1. ZA Bank in Hong Kong launches cryptocurrency trading services in its app today

ZA Bank in Hong Kong announces it is the first bank in Asia to provide cryptocurrency trading services for retail users, offering trading of Bitcoin and Ethereum in Hong Kong dollars and U.S. dollars through its app starting today. Hong Kong residents who open an investment account with ZA Bank need to complete a risk assessment and other processes to trade the two currencies in the app, with entry fees of $70 or 600 HKD, and a transaction commission of $1.99 or 15 HKD. The platform fee is 1.5% of the transaction amount (with a minimum fee of $1.99 or 15 HKD per transaction), and the bank will waive commissions until June next year, with the platform fee reduced to 0.8% of the transaction amount.

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2. Large token unlocks this week

In the next 7 days, there will be large single unlocks (unlock amounts over $5 million) for SUI OP IMX ZETA 1INCH ADA APEX DYDX YGG TRIBL ENA AGI AGIX FET, and linear large unlocks (daily unlock amounts over $1 million) for SOL WLD TIA TAO AVAX DOGE SEI NEAR DOT SUI FIL ARKM. The total unlock value exceeds $980 million.

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3. WSJ: Cantor Fitzgerald may acquire 5% ownership of Tether

The relationship between Cantor Fitzgerald Chairman and Trump transition advisor Howard Lutnick and stablecoin giant Tether has drawn attention. Sources revealed that Cantor Fitzgerald is expected to acquire about 5% equity in the world's largest stablecoin issuer, Tether. Tether owner and former plastic surgeon Giancarlo Devasini privately stated earlier this year that Lutnick would use his political influence to defuse the threats facing Tether. Cantor Fitzgerald is currently one of Tether's most important banking partners, handling the company's monthly transactions worth billions of dollars. Tether is currently facing regulatory scrutiny, and Lutnick, as a potential candidate for Trump's Secretary of Commerce, may influence the future direction of cryptocurrency policy due to his close business relationship with Tether.

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4. QCP: Bitcoin faces resistance at $100,000, market focus shifts to Ethereum and other altcoins

QCP Capital analysis points out that the cryptocurrency market slightly declined yesterday due to the liquidation of over $100 million in BTC and ETH positions, but both still remain above key support levels. The market expects BTC to consolidate before December, with funds gradually flowing to ETH and other altcoins, causing BTC's market cap share to drop from 62% to 59%. Notably, MicroStrategy founder Michael Saylor hinted at further increasing BTC holdings, and the market is widely watching whether he can help push BTC past the $100,000 mark.

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5. MicroStrategy acquires 55,500 BTC for $5.4 billion

MicroStrategy announces that it has acquired 55,500 BTC for approximately $5.4 billion at an average price of $97,862, achieving a 35.2% BTC yield for the quarter to date and a 59.3% BTC yield year-to-date. As of November 24, 2024, MicroStrategy holds 386,700 BTC at an average price of $56,761, with an acquisition cost of $21.9 billion.

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6. Pump.fun criticized for users allegedly broadcasting harmful and violent behavior through its live streaming feature.

Pump.fun criticized for users allegedly broadcasting harmful and violent behavior through its live streaming feature. One user threatened self-harm if their token did not meet its market cap target; another user threatened domestic violence and even a school shooting, prompting community members to point out that the feature has 'completely gone out of control' and call for stricter reviews or the closure of the live streaming feature. The platform responded that Pump.fun has arranged a team to review live streams, images, and comments around the clock and is actively responding to the growing demand. Pump.fun allows users to create Solana-based memecoins, and users can promote their tokens through community features such as live streaming.

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7. Wu discusses this week's macro indicators and analysis: Fed meeting minutes, U.S. PCE

Summary

This week, key focus includes the release of the Fed's November monetary policy meeting minutes, the U.S. third-quarter real GDP, and the Fed's favorite inflation indicator, the October core PCE.

Last week's review

  • Reserve Bank of Australia meeting minutes: The current restrictive rate is appropriate.

  • The four-week average of initial unemployment claims in the U.S. for the week ending November 16 is 217,750, with the previous value revised from 221,000 to 221,500.

  • NVIDIA announced its third-quarter earnings report for the fiscal year 2025, with adjusted earnings per share (EPS) of $0.81, exceeding market expectations of $0.74; revenue of $35.1 billion, surpassing market expectations of $33.25 billion. Among them, data center business revenue reached $30.8 billion, higher than the market expectation of $29.14 billion. NVIDIA expects fourth-quarter revenue to be $37.5 billion, with a fluctuation of 2%.

  • The final value of the University of Michigan's consumer confidence index for November is 71.8, lower than the market expectation of 73.7.

Key events & indicators this week

November 27

  • The Fed releases the November monetary policy meeting minutes (03:00)

  • U.S. third-quarter real GDP annualized quarter-on-quarter revision (21:30)

  • U.S. initial unemployment claims for the week ending November 23 (ten thousand) (21:30)

  • U.S. October core PCE price index year-on-year (23:00)

November 29

  • Eurozone November CPI year-on-year preliminary value (18:00)

November 30

  • China's November official manufacturing PMI (09:30)