Cryptocurrency market performance

Currently, the total market value of cryptocurrency is 2.98 trillion US dollars, BTC accounts for 59.96%, which is 1.79 trillion US dollars. The market value of stablecoins is 182.1 billion US dollars.

This week, the price of BTC showed an upward movement, and the current price of BTC is $90,962. The current price of ETH is $3,087. Among the top 200 projects on CoinMarketCap, most of them rose and a small portion of them fell, including: ACT 7-day increase of 3368.03%; PNUT 7-day increase of 1780.56%; PEPE 7-day increase of 115.72%; DOGE 7-day increase of 87.83%.

The MEME category cannot be ignored. If you miss MEME, you may miss this bull market.

This week, the net inflow of US Bitcoin spot ETFs: $1.845 billion, and the total market value is about to exceed $100 billion; the net inflow of US Ethereum spot ETFs: $535.5 million.

On November 13, according to CME’s “FedWatch” data, the probability that the Fed will maintain the current interest rate unchanged by December is 24.3%, and the probability of a cumulative interest rate cut of 25 basis points is 75.7%.

Under multiple factors such as Trump’s election as the next US president, the Fed’s interest rate cut, BTC halving, and the continued inflow of Bitcoin spot ETFs, BTC is expected to break through the 100,000 dollar mark this year. We should pay attention to the MEME track and be optimistic about the subsequent developments of the market.

The “Fear & Greed Index” on November 16 was 80 (higher than last week), and this week’s sentiment: 5 days of greed, 2 days of extreme greed.

Understand the present

Review of the week’s major events

1. Standard Chartered Bank analysts: SOL is expected to hit a new high before the end of the year, and ETH may hit a new high when Trump takes office in January next year;

2. a16z Crypto: New projects can explore token releases with confidence without worrying too much about regulation;

3. On November 11, DOGE’s market value surpassed USDC to become the 6th largest cryptocurrency by market value;

4. Arthur Hayes: Market trends indicate that Trump may abandon the US dollar and print a lot of money;

5. Sky founder: If Bitcoin reaches $80,000, DeFi’s revival will be confirmed;

6. Trump said Elon Musk and VIVEK will lead the Department of Government Efficiency (DOGE);

7. Trump hinted that he would elect the SEC chairman through a “recess appointment” to bypass Senate review;

8. Coinbase CEO: Cryptocurrency will become the next version of stocks and the Internet;

9. Federal Reserve Board member Waller: Stablecoins must be regulated to deal with the risk of bank runs;

10. Former SEC Chairman: Cryptocurrency legislation may be introduced during Trump’s administration;

11. On November 14, Bitcoin briefly broke through $93,000, setting a new record high;

12. After the release of the US CPI, the probability of the Federal Reserve cutting interest rates by 25 basis points in December rose to 75.7%;

13. Robinhood US relisted SOL, ADA and XRP;

14. The US SEC approved the listing of Japanese crypto trading platform Coincheck on Nasdaq;

15. Pennsylvania lawmakers proposed a bill to invest in Bitcoin and cryptocurrency ETFs to “hedge inflation”;

16. Arkham Exchange trading points are now online;

17. GoPlus: The X account of Hat Dog WIF was stolen, pay attention to the risk of phishing;

18. Trump nominated Jay Clayton, former chairman of the US SEC, as the prosecutor of the Southern District of New York.

Macroeconomics

1. On November 15, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), issued a statement suggesting that he might leave the SEC;

2. On November 15, Bitwise stated that it had submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) by New York Stock Exchange Arca, Inc. (“NYSE Arca”), proposing to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP);

3. On November 13, according to CME’s “FedWatch” data, the probability of the Federal Reserve maintaining the current interest rate unchanged by December is 24.3%, and the probability of a cumulative 25 basis point rate cut is 75.7% (37.9% and 62.1% before the CPI was announced);

The probability of maintaining the current interest rate unchanged by January next year is 16.5%, the probability of a cumulative 25 basis point rate cut is 59.2%, and the probability of a cumulative 50 basis point rate cut is 24.3%. 24.3%. (Before the CPI was announced, they were 26.5%, 54.9%, and 18.6%, respectively).

