● BNB briefly breaks through $770, reaching an all-time high
According to Binance market data, BNB briefly broke through $770, reaching an all-time high, with a 24-hour increase of over 18%.
According to reports from Wu, the Korean won trading pairs on the Korean exchange plummeted at one point, likely related to the emergency order announced by the South Korean president. Data shows that Bitcoin briefly dropped to a low of $66,500, and XRP fell to a low of $1.16.
According to the Beijing News, Yoon Suk-yeol announced the emergency order due to escalating domestic political disputes, with the opposition party disrupting national order through what they call 'anti-state activities.' Currently, specific emergency measures have not been announced. Analysts believe that the recent push by the opposition party for a series of legislation targeting the president's wife and the impeachment of prosecutors and other public officials may have triggered Yoon's announcement of the emergency order.
● South Korean National Assembly votes to lift the emergency order
According to Odaily Planet Daily, the South Korean National Assembly held an emergency meeting in the early hours of December 4 to vote on 'the request to lift the emergency order.' 190 members attended, with 170 voting in favor. The Speaker of the National Assembly, Yoo Won-sik, announced the emergency order invalid.
According to Odaily Planet Daily, QCP stated on its official channel that BTC recently rose above $97,000, but then fell back to above $95,000. This pullback coincided with the news of the U.S. government transferring 10,000 BTC related to Silk Road (valued at approximately $963 million at the time of transfer). After this transfer, the front-end volatility curve tilted further towards put options.
Institutional demand remains optimistic. Spot ETFs recorded an inflow of $350 million yesterday, while MARA Holdings has purchased $618 million worth of BTC over the past two months, following in the footsteps of MicroStrategy. Other crypto mining companies, such as RiotPlatform, are increasingly likely to stop BTC sell-offs, with some considering expanding their holdings. Additionally, the news that Microsoft is considering holding BTC highlights growing interest among companies in Bitcoin as a reserve asset.
Meanwhile, U.S. stocks continue to set new records, with the S&P 500 index reaching its 54th all-time high this year. Several Federal Reserve officials have hinted at a tendency to lower borrowing costs at the next meeting, although this depends on the upcoming economic data, which may increase volatility during the event window.
● Bank of America expects non-farm payrolls to increase by more than 240,000 in November
According to Shenchao TechFlow, Bank of America economists stated that the November employment report will be released on Friday, and investors should pay attention to the growth rate over the past two months, especially as October data may be significantly revised. (The Wall Street Journal) Surveys indicate that non-farm payrolls are expected to increase by 214,000 in November, up from 12,000 in October. Bank of America expects the number to exceed 240,000 due to the impact of hurricanes and the Boeing strike. The labor force participation rate is expected to rebound, and the unemployment rate is projected to rise from 4.1% to 4.2%, consistent with (The Wall Street Journal) expectations. Unemployment claims increased due to the hurricane but then decreased, indicating a rapid economic recovery.
According to Odaily Planet Daily, the number of job vacancies in the U.S. JOLTs for October was 7.744 million, higher than the expected 7.475 million. The previous value was revised from 7.443 million to 7.372 million.
● Perspective: MicroStrategy can survive even if Bitcoin price drops by 80%
According to Odaily Planet Daily, capital advisor Jeff Walton analyzed that Bitcoin's price would need to drop to $18,826 for MicroStrategy's asset value to fall below its liabilities. This means that MicroStrategy can survive even with an 80% drop in BTC prices.
According to Odaily Planet Daily, Vivek Ramaswamy, head of the U.S. Government Efficiency Office, stated that federal regulatory spending will face 'significant' cuts. The Supreme Court rejected the 'Chevron deference' and 'major questions doctrine,' which is considered transformative and weakens federal regulatory power. The court's rulings were finalized in 2024 and 2022, limiting federal agencies' ability to interpret regulations. These changes are expected to impact numerous industries, including the cryptocurrency sector.
