Powell: I will not resign because of Trump, the president has no legal authority to remove him
According to Jinshi, the Federal Reserve announced a 25 basis point rate cut as scheduled this week, and the target range of the federal funds rate was lowered to 4.5%-4.75%. All 12 FOMC members voted in favor of the rate cut. The policy statement deleted the statement about progress in inflation and greater confidence in achieving the target, emphasizing the focus on the dual risks of employment and inflation. Federal Reserve Chairman Powell said that the pace of interest rate cuts will be accelerated or slowed down according to economic conditions. At present, uncertainty is high and it is not appropriate to provide too much forward-looking guidance, but it will gradually move towards a neutral policy stance. He also said that the election will not have any impact on the Fed's recent policy decisions, and will not resign because of Trump, and the president has no legal authority to remove him. It is reported that Trump's election has caused traders to reduce their bets on the Fed's interest rate cuts next year, and it is expected that there may be a pause after 1-2 interest rate cuts in the first half of 2025.
Later news came out that Musk may support Trump's intervention in the Federal Reserve .
According to the official Weibo account of Voice of the Greater Bay Area, Hong Kong SAR Government Financial Secretary Paul Chan said today that the SAR Government will hold a signing ceremony with the third batch of key enterprise partners tomorrow. A total of 17 key enterprises participated in the signing this time. They are from the Mainland, the United States and Europe, and are engaged in artificial intelligence and big data, life and health technology, financial technology, advanced manufacturing and new energy technology. Ninety percent of them have planned to set up international or regional headquarters in Hong Kong. It is understood that together with the first two batches of key enterprise partners that have signed contracts, a total of more than 60 key enterprise partners are expected to bring HK$42 billion of investment to Hong Kong and create more than 17,000 jobs.
According to Fortune magazine, as the dust settles on the results of the US election, Musk's investment in supporting Trump, which is seen as a gamble by the outside world, has received obvious and immediate returns. It is reported that Musk may try to lobby Trump to abandon his opposition to the Biden administration's electric vehicle tax credit policy and encourage the purchase of electric vehicles. Tesla's stock price rose sharply after Trump delivered his victory speech. Investors expect the Trump administration to stop federal investigations and enforcement actions against Tesla, especially those against its autopilot software. In addition, the relationship between the Federal Aviation Administration and SpaceX is very tense. In September, Musk asked the director of the Federal Aviation Administration, Michael Whitaker, to resign because SpaceX was fined $630,000 for violations in launching rockets. Musk said he plans to set up a Department of Government Efficiency (DOGE) under the Trump administration, and the work plan includes relaxing regulations on its rocket launches. Trump himself has also suggested that Starlink's satellite service be used to provide network connectivity in rural areas as part of the government's future $42 billion broadband investment plan, which is a potential financial benefit for Starlink. Musk, whose generative AI startup xAI has a chatbot that competes with OpenAI’s ChatGPT and other large language models, could intervene to suggest that Trump adopt a more lenient alternative to the Biden administration’s AI executive order. In California, Musk supports controversial safety legislation SB 1047, which would restrict large AI companies, a legislation that has been fiercely opposed by venture capitalists and large developers, citing the potential for catastrophic risks posed by AI.
Hedge funds shorting Tesla have lost more than $5 billion since Trump won the US election
According to Jinshi, hedge funds that have been shorting Tesla have lost billions of dollars since Trump won the US election, and Musk's special relationship with the president-elect has hit them. Calculations based on data compiled by S3 Partners found that from election day to the close of last Friday, hedge funds holding Tesla short positions had book losses of at least $5.2 billion.
Stacks founder expects to launch sBTC upgrade in early December
According to The Block, Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks, hinted that the next major upgrade of the network is coming soon. Ali pointed out in the X post that the network's upcoming sBTC token may be released as early as next month. Ali wrote: "(Early December) is the target time, sBTC v1 seems to be on track, and there will be more upgrades in January and beyond." Stacks promotes sBTC as a solution to Bitcoin's "write problem", that is, solving the difficulty of writing data directly to the Bitcoin main chain, which is essential for decentralized financial applications. According to Stacks' announcement, Stacks' sBTC will "enable smart contracts to programmatically send sBTC to BTC addresses, where it will be anchored to BTC." Stacks believes that sBTC's novel decentralized two-way anchoring will provide an option that is more in line with Bitcoin's decentralized philosophy, thereby releasing value.