ETF

According to statistics, during the period from November 11 to November 15, the net inflow of the US Bitcoin spot ETF was: US$1.845 billion; as of November 15, GBTC (Grayscale) had a total outflow of: US$20.227 billion, currently holding US$20.016 billion, and IBIT (BlackRock) currently holds US$43.064 billion. The total market value of the US Bitcoin spot ETF is: US$98.736 billion, and is about to exceed the market value of US$100 billion.

The net inflow of the US Ethereum spot ETF is: US$535.5 million.

Foresee the future

Event Preview

1. The Australian Crypto Convention will be held in Sydney from November 23 to 24. This summit is one of the largest cryptocurrency events in the southern hemisphere. It is held annually in Australia, aiming to promote mutual connection between investors and decision makers in the cryptocurrency and blockchain industries;

2. The Block will hold the Web3 Summit “Emergence” at the Prague Conference Center in the Czech Republic from December 5 to 6. This summit will promote the connection between technology and capital and build a bridge between Wall Street and the crypto field, bringing together different representatives across industries and chains to discuss ETFs and asset management, uncertainty in crypto regulation, etc. Through cooperation with Foresight Ventures, Emergence will provide participants with insights into driving the development of cryptocurrencies in Asia and will bridge the gap between capital and talent in the East and the West.

Project Progress

1. Magic Eden will release the ME token economic model on November 18;

2. TON ecosystem Layer 2 project DuckChain will take an airdrop snapshot on November 18;

3. BNB Chain announced that the BNB beacon chain hard fork will take effect at 14:00 on November 19, 2024 (block height 384,544,850). Nodes on the BNB beacon chain mainnet must be updated to version 0.10.24. At that time, the BNB beacon chain will stop running and new transactions will no longer be processed;

4. The perpetual contract agreement Rage Trade will start RAGE airdrop distribution on November 21, 2024, and Rage Trade has launched the airdrop query page;

5. Story Protocol’s final testnet Odyssey is online, and Iliad operations will be stopped on November 24.

Important events

1. FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation, which may enable it to recover up to $21 million in assets. The agreement is subject to court approval and a hearing will be held on November 20;

2. FTX’s proposed settlement hearing with SBF’s ex-girlfriend Caroline Ellison will be held on November 20, and the agreement will allow her to hand over “almost all of her remaining assets.” Ellison agreed to transfer any assets not confiscated to the government in his criminal case or used to pay legal fees to FTX creditors;

3. FTX co-founder Gary Wang will go to court on November 20, when sentencing will be made;

4. The U.S. Securities and Exchange Commission (SEC) will postpone the decision deadline for 7RCC’s spot Bitcoin and carbon credit futures ETF to November 21. Crypto asset management company 7RCC submitted a Bitcoin spot ETF application to the U.S. SEC in December last year, 80% of which will be composed of Bitcoin, and the rest will hold carbon credit futures. The cryptocurrency exchange Gemini will provide custody services for the fund’s Bitcoin.

Token unlocking

1. Avalanche (AVAX) will unlock 1.67 million tokens at 8:00 on November 18, worth about $53.3 million, accounting for 0.41% of the circulation;

2. Pixels (PIXEL) will unlock 53.55 million tokens on November 19, worth about $10.41 million, accounting for 1.07% of the circulation;

3. Merlin Chain (MERL) will unlock 28.25 million tokens on November 19, worth about $7.95 million, accounting for 1.35% of the circulation;

4. Bittensor (TAO) will unlock 216,300 tokens on November 21, worth about $111 million, accounting for 1.03% of the circulation.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes “Play to Earn Web3” tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

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The crypto market is highly volatile, and investment involves risks. We strongly advise investors to fully understand these risks and operate within a strict risk management framework to ensure the safety of their funds.

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