Cryptocurrency market performance
Currently, the total market value of cryptocurrency is US$2.98 trillion, and BTC accounts for 59.96%, which is US$1.79 trillion. The market capitalization of stablecoins is $182.1 billion.
The price of BTC has fluctuated upward this week, with the current price of BTC at $90,962. ETH has fluctuated in a range this week, with the current price at $3,087. Among the top 200 projects on CoinMarketCap, most rose and some fell. Among them: ACT rose by 3368.03% on the 7th, PNUT rose by 1780.56% on the 7th, PEPE rose by 115.72% on the 7th, and DOGE rose by 87.83% on the 7th.
The MEME track cannot be ignored. If you miss MEME, you may miss this bull market.
This week, the net inflow of the U.S. Bitcoin spot ETF: 1.845 billion U.S. dollars, and the total market value is about to exceed 100 billion U.S. dollars; the net inflow of the U.S. Ethereum spot ETF: 535.5 million U.S. dollars.
On November 13, according to CME's "Federal Reserve Watch" data, the probability that the Federal Reserve will keep the current interest rate unchanged until December is 24.3%, and the probability of cutting interest rates by a cumulative 25 basis points is 75.7%.
Under multiple factors such as Trump being elected as the next president of the United States, the Federal Reserve cutting interest rates, the BTC halving, and the continued inflow of Bitcoin spot ETFs, BTC is expected to exceed the 100,000 mark this year, and then you should pay attention to the MEME track and be optimistic about the market. subsequent development.
The "Fear & Greed Index" on November 16 was 80 (higher than last week). This week's mood: 5 days of greed and 2 days of extreme greed.
Understood now
Review of major events of the week
1. Standard Chartered Bank analyst: SOL is expected to hit a new high before the end of the year, and ETH may reach a new high when Trump takes office in January next year;
2. a16z Crypto: New projects can safely explore token issuance without worrying too much about regulation;
3. On November 11, the market value of DOGE surpassed USDC and became the sixth largest cryptocurrency by market value;
4. Arthur Hayes: Market trends indicate that Trump may abandon the dollar and print a large amount of money;
5. Sky founder: If Bitcoin reaches $80,000, the DeFi renaissance will be confirmed;
6. Trump says Elon Musk and VIVEK will lead Department of Government Effectiveness (DOGE);
7. Trump hinted that he would deduce the SEC chairman through "recess appointment" to bypass Senate review;
8. Coinbase CEO: Cryptocurrency will become the next version of stocks and the Internet;
9. Federal Reserve Governor Waller: Stablecoins must be regulated to deal with the risk of runs;
10. Former SEC Chairman: Cryptocurrency legislation may be introduced during the Trump administration;
11. On November 14, Bitcoin briefly exceeded US$93,000, setting a new all-time high;
12. After the release of the US CPI, the probability of the Federal Reserve cutting interest rates by 25 basis points in December rose to 75.7%;
13. Robinhood US relists SOL, ADA and XRP;
14. The U.S. SEC approved the listing of Japanese encryption trading platform Coincheck on Nasdaq;
15. Pennsylvania legislators proposed a bill to invest in Bitcoin and cryptocurrency ETFs to "hedge inflation";
16. Arkham Exchange trading points are now online;
17. GoPlus: Hat Dog WIF’s X account has been stolen, please be aware of the risk of imitation disk phishing;
18. Trump nominated former SEC Chairman Jay Clayton as prosecutor for the Southern District of New York.
overall economy
1. On November 15, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler issued a statement suggesting that he might leave the SEC;
2. On November 15, Bitwise stated that it had submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) by New York Stock Exchange Arca, Inc. ("NYSE Arca"), proposing to use Bitwise 10 Crypto Index Fund (BITW) as a Listing of Exchange Traded Products (ETPs);
3. On November 13, according to CME’s “Federal Reserve Watch” data, the probability that the Federal Reserve will keep the current interest rate unchanged until December is 24.3%, and the probability of cutting interest rates by 25 basis points cumulatively is 75.7% (respectively before the CPI announcement) (37.9%, 62.1%);
The probability of keeping current interest rates unchanged in January next year is 16.5%, the probability of a cumulative 25 basis point interest rate cut is 59.2%, and the probability of a cumulative 50 basis point interest rate cut is 24.3%. (Before the CPI was released, they were 26.5%, 54.9%, and 18.6% respectively).
