1. U.S. President-elect Trump stated that if BRICS countries create a new currency to replace the dollar, they will face a 100% tariff.
2. The inflow of U.S. spot Ethereum ETFs reached a historic high, with nearly $333 million flowing in on a single day, showing strong market demand for ETH.
In the past month, the price of U.S. spot Ethereum ETFs increased by nearly 40%, setting the record for the largest single-day inflow since trading began in July, with nearly $333 million flowing in on Friday. BlackRock's ETHA and Fidelity's FETH led the way, with ETHA alone recording over $250 million in inflows.
3. U.S. scholars claim that the White House's promotion of Bitcoin may undermine trust in the dollar as the global reserve currency.
CF40 Research Institute published an article (the 'Politicization' of cryptocurrencies), revealing that following the 2024 U.S. presidential election, where Trump won, the cryptocurrency industry’s continued foray into 'money politics' has drawn widespread attention. U.S. scholar Vitaliy Katsenelson suggested that as market sentiment towards the dollar has been disrupted, the White House's promotion of Bitcoin could undermine trust in the dollar as the global reserve currency, thus weakening the dollar's position. Regarding current fiscal challenges, he stated, 'What can truly keep America great is not Bitcoin, but controlling debt and deficits.'
4. Ethereum L2 TVL rebounded to $52.9 billion, with a 7-day increase of 10.2%, showing continued growth in L2 solutions.
Ethereum L2 TVL rebounded to $52.94 billion, with a 7-day increase of 10.2%. The top five TVLs are: Arbitrum One with $19.32 billion; Base with $11.99 billion; OP Mainnet with $8.32 billion; Blast with $1.6 billion; ZKsync Era with $1.17 billion.
5. XRP price has risen 232% in the past 30 days, with significant increases in network activity, indicating a positive market recovery.
6. The SEC sues Touzi Capital for an alleged $115 million cryptocurrency mining fraud case, reflecting the continued intensification of regulation.
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Touzi Capital and its CEO Eng Taing, accusing them of a $115 million unregistered securities offering fraud. According to the complaint, from 2021 to early 2023, the defendants raised approximately $118 million through false advertising of cryptocurrency mining and debt restructuring businesses, including $95 million for the crypto mining project and $23 million for the debt restructuring project, involving over 1,500 investors across the U.S. The SEC stated that Taing falsely advertised the project as a 'stable and predictable' high-yield savings account investment, when in fact these investments were 'highly speculative and lacked liquidity.' The SEC accused the defendants of misappropriating investor funds for personal purposes and continuing to solicit investors even after the business began to collapse. In the fiscal year 2024, the SEC initiated a total of 583 enforcement actions, obtaining a record $8.2 billion in financial compensation.
7. Deutsche Bank expects the Federal Reserve to pause interest rate adjustments throughout 2025, focusing on the progress of inflation improvement.
As the U.S. economy grows steadily, concerns about a slowdown in the labor market have been temporarily set aside. The current market debate centers on how much the Federal Reserve will lower interest rates next year, given that inflation data has not shown significant improvement. Deutsche Bank's Chief U.S. Economist Matthew Luzzetti expects the Federal Reserve to cut rates again in December and then pause interest rate adjustments throughout 2025, waiting for more progress on inflation. He stated, 'The urgency for (the Federal Reserve) to cut rates is much smaller, and it may make sense to slow down the pace of rate cuts earlier than they expect.' Federal Reserve Governor Bowman, in a recent speech, indicated that the progress towards the Federal Reserve's 2% inflation target has 'stalled' in recent months, calling for the Federal Reserve to lower rates 'cautiously.'
8. Bitcoin's dominance has fallen to 56.1%, analysts say the market may have entered 'altcoin season.'
Crypto analyst Mikybull Crypto stated that Bitcoin's dominance in the crypto market has fallen to 56.1%, below its two-year support line, which may indicate that the market has 'officially entered altcoin season,' as the decline in Bitcoin's dominance means investors are taking profits from their BTC positions and allocating some funds to altcoins. Since Trump's election victory, demand for Ethereum exchange-traded funds (ETFs) has grown by over 160%, further supporting analysts' expectations that Ether will rise above $4,000.
9. The Hong Kong Securities and Futures Commission reiterated that the licensing of virtual asset trading platforms will be announced by the end of the year, with 15 companies applying.
The Hong Kong Securities and Futures Commission's CEO, Ashley Alder, reiterated in a recent interview that the licensing of Hong Kong's virtual asset trading platforms will be announced by the end of the year, but did not respond to whether any platforms deemed 'approved for licensing' failed to meet standards after review. However, the report will disclose common issues found when platforms apply for licenses. Currently, the number of applicants for virtual asset trading platform licenses announced by the Hong Kong Securities and Futures Commission stands at 15, with 11 platforms, including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, xWhale, YAX, Bullish, Crypto.com, WhaleFin, Matrixport HK, being treated as approved for licensing.
10. Former Facebook executives accused U.S. Treasury Secretary Yellen of killing the Libra project, revealing the impact of political interference.
David Marcus, former head of Facebook's stablecoin Libra and current co-founder and CEO of Lightspark, disclosed on platform X how Libra was 'killed.' He stated that Libra (then known as Diem) was an advanced, high-performance, payment-centric blockchain, equipped with a stablecoin co-developed with the Meta (formerly Facebook) team, aimed at addressing large-scale global payment issues. Before announcing the project, several months were spent briefing key regulators in Washington and abroad, followed by a launch announcement in June 2019 with 28 companies. Two weeks later, David Marcus was summoned to testify before the Senate Banking Committee and the House Financial Services Committee, marking the starting point of two years of unrelenting work and changes aimed at reassuring legislators and regulators. By spring 2021, Libra had resolved all possible regulatory issues regarding financial crimes, money laundering, consumer protection, and reserve management, and was ready to launch, with some members of the Federal Reserve Board expressing support. Ultimately, Federal Reserve Chairman Jay Powell was prepared to allow Libra to move forward in a limited way. However, U.S. Treasury Secretary Janet Yellen told Powell in a biweekly meeting that allowing the project to move forward would be 'political suicide,' and he would not support him if he let it happen. David Marcus expressed he was not present during that conversation, thus holding reservations about those comments, but in reality, that was the moment Libra was killed. Shortly thereafter, the Federal Reserve organized a conference call with all participating banks, where the Federal Reserve's general counsel read a prepared statement to each bank, stating: 'We cannot stop you (Libra) from proceeding and launching, but we do not wish for you to do so' - and that was that. Nonetheless, David Marcus indicated that the most important lesson learned from this experience is that if you want to build an open monetary network for the world - designed to transfer trillions of dollars every day and built for the next 100 years - you must establish it on the most neutral, decentralized, and secure network and asset available, which is undoubtedly Bitcoin.
11. The U.S. Bitcoin spot ETF saw a net outflow of $134 million this week, indicating increased market volatility.
This week, U.S. Bitcoin spot ETFs saw a net outflow of $134 million, with a trading volume of $18 billion. This is the first week of net outflow for the ETF in the fourth quarter, where BlackRock saw an inflow of $407 million, while FBTC, BITB, ARKB, and GBTC had outflows this week.
12. 2,170 BTC flowed out from Bitwise, valued over $210 million, reflecting some capital flow trends.
About ten hours ago, 2,170 BTC flowed out from Bitwise Bitcoin Exchange Traded Fund BITB Bitcoin ETF to an unknown address starting with bc1qx, valued at $211.25 million. According to official updates from Bitwise, as of November 29, BITB's Bitcoin holdings reached 41,018.74 BTC, with a market value touching $3,998,647,999.96.
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