This week, Bitcoin hit a new high of $100,000; Bitcoin ETF fund inflows hit a new high
Bitcoin broke through $90,000 this week, setting a new record high. At the same time, the cumulative trading volume of the US Bitcoin spot ETF has exceeded $500 billion since its launch in January this year. BlackRock IBIT set a new high of $5.2 billion in daily trading volume on November 13, and the asset size exceeded $40 billion in just 211 days, breaking the 1,253-day record previously held by the IEMG fund. Since Trump won the election, the ETF has attracted $4.7 billion in inflows, and the total net inflow since its listing has reached $28.3 billion. At present, the asset management scale of all Bitcoin ETFs is about $88.5 billion, of which IBIT ranks first with a scale of $41.1 billion.
Bitcoin's market value surpasses Saudi Aramco and rises to the seventh place among global mainstream assets
According to 8 Market data, as Bitcoin broke through $93,000, its market value also rose to $1.84 trillion, surpassing Saudi Aramco (Saudi Arabian Oil Company; commonly known as Saudi Aramco; market value of $1.79 trillion) and rising to the seventh place among the world's mainstream assets.
Powell: Fed doesn't need to 'rush' to cut rates
Federal Reserve Chairman Powell said that due to the strong US economy, the Fed does not need to "rush" to lower interest rates, and the Fed will "watch carefully" to ensure that certain inflation indicators remain within acceptable ranges. Powell reiterated that the Fed's policy rate path will depend on upcoming data and the evolution of the economic outlook. He said that inflation is approaching the Fed's 2% target, but has not yet reached it. The Fed will pay close attention to core indicators of inflation for goods and services excluding housing, which have been declining over the past two years. "We expect these indicators to continue to fluctuate in the recent range, and the road to the Fed's 2% target will be bumpy at times." (Jinshi)
Musk to join US Department of Government Efficiency (DOGE)
This week, Trump issued a statement saying that Elon Musk and American patriot Vivek Ramaswamy will work together to lead the Department of Government Efficiency (DOGE). Once the news was announced, market data showed that Dogecoin DOGE, which has the same name as the department, rose again from $0.36 to above $0.4.
Polymarket founder under FBI investigation
Polymarket is undoubtedly the most popular Web3 application behind this US election. However, this week, Polymarket was investigated by the Department of Justice for allegedly allowing US users to place bets. The Federal Bureau of Investigation (FBI) issued a search warrant for Polymarket CEO Shayne Coplan and confiscated his mobile phones and electronic devices.
More than $13 million stolen from DEXX, an on-chain trading terminal; multiple meme coins were dumped
On November 16, the user assets of the on-chain trading terminal DEXX were stolen, and multiple meme coins experienced a large amount of market crashes in the early morning. In the afternoon of the same day, SlowMist released the DEXX incident report (as of 17:00 on November 16), and had received more than 590 reports of stolen funds from the community. After deduplication, more than 500 independent victims were confirmed, and the total loss was estimated to be approximately US$13 million (the specific amount may vary with price fluctuations). DEXX founder Roy said that he would compensate users for their losses, and the team has communicated with law enforcement agencies in many places to file a case, hoping to communicate with the hacker. So far, many users have reported that their account assets have been isolated to a safe address.
U.S. SEC Chairman Gary Gensler hints at leaving; Powell refuses to say whether he will stay, says Fed is in no rush to cut rates
On November 15, according to market news, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), issued a statement suggesting that he might leave the SEC. Trump had previously said that he would bypass the Senate's confirmation process to appoint members of his government, which seems to include replacing Gary Gensler, chairman of the Securities and Exchange Commission (SEC). During the campaign, Trump promised the cryptocurrency industry that if he was re-elected, he would fire SEC Chairman Gensler on "the first day." In addition, the stay of Federal Reserve Chairman Powell has also become a topic of concern from all walks of life. At an event in Dallas, when asked whether he would consider becoming the first Federal Reserve chairman to remain on the Federal Reserve Board at the end of his term as chairman in more than 70 years, Federal Reserve Chairman Powell simply said, "I must serve to the end. This is the most important thing during my term. This is what I decided and what I considered." Powell's term as a member of the Board of Governors will expire in January 2028. On November 15, Powell said that due to the strong U.S. economy, the Fed does not need to "rush" to lower interest rates, and the Fed will "watch carefully" to ensure that certain inflation indicators remain within acceptable ranges.
Binance launches ACT and PNUT; Musk’s tweets help trigger AI Meme and “animal rescue” narrative trends
On November 11 this week, Binance launched AI meme coin ACT and US election concept meme coin PNUT. Both tokens rose sharply after they were launched, triggering market fomo. On November 13, Musk tweeted that "America was saved by a squirrel and a meme coin." Subsequently, PNUT rose violently, with the price exceeding $2.5 at one point, a 24-hour increase of 446%, and a market value approaching $2.5 billion.
