On November 21, the cryptocurrency market is experiencing a positive trend! Bitcoin has broken through the 0.097 million dollar mark and is maintaining fluctuations. As of the time of writing, $Bitcoin (BTC.CC)$ it is up by 2.90% at 97,112.00 dollars; $Ethereum (ETH.CC)$it is up by 1.03% at 3,101.51 dollars.

Most of the Hong Kong stock market's cryptocurrency spot and futures etfs have increased! $Harvest Bitcoin Spot ETF (03439.HK)$、$Bosera HashKey Bitcoin ETF (03008.HK)$、$CSOP Ether Futures ETF (03068.HK)$、$Samsung Bitcoin Futures Active ETF (03135.HK)$、$ChinaAMC Bitcoin ETF (03042.HK)$Various have risen by more than 4%,$Harvest Ether Spot ETF (03179.HK)$Increased by 0.2%.

• The Trump team is considering establishing the first-ever position related to cryptos in the White House.

According to informed sources, the Trump team is discussing with the digital assets industry the possibility of creating a new position in the White House dedicated to crypto policy. The Trump team is reviewing candidates for this role. If this new position is established, it will be the first-ever White House role specifically focused on cryptos. Discussions about this position include leading a small team and serving as a liaison between Congress, the White House, and various agencies with jurisdiction over cryptos, including the SEC and the CFTC. Additionally, informed sources revealed that former Coinbase and Binance US executive Brian Brooks met with Trump on Tuesday and is also a potential candidate for the SEC chair. Coinbase CEO Brian Armstrong also spoke with Trump this week.

• Data: Blackrock's bitcoin spot ETF options launched trading this Tuesday, with a call/put ratio of 4.44 indicating that investors are generally bullish.

According to SoSoValue data, all option contracts of BlackRock's bitcoin spot etf (IBIT) traded a total of 0.354 million contracts this Tuesday, with a nominal trading volume of 1.86 billion dollars, demonstrating high market enthusiasm on its first day of listing. The options also drove a 32% increase in IBIT's trading volume compared to the previous period. Among all traded contracts, 0.2887 million were call options, and 0.065 million were put options, resulting in a call/put ratio of 4.44, which shows that market sentiment is generally optimistic. Data indicates that market trading focused on call options expiring on January 17, 2024, with a price range of 55-60 dollars. Corresponding to Tuesday's closing price of IBIT, there is a potential increase of 4.4%-13.9%, with SoSoValue analysts stating, "This roughly corresponds to bitcoin prices of 0.097 million-0.105 million dollars, indicating that the market expects bitcoin to reach 0.1 million dollars before Trump officially takes office." Notably, the implied volatility for January expiring options is between 68%-69%, while IBIT's 60-day historical volatility is around 55%, suggesting that investors prefer to hold options rather than sell them. Additionally, Grayscale's spot bitcoin etf GBTC and BTC option trading will also begin debut trading this Wednesday.

• Bitcoin's market cap has once again surpassed Saudi Aramco, regaining the seventh position in the global asset ranking.

According to data from Infinite Market Cap, bitcoin's market cap has surpassed Saudi Aramco, regaining the seventh position in the global asset ranking. The data shows that the current bitcoin market cap has reached 1.866 trillion USD, with a 24-hour increase of 2.13%, while Saudi Aramco's market cap is 1.805 trillion USD, with a 24-hour increase of 0.18%.

• Bitcoin's market share has reached 61.44%, a new high since February 2021.

According to Tradingview data, Bitcoin's market share has touched 61.44%, a new high since February 2021.

• hkex: The total market cap of virtual asset ETFs in Hong Kong reached 3.6 billion yuan by the end of October.

Robern, the head of securities product development at hkex, released data showing that the Hong Kong ETP market has achieved remarkable results due to the advantages of diversified product offerings, optimized market structure, and international cooperation, becoming an asia etf hub with 194 products, and its market cap reached 495 billion yuan by the end of October. The introduction of virtual asset ETFs in Hong Kong has opened up a new investment field for investors. Following the listing of Asia's first Bitcoin and Ethereum futures ETFs at hkex in 2022, this April welcomed Asia's first virtual asset spot ETF, and shortly in July, Asia's first Bitcoin inverse product. Currently, there are a total of 10 virtual asset ETFs listed in Hong Kong, with a total market cap of 3.6 billion yuan by the end of October.

