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Top 10 News of the Week
1. Bitcoin market cap exceeds silver market cap, reaching $1.751 trillion link
With Bitcoin approaching $90,000, its market cap has reached $1.751 trillion, surpassing silver's $1.734 trillion and ranking eighth in asset market cap. Bitcoin is known as digital gold, and its current market cap is about one-tenth of the gold market cap.
The latest report from QCP points out that since the election, Bitcoin's price has risen 30%, with a market cap of $1.73 trillion, surpassing silver, but still far below gold's $17.5 trillion. If only 1% of the capital in the gold market flows into Bitcoin, its price could rise to $97,000. Currently, the futures basis at the end of November has exceeded 18%, and the demand for long-dated call options (with strike prices of $110,000 and $120,000) is strong. This trend indicates that investors' demand for leverage and margin tools is rising, preparing for a potential further breakthrough.
2. Powell: Policy is gradually trending neutral, no need to rush rate cuts, labor market and inflation continue to cool link
Federal Reserve Chairman Powell said: "We are gradually adjusting policy to a more neutral level. But the path to achieving this goal is not pre-set... The current economy is not sending any signals that would require us to rush to cut rates. The strong momentum of the economy allows us to make decisions more carefully." Meanwhile, Powell believes the labor market is still cooling under the pressure of tightening monetary policy. Powell added that "it seems we are at the appropriate level." In addition, Powell reiterated his view that inflation is likely to continue to decline.
3. Cynthia Lummis proposes that the Federal Reserve sell gold reserves and invest in BTC link
U.S. Senator Cynthia Lummis is pushing a new proposal to suggest that the Federal Reserve sell some of its gold reserves and use the proceeds to purchase BTC. Lummis is a well-known Bitcoin supporter in the U.S. Congress, and this move is seen as her latest attempt to promote the development of digital assets. Lummis said: "While gold is a traditional safe-haven asset, Bitcoin as digital gold is attracting more and more investors with its growth potential and security."
4. The official X account of the "Department of Government Efficiency (DOGE)" led by Musk may have been launched link
An official X account named "Department of Government Efficiency" (DOGE) was created in November 2024, with the handle "@DOGE". The account is identified as a "verified account", indicating that it is an account of a government or multilateral organization, has nearly 960,000 followers and has been followed by Musk, which is suspected to be the official account of the "Department of Government Efficiency (DOGE)" led by Musk and Vivek Ramaswamy.
Previously, U.S. President Trump announced that Musk and American patriot Vivek Ramaswamy will jointly lead the newly established Department of Government Efficiency (DOGE). The department aims to streamline the federal government structure, reduce redundant spending and over-regulation, and become part of the "Save America" movement. Musk said this move would shake up the system and could become a modern version of the "Manhattan Project". The appointment notice stated that the department will work with the White House and the Office of Management and Budget to drive structural reforms, with the goal of achieving a smaller and more efficient government by July 4, 2026, the 250th anniversary of American independence.
In response to blogger Ashley St. Clair's question "How did we establish a department specifically tasked with firing half the government officials through shitposting during the Trump presidency?", Musk replied: "America was saved by a squirrel and a meme coin!" Subsequently, Musk posted an image featuring a Shiba Inu image and the DOGE (Department of Government Efficiency) logo.
5. The Hong Kong Stock Exchange officially launched a virtual asset index series on Friday link
The Hong Kong Stock Exchange officially launched a virtual asset index series on Friday. The index series will include reference indices for BTC and ETH as well as reference exchange rates. The reference indices are based on the 24-hour trade volume-weighted spot prices from major virtual asset exchanges and are priced in USD in real-time. The reference exchange rates are designed for financial product settlement and are calculated at 4:00 pm Hong Kong time daily.
6. Tether launches the Hadron platform to simplify asset tokenization and support multiple blockchains link
Tether announced on Friday the launch of Hadron by Tether, a platform aimed at simplifying the tokenization of assets such as stocks, bonds, stablecoins, and loyalty points. In addition, Tether's Hadron supports multiple smart contract-enabled blockchains and Bitcoin second-layer solutions, such as Blockstream's Liquid.
7. Upbit's trading volume on November 13 exceeded the sum of the two largest stock trading markets in South Korea link
The South Korean domestic stock market has been in a continuous slump since Trump's election, with a widespread pessimistic sentiment towards the "Kospi" (South Korean stock market). Investors have turned their attention to the US stock market and BTC. According to CoinMarketCap data, the total trading volume of the five largest crypto exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, Gopax) reached 346 trillion won (about $24.8 billion) in the past 24 hours. Among them, Upbit's trading volume yesterday was $15.6 billion, exceeding the combined total of the KOSPI ($9.09 billion) and KOSDAQ ($5.26 billion) stock exchanges.
8. MicroStrategy announces the purchase of 27,200 BTC for $2.03 billion link
MicroStrategy announced the purchase of 27,200 BTC for approximately $2.03 billion, with an average purchase price of $74,463 per BTC. The BTC return for the quarter is 7.3%, and the year-to-date return is 26.4%. As of November 10, 2024, MicroStrategy holds 279,420 BTC, with a total acquisition cost of approximately $11.9 billion and an average purchase price of approximately $42,692 per BTC.
9. Ethereum Foundation researcher proposes a new consensus layer upgrade proposal Beam Chain link
Ethereum Foundation researcher Justin Drake presented a new consensus layer upgrade proposal "Beam Chain" at the Devcon conference, dubbed "Ethereum 3.0" by the community. The proposal aims to achieve faster block times, lower validator staking requirements, "chain-based snarkifaction", and quantum security improvements. Ambient Finance founder Doug Colkitt pointed out that the localization of zkEVM may completely eliminate gas limits, allowing nodes to only verify snarks, theoretically achieving unlimited scalability on L1. However, this proposal may lead to further centralization of block construction. Beam Chain is expected to finalize the specification in 2025, start construction in 2026, and enter full testing in 2027.
10. Vitalik: The Future Landscape of Ethereum link
Vitalik stated at Devcon2024 in Bangkok that the future of Ethereum includes: upgrading to decentralization, censorship resistance, and quantum resistance; gradually improving efficiency and scale; DA upgrades enabling L2 to support 100k+ TP; large enough scale to realize various applications: ENS, consumer payments, social, "hybrid finance + non-finance", etc.
Key Financing Events
- StakeStone announced the completion of a $22 million financing round led by Polychain Capital link
- Animoca Brands' Web3 project Mocaverse announced the completion of a $10 million financing round link
- Crypto AML service provider Notabene completed a $14.5 million Series B financing round link
- Digital asset trading infrastructure provider Wyden announced the completion of a $16.4 million Series B financing round link
- The RWA water resource economy project LAKE (LAK3) has completed a $12.4 million financing round link
- Cross-chain DeFi platform Folks Finance announced the completion of a $3.2 million Series A financing round link
- OKX Ventures announced an investment in Corn link
- Decentralized AI-as-a-Service cloud project Heurist announced the completion of a $2 million Pre-Seed financing round link
- Web3 healthtech startup Pulse announced the completion of a $1.8 million seed financing round link
- Monster League Studios completed a €3.7 million financing round to expand its Web3 gaming ecosystem link
- Web3 AI company Eidon AI completed a $3.5 million seed financing round link
- Smart verifiable computing platform Brevis announced the completion of a $7.5 million seed financing round link
- mbd announced the completion of a $3 million Pre-seed financing round link
- TAC completed a $6.5 million seed financing round, led by Hack VC and Symbolic Capital link
For more industry financing events, please check crypto-fundraising.info.
