On November 8th, the cryptocurrency market's bullish sentiment continues to be high, with bitcoin maintaining a high level above $76,000 and ethereum approaching the $3,000 mark. As of the time of publication,$Bitcoin (BTC.CC)$ up 0.22% at $76,012.00; $Ethereum (ETH.CC)$ up 0.89% at $2,920.99.

Hong Kong stocks, cryptocurrency spot, futures, and ETFs remain strong.$CSOP Ether Futures ETF (03068.HK)$up nearly 4%,$Bosera HashKey Ether ETF (03009.HK)$,$Harvest Ether Spot ETF (03179.HK)$,$ChinaAMC Ether ETF (03046.HK)$Up more than 3%, $Samsung Bitcoin Futures Active ETF (03135.HK)$Please use your Futubull account to access the feature.$ChinaAMC Bitcoin ETF (03042.HK)$Please use your Futubull account to access the feature.$Harvest Bitcoin Spot ETF (03439.HK)$Please use your Futubull account to access the feature.$CSOP Bitcoin Futures ETF (03066.HK)$Please use your Futubull account to access the feature.$Bosera HashKey Bitcoin ETF (03008.HK)$ All rose by more than 1%.

Key Focus

• Detroit will become the largest city in the USA to accept cryptos for paying taxes and other fees.

According to an official press release, Detroit will become the largest city in the USA to accept crypto payments, starting in mid-2025, local residents can use cryptos to pay taxes and other municipal fees through a secure platform managed by PayPal. Detroit Mayor Mike Duggan stated in a press release: "Detroit is building a tech-friendly environment to empower residents and entrepreneurs. We are excited to be one of the first major cities in the USA to explore blockchain citizen applications and allow residents to use cryptos as a payment method."

According to the 2020 US Census, Detroit has a population of approximately 0.63 million, ranking as the 26th largest city in the USA. Detroit was once the fourth largest city in the USA, with a population close to 2 million in the 1950s. It has been reported that currently three states in the USA (Colorado, Utah, and Louisiana) accept cryptos as a payment method for state government expenses.

• JPMorgan: Bitcoin will continue to benefit from Trump's re-election in the next eight weeks.

In a report released on Thursday, JPMorgan stated that they believe Bitcoin will continue to benefit from the Republican victory in the US presidential election. The report suggests that Trump's re-election will create similar effects as in 2016 in the next eight weeks. Despite Bitcoin's surge and a drop in gold prices due to Trump's victory, his policies may support both by 2025.

When traders attempt to hedge against currency devaluation and geopolitical resistance, both gold and bitcoin may benefit from 'devaluation trades'. JPMorgan believes that Trump has repeatedly stated he will support the digital asset industry and increase tariffs, and both policies could ultimately be helpful for Bitcoin.

• Two Republican supporters of cryptos won seats in the House of Representatives, but the majority control is still pending.

Two Republicans vying for seats in the US House of Representatives defeated their Democratic opponents in the 2024 elections, narrowing the gap in the party's majority in the House, but control is yet to be determined. Among them, Republican Jeff Hurd won the House election in Colorado's 3rd Congressional District with 50.1% of the vote (89% of votes). Another Republican Scott Perry secured re-election by defeating Democrat Janelle Stelson in Pennsylvania's 10th Congressional District.

During his tenure, Scott Perry voted in favor of the "Financial Innovation and Technology in the 21st Century Act" (FIT21 Act), which has the support of bipartisan House members and is currently awaiting a vote in the US Senate. According to Jeff Hurd's campaign website, the Republican plans to support "legislation similar to the FIT21 Act" and endorses "reasonable regulation for advanced technologies such as cryptos".

• Greeks.live: Crypto options market heavily profits from closing positions, ending the election game.

Greeks.live macroanalyst Adam stated on X platform that the election market quickly cooled down, although bitcoin and ethereum were both strong, the sentiment in the crypto market was optimistic. However, the options market is clearly profit-taking, ending the election game. The expiry of BTC options has dropped below 50%, and the IV for major periods has also significantly decreased. ETH benefited from today's surge with a smaller pullback compared to BTC. Large holders have started positioning for year-end and even spring market next year. Today, BTC's bulk trades amounted to 1.2 billion, and ETH's bulk trades were 0.6 billion, primarily dominated by selling options, driving the significant IV decrease today. The bulk trades in the past few days are worth monitoring as the whales have begun to take action.

• JPMorgan: Bitcoin to benefit from President Trump's term and MicroStrategy's plans.

According to TheBlock, based on JPMorgan analysts' views, with Donald Trump winning the US presidential election, both gold and bitcoin are expected to perform well. They particularly emphasize the concept of "devalue trades," a investment strategy that profits from currency devaluation or weakening, usually due to inflation or expansionary fiscal policy. In these trades, investors buy assets like gold and bitcoin, considered stores of value, which can hold their value even as the purchasing power of money declines.

JPMorgan analysts point out that retail investors are also supporting gold and bitcoin, with increased investments in gold and bitcoin ETFs since last summer, a trend expected to continue until 2025. Trump's policies may also support these two assets. Additionally, the analysts mention MicroStrategy's aggressive bitcoin acquisition plan announced through its "21/21 program," stating that bitcoin is expected to receive further boosts. The program involves raising $42 billion over the next three years, with half ($21 billion) coming from equity and the other half coming from fixed income securities. Analysts indicate that in 2025 alone, MicroStrategy will invest $10 billion to purchase bitcoin, roughly equivalent to the total amount purchased since mid-2020.

• CoinShares: The biggest bullish factor for cryptocurrencies under Trump would come through the bitcoin bill.

According to CoinDesk, asset management company CoinShares stated in a research blog on Wednesday that the Trump administration may provide a more favorable environment for cryptos, with one of the most anticipated developments being the possible passing of the 'Bitcoin Bill.' James Butterfill, CoinShares' research director, wrote: "The proposal would establish bitcoin as a strategic reserve asset, with the U.S. government acquiring 5% of the total bitcoin supply. This would give bitcoin a position similar to gold."

The report states that with recognized status in national reserves, bitcoin will also gain greater legitimacy. CoinShares points out that Trump has been critical of the U.S. Securities and Exchange Commission (SEC) and its chairman Gary Gensler, especially the agency's stance on cryptos. It is expected that his administration will appoint a new leader for the SEC, which could lead to a more crypto-friendly regulatory period.

Editor/rice