According to PANews, the Federal Reserve announced a 25-basis-point rate cut this week as scheduled, lowering the federal funds rate target range to 4.5%-4.75%. All 12 FOMC voting members voted in favor of the rate cut. The policy statement removed the language about progress on inflation and greater confidence in achieving the target, emphasizing concerns about employment and inflation risks. Federal Reserve Chairman Powell said that the pace of future rate cuts will be accelerated or slowed depending on economic conditions, and that there is currently a high degree of uncertainty, so it is not appropriate to provide too much forward guidance, but they will gradually move towards a neutral policy stance. He also said that the election will not have any impact on the Fed's near-term policy decisions, and that he will not be fired due to Trump's resignation, as the president has no legal authority to dismiss him. It is reported that Trump's election has led traders to reduce their bets on the Fed cutting rates next year, and it is expected that there may be 1-2 rate cuts in the first half of 2025 before a pause.
Later, Musk may support Trump's intervention in the Federal Reserve.
According to the official Weibo account of the Greater Bay Area Voice, Hong Kong SAR Financial Secretary Paul Chan said today that the SAR government will hold a signing ceremony with the third batch of key corporate partners tomorrow. This time, 17 key enterprises from the mainland, the United States and Europe will participate in the signing, covering areas such as artificial intelligence and big data, life and health technology, fintech, and advanced manufacturing and new energy technology. Nine out of ten of them have planned to set up international or regional headquarters in Hong Kong. It is understood that together with the key corporate partners signed in the first two batches, a total of more than 60 key corporate partners are expected to bring HK$42 billion in investment to Hong Kong and create more than 17,000 job opportunities.
According to Fortune magazine, with the US election results finalized, Musk's support for Trump has yielded an obvious immediate payoff. Reportedly, Musk may try to persuade Trump to abandon his opposition to the Biden administration's electric vehicle tax credit policy and encourage the purchase of electric vehicles. After Trump's victory speech, Tesla's stock price rose sharply. Investors expect the Trump administration to stop federal investigations and enforcement actions against Tesla, especially those related to its autonomous driving software. In addition, the relationship between the Federal Aviation Administration and SpaceX has been very tense. In September, Musk demanded the resignation of FAA Administrator Michael Whitaker, citing a $630,000 fine imposed on SpaceX for rocket launch violations. Musk said he plans to set up a government efficiency department (DOGE) under the Trump administration, with a work plan that includes relaxing regulations on its rocket launches. Trump himself has also suggested using Starlink's satellite service to provide network connectivity in rural areas as part of the government's future $42 billion broadband investment plan, which could be a potential financial boon for Starlink. Musk's generative AI startup xAI has a chatbot that competes with OpenAI's ChatGPT and other large language models, and Musk may intervene to suggest that Trump adopt a more relaxed alternative to the Biden administration's AI executive order. In California, Musk has supported the controversial SB 1047 safety legislation, which will impose restrictions on large AI companies, and this legislation has been strongly opposed by venture capitalists and large developers on the grounds that AI poses potentially catastrophic risks.
Hedge funds short-selling Tesla have lost over $5 billion since Trump won the US election
According to PANews, since Trump won the US election, hedge funds that have persistently shorted Tesla have lost tens of billions of dollars, as Musk's special relationship with the president-elect has impacted them. Calculations based on data compiled by S3 Partners show that from election day to last Friday's close, hedge funds holding short positions in Tesla have lost at least $5.2 billion on their books.
Stacks founder expects to launch sBTC upgrade in early December
According to The Block, Stacks co-founder Muneeb Ali hinted that a major upgrade to the Bitcoin Layer2 network is imminent. In an X post, Ali pointed out that the network's upcoming sBTC token may be released as early as next month. Ali wrote: "Early December is the target time, and sBTC v1 seems to be on track, with more upgrades to come in January and beyond." Stacks has touted sBTC as a solution to Bitcoin's "write-in problem", i.e. the difficulty of directly writing data to the Bitcoin mainchain, which is essential for decentralized finance applications. According to Stacks' announcement, Stacks' sBTC will "enable smart contracts to programmatically send sBTC to BTC addresses, where it will be pegged to BTC." Stacks believes that sBTC's novel decentralized two-way peg will provide a more Bitcoin-aligned option, unlocking value.
Arthur Hayes: Bitcoin market trend indicates Trump will print money
BitMEX co-founder Arthur Hayes posted on the X platform: "Some don't believe Trump will abandon the dollar and print a lot of money. But Bitcoin thinks differently. Here's a comparison of Bitcoin's performance and my new money supply indicator, US bank credit. The market speaks louder than words."