Arthur Hayes: Bitcoin market trends suggest Trump will print money
Arthur Hayes, co-founder of BitMEX, wrote on the X platform: "Some people don't believe that Trump is going to abandon the dollar and print a lot of money. Bitcoin has a different view. Here is a comparison of Bitcoin's trend with my new money supply indicator, US bank credit. Market performance speaks louder than words."
In a report released this week, David Duong and David Han, head of institutional research and institutional research analyst at Coinbase, pointed out that if the Solana on-chain transaction ecosystem is regarded as an "independent financial category", it is currently ranked third in the profitability ranking, second only to stablecoins and Layer 1. David Duong pointed out: "Solana's transaction-related activities usually account for 75-90% of on-chain transaction fees, which is much higher than other networks such as Ethereum, Base and Arbitrum. Although second-layer solutions also show growth and innovation, they usually face different scalability challenges and user fragmentation problems compared to Solana. Solana's fee dynamics and user activity patterns are still unique." The analysis also pointed out that Meme tokens have been the core narrative of this round of bull market and are the best performing cryptocurrency sector this year (measured by total market value growth). Most of the activity has occurred on Solana, mainly around the growing popularity of pump.fun as the main Memecoin launch platform. With over 3 million tokens issued to date on pump.fun, the dominance of trading-related activity on Solana is reflected in its contribution to network transaction fees, where they account for over 82% of all non-voting fees paid on the network.
Ki Young Ju, founder and CEO of CryptoQuant, wrote on the X platform: "The market is expected to adjust due to the overheating of Bitcoin futures market indicators, but Bitcoin is currently entering 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 opinion, a strong rebound at the end of the year may lay the groundwork for a bear market in 2025."
VanEck CEO predicts Bitcoin price could reach $300,000
According to TheBlock, Jan Van Eck, CEO of asset management company VanEck, said in an interview with CNBC: "Bitcoin will hit a record high - if it hits a record high today, I think it will rise further. My basic assumption is that the value of Bitcoin will eventually be half of the value of all outstanding gold, so the potential price of one Bitcoin is about $300,000."
Analysis: Bitcoin's first break of $80,000 may be affected by market optimism about Trump
According to Jinshi, Bitcoin was boosted by Trump's victory in the election, breaking through the $80,000 mark for the first time, up more than 4.0% on the day. During the campaign, Trump vowed to make the United States the center of the digital asset industry, including establishing a strategic Bitcoin reserve and appointing regulators who are keen on digital assets. He is in a better position than expected in the election - his Republican Party controls the Senate and is expected to win a slim majority in the House of Representatives.
Industry insiders: Bitcoin price may rise to $100,000 when Trump takes office in January 2025
According to CNBC, Fadi Aboualfa, head of research at cryptocurrency custody company Copper.co, believes that the price of Bitcoin could reach $100,000 by the time Trump takes office as president on January 20, 2025, adding that these increases "come against the backdrop of a weak dollar, which is different from today's environment of a strong dollar." Given that Bitcoin exchange-traded funds currently hold about 1.1 million bitcoins, momentum in the coming months may be positive. In addition, Jag Kooner, head of derivatives at cryptocurrency exchange Bitfinex, said that although it is difficult to predict the price of Bitcoin, the goal of reaching $100,000 in a few months "doesn't seem too far-fetched," adding: "Given the bullish momentum, coupled with the fact that the economy has avoided a recession, we expect Bitcoin to have limited downside now. This (the $100,000 target) looks very reasonable."
MicroStrategy's Bitcoin holdings value exceeds $20 billion
According to Saylortracker data, the market value of MicroStrategy's Bitcoin investment portfolio has exceeded US$20 billion. Data shows that MicroStrategy's Bitcoin holdings are 252,220 BTC, with a current market value of approximately US$20,065,432,317.38.
Later news came out that MicroStrategy founder Michael Saylor hinted that he might continue to increase his holdings of BTC .
BTC breaks through $81,000, setting a new all-time high
OKX market data shows that BTC has broken through $81,000, setting a new record high . It is currently trading at $81,020.00 per coin, up 1.67% on the day.
SOL market value exceeds 100 billion US dollars
Market information shows that the market value of SOL has exceeded 100 billion US dollars, currently reaching 100,198,590,966 US dollars. In addition, the market also shows that the price of SOL has risen to 212.44 US dollars, with a 24-hour increase of 6.95%.
According to Onchain Lens, 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, the 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 indicate the beginning of another repayment.
