1. Market Watch
Keywords: BTC, XRP, AAVE
Bitcoin (BTC) is entering a new upward trend, with prices nearing the $100,000 mark. As of December 1, 2024, Bitcoin prices remain at $97,227. Although the price briefly fell to $95,758, it stabilized above $97,000 thereafter. Notably, this price level may alienate retail investors. Besides Bitcoin, altcoins like SHIB, FIL, MNT, and AAVE are also expected to see upward trends. However, the impact of Trump's potential re-election on the cryptocurrency space remains uncertain.
On the institutional investor side, Hong Kong-based gaming company Boyaa Interactive has converted its Ethereum holdings into Bitcoin worth nearly $50 million. Meanwhile, Rumble plans to invest up to $20 million to buy Bitcoin, mainly due to increased institutional adoption and an improved US political environment. Additionally, Recursive Capital's Fund I, funded by Jack Dorsey, is supporting Bitcoin startup projects in Africa.
In terms of market performance, XRP has surpassed Solana, reaching a 7-year high of $2, while Ethereum has also hit a six-month high. Notably, Ethereum futures open interest has reached a historic high of $23 billion, indicating a surge in market interest for Ethereum derivatives. Additionally, a recent $188 million purchase by Ethereum whales may drive its price above $4,000.
Looking ahead, the market expects Bitcoin prices to reach $250,000 within a year. However, Robert Kiyosaki, author of 'Rich Dad Poor Dad', holds a different view, suggesting Bitcoin could pull back to $60,000. Currently, $5.34 billion worth of Bitcoin has been withdrawn from exchanges, which may indicate an impending market pullback or rebound. If demand continues to exceed supply, Bitcoin breaking the $100,000 mark is just around the corner.
It is worth mentioning that Bitcoin's status as a store of value is increasingly solidified, with its volatility now lower than that of tech stocks like Nvidia and AMD. The US Bitcoin ETF currently holds over 1 million Bitcoins, accounting for 5% of the total supply. Globally, Brazil has proposed a strategic Bitcoin reserve bill, while El Salvador is exploring using volcanic energy for Bitcoin mining. With an expected global liquidity increase of $20 trillion, analysts predict Bitcoin could reach $150,000 by 2025.
2. Key Data (As of 10:00 AM December 2 HKT)
S&P 500: 6,032.38 points (up 26.47% year-to-date)
NASDAQ: 19,218.17 points (up 28.02% year-to-date)
10-Year US Treasury Yield: 4.222% (up 34.11 basis points year-to-date)
US Dollar Index: 106.230 (up 4.87% year-to-date)
Bitcoin: $97,589.63 (up 130.90% year-to-date), with daily spot trading volume of $37.58 billion
Ethereum: $3,713.31 (up 62.76% year-to-date), with daily spot trading volume of $28.11 billion
3. ETF Flows (EST November 30)
Bitcoin ETF: $320 million
Ethereum ETF: $332.9 million
4. Important Dates (Hong Kong Time)
ISM Manufacturing PMI (11:00 PM December 2)
Actual: To be announced / Previous value: 46.5 / Expected: 47.5
JOLTS Job Openings (11:00 PM December 3)
Actual: To be announced / Previous value: 7.44 million / Expected: 7.49 million
ISM Services PMI (11:00 PM December 4)
Actual: To be announced / Previous value: 56 / Expected: 55.5
Non-Farm Payrolls (9:30 PM December 6)
Actual: To be announced / Previous value: 120,000 / Expected: 183,000
Unemployment Rate (9:30 PM December 6)
Actual: To be announced / Previous value: 4.1% / Expected: 4.1%
5. Hot News
BTC long-term holders' relative unrealized profit margin is 0.74, lower than previous peaks
Signum Capital's investment director shares investment experience: Reduce risk at the end of the bull market, focus on 'not losing is winning'
Michael Saylor suggests Microsoft adopt Bitcoin as a core corporate strategy
Moonshot launches Meme coin Mundi (MUNDI) on the Solana chain
Swell L2 is expected to launch in mid to late December
Hyperliquid's market cap surpasses Aave, rising to 55th place in the cryptocurrency market cap ranking
Placeholder partner: Meme coins may be a barometer for the cost cycle of bull and bear markets
MOBILE breaks $0.0025, rising over 190% in 24 hours
Data: TAIKO, ADA, ENA and other tokens will see significant unlocks next week, with TAIKO unlocking worth approximately $20.9 million
Arthur Hayes: The bull market can continue, as South Korea delays virtual asset taxation by two years
Base founder: No plans to launch a token
Data: The US Bitcoin ETF bought 71,570 Bitcoins in November
Next week macro outlook: A 'data storm' is coming as Powell teams up with non-farm payrolls to shake things up, Fed rate cut expectations may be 'dampened'
US Scholar: The White House's promotion of Bitcoin may shake people's trust in the dollar as the global reserve currency
Deutsche Bank: Expects the Fed to pause rate adjustments for the entire year of 2025
Fox Business: New York regulators will approve Ripple's issuance of the stablecoin RLUSD
Week Ahead | Ripple plans to issue the stablecoin RLUSD; CBOE launches the first cash-settled options product linked to spot Bitcoin
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