Mini Program: Daily Summary of Digital Currency Dynamics
1. Sun Yuchen bought the banana artwork for $6.24 million, claiming it symbolizes the integration of cryptocurrency and culture.
Italian artist Maurizio Cattelan's 2019 artwork (Comedian): A banana taped to the wall (as shown), was sold for $6.24 million (5.8 million euros) at Sotheby's auction house in New York on Wednesday night. The winning bidder will receive a banana, a roll of tape, a certificate of authenticity, and installation instructions. Cattelan admitted that the banana was purchased from a local grocery store for about 30 cents. The winning bidder is Sun Yuchen, founder of the cryptocurrency platform Tron. Sun Yuchen insisted: 'This is not just a piece of art, it represents a cultural phenomenon connecting art, memes, and the cryptocurrency community.'
2. Musk comments on the $6.2 million banana artwork: Art is often used for money laundering and tax evasion.
Musk responded on social media to 'a banana taped to the wall sold for $6.2 million' by saying, 'Art is often used for money laundering and tax evasion. This largely explains the apparent absurdity.'
3. Trump's company is considering developing a cryptocurrency payment service.
According to The New York Times, based on a trademark application submitted this week, Trump's Media Tech Group has submitted a request for a cryptocurrency payment service named Truth Fi, describing it as a platform for crypto payments, financial custodial services, and digital asset trading. The application did not detail how the project would operate or how close it is to fruition, but this move appears to be an attempt by the group to diversify its business beyond the social media platform Truth Social. Any large-scale crypto project would likely require Trump's Media Tech Group to acquire another company, as it has fewer than 36 employees. This week, shares of crypto trading platform Bakkt surged after the Financial Times reported that Trump's media group is in talks to acquire the platform.
4. Trump's 'Cryptocurrency Advisory Committee' will establish the previously promised Bitcoin reserve.
According to Reuters, Trump's 'Cryptocurrency Advisory Committee' is expected to establish the promised Bitcoin reserve. Two sources said that this crypto committee may be affiliated with the White House National Economic Council (responsible for coordinating and implementing presidential economic policy) or an independent White House agency. According to them and other industry insiders, the committee is expected to provide advice on digital asset policy, work with Congress to advance cryptocurrency legislation, establish the Bitcoin reserve promised by Trump, and coordinate among various agencies including the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Treasury Department. One source also indicated that the committee may include law enforcement representatives and former policymakers.
5. MicroStrategy shares plummeted by 10% as Citron shorts the stock while going long on Bitcoin.
'Bitcoin whale' MicroStrategy (MSTR.O) shares plummeted after Andrew Left's Citron Research posted on platform X that it was shorting this software company, which has effectively turned itself into a Bitcoin investment fund. The stock fell as much as 10% during Thursday's trading, having earlier surged nearly 15%. As of Wednesday's close, MicroStrategy has risen 650% this year.
6. Cryptocurrency welcomes a 'golden age', Bitcoin is expected to still have room to double after breaking the 100,000 mark for the first time.
Bitcoin has been setting new records this month, breaking through the $98,000 mark on Friday. Investors continue to expect that Donald Trump, the elected president of the U.S., will usher in a 'golden age' for cryptocurrency, which will include more supportive regulations for the industry and a potential national strategic Bitcoin reserve. BCA Research data shows that Bitcoin first approached the $100,000 mark, but there is still potential to double thereafter. Analysts generally believe that the strong momentum of cryptocurrencies will continue, with Bitcoin expected to reach $200,000 by the end of 2025 and Ethereum reaching $10,000. Swan Bitcoin analyst Sam Callahan stated that Bitcoin's price continues to be driven by a series of factors, including improved liquidity conditions, increased institutional adoption, and a regulatory environment shifting from headwinds to tailwinds. Another term for Trump also means greater budget deficits, potential more inflation, and changes in the international role of the dollar—all of which will positively impact Bitcoin's price.
7. Galaxy CEO: Bitcoin breaking $100,000 is inevitable, but a correction may occur.
Michael Novogratz, founder and CEO of Galaxy Digital, stated that Bitcoin is expected to break the much-watched $100,000 mark during the strong rebound after the U.S. elections, but this does not mean it will continue to rise. While the price reaching six figures is 'inevitable' and may continue to rise, it will eventually correct. Currently, there is a lot of leverage in the cryptocurrency market, and the crypto community is highly leveraged, so a market correction is imminent. Additionally, Michael Novogratz warned that stocks like MicroStrategy, which trade similarly to leveraged Bitcoin trades, may face greater adjustments.
