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Top 10 News of the Week
1. Bitcoin’s market value exceeds that of silver, reaching $1.751 trillion link
As Bitcoin approaches $90,000, its market value reaches $1.751 trillion, surpassing silver’s $1.734 trillion, ranking eighth in asset market value. Bitcoin is known as digital gold, and its current market value is about one-tenth of gold’s.
QCP's latest report points out that since the election, Bitcoin's price has risen by 30%, with a market value of $1.73 trillion, which has surpassed silver, but is still far below gold's $17.5 trillion. If only 1% of the capital in the gold market flows into Bitcoin, its price may rise to $97,000. Currently, the futures basis has exceeded 18% at the end of November, and there is strong demand for forward call options (strike prices of $110,000 and $120,000). This trend shows that investors are preparing for potential further breakthroughs with rising demand for leverage and margin tools.
2. Powell: Policies are gradually moving toward the middle, no need to rush to cut interest rates, labor market and inflation continue to cool down link
Fed Chairman Powell said: "We are gradually adjusting policy to a more neutral level. But the path to achieve this goal is not pre-set... The current economy does not send any signal that we need to rush to cut interest rates. The current strong momentum of the economy allows us to make decisions more carefully." At the same time, Powell believes that the labor market is still cooling under the pressure of tight monetary policy. Powell added that at present "it seems that we are at the level we should be." In addition, Powell reiterated his view that inflation may continue to decline.
3. Cynthia Lummis proposes that the Federal Reserve sell its gold reserves and invest in Bitcoin link
U.S. Senator Cynthia Lummis is pushing a new proposal that the Federal Reserve sell part of its gold reserves and use the proceeds to buy Bitcoin. Lummis is a well-known Bitcoin supporter in the U.S. Congress, and this move is considered her latest attempt to promote the development of digital assets. Lummis said: "Although gold is a traditional safe-haven asset, Bitcoin, as digital gold, is attracting more and more investors with its growth potential and security."
4. The official X account of the "Department of Government Efficiency (DOGE)" led by Musk may have been launched link
An official X account named "Department of Government Efficiency" (DOGE) was created in November 2024 with the handle "@DOGE". The account is marked as a "verified account", indicating that it is a government or multilateral organization account, with nearly 960,000 followers and has been followed by Musk. It is suspected to be the official account of the "Department of Government Efficiency (DOGE)" led by Musk and Vivek Ramaswamy.
Earlier, US President Trump announced that Musk and American patriot Vivek Ramaswamy will co-lead the newly established Department of Government Efficiency (DOGE). The department aims to streamline the federal government structure, cut redundant spending and excessive regulations, and become part of the "Save America" movement. Musk said that this move will cause a shock within the system and is expected to become a modern version of the "Manhattan Project." The appointment announcement stated that the department will work with the White House and the Office of Management and Budget to promote structural reforms, with the goal of achieving a smaller and more efficient government by the 250th anniversary of the independence of the United States on July 4, 2026.
Musk responded to blogger Ashley St. Clair's question about "how we set up a department dedicated to firing half of the government officials by posting spam during President Trump's term." Musk responded: "America was saved by a squirrel and a meme coin!" Musk then posted a picture with the image of a Shiba Inu and the words DOGE (Department of Government Efficiency).
5. Hong Kong Stock Exchange officially launches virtual asset index series on Friday link
The Hong Kong Stock Exchange officially launched its virtual asset index series on Friday. The index series will include reference indices for Bitcoin and Ethereum and reference exchange rates. The reference index is based on the benchmark spot price weighted by the 24-hour trading volume of Bitcoin or Ethereum, and is calculated based on the aggregated market prices of several major virtual asset exchanges and is denominated in US dollars in real time. The reference exchange rate is designed for the settlement of financial products and is calculated at 4:00 p.m. Hong Kong time every day.
6. Tether launches Hadron platform to simplify asset tokenization and support multiple blockchains link
Tether announced on Friday the launch of Hadron by Tether, a platform designed to simplify the tokenization of everything from stocks, bonds, stablecoins, loyalty points, etc. In addition, Tether's Hadron supports multiple blockchains that support smart contracts and Bitcoin Layer 2 solutions such as Blockstream's Liquid.
7. Upbit’s trading volume on November 13 exceeded the combined volume of South Korea’s two largest stock exchanges link
South Korea's domestic stock market continued to be sluggish after Trump's election, and the market's pessimism about the "national market" (South Korean stock market) spread, and investors turned their attention to US stocks and Bitcoin. According to CoinMarketCap data, the total transaction volume of South Korea's five major crypto exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) in the past 24 hours reached 34.6 trillion won (about 2.48 billion US dollars). Among them, Upbit's trading volume yesterday was 1.56 billion US dollars, surpassing the total of South Korea's two major stock markets KOSPI (909 million US dollars) and KOSDAQ (526 million US dollars).
8. MicroStrategy announced that it purchased 27,200 BTC for $2.03 billion link
MicroStrategy announced that it purchased 27,200 BTC at a price of approximately US$2.03 billion, with an average purchase price of US$74,463. The BTC yield this quarter was 7.3%, and the year-to-date yield reached 26.4%. As of November 10, 2024, MicroStrategy held 279,420 BTC, with a total acquisition cost of approximately US$11.9 billion and an average purchase price of approximately US$42,692 per coin.
9. Ethereum Foundation researchers propose new consensus layer upgrade proposal Beam Chain link
Justin Drake, a researcher at the Ethereum Foundation, proposed a new consensus layer upgrade proposal "Beam Chain" at the Devcon conference, which is called "Ethereum 3.0" by the community. The proposal aims to achieve faster block times, lower validator staking requirements, "chain snarkifaction", and improvements in quantum security. Doug Colkitt, founder of Ambient Finance, pointed out that the localization of zkEVM may completely eliminate gas restrictions, allowing nodes to only verify snarks, thereby theoretically achieving unlimited scalability of L1. However, the proposal may lead to further centralization of block construction. Beam Chain is expected to develop specifications in 2025, start construction in 2026, and enter a full testing phase in 2027.
10. Vitalik: The future of Ethereum link
Vitalik said at Devcon2024 in Bangkok that the future of Ethereum includes: upgrading to decentralization, censorship resistance, and quantum resistance; gradually improving efficiency and scale; DA upgrade enables L2 to support 100k+ TP; the scale is large enough to realize a variety of applications: ENS, consumer payments, social, "hybrid finance + non-finance", etc.
Key financing events
StakeStone announces $22 million funding round led by Polychain Capital link
Animoca Brands’ Web3 project Mocaverse announces $10 million in funding link
Notabene, a crypto AML service provider, completes $14.5 million Series B funding link
Digital asset trading infrastructure provider Wyden announces $16.4 million Series B funding link
RWA Water Economy Project LAKE (LAK3) has completed $12.4 million in financing link
Cross-chain DeFi platform Folks Finance announces $3.2 million Series A funding link
OKX Ventures announces investment in Corn Link
Decentralized AI-as-a-Service Cloud Project Heurist Announces $2 Million Pre-Seed Round of Funding link
Web3 healthcare startup Pulse announces $1.8 million seed round link
Monster League Studios Completes €3.7 Million Funding to Expand Web3 Gaming Ecosystem link
Web3 AI company Eidon AI completes $3.5 million seed round link
Intelligent verifiable computing platform Brevis announces completion of $7.5 million seed round of financing link
MBD announces completion of $3 million Pre-seed round of financing link
TAC Completes $6.5 Million Seed Round, Led by Hack VC and Symbolic Capital link
For more industry funding events, visit crypto-fundraising.info.