• QCP Capital: Cryptos may ultimately become a key part of the macro economy.

Singapore crypto investment firm QCP Capital stated that cryptos may ultimately become a key part of the macro economy, with Blackrock's Bitcoin ETF (IBIT) options market making a strong debut, trading 0.073 million contracts in the first hour on Tuesday, with a call to put options ratio of 4.4:1. This level of activity has positioned IBIT among the top 20 most active non-index options, highlighting the increasing confidence of institutions in Bitcoin as a mainstream asset class. This market response may attract a new group of investors and promote the implementation of diversified trading strategies, which helps reduce volatility and downside risks, consolidating Bitcoin's position in mainstream markets. Other Bitcoin spot ETFs, such as Grayscale Bitcoin Trust (GBTC) and Fidelity's Wise Origin Bitcoin Fund (FBTC), are also expected to launch options products soon. On the other hand, the selection of Trump’s cabinet is drawing wide attention, particularly from friendly figures in the crypto space, such as Musk, selected as the new Minister of the Department of Government Efficiency (DOGE), and Pete Hegseth, nominated for Secretary of Defense. Hegseth is a strong advocate of Bitcoin's decentralized value, having even pledged to hold rather than sell his Bitcoin holdings. With the Republican Party ensuring control of the Senate, most nominees are expected to be confirmed smoothly. Trump plans to finalize his cabinet selections just a week before Thanksgiving. These choices reflect a growing consistency between the new government's policies and the increasing influence of digital assets in financial sectors.

• Microstrategy's bitcoin hold positions currently have an unrealized profit of over 14.7 billion dollars.

As bitcoin surpasses 94,000 dollars to set a new historical high, at the current price of 94,400 dollars, Microstrategy's bitcoin hold positions have an unrealized profit of approximately 14.747 billion dollars. According to previous reports, as of November 17, 2024, Microstrategy holds a total of 331,200 bitcoins, with a total purchase cost of about 16.5 billion dollars and an average price of about 49,874 dollars.

• Microstrategy has increased the issuance scale of zero-coupon convertible senior notes to 2.6 billion dollars, and part of the net proceeds will be used to purchase bitcoin.

According to an announcement on MicroStrategy's official website, MicroStrategy announced the pricing of its 2.6 billion dollars zero-coupon convertible senior notes due in 2029, marking an increase from the previously announced total principal amount of 1.75 billion dollars for the notes. This issuance is expected to be completed on November 21, 2024, but must meet customary closing conditions. The initial conversion rate for the notes is 1,487.2 shares of MicroStrategy Class A common stock per 1,000 dollars in principal, which corresponds to an initial conversion price of approximately 672.40 dollars per share. The initial conversion price represents a premium of about 55% over the volume-weighted average price of MicroStrategy Class A common stock during the period from 1:30 PM to 4:00 PM EST on November 19, 2024 (433.7997 dollars). The conversion rate will be adjusted based on the occurrence of certain events. MicroStrategy estimates that the net proceeds from the sale of these notes, after deducting discounts, commissions, and estimated issuance costs payable by MicroStrategy, will be approximately 2.58 billion dollars (or approximately 2.97 billion dollars if the initial purchasers fully exercise their option to purchase additional notes). MicroStrategy intends to use the net proceeds from this offering to purchase more bitcoin and for general corporate purposes.

• The board of directors of the USA-listed company Hoth Therapeutics approved the purchase of 1 million dollars worth of bitcoin as reserve assets.

According to a press release, the publicly listed company Hoth Therapeutics, Inc. (NASDAQ: HOTH) announced that its board of directors approved the purchase of up to 1 million dollars in Bitcoin. Hoth CEO Robb Knie stated: "With the continued growth of Bitcoin and its gradual emergence as a major asset class attracting investor attention and recognition, we believe Bitcoin will become a powerful financial reserve asset. With the recent approval of Bitcoin ETFs and the increasing activity of institutional investors, Bitcoin will be a strong complement to our financial strategy. We believe Bitcoin's anti-inflationary characteristics may make it a reliable asset with value storage functionality." It was mentioned that Acurx Pharmaceuticals is a biopharmaceutical company. Earlier, another biopharmaceutical company, Acurx Pharmaceuticals, announced that its board of directors approved the purchase of 1 million dollars in Bitcoin as reserve assets.

