1. Market observation
Keywords: BTC, SHIB, ETH
Mara Holdings has acquired a 240 MW wind farm in Texas to support its mining operations. Despite the challenges that the 2024 Bitcoin halving may bring, the company remains committed to its expansion plans. However, the industry also faces adjustment pressures, as Bitcoin miner Foundry has cut 16% of its U.S. staff, reflecting the current stress in the mining market.
Since the approval of the spot Bitcoin ETF in January of this year, BlackRock's iShares Bitcoin Trust ETF has accumulated over $48 billion in Bitcoin, becoming an important institutional force in the cryptocurrency market. BitMEX founder Arthur Hayes points out that Bitcoin is currently stabilizing at the $95,000 position, and market analysts are generally optimistic about its prospects, expecting it to break through $100,000 in the next five years, with a long-term target pointing to $1 million. This positive trend has also driven other cryptocurrencies, such as Shiba Inu (SHIB) and other altcoins, which are expected to see significant growth when Bitcoin reaches $120,000.
Some notable movements have also appeared in the market: a Bitcoin wallet that has been inactive for over ten years recently showed activity, bringing an astonishing 10,817% return to its holders. Meanwhile, another wallet holding $257 million in Bitcoin transferred 2,700 BTC after nearly 11 years.
In business applications, Virgin Voyages becomes the first cruise company to accept Bitcoin bookings, showcasing the potential of cryptocurrency in the real economy. Several U.S. states are also considering legislation related to Bitcoin reserves. However, the market also faces some challenges: Cash App has canceled its zero-fee Bitcoin transfer service, and Singapore's dtcpay plans to replace Bitcoin and Ethereum with stablecoins before 2025 due to price volatility. Meanwhile, crypto expert Ki Young Ju reminds investors to pay attention to and address the liquidity challenges brought by Bitcoin outflows.
2. Key data (as of December 4 at 09:45 HKT)
S&P 500: 6,049.88 points (+26.84% year-to-date)
NASDAQ: 19,480.91 points (+29.77% year-to-date)
10-year U.S. Treasury yield: 4.222% (+35.03 basis points year-to-date)
U.S. Dollar Index: 106.230 (+4.87% year-to-date)
Bitcoin: $95,826.57 (+126.73% year-to-date), daily spot trading volume of $66.92 billion
Ethereum: $3,679.32 (+61.27% year-to-date), daily spot trading volume of $39.35 billion
3. ETF flows (December 3 EST)
Bitcoin ETF: -$17.3 million
Ethereum ETF: +$67.3 million
4. Important dates (Hong Kong time)
ISM Manufacturing PMI (December 2 at 11:00 PM)
Actual: 48.4 / Previous: 46.5 / Expected: 47.5
JOLTS job openings (December 3 at 11:00 PM)
Actual: 7.744 million / Previous: 7.372 million / Expected: 7.49 million
ISM Services PMI (December 4 at 11:00 PM)
Actual: To be announced / Previous: 56 / Expected: 55.5
Non-farm employment numbers (December 6 at 09:30 PM)
Actual: To be announced / Previous: 12,000 / Expected: 183,000
Unemployment rate (December 6 at 09:30 PM)
Actual: To be announced / Previous: 4.1% / Expected: 4.1%
5. Hot news
Trump's team plans to appoint former SEC commissioner Paul Atkins to replace Gary Gensler, but Paul Atkins has a negative attitude towards this position.
Everclear will migrate the NEXT token to CLEAR on December 6 and launch a brand new token economics model
Mining company Foundry cuts about 60% of its staff, reducing the total number of employees from 250 to about 80 to 90
BNB surged over 19% to $765 per coin during the day, reaching a historic high
TRON (TRX) fell back after hitting $0.45, setting a new historical price
Chief of Staff and Chief Secretary of the South Korean President's Office collectively resign
Crypto AI company GAIB completes $5 million Pre-Seed round financing, led by Hack VC
Grayscale applies to convert the Solana Trust Fund into an ETF
Coinbase international site to launch Morpho perpetual futures contracts
Within one hour after announcing 'martial law' in South Korea, over 163 million USDT flowed into Upbit
Coinbase includes MOG Coin (MOG) in its listing roadmap
BTC briefly dropped 30% on Upbit, XRP briefly dropped 60%
Vitalik elaborates on his vision for the ideal crypto wallet: focusing on cross-L2 transactions and privacy protection
XRP Ledger has lowered the base reserve requirement from 10 XRP to 1 XRP
Shen Yu: Leveraged trading in crypto is the hardest, no longer expecting to escape the peak
Arthur Hayes: Be cautious with VC-backed projects with high FDV and low circulation
Hashflow through a burn proposal: 50% of protocol fees will be used for buyback and burn
Magic Eden will open ME token airdrop qualification queries on December 4, with TGE scheduled for December 10
Supported by OSL - Hong Kong's largest over-the-counter trading platform, continuously providing regulated digital asset services to the market since 2018.
