Mini Program: Daily summary of cryptocurrency dynamics
1. Bitcoin mining difficulty increased by 0.63% to 102.29 T this morning, continuing to hit new highs
CloverPool data shows that Bitcoin mining difficulty experienced an adjustment at block height 870,912 (2024-11-19 04:42:12), with mining difficulty increased by 0.63% to 102.29 T, setting a new historical high. The current average network hashrate is 1.08 ZH/s.
2. Data: Today's Fear and Greed Index is 90, still categorized as Extreme Greed
According to Alternative data, today's Fear and Greed Index is 90, still categorized as Extreme Greed. It is reported that the fear index threshold is 0-100, including indicators: Volatility (25%) + Market Trading Volume (25%) + Social Media Heat (15%) + Market Surveys (15%) + Bitcoin's share in the overall market (10%) + Google Trends Analysis (10%).
3. Musk: I still hold a large amount of Dogecoin, while SpaceX holds a large amount of Bitcoin
DogeDesigner, the Dogecoin UI designer, shared an audio clip of Musk, in which Musk stated, "I still hold a large amount of Dogecoin, and SpaceX holds a large amount of Bitcoin." However, DogeDesigner did not specify when Musk made this statement.
4. CryptoQuant CEO: Bitcoin retail trading volume hits a three-year high
CryptoQuant CEO Ki Young Ju stated on the X platform that Bitcoin retail-level (below $100,000) trading volume has hit a three-year high, indicating retail investors are entering the market.
5. Bitcoin correlation drops to a historical low, reaching a new high of $93,000 showcasing independent market behavior
According to CoinDesk, data shows that in 2024, Bitcoin has only 52% correlation with the Nasdaq index, with a 30-day correlation dropping to 0.46, one of the lowest levels in the past five years. According to Fidelity data, the correlation between Bitcoin and the S&P 500 index is only 19%, with the best Sharpe ratio among major asset classes. Since Trump won the US presidential election on November 6, Bitcoin has surged past $93,000 to reach a new high, while the Nasdaq index has fallen 4% from its historical peak. According to Glassnode data, Bitcoin's 30-day implied volatility has dropped from 100% in 2021 to about 60% now. As the world's seventh largest asset, Bitcoin is gradually shaking off its correlation with traditional risk assets, exhibiting independent market performance.
6. CZ: Countries will compete to include Bitcoin in their strategic reserves
CZ expressed appreciation for Michael Saylor's speech, stating: "An excellent presentation. Worth listening to. Also thanks for his support for Binance in the video. Countries will compete to print money to buy Bitcoin, i.e., Bitcoin as a strategic reserve. No one can be the last."
7. Billionaire Paul Tudor's hedge fund holds $230 million in BlackRock's spot Bitcoin ETF
Billionaire Paul Tudor's hedge fund holds $230 million in BlackRock's spot Bitcoin ETF.
8. Public company Genius Group buys 110 Bitcoins for $10 million, establishing a Bitcoin reserve
Public company Genius Group Limited (NYSE: GNS) announced today (19th) that it has purchased 110 Bitcoins for $10 million, at an average price of $90,932 per coin. This purchase marks the company's official establishment of a Bitcoin reserve. It is reported that this purchase follows the company's announcement of a 'Bitcoin First' strategy on November 12, which commits to holding 90% or more of existing and future reserves in Bitcoin, with an initial target of $120 million in Bitcoin. Today's buy is the first of a series of ongoing purchases the company plans to make to achieve its goal.
9. Economic Daily published an article: Bitcoin's inclusion as a US reserve asset faces policy, regulatory, and international challenges
Economic Daily published an article titled 'Will Bitcoin Become a US Reserve Asset?'. The article states that despite the incoming US government showing a strong interest in cryptocurrencies, making Bitcoin a true national reserve asset still requires passing through multiple 'gates'. From a policy perspective, listing Bitcoin as a strategic reserve asset requires a complex legislative process involving coordination and interest balancing among multiple regulatory agencies. Furthermore, traditional financial institutions in the US, conservative lawmakers, and interest groups skeptical of digital assets may concentrate opposition, making implementation quite challenging. The surge in Bitcoin's price seems to give some people hope of recreating the process from the collapse of the Bretton Woods system to the establishment of the petrodollar. However, Bitcoin's inherent attributes are unstable, and once it becomes a strategic reserve asset, it may pose greater challenges for regulatory agencies and could alert other countries, exacerbating friction in the international financial realm. It remains uncertain whether the US economy, eroded by high inflation for days, can withstand the impact.
10. US OCC issues notice stating it is preparing to launch spot Bitcoin ETF options
According to Bitcoin Magazine's disclosure on the X platform, the US Options Clearing Corporation (OCC) has issued a notice stating it is preparing to launch spot Bitcoin ETF options. According to the disclosed notice screenshot, the OCC is preparing for the clearing, settlement, and risk management of spot Bitcoin ETF options, which will adhere to the new option listing processes outlined in the options listing program.
11. Bitdeer: Net loss of $50.1 million in the third quarter affected by Bitcoin halving and increased R&D costs
Bitcoin mining company Bitdeer announced a net loss of $50.1 million for the third quarter of 2024, with total revenue declining from $87.3 million during the same period last year to $62 million. The decline was primarily due to the Bitcoin halving in April 2024, an increase in global hash rate, a reduction in hosting revenue, and increased R&D costs associated with SEAL02 chip development. The company's gross profit dropped significantly from $21.1 million in the third quarter of 2023 to $2.8 million, while adjusted EBITDA fell from $28 million in the same period last year to -$8.5 million. Despite the losses, cash and cash equivalents as of September 30 increased from $203.9 million in the previous quarter to $291.3 million.
12. "Cathie Wood": Bitcoin will reach $650,000 by 2030, still a good investment now
ARK Invest CEO Cathie Wood recently reiterated her bullish price prediction for Bitcoin in an interview, insisting that despite market volatility, the company's prediction for 2030 remains unchanged. She stated: Under the base case, Bitcoin is expected to be valued at around $650,000 by 2030. In the bull case, it ranges from $1 million to $1.5 million. These Bitcoin price predictions were first introduced in Ark Invest's Big Ideas report for 2023 released last February. Unlike earlier reports which provided a single prediction, the company presented three scenarios. Based on the most likely assumptions, the 'base case' predicts Bitcoin will reach $682,800 by 2030, the 'bear case' estimates a price of $258,500, while the 'bull case' expects Bitcoin to rise to $1.48 million. Wood emphasized that at the current price, Bitcoin is still a good investment, reminding that we were the first public asset management company to invest in Bitcoin at $250 in 2015. Wood cited Bitcoin's historical performance during halving cycles, predicting that as inflation declines and halving events reduce supply, Bitcoin will continue to maintain upward momentum.
Article forwarded from: Jin Ten Data