• South Korea plans to implement a 20% crypto tax starting in early 2025, and raise the tax exemption threshold to nearly 0.036 million dollars.

According to the Seoul News, South Korea's ruling party, the Democratic Party, plans to implement a 20% tax policy on crypto gains (including local taxes of 22%) as planned at the beginning of 2025. This tax was originally scheduled to take effect on January 1, 2022, but due to strong opposition from investors and the industry, it had been postponed twice until 2025. The revised plan increases the tax-exempt threshold for crypto gains from 2.5 million won (approximately 1795 dollars) to 50 million won (approximately 35919 dollars). In addition, the revision allows the declaration of a certain percentage of the sale price as the purchase cost when accurate purchase records cannot be provided. The Democratic Party stated that raising the tax exemption threshold will effectively exempt most investors from taxation. The revision is expected to be voted on by the parliamentary tax subgroup on November 25 and submitted to the National Assembly for consideration on November 26.

• South Korean financial regulators have rejected the approval of an ETF that invests in crypto companies.

According to reports from South Korea's economic television station, the South Korean financial regulators have not only prohibited the issuance of cryptocurrency ETFs for spot and futures products, but also rejected funds investing in crypto companies, including exchanges. A head of an asset management company stated that their proposal to set up a fund for investment in crypto companies was rejected by the country's Financial Supervisory Service. He mentioned that his company is preparing to launch an ETF focused on the US crypto exchange Coinbase and similar companies, but still needs to wait for approval from local regulators. Meanwhile, an official from the FSS acknowledged the growing demand for bitcoin investment but stated that regulation will not relax unless current government policies undergo changes.

• Japan is advancing an economic stimulus plan, aiming to achieve a unified tax rate of 20% on cryptos.

The Japanese government announced the promotion of a new economic stimulus plan, expected to be approved by the end of 2024. The plan includes changing the tax rate on cryptocurrencies from the current maximum of 55% classified as "miscellaneous taxes" to a unified tax rate of 20%. Additionally, the reform proposal also involves raising the personal tax exemption threshold to about 11,345 USD, cutting fuel taxes and sales taxes to boost the economy and improve the job market. Japanese Prime Minister Kishida Fumio promised to collaborate with all parties to promote the legislation.

• Catizen announced that it will launch over 300 new products in the coming year and repurchase over 10 million CATI tokens.

According to Blocktempo, Catizen announced plans to launch over 300 new games by the end of 2025 to further enrich and expand the platform's content ecosystem. At the same time, Catizen also revealed its token buyback plan, expecting to repurchase over 10 million CATI tokens. If next year’s revenue exceeds expectations, Catizen will further increase the buyback amount. It is reported that Catizen's game product reserve currently exceeds 50 types, covering various genres including card games, massively multiplayer online games (MMO), match-3 games, simulation games, idle games, and roguelike games, with a rich diversity of themes involving mythology, fantasy, and more, providing users with a diverse gaming experience.

• Binance will remove the spot trading pairs DAR/BTC, THETA/ETH, etc. on November 22.

Binance announced the removal of the following spot trading pairs and cessation of trading at 11:00 AM (UTC+8) on November 22, 2024: DAR/BTC, IRIS/BTC, RARE/BRL, THETA/ETH, UTK/BTC.

• The FTX lawsuit reveals details of Meerun's manipulation of the crypto market, with an amount involved exceeding 1 billion dollars.

According to the disclosures in the FTX lawsuit documents, Meerun is a complex and well-organized criminal who has defrauded FTX by manipulating tokens such as BTMX since 2021, resulting in losses exceeding 1 billion USD. His methods include manipulating token prices to increase collateral values, exploiting loopholes in FTX's margin system to obtain funds, and evading monitoring through false KYC materials and multiple associated accounts. The FTX team attempted to freeze Meerun's account but failed to timely prevent his withdrawals, allowing him to successfully cash out 0.45 billion USD. Additionally, Meerun is also suspected of manipulating other tokens like MOB, BAO, and SXP, profiting significantly from the market's lack of liquidity. The documents further state that Meerun has close connections with organized crime networks in Poland, Romania, and Ukraine, which are involved in human trafficking and funding terrorism.

Editor/ping