In a report released this week, Coinbase's head of institutional research and institutional research analyst David Duong and David Han pointed out that if Solana's on-chain transaction ecosystem is viewed as an "independent financial category", it is currently ranked third in profitability, second only to stablecoins and Layer 1. David Duong said: "Solana's transaction-related activities typically account for 75-90% of the chain's transaction fees, far higher than other networks like Ethereum, Base and Arbitrum, which also show growth and innovation, but often face different scalability challenges and user fragmentation issues compared to Solana. Solana's fee dynamics and user activity patterns remain distinct." The analysis also pointed out that meme tokens have been a core narrative of this bull market, and have been the best performing crypto sector (measured by total market cap growth) this year. Most of the activity has occurred on Solana, mainly around the increasing popularity of pump.fun as the primary meme coin launch platform. To date, over 3 million tokens have been issued on pump.fun, and the dominance of transaction-related activities on the Solana network is reflected in their contribution to the network's transaction fees, accounting for over 82% of all non-voting fees paid on the network.
CryptoQuant founder: A strong year-end rally may lay the groundwork for a 2025 bear market
CryptoQuant founder and CEO Ki Young Ju posted on the X platform: "Based on the overheated Bitcoin futures market indicators, the market is expected to see an adjustment, but Bitcoin is currently in the price discovery phase and the market is heating up further. If there is an adjustment and consolidation, the bull market may continue; however, in my view, the strong year-end rally may lay the groundwork for a bear market in 2025."
VanEck CEO Predicts Potential Bitcoin Price at $300,000
According to TheBlock, Jan Van Eck, CEO of asset management firm VanEck, said in an interview with CNBC: "BTC will set a new all-time high - if it sets a new all-time high today, I think it will go higher. My base case is that the value of BTC will ultimately be half the value of all outstanding gold, so the potential price of one BTC is around $300,000."
Analysis: BTC Breaking $80,000 May Be Influenced by Market Optimism on Trump
According to Jinshi, BTC rose above $80,000 for the first time, up more than 4.0% intraday, buoyed by Trump's election victory. Trump vowed during the campaign to make the U.S. the center of the digital asset industry, including establishing a strategic BTC reserve and appointing regulators enthusiastic about digital assets. He is in a more favorable position than expected in the election - the Republican Party controls the Senate, and is expected to have a slim majority in the House.
Industry Insiders: BTC Price May Rise to $100,000 by January 2025 When Trump Takes Office
According to CNBC, Fadi Aboualfa, head of research at crypto custody firm Copper.co, believes that by January 20, 2025, when Trump takes office, the price of BTC may reach $100,000, adding that these gains "are occurring against a backdrop of a weakening dollar, which is different from the current environment of a strong dollar." Given that BTC ETFs currently hold about 1.1 million BTC, the momentum in the coming months is likely to be positive. In addition, Jag Kooner, head of derivatives at crypto exchange Bitfinex, said that while it's difficult to predict BTC's price, the $100,000 target in a few months "doesn't seem too far-fetched," adding: "Given the bullish momentum, plus the fact that the economy has avoided a recession, we expect BTC's downside to be limited now. This (the $100,000 target) looks very reasonable."
MicroStrategy's BTC Holdings Exceed $20 Billion in Value
According to Saylortracker data, the market value of MicroStrategy's BTC investment portfolio has exceeded $20 billion, with the company holding 252,220 BTC, currently valued at approximately $20,065,432,317.38.
Later, MicroStrategy founder Michael Saylor hinted that he may continue to increase his BTC holdings.
BTC Breaks $81,000, Setting a New All-Time High
OKX market data shows that BTC has broken through $81,000, setting a new all-time high. It is currently trading at $81,020.00 per coin, up 1.67% intraday.
SOL Market Cap Exceeds $100 Billion
Market data shows that the market cap of SOL has exceeded $100 billion, currently reaching $100,198,590,966. In addition, the data also shows that the SOL price has risen to $212.44, with a 24-hour increase of 6.95%.
Wallet That Received BTC from Mt.Gox 6 Days Ago Transfers 27,871 BTC to Another Unknown Wallet
According to Onchain Lens monitoring, 6 days ago, the Mt.Gox wallet transferred 32,371 BTC (worth $2.19 billion at the time) to an unknown wallet. Just 20 minutes ago, this wallet transferred 27,871.3 BTC (currently worth $2.24 billion) to another unknown wallet, and transferred 2,500 BTC (worth $200.95 million) back to the Mt.Gox wallet. This may signal the start of another round of repayments.