ETF
According to statistics, between November 11 and November 15, the net inflow of U.S. Bitcoin spot ETFs was: US$1.845 billion; as of November 15, the total outflow of GBTC (gray scale): US$20.227 billion, currently holding 20.016 billion, IBIT (BlackRock) currently holds $43.064 billion. The total market value of U.S. Bitcoin spot ETFs is US$98.736 billion, which is about to exceed the market value of US$100 billion.
U.S. Ethereum spot ETF net inflow: $535.5 million.
foresee the future
Event notice
1. The Australian Crypto Convention will be held in Sydney from November 23 to 24. The summit is one of the largest cryptocurrency events in the southern hemisphere. It is held annually in Australia and aims to promote investors and decision-making in the cryptocurrency and blockchain industry. who are interconnected;
2. The Block will host the Web3 Summit "Emergence" at the Prague Convention Center in the Czech Republic from December 5th to 6th. The summit will promote the connection between technology and capital and build a bridge between Wall Street and the encryption field. The summit will gather cross-industry Different representatives from HeChain discuss ETF and asset management, the uncertainty of crypto regulation, and more. Through its partnership with Foresight Ventures, Emergence will provide attendees with insights into driving crypto development in Asia and will bridge the gap between capital and talent between the East and the West.
Project progress
1. Magic Eden will release the ME token economic model on November 18;
2. TON Ecological Layer 2 Project DuckChain will conduct an airdrop snapshot on November 18;
3. BNB Chain announced that the BNB beacon chain hard fork will take effect at 14:00 on November 19, 2024 (block height 384,544,850). Nodes on the BNB Beacon Chain mainnet must be updated to version 0.10.24. At that time, the BNB beacon chain will stop running and new transactions will no longer be processed;
4. Perpetual contract protocol Rage Trade will start RAGE airdrop distribution on November 21, 2024, and Rage Trade has launched the airdrop inquiry page;
5. Story Protocol’s final test network Odyssey has been launched and Iliad’s operations will cease on November 24.
Important Events
1. FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation that could allow it to recover up to $21 million in assets. The agreement is subject to court approval, with a hearing scheduled for November 20;
2. A hearing on FTX’s proposed settlement with SBF ex-girlfriend Caroline Ellison, which would see her hand over “substantially all of her remaining assets,” will be held on November 20. Ellison agreed to transfer any assets not forfeited to the government in its criminal case or used to pay legal fees to FTX creditors;
3. FTX co-founder Gary Wang will appear in court on November 20, and sentencing will be held at that time;
4. The U.S. Securities and Exchange Commission (SEC) will extend the decision deadline for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF to November 21. Cryptocurrency asset management company 7RCC submitted a Bitcoin spot ETF application to the US SEC in December last year, 80% of which will be composed of Bitcoin, and the remainder will hold carbon credit futures. Cryptocurrency exchange Gemini will be the Bitcoin of the fund. Provide hosting services.
Token unlock
1. Avalanche (AVAX) will unlock 1.67 million tokens at 8:00 on November 18, worth approximately $53.3 million, accounting for 0.41% of the circulating supply;
2. Pixels (PIXEL) will unlock 53.55 million tokens on November 19, worth approximately US$10.41 million, accounting for 1.07% of the circulating supply;
3. Merlin Chain (MERL) will unlock 28.25 million tokens on November 19, worth approximately 7.95 million US dollars, accounting for 1.35% of the circulating supply;
4. Bittensor (TAO) will unlock 216,300 tokens on November 21, worth approximately US$111 million, accounting for 1.03% of the circulating supply.
about Us
Hotcoin Research, as the core investment research department of Hotcoin, is committed to providing detailed and professional analysis of the cryptocurrency market. Our goal is to provide investors of all levels with clear market insights and practical operating guidance. Our professional content includes the "Play and Earn Web3" series of tutorials, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time observations of the market. Whether you are a newbie exploring the crypto space for the first time or a seasoned investor looking for in-depth insights, Hotcoin will be your reliable partner in understanding and seizing market opportunities.
Risk warning
The cryptocurrency market is highly volatile and investing inherently carries risks. We strongly recommend that investors fully understand these risks and invest within a strict risk management framework to ensure the safety of their funds.
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