistics, from November 11 to November 15, the net inflow of US Bitcoin spot ETF was US$1.845 billion; as of November 15, GBTC (Grayscale) had a total outflow of US$20.227 billion, currently holding US$20.016 billion, and IBIT (BlackRock) currently holds US$43.064 billion. The total market value of US Bitcoin spot ETF is US$98.736 billion, which is about to exceed US$100 billion.
US Ethereum spot ETF net inflow: US$535.5 million.
Predicting the future
Upcoming Events
1. The Australian Crypto Convention will be held in Sydney from November 23 to 24. The summit is one of the largest cryptocurrency events in the Southern Hemisphere. It is held annually in Australia and aims to promote mutual connection between investors and decision makers in the cryptocurrency and blockchain industries.
2. The Block will host the Web3 Summit "Emergence" at the Prague Conference Center in the Czech Republic from December 5 to 6. The summit will promote the connection between technology and capital and build a bridge between Wall Street and the crypto field. The summit will bring together different representatives across industries and chains to discuss ETFs and asset management, uncertainty in crypto regulation, etc. Through cooperation with Foresight Ventures, Emergence will provide participants with insights into driving the development of cryptocurrencies in Asia and will bridge the gap between capital and talent in the East and the West.
Project Progress
1. Magic Eden will release the ME token economic model on November 18;
2. TON ecosystem Layer 2 project DuckChain will conduct an airdrop snapshot on November 18;
3. BNB Chain announced that the BNB beacon chain hard fork will take effect at 14:00 on November 19, 2024 (block height 384,544,850). Nodes on the BNB beacon chain mainnet must be updated to version 0.10.24. At that time, the BNB beacon chain will stop running and new transactions will no longer be processed;
4. The perpetual contract agreement Rage Trade will start RAGE airdrop distribution on November 21, 2024. Rage Trade has launched the airdrop query page;
5. Story Protocol’s final testnet Odyssey is now online, and Iliad’s operations will be stopped on November 24.
Important Events
1. FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation, which may enable it to recover up to $21 million in assets. The agreement is subject to court approval, and a hearing will be held on November 20;
2. A proposed settlement hearing between FTX and SBF’s ex-girlfriend Caroline Ellison will be held on November 20, and the agreement will allow her to hand over “almost all of her remaining assets.” Ellison agreed to transfer any assets that were not confiscated to the government in her criminal case or used to pay legal fees to FTX creditors;
3. FTX co-founder Gary Wang will appear in court on November 20, and the verdict will be announced at that time;
4. The U.S. Securities and Exchange Commission (SEC) will postpone the deadline for the decision on the 7RCC spot Bitcoin and carbon credit futures ETF to November 21. Crypto asset management company 7RCC submitted an application for a Bitcoin spot ETF to the U.S. SEC in December last year, 80% of which will be composed of Bitcoin, and the rest will hold carbon credit futures. The cryptocurrency exchange Gemini will provide custody services for the fund's Bitcoin.
Token Unlock
1. Avalanche (AVAX) will unlock 1.67 million tokens at 8:00 on November 18, worth approximately US$53.3 million, accounting for 0.41% of the circulation;
2. Pixels (PIXEL) will unlock 53.55 million tokens on November 19, worth approximately $10.41 million, accounting for 1.07% of the circulation;
3. Merlin Chain (MERL) will unlock 28.25 million tokens on November 19, worth approximately $7.95 million, accounting for 1.35% of the circulation;
4. Bittensor (TAO) will unlock 216,300 tokens on November 21, worth approximately US$111 million, accounting for 1.03% of the circulation.
about Us
Hotcoin Research, as the core investment research department of Hotcoin, is committed to providing detailed and professional analysis of the cryptocurrency market. Our goal is to provide clear market insights and practical operation guides for investors of different levels. Our professional content includes the "Play and Earn Web3" series of tutorials, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time observation of the market. Whether you are a novice exploring the crypto field for the first time or an experienced investor seeking in-depth insights, Hotcoin will be your reliable partner to understand and seize market opportunities.
Risk Warning
The cryptocurrency market is highly volatile and investment carries risks. We strongly recommend that investors fully understand these risks and invest within a strict risk management framework to ensure the safety of their funds.
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