Mini Program: Daily summary of cryptocurrency trends.
1. Pro-cryptocurrency candidates will lead the U.S. Department of Commerce, and ETF options listings will push Bitcoin to new highs.
With the listing of Bitcoin ETF options, Bitcoin prices reached new highs, peaking at $93,905 per coin. The market expects that the Bitcoin ETF options will significantly increase financial institutions' exposure to Bitcoin. Options contracts allow investors to buy or sell an asset at a specific price and predetermined time. Noelle Acheson, former market insights director at Genesis, stated that although the Chicago Mercantile Exchange has offered Bitcoin options, Bitcoin ETF spot options are a significant development for both retail and financial institutions. A more in-depth onshore derivatives market will enhance the growing complexity of the market, boosting investor confidence in Bitcoin, attracting new investment groups, and enabling more diversified investment and trading strategies. Furthermore, earlier reports about pro-cryptocurrency Howard Lutnick being nominated by Trump as Secretary of Commerce also pushed Bitcoin prices higher.
2. Analysts: The launch of Bitcoin ETF options may drive the emergence of new funds incorporating related options.
Strategas ETF strategist Todd Sohn stated that the launch of Bitcoin ETF options may trigger the emergence of new funds related to these options. He explained, 'Grayscale has already applied for a covered call options fund, and I believe BlackRock will apply as well, then the related market will gain traction, and any other trend-following strategies that come to mind will be adopted. I believe the cryptocurrency options ecosystem will truly start to thrive here.'
3. BlackRock's IBIT asset size increased by 38% in the past 7 days, becoming the fastest-growing ETF in history.
According to Dow Jones Market Data Group, as of Thursday morning, the largest spot Bitcoin ETF, BlackRock's IBIT, reached an asset size of $42 billion, increasing by 38% in the past seven days. This move drove the price of the ETF (ticker: IBIT) to a historical peak, currently regarded as the fastest-growing ETF of all time. According to the company, since the election, IBIT has attracted over $3 billion in assets. The future administration of Donald Trump is expected to bring a government that is more supportive of cryptocurrencies.
4. Trump nominates cryptocurrency supporter Howard Lutnick as Secretary of Commerce.
According to The Wall Street Journal, Trump stated on the local time of the 19th that he would nominate veteran Wall Street financier Howard Lutnick as the next U.S. Secretary of Commerce, elevating one of his most outspoken supporters in the financial sector to a key position. Additionally, Lutnick will also lead the Office of the U.S. Trade Representative directly. Lutnick is the CEO of financial services company Cantor Fitzgerald, and in recent months, he has become a close ally of Trump and has been the top contender for Secretary of Treasury. If approved by the Senate, Lutnick will be responsible for expanding U.S. economic growth and promoting domestic industries. He may also help maintain and expand government-business relations. The Department of Commerce and other agencies will play a central role in implementing the President-elect's proposal to impose tariffs on U.S. imports. Lutnick is a cryptocurrency supporter, and his company Cantor Fitzgerald has been managing Tether's U.S. Treasury bond portfolio since 2021.
5. JPMorgan: Bitcoin mining economics improved in the first half of November.
JPMorgan (JPM) reported on Monday that Bitcoin (BTC) mining economics improved in the first half of November as hash prices increased. 'Since the end of October, due to BTC's rally exceeding the growth of the network hash rate, and the percentage of transaction fees relative to block rewards has increased, hash prices have risen by 29%.' The report noted that the network hash rate has increased by 2% so far this month, averaging 718 EH/s. The hash rate represents the total computational power used to mine and process transactions on proof-of-work blockchains, reflecting industry competition and mining difficulty. The 14 U.S. listed miners covered by the bank currently account for about 28% of the global network, and their network hash rate share remains at historical highs.
6. The amount of Bitcoin on exchanges has dropped to its lowest level since November 2018.
The supply of Bitcoin on cryptocurrency exchanges has significantly declined, reaching its lowest level since November 2018. This trend indicates that investors are increasingly inclined to hold onto Bitcoin for the long term rather than actively trading it. According to CryptoQuant data, the amount of Bitcoin held on trading platforms has fallen to about 2.58 million coins, significantly down from the peak of the previous bull market before 2021. Analysis indicates that the reduced supply of Bitcoin on exchanges puts pressure on buyers, as the number of Bitcoins available for sale has decreased. The decrease in Bitcoin supply on exchanges puts pressure on buyers, as the available Bitcoins for sale have reduced. Therefore, if demand remains constant or increases, the upward trend of Bitcoin will continue. This also indicates that, due to unpredictable global economic policies and rising inflation, investors' confidence in Bitcoin as a store of value is increasing.
