Today (11/22/2024), the cryptocurrency market continues to witness a surge as Bitcoin (BTC) sets a new all-time high (ATH) at $99,000. BTC is currently trading around $98,600, up nearly 5% in the past 24 hours. According to CoinGecko, BTC's market cap has reached approximately $2.07 trillion, with daily trading volume exceeding $122 billion.

Notable events on 11/22

1. Bitcoin (BTC)

  • Spot BTC ETF funds in the United States recorded a net inflow of $90.1 million on 11/21. However, there is no data yet from major funds like IBIT (BlackRock) and FBTC (Fidelity).

  • MicroStrategy has completed the issuance of $3 billion bonds with a 0% interest rate to purchase more Bitcoin. These bonds are expected to mature in 2029.

2. Ethereum (ETH)

  • While BTC ETF funds are attracting strong inflows, ETH ETF funds saw a net outflow of $28.3 million on 11/21, with the majority of the selling coming from Grayscale's ETHE fund ($27.1 million).

  • ETH price rose nearly 10%, contributing to the upward momentum of Altcoins.

3. SEC Chairman resigns

  • Gary Gensler, chairman of the SEC, officially announced his resignation on 01/20/2025. His possible replacement is Chris Giancarlo, former chairman of the CFTC, a well-known supporter of cryptocurrency.

  • According to Reuters, the cryptocurrency advisory council of president-elect Donald Trump is considering establishing a national Bitcoin reserve, an unprecedented move in history.

The Altcoin effect and important information

1. Solana (SOL)

  • The price of SOL/USDT set a new ATH at $261, according to data from Binance Futures.

  • The CBOE exchange has submitted 4 file 19b4 to the SEC for Spot SOL ETF applications from VanEck, Bitwise, Canary Capital, and 21Shares.

2. Ripple (XRP)

  • Following the news of Gary Gensler's resignation, XRP's price surged nearly 17%, due to expectations that Ripple will escape the prolonged legal battle with the SEC.

3. Sui (SUI)

  • First Digital's stablecoin FDUSD has officially been integrated on the Sui blockchain, expanding the ecosystem from Ethereum and BNB Chain.

4. Binance Futures

  • On 11/21, Binance Futures listed two new coins:

    • SLERF: A memecoin with a sloth symbol.

    • SCRT: A Layer 1 coin from the Cosmos ecosystem.

5. Monkey Tilt

  • The cryptocurrency casino project Monkey Tilt has successfully raised $30 million in a funding round led by Pantera Capital, with participation from Polychain Capital, Hack VC, and other investors.

6. DWF Labs

  • Notable market maker DWF Labs has announced a $20 million investment fund focused on memecoin projects, aiming to drive innovation and connect the cryptocurrency community.

Prominent views

The CEO of Charles Schwab, a company managing $7.1 trillion in assets, shared:

"I have never bought cryptocurrency and now I feel foolish. We will participate in the Spot cryptocurrency market."

Conclusion

The cryptocurrency market on 11/22/2024 witnessed not only strong growth of Bitcoin but also the explosion of leading Altcoins such as ETH, SOL, and XRP. The event of Gary Gensler's resignation, along with expectations for more favorable legal policies under the new president Donald Trump, has created significant momentum for the market.

At the same time, positive moves from ETF funds, major projects like Monkey Tilt, and the expansion of the DeFi ecosystem are reinforcing investor confidence in the future of cryptocurrency. Could this be the beginning of a new era of sustainable growth? Let's wait and see!

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