Deribit Bitcoin Options Open Interest Above $90,000 Exceeds $2.8 Billion
According to CNBC, on the crypto derivatives exchange Deribit, the total value of open interest in Bitcoin options contracts with an exercise price above $90,000 has increased to more than $2.8 billion. Vetle Lunde, research director at K33 Research, said that the options market is generally optimistic about Bitcoin's continued rise, with call options trading at higher prices than put options, and the number of open interest in out-of-the-money call options has increased.
According to on-chain analyst Ember, a whale withdrew 10,660 ETH (about 33.74 million US dollars) from Binance in the past 25 hours, with an average price of 3,165 US dollars.
DOGE's market value surpasses USDC and ranks sixth
Coingecko data shows that DOGE prices have risen by 28.1% in the past 24 hours and 90.2% in the past seven days. The current market value has reached about 42.26 billion US dollars, surpassing USDC's 36.9 billion US dollars. It ranks sixth in market value after BTC, ETH, USDT, SOL and BNB.
According to Token Unlocks data, CHEEL, APT, ARB and other tokens will be unlocked in large amounts next week, including:
- Cheelee (CHEEL) will unlock approximately 20.81 million tokens at 8:00 a.m. Beijing time on November 13, worth approximately $228 million;
- Aptos (APT) will unlock approximately 11.31 million tokens at 2:00 pm Beijing time on November 11, accounting for 2.18% of the current circulation and worth approximately US$128 million.
- Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9:00 pm Beijing time on November 16, accounting for 2.33% of the current circulation and worth approximately US$60 million;
- Starknet (STRK) will unlock approximately 64 million tokens at 8:00 a.m. Beijing time on November 15, accounting for 3.05% of the current circulation, with a value of approximately US$30.3 million;
- Nervos Network (CKB) will unlock approximately 1.34 billion tokens at 8:00 am Beijing time on November 16, accounting for 2.99% of the current circulation and worth approximately US$19.9 million.
- Polyhedra Network (ZKJ) will unlock approximately 17.22 million tokens at 8:00 am Beijing time on November 14, accounting for 28.52% of the current circulation, with a value of approximately US$19.8 million;
- Cardano (ADA) will unlock approximately 92.65 million tokens at 8:00 a.m. Beijing time on November 11, accounting for 0.05% of the current circulation, with a value of approximately US$10.8 million;
- Ethena (ENA) will unlock approximately 12.86 million tokens at 3:00 pm Beijing time on November 13, accounting for 0.45% of the current circulation, with a value of approximately US$7.4 million;
- Echelon Prime (PRIME) will unlock approximately 750,000 tokens at 8:00 am Beijing time on November 17, accounting for 1.51% of the current circulation, with a value of approximately US$5.8 million;
- Axie Infinity (AXS) will unlock approximately 815,000 tokens at 9:10 pm Beijing time on November 13, accounting for 0.53% of the current circulation and worth approximately US$4.5 million;
- io.net (IO) will unlock approximately 2.11 million tokens at 8:00 pm Beijing time on November 11, accounting for 1.75% of the current circulation, with a value of approximately US$4.4 million;
- Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 a.m. Beijing time on November 13, accounting for 0.69% of the current circulation, with a value of approximately US$4.2 million;
- CYBER (CYBER) will unlock approximately 886,000 tokens at 2:00 am Beijing time on November 14, accounting for 3.81% of the current circulation, with a value of approximately US$3.3 million;
- Moonwell (WELL) will unlock approximately 38.54 million tokens at 8:00 a.m. Beijing time on November 14, accounting for 1.30% of the current circulation, with a value of approximately US$3 million;
- Render (RENDER) will unlock approximately 490,000 tokens at 8:00 am Beijing time on November 13, accounting for 0.13% of the current circulation, with a value of approximately US$2.7 million;
- OmniFlix Network (FLIX) will unlock approximately 15.31 million tokens at 8:00 am Beijing time on November 17, accounting for 3.91% of the current circulation, with a value of approximately US$2.4 million;
- Fusionist (ACE) will unlock about 850,000 tokens at 8:00 am Beijing time on November 12, accounting for 2.09% of the current circulation and worth about $2 million;
- Mintlayer (ML) will unlock approximately 9.91 million tokens at 8:00 am Beijing time on November 16, accounting for 6.28% of the current circulation, with a value of approximately US$1.2 million;
- World Mobile Token (WMTX) will unlock approximately 4.92 million tokens at 8:00 am Beijing time on November 12, accounting for 0.00% of the current circulation and worth approximately US$1.1 million.
