On November 4th, the cryptocurrency market experienced significant volatility. Last week, Bitcoin briefly rose to nearly $74,000 before experiencing continuous pullbacks. As of the time of writing, $Bitcoin (BTC.CC)$ an increase of 0.39% to $69,004.00; $Ethereum (ETH.CC)$ an increase of 0.7% to $2,475.00.
Key Focus
Coinbase CEO: The usa will usher in the most crypto-friendly Congress in history.
In the 2024 election cycle, cryptos have become an increasingly important issue, with both presidential candidates hoping to show goodwill to this industry. Brian Armstrong, CEO of Coinbase, said that no matter what the voting results are on November 5th, he is optimistic that the next Congress will stand with the camp supporting the crypto industry: 'Whatever happens in this election, this will be the most crypto-friendly Congress we've ever had.'
Analysis: Currently, the cryptocurrency market is mainly in a wait-and-see mode for hedging. The implied volatility (IV) of options this month is significantly higher than that of forward options.
According to Adam, a macro researcher at Greeks.live, who posted on Platform X, this week is the week of the U.S. presidential election. The uncertainty surrounding the U.S. election is substantial, with Trump's popularity being high in the past month. However, Harris's chances of winning are gradually increasing during the election process. The U.S. election has a significant impact on the overall market. There is also an interest rate meeting on Friday, with the market generally expecting a 25 basis point cut. The cryptocurrency market is currently focused on waiting for hedging. The at-the-money implied volatility has risen to 80% this period, and the options' IV for this month is significantly higher than that of forward options. There may be significant market movements in the next few days.
Coinbase's Chief Legal Officer accuses the US FDIC of taking secret actions to suppress the crypto industry.
Coinbase's Chief Legal Officer Paul Grewal accuses the Federal Deposit Insurance Corporation (FDIC) of the United States of taking secret actions to suppress the crypto industry. Grewal claims that documents obtained under the Freedom of Information Act show a series of so-called suspension letters. It is alleged that in these letters, the FDIC instructed banks to delay or stop providing services to crypto companies. He described these letters as 'an embarrassing example of a US government agency trying to cut off the financial channels of law-abiding US companies' and pointed out that the FDIC unfairly targets legitimate crypto companies, limiting their access to banking services. Documents shared by Coinbase show that FDIC officials urge banks to avoid launching or expanding crypto-related services due to concerns about security, stability, potential consumer risks, and more. In each case, the FDIC requires banks to wait until they complete further reviews - a process that Coinbase believes creates unfair barriers for crypto companies.
The total market cap of stablecoins has grown by 0.38% in the past week, approaching the highest level since May 2022.
According to DefiLlama data, the total market cap of stablecoins has increased by 0.38% in the past week, now at 173.117 billion USD, close to the highest level since May 2022 (173.145 billion USD on October 6). Among them, USDT's total market cap grew by 0.3%, now at 120.441 billion USD, with a market share of 69.62%.
Asset management company Strive has established a wealth management department, incorporating Bitcoin into standard investment portfolios.
According to The Block, asset management company Strive Enterprises, co-founded by former presidential candidate and current Trump surrogate Vivek Ramaswamy, has announced the establishment of a wealth management business. The company aims to integrate Bitcoin into 'the standard investment portfolios of Americans' to hedge against unsustainable global debt levels, rising fixed income yields, long-term inflation pressures, ongoing geopolitical tensions, and potential restrictive currency controls. Prior to this announcement, Strive had just completed a $30 million Series B financing, with Cantor Fitzgerald as the lead investor, a company that provides funding for Tether, with its CEO Howard Lutnick being a strong advocate of Bitcoin. If Donald Trump is re-elected as president, Lutnick will also serve as co-chair of the transition team.
JPMorgan: 'Animal Spirits' indicators for meme and AI-related tokens outperform the overall crypto market.
JPMorgan analyst Nikolaos Panigirtzoglou pointed out in a report on Monday that spot Bitcoin ETFs attracted $1.3 billion in new investor funds in the first two days of this week, bringing its total October inflow to $4.4 billion, making it the third-largest monthly net inflow since the launch of spot Bitcoin ETFs in January. In another indicator measuring retail investor 'animal spirits,' the performance of meme stocks and AI-related tokens has also been better than the overall crypto market. The concept of 'animal spirits' was proposed by economist Keynes, emphasizing the impact of investor sentiment and psychological factors on the market, suggesting that the stock market is driven by investor confidence and expectations. When investor confidence is high, the stock market usually performs well; when investor sentiment is low, the stock market may see a downturn.
Trader: Bitcoin to fluctuate by 10% 'up and down' based on the US election.
In a post on November 4th, anonymous trader Daan Crypto Trades informed his 389,000 X followers that Bitcoin's weekly closing price does not appear to be 'clean', but he stated that this will not have a significant impact before the upcoming elections. Instead, he predicted that Bitcoin is likely to 'experience at least a 10% fluctuation, depending on who ultimately wins the election this week'.
Editor/rice
