Bitcoin Hits New All-Time High, Approaching $100,000; Bitcoin ETF Sees Record Inflows
This week, Bitcoin surpassed $90,000, reaching a new all-time high. At the same time, the cumulative trading volume of the US Bitcoin spot ETF has exceeded $500 billion since its launch in January this year. BlackRock's IBIT set a new single-day trading volume record of $5.2 billion on November 13, breaking the previous record of 1,253 days held by the IEMG fund by reaching $40 billion in assets in just 211 days. Since Trump's election victory, the ETF has attracted $4.7 billion in inflows, with a total net inflow of $28.3 billion since its listing. The total assets under management of all Bitcoin ETFs currently stand at around $88.5 billion, with IBIT accounting for $41.1 billion, ranking first.
Bitcoin Market Cap Surpasses Saudi Aramco, Rises to 7th Largest Global Asset
According to 8 Market data, with Bitcoin breaking through $93,000, its market capitalization has also risen to $1.84 trillion, surpassing Saudi Aramco ($1.79 trillion) and ranking 7th among the world's major assets.
Powell: The Fed Does Not Need to "Rush" to Cut Rates
Federal Reserve Chairman Powell stated that, due to the strength of the US economy, the Federal Reserve does not need to "rush" to lower interest rates, and the Federal Reserve will "closely monitor" to ensure that certain inflation indicators remain within acceptable ranges. Powell reiterated that the path of the Federal Reserve's policy rate will depend on the data to be released and the evolution of the economic outlook. He said that the inflation rate is approaching the Federal Reserve's 2% target, but has not yet reached it. The Federal Reserve will closely monitor the core indicators of commodity and service inflation excluding housing, which have been declining over the past two years. "We expect these indicators to continue to fluctuate in the near-term range, and the path to the Federal Reserve's 2% target may be bumpy at times." (Jinshi)
Musk to Join US Government Efficiency Department (DOGE)
This week, Trump issued a statement saying that Elon Musk will collaborate with American patriot Vivek Ramaswamy to lead the newly formed Department of Government Efficiency (DOGE). As soon as the news was announced, market data showed that the Dogecoin (DOGE) cryptocurrency, named after the department's acronym, rose again from $0.36 to above $0.4.
Polymarket Founder Investigated by FBI
Polymarket has undoubtedly been the most high-profile Web3 application behind the recent US election, but this week, Polymarket is under investigation by the Department of Justice for allegedly allowing US users to place bets. The FBI has issued a search warrant for Polymarket CEO Shayne Coplan and seized his phone and electronic devices.
Over $13 Million Stolen from On-Chain Trading Terminal DEXX; Multiple Meme Coins Suffer Dump
On November 16, the user assets of the on-chain trading terminal DEXX were stolen, and multiple meme coins experienced a large-scale dump in the early morning. By 5:00 PM on the same day, Slow Mist had released a report on the DEXX incident, receiving more than 590 reports of fund theft from the community. After deduplication, it was confirmed that there were more than 500 independent victims, with an estimated total loss of around $13 million (the specific amount may change with price fluctuations). DEXX founder Roy stated that the team will compensate users for their losses and has communicated with law enforcement agencies in multiple regions to file a case, hoping to communicate with the hacker. As of now, multiple users have reported that their account assets have been isolated to a secure address.
SEC Chairman Gary Gensler Hints at Departure; Powell Refuses to Reveal Whether He Will Stay, Says the Fed Does Not Need to "Rush" to Cut Rates
On November 15, according to market news, US Securities and Exchange Commission (SEC) Chairman Gary Gensler issued a statement hinting that he may leave the SEC. Previously, Trump had stated that he would bypass the Senate's confirmation process to appoint members of his government, which also seemed to include replacing SEC Chairman Gary Gensler. During the election campaign, Trump had promised the cryptocurrency industry that he would fire SEC Chairman Gensler on "the first day" if re-elected. In addition, the future of Federal Reserve Chairman Powell has also become a topic of concern. At an event in Dallas, when asked whether he would consider becoming the first Federal Reserve Chairman in more than 70 years to remain on the Board of Governors after his term as Chairman ends, Powell only said, "I'm definitely going to serve out my term, and that's the most important thing I've decided and considered." Powell's term as a member of the Board of Governors will expire in January 2028. On November 15, Powell stated that, due to the strength of the US economy, the Federal Reserve does not need to "rush" to lower interest rates, and the Federal Reserve will "closely monitor" to ensure that certain inflation indicators remain within acceptable ranges.
Binance Lists ACT and PNUT; Musk's Tweets Spark AI Meme and "Animal Rescue" Narratives
This week, on November 11, Binance listed the AI meme coin ACT and the US election concept meme coin PNUT, both of which experienced significant price increases after listing, triggering market FOMO. On November 13, Musk tweeted that "America was saved by a squirrel and a meme coin", after which PNUT saw a violent surge, with the price temporarily exceeding $2.5, a 24-hour increase of 446%, and a market capitalization approaching $2.5 billion.