Open Interest of BTC Options with Strike Price Above $90,000 on Deribit Exceeds $2.8 Billion
According to CNBC, the total value of outstanding BTC options contracts with a strike price above $90,000 on the crypto derivatives exchange Deribit has increased to over $2.8 billion. Vetle Lunde, head of research at K33 Research, said the options market generally has a bullish outlook on BTC continuing to rise, with call options trading at higher prices than put options, and the open interest in out-of-the-money call options increasing.
A Whale Withdrew 10,660 ETH, About $33.74 Million, from Binance in Nearly 25 Hours
According to on-chain analyst Yu Jian, a whale withdrew 10,660 ETH (about $33.74 million) from Binance over the past 25 hours, at an average price of $3,165.
Doge Market Cap Surpasses USDC, Ranking 6th
CoinGecko data shows that the Doge price has risen 28.1% in the past 24 hours and 90.2% in the past 7 days, with a current market cap of about $422.6 billion, surpassing USDC's $369 billion. It is now ranked 6th, behind BTC, ETH, USDT, SOL and BNB.
Token Unlocks data shows that tokens such as CHEEL, APT, and ARB will see major unlocks next week, among which:
- Cheelee (CHEEL) will unlock approximately 20.81 million tokens worth about $228 million at 8:00 AM Beijing time on November 13;
- Aptos (APT) will unlock approximately 11.31 million tokens, which is 2.18% of the current circulating supply, worth about $128 million at 2:00 PM Beijing time on November 11;
- Arbitrum (ARB) will unlock approximately 92.65 million tokens, which is 2.33% of the current circulating supply, worth about $60 million at 9:00 PM Beijing time on November 16;
- Starknet (STRK) will unlock approximately 64 million tokens, which is 3.05% of the current circulating supply, worth about $30.3 million at 8:00 AM Beijing time on November 15;
- Nervos Network (CKB) will unlock approximately 1.34 billion tokens, which is 2.99% of the current circulating supply, worth about $19.9 million at 8:00 AM Beijing time on November 16;
- Polyhedra Network (ZKJ) will unlock approximately 17.22 million tokens, which is 28.52% of the current circulating supply, worth about $19.8 million at 8:00 AM Beijing time on November 14;
- Cardano (ADA) will unlock approximately 92.65 million tokens, which is 0.05% of the current circulating supply, worth about $10.8 million at 8:00 AM Beijing time on November 11;
- Ethena (ENA) will unlock approximately 12.86 million tokens, which is 0.45% of the current circulating supply, worth about $7.4 million at 3:00 PM Beijing time on November 13;
- Echelon Prime (PRIME) will unlock approximately 750,000 tokens, which is 1.51% of the current circulating supply, worth about $5.8 million at 8:00 AM Beijing time on November 17;
- Axie Infinity (AXS) will unlock approximately 815,000 tokens, which is 0.53% of the current circulating supply, worth about $4.5 million at 9:10 PM Beijing time on November 13;
- io.net (IO) will unlock approximately 2.11 million tokens, which is 1.75% of the current circulating supply, worth about $4.4 million at 8:00 PM Beijing time on November 11;
- Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens, which is 0.69% of the current circulating supply, worth about $4.2 million at 3:00 AM Beijing time on November 13;
- CYBER (CYBER) will unlock approximately 886,000 tokens, which is 3.81% of the current circulating supply, worth about $3.3 million at 2:00 AM Beijing time on November 14;
- Moonwell (WELL) will unlock approximately 38.54 million tokens, which is 1.30% of the current circulating supply, worth about $3 million at 8:00 AM Beijing time on November 14;
- Render (RENDER) will unlock approximately 490,000 tokens, which is 0.13% of the current circulating supply, worth about $2.7 million at 8:00 AM Beijing time on November 13;
- OmniFlix Network (FLIX) will unlock approximately 15.31 million tokens, which is 3.91% of the current circulating supply, worth about $2.4 million at 8:00 AM Beijing time on November 17;
- Fusionist (ACE) will unlock approximately 850,000 tokens, which is 2.09% of the current circulating supply, worth about $2 million at 8:00 AM Beijing time on November 12;
- Mintlayer (ML) will unlock approximately 9.91 million tokens, which is 6.28% of the current circulating supply, worth about $1.2 million at 8:00 AM Beijing time on November 16;
- World Mobile Token (WMTX) will unlock approximately 4.92 million tokens, which is 0.00% of the current circulating supply, worth about $1.1 million at 8:00 AM Beijing time on November 12.