Spot Ethereum ETF weekly trading volume exceeded $1.63 billion, up 44% from the previous week
Four months after its launch, the weekly trading volume of the spot Ethereum ETF hit a new high, with trading volume exceeding $1.63 billion in the past week, an increase of 44% from the previous week. From mid-August to the end of October, the spot ETH ETF trading volume had declined and stagnated, averaging only $168 million per day. However, this number has soared in the past week, with an average daily trading volume of more than $326 million.
The altcoin projects collectively "compromised" with the market, and published a post jokingly saying that they are now transforming into "Meme coins"
On November 15, the official Twitter accounts of several altcoin projects, including Litecoin, yearn.fi, Manta, TRON DAO, and Renzo, posted on social media, jokingly saying: "Given the current market conditions, I think we are actually a Meme coin project." Note: As the price of Bitcoin fell, altcoins were once again hit hard. Currently, only Meme coins are following Bitcoin in the "bull market carnival". As of press time, about 90% of the top 20 gainers on the Coingecko crypto market are Meme coins. The ETH/BTC exchange rate fell to 0.03457, a new low since this round of bull market. Bitcoin's market share (BTC.D) hit 61.35% yesterday, continuing to hit a new high since this round of bull market.
Data: Tether issued 5 billion USDT in 5 days
Tether issued 5 billion USDT in 5 days. This coin minting boom increased Tether's market value to approximately US$124 billion.
Binance launches ACT and PNUT: the price increased more than 10 times in half an hour. Is it just a scam or a precise profit?
Binance announced the launch of two meme coins, ACT and PNUT, which triggered a market boom. The price of ACT soared 16 times in half an hour, and PNUT tripled in an hour. The ACT project aims to decentralize AI knowledge sharing, but the founder's escape triggered the community to save itself. PNUT rose rapidly with the help of the Internet celebrity squirrel incident and the sentiment of the US election. Although the price has skyrocketed in the short term, there are huge risks behind it, and Binance's listing strategy has also aroused user doubts. In the future, exchanges need to find a balance between transparency and standardization, and investors should respond rationally to market fluctuations.
The new Trump administration may boost the crypto industry, but the devil is in the details
The next four years could be extremely favorable for the digital asset sector, especially with Trump's possible reelection. His administration could drive growth in the crypto industry and introduce related legislation, such as the Stablecoin Payments Act. Republican control of the Senate could be beneficial to the progress of crypto legislation. However, there is still policy uncertainty and potential risks, especially in terms of small investor protection. Despite this, market observers are optimistic about the prospects of the crypto industry and believe that the United States still has a significant influence in the global crypto market.
Why is Unichain necessary? A preliminary study of Unichain
Uniswap launched Unichain, an optimistic Rollup designed to provide fast transactions and low spreads while protecting user privacy. Unichain introduced four innovations: Rollup-Boost, TEE block construction, Flashblock, and Unichain Verification Network (UVN). These innovations are designed to solve the MEV problem, improve transaction efficiency, and enhance block finality through the verification network. Unichain also transforms the $UNI token into a yield-bearing asset. Despite the skepticism, Unichain may become an important part of DeFi through interoperability and liquidity pools.
BNB/BTC hits a new low and is absent from the big crypto market. What will be the next BNB ecosystem listed on Binance?
The crypto market has recently ushered in a new round of growth, with Bitcoin breaking through $89,000 and Solana breaking through $220, and market sentiment is high. However, BNB (Binance platform coin) has performed poorly, with prices stabilizing at around $620, failing to keep up with the big market. The BNB Chain ecosystem faces challenges due to the lack of BUSD and the rise of Solana, and the DeFi and DApp ecosystems are weak. Despite this, BNB Chain is still actively deploying in terms of technological innovation and ecological expansion, and is expected to return to the competition in the future by restoring the stablecoin ecosystem and attracting more projects.
Elon Musk deeply analyzes the "weird" economics of Dogecoin: Inflation is actually an advantage, and the founder of Dogecoin also supports it!
Elon Musk has been supporting Dogecoin, believing that its unlimited supply inflation model is an advantage rather than a flaw, enhancing liquidity and payment convenience. The economic design of Dogecoin makes it more attractive in consumer payments because it is cheap and easy to use. Although this model has caused controversy, the attention of Musk and other cryptocurrency giants has kept its market hot, and its future development direction remains the focus of discussion.
A 5-minute look at Binance’s latest Launchpool project, Usual (USUAL)
Usual Money is a newly launched stablecoin project supported by Binance, which has quickly attracted market attention. Its core mechanisms include stablecoin USD0, bond product USD0++ and governance token Usual, combining innovation with robust design. USD0 supports its value through diversified real-world assets (RWA), USD0++ provides enhanced returns, and Usual tokens are used for governance and income distribution. Usual Money solves the transparency and risk management problems of traditional stablecoins through transparent design and decentralized governance, showing great potential in the stablecoin market.
