US data on Thursday showed that the US PPI annual rate in October was 2.4%, higher than the expected value of 2.3%, and the previous value was revised from 1.8% to 1.9%. The US PPI monthly rate in October was 0.2%, in line with expectations of 0.2%, and the previous value was revised from 0% to 0.1%. The number of initial jobless claims in the week was 217,000, lower than the expected value of 223,000 and lower than the previous value of 221,000. After the release of PPI (one of the inflation indicators, the producer price index) and initial jobless claims data, US stock indexes opened lower, with the Nasdaq falling 0.5%. The market is still betting on the Fed to cut interest rates, and it is expected that the probability of the Fed's third rate cut at the December meeting is 82% (75% the day before).
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Bloomberg: The British government will unveil its plans to regulate the cryptocurrency industry this month, seeking to counter the attraction of the cryptocurrency industry to the United States led by Trump and strive to reassure companies about their prospects in the UK. The UK Treasury plans to introduce two pieces of legislation on stablecoins, as well as exemptions for cryptocurrency providers to exclude so-called pledge services from current financial regulation. For the UK, the risk is that startups may choose other jurisdictions, such as the United States, because the rules there are clearer or more favorable. On November 14, the US Republican Party won enough seats to control the US House of Representatives, ensuring their control of both houses of Congress and the White House. The US Republican Party gained control of the Senate earlier. 8 Market data shows that BTC rose to $93,000 and its market value rose to $1.84 trillion, surpassing Saudi Aramco (Saudi Arabian National Oil Company; commonly known as Saudi Aramco; market value of $1.79 trillion) and rising to the seventh place in the world's mainstream assets. On November 14, Tether added $2 billion in stablecoins to the ETH and Tron mainnets. On November 13, Tether added $1 billion in stablecoins to the ETH mainnet. On November 13, Australia's Monochrome spot BTCETF held 206 BTC. BlackRock launched BUIDL funds on Aptos, Arbitrum, Avalanche, OP and Polygon. South Korean local media reported that the trading volume of the Korean cryptocurrency market exceeded the total of the Korean stock market KOSPI and KOSDAQ.
The dollar index rose to its highest point since November 2023, reaching 106.54. Jay Clayton, former head of the U.S. Securities and Exchange Commission (SEC), said that the U.S. Congress may pass legislation to regulate cryptocurrencies after Trump takes office. Clayton said that he is in favor of relaxing regulatory burdens to encourage companies to go public, which foreshadows a broad change in public policy, which is what the industry is currently looking forward to. In an interview with Bloomberg TV, Galaxy Digital founder Mike Novogratz dressed up as "Steven Jobs" and said that if the speculation that BTC is regarded as a strategic reserve asset of the United States becomes a reality, the price will reach $500,000, but the possibility of "becoming a strategic asset of the United States" is low. If BTC becomes a reserve asset, other countries will need to buy BTC. QCP Capital Research Report stated that BTC has entered a new stage. After approaching the $90,000 mark, it has consolidated its position as a U.S. Treasury asset increasingly held by U.S. institutions. The demand for BTCETF set a new record, with an inflow of $2.28 billion in three days. After the US election last week, BTC ETF attracted $1.8 billion in funds. This week started strongly with another $1.1 billion in net inflows. The market is adapting to BTC's new highs and demand has never been so strong. On November 14, the US spot BTC ETF had a net inflow of $514.43 million, achieving net inflows for 6 consecutive trading days; the US ETH spot ETF had an inflow of $148 million.
Eric Balchunas, ETF analyst at Bloomberg, said that BlackRock IBIT reached the $40 billion mark in assets within 211 days of its launch (just two weeks after reaching $30 billion), breaking the previous record of 1,253 days held by IEMG (emerging market ETF issued by BlackRock). Currently, IBIT ranks in the top 1% of all ETF asset size rankings, and nearly 10 months after its launch, its assets are larger than all 2,800 ETFs launched in the past decade. DefiLlama data shows that the total amount of stablecoins has increased by $7.334 billion since Trump won the election (November 6), and the current market value of stablecoins is $181.022 billion. British research company Zaye said that BTC's retreat from the all-time high set on Tuesday may be temporary, and the price target of $100,000 has attracted much attention and may be reached before Trump's inauguration day. Trump's expectations of a more friendly cryptocurrency policy have recently boosted BTC and other cryptocurrencies. The price of Bitcoin continues to hit new highs, and the popularity of local dog coins has caused some people to feel anxious. Some information to relieve anxiety can be found online: 1. If you have a bad day, just know that the PNUT developers sold all their assets at 3.5 SOL ($700), which is now worth $105 million; 2. A trader spent 8 SOL to buy 19.4 million Pnuts, and then sold them at 4.09 SOL, losing $681, and these PNUTs are now worth more than $24.69 million. Thursday's data showed that the annual rate of US PPI in October was 2.4%, higher than the expected value of 2.3%, and the previous value was revised from 1.8% to 1.9%.
The U.S. PPI monthly rate in October was 0.2%, in line with expectations of 0.2%. The previous value was revised from 0% to 0.1% (one of the PPI inflation indicators, the producer price index). The number of initial jobless claims for the week was 217,000, lower than the expected value of 223,000 and lower than the previous value of 221,000. After the release of PPI and initial jobless claims data, traders are still betting on the Fed to cut interest rates, with Wall Street predicting an 82% chance of a third rate cut at the Fed's December meeting (75% the day before). A Bank of America fund manager survey showed that global stocks and gold will perform well next year, with investor exposure to U.S. stocks jumping to the highest level since 2013, a "long surge" and 23% expecting stronger global economic growth next year , while 10% in last month's survey expected the economy to weaken, the proportion of fund managers overweight U.S. stocks almost tripled to a net 29%, with inflows into small-cap stocks since the election Notably, the Russell 2000 Index has surged nearly 6% since Election Day. Citi economists expect that the core PCE monthly inflation rate, one of the inflation measures, may slow significantly in November, but the November data will not be released until New Year's Eve. Fed Kashkari said: The overall data of the CPI (2.6%) report confirms the current trend, and there is no obvious upward risk of inflation. The greater risk is that the economy may stagnate; Fed Schmid: The Fed will further cut interest rates. The magnitude and final interest rate level remain to be seen. The interest rate cuts so far are a "recognition" of the gradually increasing confidence that inflation is moving towards the 2% target; Fed Musallem: The Fed may be in the "last mile" to achieve price stability, expected Inflation will move towards the 2% target over the medium term.
PPI was 2.4% on Thursday, slightly higher than the expected 2.3%. U.S. stock indexes opened lower, with the Nasdaq down 0.5% and the S&P 500 down 0.45%. Bitcoin is following suit. The probability of a Fed rate cut in December has steadily increased to 82%, from 75% the day before. The amount of cash accumulated by U.S. money market funds exceeded $7 trillion for the first time. Money market funds have higher yields than other instruments (especially U.S. bank deposits). These funds tend to be slower to pass on the impact of the Fed's low interest rates. When the Fed's interest rate drops to the 3-4% range, it is expected to see cash outflows to the so-called risk market. BTC rose 1,900% during Trump's first term (November 2016 to November 2020). The new term will be inaugurated on January 20 next year. Most analysts are optimistic about the market at the end of 2024 and the market in 2025. Bitcoin has clearly shown bullish momentum. There is no need to worry. Stay optimistic. The currency market is entering a bull market. #新币挖矿&盘前交易USUAL
