On November 28, the cryptocurrency market's optimistic sentiment gradually warmed up, with bitcoin briefly rebounding to $0.097 million, continuing to challenge the $0.1 million barrier. As of the time of writing,$Bitcoin (BTC.CC)$ it fell 0.79% to $95,217.38; $Ethereum (ETH.CC)$ it fell 2.28% to $3,570.00, with a nearly 5% increase within 24 hours.

Hong Kong stocks in cryptocurrency spot and futures etfs followed suit with strength,$CSOP Ether Futures ETF (03068.HK)$rose nearly 5%,$Harvest Ether Spot ETF (03179.HK)$、$Bosera HashKey Ether ETF (03009.HK)$、$ChinaAMC Ether ETF (03046.HK)$Increased by more than 4%, $Samsung Bitcoin Futures Active ETF (03135.HK)$ rising over 2%, $CSOP Bitcoin Futures ETF (03066.HK)$ 、 $Bosera HashKey Bitcoin ETF (03008.HK)$ Shares rose more than 1%.

• Crypto supporter Atkins has become a prominent candidate for SEC chair.

According to informed sources, the transition team of the elected president of the USA, Trump, has interviewed senior financial regulatory officials and conservative financial figure Paul Atkins as a candidate for the chair of the SEC. The sources said that Atkins is the top contender to replace the outgoing Gensler. They noted that Trump is expected to make a choice in the coming days, but no decision has been made yet.

Atkins served as an SEC commissioner during the George W. Bush administration, and then founded Patomak Global Partners, a company that provides consulting services to major financial industry clients. He is a staunch supporter of digital assets and cni xiangmi lake fintech index companies. He has also testified before Congress on how to restructure the agency's operations and reduce what some industry insiders consider redundant or overly burdensome regulatory requirements.

• Options data shows a 50% chance that bitcoin will reach $0.1 million before the end of the year.

According to Cointelegraph, on-chain data shows that nearly half of bitcoin options traders are betting that the price will exceed six figures by the end of 2024. Despite a recent price pullback to $0.09 million, some traders are still targeting a high of $0.15 million. Nick Forster, founder of the on-chain options DeFi options protocol, stated in a market report on November 26, "Interestingly, the probability of bitcoin breaking $0.1 million has increased from 34% last week to 45%, while a new probability of breaking $0.15 million has also emerged at 4%."

Forster further explained that the huge demand for bitcoin options (especially call options) "indicates a strong demand in the market for both upward potential and downward protection." According to Derive data, 41.3% of trading contracts are call options, while 38.3% are put options, betting on a decline in bitcoin, and "sellers are rare." Data also shows that by the end of 2024, there is a 68% chance that bitcoin will rebound to $81,493 or rise to $115,579. Meanwhile, the chance of bitcoin dropping below $70,000 to $68,429 or rising to $137,645 is only 5%.

• The nomination of Trump’s new government cabinet is complete, with more than five being "cryptos players."

On November 23 local time, USA President-elect Trump announced the nomination of bruker corp Rollins as the Secretary of Agriculture. With this, all cabinet minister candidates for Trump's new government have been confirmed. Additionally, over the past few weeks, Trump has also nominated several high-level officials. Looking at the new government's list, apart from well-known names in the crypto market like Musk and Howard Lutnick, many cabinet officials are staunch supporters of cryptos and have publicly disclosed their hold positions, including the nominated Vice President, Secretary of the Treasury, Secretary of Commerce, Secretary of Health and Human Services, and Director of National Intelligence.

• The US Department of the Treasury report: Low-income families are utilizing cryptos gains to apply for mortgages to purchase homes.

According to Cointelegraph, based on a report from economists at the U.S. Treasury, an increasing number of low-income families are using profits from cryptocurrency investments to apply for mortgage loans to buy homes. The report pointed out that in areas with higher adoption rates of cryptocurrency, the proportion of mortgages among low-income families has increased by more than 250%, and the average mortgage balance has risen from about 0.172 million dollars in 2020 to about 0.443 million dollars in 2024, a growth of 150%. Data from the New York Federal Reserve Bank shows that debts such as mortgages, auto loans, credit cards, and student loans have increased, leading to a new high of 17.9 trillion dollars in total household debt in the USA in the third quarter.

• As of November, the trading volume of stablecoins has soared to 1.8 trillion USD.

According to Cointelegraph, based on the CCData report on November 27, as of November 25, the stablecoin trading volume this month increased sharply by 77.5%, reaching 1.81 trillion USD. This growth is expected to set a new annual high for monthly trading volume on centralized exchanges. The total market cap of stablecoins continued its upward trend for 14 months, growing by 9.94% in November to reach 190 billion USD, surpassing the historical high of 188 billion USD before the collapse of TerraUSD, Terra's algorithmic stablecoin in April 2022.

Despite growth, the market share of stablecoins decreased from 7.22% in October to 5.54% due to increased diversification of investments by investors and traders into bitcoin and altcoins. USDT continues to perform strongly, with its market cap growing by 10.5% to 133 billion USD. USDT occupies 69.9% of the overall market, followed by Circle's USDC, whose market cap increased by 12.1% in November to 38.9 billion USD, the highest level since February 2023. Ethena Labs' USDe also showed growth momentum, with its market cap increasing by 42.2% to 3.86 billion USD.

• The mayor of Vancouver plans to launch a 'bitcoin-friendly city' initiative.

According to Cointelegraph, Vancouver Mayor Ken Sim announced that the city plans to include bitcoin on its balance sheet as part of a diversification investment initiative. At the Vancouver City Council meeting on November 26, Sim submitted a notice of motion that he intends to propose on December 11, titled "Maintaining the City's Purchasing Power Through Financial Resource Diversification: Building a Bitcoin-Friendly City." As of November 27, it seems that the motion has not yet been published on the city government's website.

• UK FCA: Currently, 12% of adults in the United Kingdom own cryptocurrencies.

According to Decrypt, the UK financial regulator, the Financial Conduct Authority (FCA), has released a new research report indicating that 12% of adults in the UK currently own cryptocurrencies, up from the previous survey result of 10%. Based on a nationally representative survey of 2,199 adults in the UK, it is estimated that the number of cryptocurrency holders in the UK will increase from 5 million in 2022 to 7 million. During the same period, the average value of cryptocurrencies held by British citizens rose from 1,595 British pounds to 1,842 British pounds.

Among cryptocurrency holders, the number of adults holding more cryptocurrencies has also increased—currently, 19% hold cryptocurrencies worth between 5,001 and 10,000 British pounds, up from 6% during the 'previous wave'. A spokesperson for the cryptocurrency trade association CryptoUK stated that this finding marks a "watershed moment for the industry" and added that "cryptocurrency has now become mainstream in the United Kingdom."

• Data: Only 0.01% of listed companies globally hold bitcoin, and the market remains in the 'elite experiment stage'.

According to incomplete statistics from OKG Tech Research Institute, only 0.01% of listed companies globally currently hold bitcoin, indicating that the purchasing power of institutions is still in the early stages. Since November 6, 17 listed companies in the USA and Japan have announced they hold or approve bitcoin as a strategic asset, with MicroStrategy purchasing 55,500 bitcoins for 5.4 billion dollars last week.

Despite fluctuations in bitcoin prices due to macro events recently, its properties as an inflation hedge and liquidity-sensitive asset are attracting more institutional funds. OKG Research predicts approximately 2.28 trillion dollars may flow into the bitcoin market over the next year, potentially pushing the price up to 0.2 million dollars, confirming that bitcoin is moving from "elite experiment" to a key stage of mainstream asset allocation.

Editor/rice