8. Just 10 months after its launch, Bitcoin ETF total assets exceed $100 billion.
The total assets of U.S. ETFs directly investing in Bitcoin exceed $100 billion, after Bitcoin set a historic high of $97,000, aiming for the $100,000 mark. Twelve Bitcoin ETFs, including BlackRock and Fidelity Investments, reached this milestone within 10 months after debuting in January, making it one of the most successful fund categories ever launched. Institutional data shows that as Bitcoin reached record highs, Bitcoin ETFs recorded a net inflow of $773 million on Wednesday.
9. Forbes reporter: The Financial Industry Regulatory Authority has added a section on cryptocurrency to its website.
Forbes reporter Eleanor Terrett posted on platform X stating that the Financial Industry Regulatory Authority (FINRA) has added a section on cryptocurrency to its website. Although it does not mention the term 'crypto asset security' (except in a link to the 2023 SEC investor warning in the 'Learn More' section), FINRA still pointed out that besides trading crypto assets, they can also be viewed as a type of security. This section provides an in-depth overview of various types of crypto assets, how they are bought and sold, and the potential risks associated. It also links to its own website and other regulatory agencies (such as the SEC, CFTC, and FTC) for additional cryptocurrency-related resources.
10. Charles Schwab President: Will consider offering spot crypto trading once regulations change.
Rick Wurster, president of Charles Schwab, stated in an interview with Bloomberg Radio on Thursday that the company will consider offering spot cryptocurrency trading once U.S. regulations allow, and this is more likely to happen after Donald Trump's presidency. Rick Wurster said: 'When the regulatory environment changes, we will enter the spot cryptocurrency space, and we do expect that to happen, and we are preparing for that possibility.' He also stated: 'Cryptocurrency indeed attracts a lot of attention, and many people have made a lot of money from it; I have never bought cryptocurrency, and I now feel foolish.' Wurster added that he does not currently plan to invest in cryptocurrency, but he supports Charles Schwab clients who want to invest in the field.
11. Michael Novogratz: Expects Bitcoin to correct, as there is a lot of leverage in the current crypto market.
According to CNBC, Galaxy Digital's founder and CEO Michael Novogratz expressed his views on Bitcoin. He stated that Bitcoin is expected to break the much-watched $100,000 mark during the strong rebound after the U.S. elections, but this does not mean it will continue to rise. Novogratz pointed out on the (financial forum) program that while it is 'inevitable' for Bitcoin to reach six figures and may continue to rise, it will eventually correct. He emphasized that there is a lot of leverage in the current cryptocurrency market, and the crypto community is highly leveraged, so a market correction is imminent. However, Novogratz predicts that Bitcoin will not fall below $80,000, which is the price level before Trump was elected. He also warned that stocks like MicroStrategy, which trade similarly to leveraged Bitcoin trades, may face greater adjustments. Furthermore, Novogratz advised investors to buy Bitcoin directly rather than companies like MicroStrategy.
12. Total market value of stablecoins surpasses $190 billion, with USDT accounting for about 68.5%.
CoinGecko data shows that the total market value of stablecoins has exceeded $190 billion, reaching $190.9 billion. Among them, Tether (USDT) has a market value of $130.7 billion, accounting for about 68.5%. USDC has a market value of $38 billion, followed by USDS at approximately $5.2 billion, Ethena USDe at about $3.586 billion, and Dai at about $3.4 billion.
13. The overall cryptocurrency market is correcting, with only the BTC and PayFi sectors recording gains.
According to SoSoValue data, the overall cryptocurrency market is correcting, with only the BTC and PayFi sectors recording gains. Among them, BTC rose by 3.46%, and the PayFi sector rose by 1.21%. In terms of declines, the GameFi sector performed the worst, with a 24-hour decline of 3.9%, followed closely by the DePIN sector, which fell by 3.56%, and the Meme sector dropped by 3.4%, putting overall market sentiment under pressure.
14. BlackRock's Bitcoin holdings market value surpasses $45 billion, reaching a new high.
BlackRock officially updated Bitcoin ETF data. As of November 20, the IBIT Bitcoin holdings reached 481,270.4779 BTC, with a market value of $45,389,677,568.29, setting a new high. Additionally, BlackRock's Ethereum ETF ETHA holdings have surpassed 580,000 ETH, with a market value of $1,781,447,402.1. Previously, it was reported that the total assets of U.S. ETFs directly investing in Bitcoin exceeded $100 billion.
Article forwarded from: Jin10 Data