Spot Ethereum ETF Weekly Trading Volume Exceeds $1.63 Billion, Up 44% from Previous Week
Four months after its launch, the spot Ethereum ETF set a new weekly trading volume record, with over $1.63 billion traded in the past week, a 44% increase from the previous week. From mid-August to the end of October, the trading volume of the ETH ETF had declined and stagnated, averaging only $168 million per day. However, over the past week, this figure has soared, averaging over $326 million per day.
Altcoin Projects Collectively "Compromise" with the Market, Jokingly Claim to Be "Meme Coins" at This Stage
On November 15, multiple altcoin projects, including Litecoin, yearn.fi, Manta, TRON DAO, and Renzo, posted on social media joking that "given the current market conditions, I think we are actually a Meme coin project." Note: With the decline in Bitcoin price, altcoins have once again suffered severe losses, and currently, only Meme coins seem to be following Bitcoin in a "bull market frenzy." As of the time of writing, about 90% of the top 20 gainers on CoinGecko are Meme coins. The ETH/BTC exchange rate has fallen to 0.03457, a new low in this bull market. Bitcoin's market dominance (BTC.D) touched 61.35% yesterday, a new high in this bull market.
Data: Tether Issued 5 Billion USDT in 5 Days
Tether has issued 5 billion USDT in 5 days, and this minting spree has increased Tether's market cap to around $124 billion.
Binance Lists ACT and PNUT: Surging Over 10x in Half an Hour, Is It a True Gem or Precise Harvest?
Binance announced the listing of the Meme coins ACT and PNUT, triggering market excitement. The price of ACT surged 16-fold in half an hour, and PNUT tripled in one hour. The ACT project aims to decentralize AI knowledge sharing, but the founder's disappearance has led to community self-rescue. PNUT quickly rose due to the viral squirrel event and US election sentiment. Although the prices have skyrocketed in the short term, there are huge risks behind them, and Binance's listing strategy has also raised user concerns. In the future, exchanges need to find a balance between transparency and regulation, and investors should respond to market fluctuations rationally.
The new Trump administration may promote the development of the crypto industry, but the details determine the success or failure
The next four years may be extremely favorable for the digital asset sector, especially if Trump is re-elected. His administration may drive the growth of the crypto industry and introduce relevant legislation, such as a stablecoin payment bill. Republican control of the Senate may facilitate the progress of crypto legislation. However, there is still policy uncertainty and potential risks, especially in terms of protecting small investors. Nevertheless, market observers remain optimistic about the prospects of the crypto industry, believing that the US still has a significant influence in the global crypto market.
What is the necessity of Unichain? A preliminary exploration of Unichain
Uniswap has launched Unichain, which is an optimistic Rollup aimed at providing fast transactions and reducing spreads, while protecting user privacy. Unichain introduces four innovations: Rollup-Boost, TEE block construction, Flashblock, and the Unichain Verification Network (UVN). These innovations are designed to solve the MEV problem, improve transaction efficiency, and enhance the finality of blocks through the verification network. Unichain also transforms the $UNI token into a yield-bearing asset. Despite some doubts, Unichain may become an important component of DeFi through interoperability and liquidity pools.
BNB/BTC hits a new low, missing the crypto bull run, what will be the next BNB ecosystem project listed on Binance?
The crypto market has recently seen a new round of rallies, with Bitcoin breaking through $89,000 and Solana reaching $220, with a bullish market sentiment. However, BNB (Binance platform token) has been underperforming, with its price stabilizing around $620, failing to keep up with the broader market. The BNB Chain ecosystem is facing challenges due to the absence of BUSD and the rise of Solana, with a sluggish DeFi and DApp ecosystem. Nevertheless, BNB Chain is actively working on technological innovation and ecosystem expansion, and it is expected to return to the competitive landscape by restoring the stablecoin ecosystem and attracting more projects.
Elon Musk's in-depth analysis of Dogecoin's "eccentric" economics: Inflation is actually an advantage, and the Dogecoin founders also stand in support!
Elon Musk has been a long-time supporter of Dogecoin, believing that its infinite supply inflation model is an advantage rather than a flaw, as it enhances liquidity and payment convenience. The economic design of Dogecoin makes it more attractive for consumer payments due to its low price and ease of use. Although this model has been controversial, Musk's and other crypto leaders' attention has kept the market interest in Dogecoin undiminished, and its future development direction remains a topic of discussion.
A 5-minute overview of Binance's latest Launchpool project Usual (USUAL)
Usual Money is a new stablecoin project that has recently launched and quickly gained market attention, supported by Binance. Its core mechanism includes the stablecoin USD0, the bond product USD0++, and the governance token Usual. USD0 is backed by diversified real-world assets (RWA) to support its value, USD0++ provides enhanced yields, and the Usual token is used for governance and revenue distribution. Usual Money, through its transparent design and decentralized governance, addresses the transparency and risk management issues of traditional stablecoins, and demonstrates its immense potential in the stablecoin market.
