Daily market report (November 29, 2024, at 20:00)
ChainDD's market data on November 29 shows the combined DD index and CoinMarketCap quotes:
BTC is priced at $96,894.17, with a 24-hour increase of about 1.67%;
ETH is priced at $3,605.91, with a 24-hour increase of about 0.05%;
BNB is priced at $658.20, with a 24-hour increase of about 0.68%;
DOGE is priced at $0.4115, with a 24-hour increase of about 2.84%;
DOT is priced at $8.63, with a 24-hour increase of about 5.89%.
Cryptocurrency market dynamics
ai16z: temporarily closed due to website upgrades
The AI-driven VCDAO token project ai16z on the Solana chain announced on the X platform that it has temporarily closed due to website upgrades.
Singapore government departments: Recently, there have been frequent cases of cryptocurrency theft, and the public should take precautions to protect their wallets
The Singapore Police Force and the Cyber Security Agency issued a joint statement that recently observed that criminals have employed various means to steal cryptocurrencies from victims' wallets. Their usual methods include impersonating legitimate entities on social media, offering giveaways or promotions as bait, and asking victims to 'verify' their wallets by sharing login credentials and other personal information.
Additionally, criminals may exploit phishing websites, software vulnerabilities, and smart contracts to invade victims' wallets and transfer away cryptocurrencies.
Singapore government departments are urging the public to take precautions to protect their wallets, such as using hardware wallets and other secure offline storage devices; using strong passwords and two-factor authentication; and regularly checking accounts.
Taiwan's new anti-money laundering rules for cryptocurrencies will take effect on November 30
The Financial Supervisory Commission (FSC) of Taiwan will implement new anti-money laundering (AML) rules on November 30, one month earlier than initially planned, as regulators accelerate efforts against fraud.
New rules require cryptocurrency service providers, such as cryptocurrency exchanges, to complete anti-money laundering compliance registration. Non-compliance may result in penalties, including up to two years of imprisonment and fines of up to 5 million NTD (approximately $153,700).
The FSC stated in a statement on Wednesday that overseas 'Virtual Asset Service Providers' (VASP) must establish a company or branch under Taiwanese company law and complete the required anti-money laundering registration before conducting business in Taiwan. These new regulations were introduced after the regulator amended the law in July.
Trump's trade is under scrutiny, and the dollar is poised for its worst weekly performance since August
The dollar is heading towards its largest weekly decline in three months, as silver investors begin to question the so-called 'Trump trade' that has propelled the dollar since the US election. The dollar index DXY fell nearly 0.2% in Friday's Asian session, with a weekly decline expanding to 1.1%. This week, the dollar weakened against other G10 currencies, with the dollar falling the most against the yen.
Mingze Wu, a forex trader at StoneX Financial in Singapore, said: 'The market is still struggling to find the direction of the dollar.' 'We expect the dollar to experience sideways fluctuations before Trump is sworn in next January, and once Trump announces his policies, the direction of the dollar will become clearer.' Trump's posts on social media have started to disrupt financial markets, raising concerns that his policies could ultimately harm the world's largest economy, leading to a halt in the dollar's eight-week rally. Citigroup’s index tracking forex fund dollar positions rose to its highest level since August 2023 this week, indicating that long positions may be excessively inflated.
Today's trading volume for Hong Kong virtual asset ETFs is approximately 31.5 million HKD
Hong Kong stock market data shows that as of the close, today's trading volume for all Hong Kong virtual asset ETFs was about 31.5 million HKD. Among them, the Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) had a trading volume of 18.7885 million HKD, the Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) had a trading volume of 4.3723 million HKD, the Harvest Bitcoin ETF (03439.HK/09439.HK) had a trading volume of 1.0951 million HKD, the Harvest Ethereum ETF (03179.HK/09179.HK) had a trading volume of 257,400 HKD, the Bosera Bitcoin ETF (03008.HK/09008.HK) had a trading volume of 186.54 million HKD, and the Bosera Ethereum ETF (03009.HK/09009.HK) had a trading volume of 512.42 million HKD.
Russian President Putin officially signed a bill related to the taxation of digital currencies
Russian President Vladimir Putin has signed a law regulating the taxation of digital currencies.
According to legal provisions, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments within the 'Experimental Legal Framework for Digital Innovation (EPR)'. The mining and sale of digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to tax authorities when issuing cryptocurrencies using their services. Failure to transmit such information on time may incur a fine of 40,000 rubles. In terms of personal income tax, digital currencies obtained through mining will be classified as tangible income (a term often used when payment is made in goods or services rather than currency). The value of the income will be determined based on market quotes. Such income will be taxed at the usual progressive tax rates, taking into account tax deductions for the amount of mining costs. Meanwhile, the acquisition, sale, or other circulation of digital currencies will be taxed at a two-stage personal income tax rate (13% for income up to 2.4 million rubles, and 15% for income exceeding that amount). They will be included in the same tax base as income from securities, bank deposits, and other sources of transactions. Regarding corporate income tax, digital currency mining will be taxed at the standard rate (25% starting from 2025).
The probability of BTC reaching $100,000 by the end of this year on Polymarket has rebounded to 78%
On the betting site Polymarket, which accurately predicted Trump's election, the likelihood of Bitcoin reaching $100,000 by the end of this year has rebounded to 78%. Data from cryptocurrency derivatives exchange Deribit cited by Bloomberg earlier this month shows that options traders are also betting that Bitcoin will reach six figures by the end of 2024.