7. Russia approves amendments to cryptocurrency trading tax law, with a tax rate not exceeding 15%.
According to Interfax, the Russian government has approved a draft amendment to the bill on taxing the income and expenses of digital currency mining and its purchase and sale. No value-added tax is levied on digital currency transactions. Income from digital currency transactions will be included in the same tax base as securities trading income. Therefore, the maximum personal income tax rate for taxing cryptocurrencies is not more than 15%. Operators of mining infrastructure must report to tax authorities the information about individuals utilizing their infrastructure to mine cryptocurrencies.
8. Rumble considers incorporating Bitcoin into its corporate balance sheet, with 93.8% of users supporting this move.
Rumble founder and CEO Chris Pavlovski initiated a poll on social media X, asking whether Bitcoin (BTC) should be included in the company's balance sheet. As of now, the poll shows that 93.8% of users support this move. MicroStrategy co-founder Michael Saylor responded that he is willing to discuss the importance of Bitcoin and specific operational methods with Pavlovski. Subsequently, Pavlovski stated that he has contacted him via private message. As a major competitor to YouTube, Rumble achieved revenue of $25.1 million in Q3 2024, a 39% year-on-year growth. The company's total cash and equivalents amount to $130.8 million. This year, Rumble's stock price has risen by 26%, with a current market value of approximately $1.6 billion.
9. BlackRock's Bitcoin ETF options IBIT had nearly $1.9 billion in trading volume on its first day.
According to The Block, driven by the launch of BlackRock's iShares Bitcoin Trust (IBIT) first-day options trading, Bitcoin prices hit a historic high, first breaking through the $93,900 mark. IBIT is the first approved option trading spot Bitcoin ETF, with first-day trading volume approaching $1.9 billion in nominal exposure, totaling 354,000 contracts, of which call options are 289,000 and put options are 65,000. Analysts noted that this trading volume significantly exceeds the first-day performance of other ETFs, such as BITO's first-day trading volume of only $363 million. Market experts expect that as open interest in Bitcoin ETF options increases, market liquidity will improve, and volatility may gradually decrease. Additionally, Bitcoin ETF options from Bitwise and Grayscale are expected to begin trading this Wednesday, with more similar products to be launched subsequently.
10. Trump considers appointing cryptocurrency lawyer Teresa Goody Guillén as the chair of the U.S. SEC.
According to CoinDesk, U.S. President-elect Trump is considering appointing blockchain legal expert Teresa Goody Guillén as the chair of the U.S. Securities and Exchange Commission (SEC). Guillén is currently a partner at BakerHostetler and co-leader of its blockchain team, having previously worked at the SEC and represented blockchain companies and traditional businesses in SEC enforcement actions. Sources say the Trump team is looking to choose a pro-cryptocurrency candidate with a non-bureaucratic background to push for a light regulatory policy at the SEC and to end the practice of 'enforcement actions as regulation.' Guillén is recognized in the industry for her strong securities law background and supportive stance on the crypto industry, believed to be capable of quickly reforming the SEC. The SEC chair nominee is expected to be determined before Thanksgiving, with Guillén competing for the position against other candidates, including former SEC commissioner Paul Atkins and Robinhood's chief legal officer Dan Gallagher.
11. The board of directors of U.S. listed company LQR House has approved the purchase of $1 million worth of Bitcoin as reserve assets.
According to Accesswire, U.S. listed company LQR House Inc. (NASDAQ: LQR) announced today that its board has approved the purchase of $1 million worth of Bitcoin as part of its funds management strategy. Additionally, the company will now accept cryptocurrency payments on CWSpirits.com, allowing customers to flexibly use digital currencies to purchase alcoholic beverages. As part of this plan, LQR House has adopted a policy to retain up to $10 million of crypto payments as Bitcoin, reflecting the company's confidence in the long-term potential and value of digital assets. The press release stated that although Bitcoin will now be included in LQR House's diversified strategy, the company remains firmly committed to its core business. LQR House is known as a niche e-commerce platform focused on the spirits and beverage industry.
12. BlackRock's BUIDL token launches on Securitize's new platform, used for minting 'synthetic dollars' and earning RWA yields.
According to The Block, tokenization company Securitize has launched a new method to gain liquidity from physical assets while still earning revenue through its innovative 'sToken.' On Tuesday, the company announced that this token structure is a result of its subsidiary Securitize Credit's collaboration with the 'synthetic dollar' project Elixir. sTokens are based on Ethereum's ERC-4626 token standard and will provide institutional investors holding RWA issued by Securitize a way to convert these assets into Elixir's decentralized dollar token deUSD while still earning revenue from their investments. BlackRock's BUIDL token will become the first token belonging to the 'deUSD RWA institutional program' issued by Securitize, with other asset plans to be launched later.
Article reposted from: Jinshi Data
