On December 2, the crypto market continued its volatility, with bitcoin holding steady at a high of $96,000 and ethereum briefly rising to $3,760, hitting a new high since June. As of the time of writing,$Bitcoin (BTC.CC)$ it fell by 0.99% to $96,271.00; $Ethereum (ETH.CC)$ it fell by 0.95% to $3,672.47.
Hong Kong stocks saw a collective strengthening of cryptocurrency spot and futures etf.$Bosera HashKey Ether ETF (03009.HK)$、$Harvest Ether Spot ETF (03179.HK)$、$ChinaAMC Ether ETF (03046.HK)$、$CSOP Ether Futures ETF (03068.HK)$Overall increase of more than 3%, $CSOP Bitcoin Futures ETF (03066.HK)$ 、 $ChinaAMC Bitcoin ETF (03042.HK)$ A slight increase.
Key Focus
Michael Saylor claims he could persuade Buffett to buy bitcoin through Berkshire Hathaway.
$MicroStrategy (MSTR.US)$ Founder and Chairman Michael Saylor stated that Berkshire Hathaway's $325 billion cash reserves are losing $32 billion annually, and he claims he can convince Warren Buffett to accept Bitcoin.
Analysis: Following Trump's election victory, the crypto market grew by approximately 1.2 trillion dollars, with record inflows for bitcoin etf and ethereum etf in the USA in November.
According to Bloomberg compiled data, Bitcoin ETF and Ethereum ETF set single-month net inflow records of $6.5 billion and $1.1 billion respectively in November. Last Friday, the daily subscription volume of Ethereum ETF also hit a historical high. CoinGecko data shows that since Trump's election victory, the market cap of the crypto market has surged by about $1.2 trillion. This upward trend is overshadowing the painful memories of fraud and high-risk behavior exposed during the crypto frenzy in 2021. Ethereum, the second largest token after Bitcoin, has garnered interest indicating that the investment desire in crypto is expanding following Trump's win on November 5th in the USA. From certain indicators, at least among retail investors, the frenzy for digital assets has not reached the level of the bubble during the COVID-19 era.
Bitcoin's price has surged by 37.3% since the USA election.
According to Spot On Chain, in November 2024 (USA election month), the price of Bitcoin surged by 37.3%. Historically, significant growth (30%-46%) has been observed in December following election months each year. This aligns with our April forecast that BTC could reach $0.1 million. Now, with the emergence of new FOMO factors, our model even suggests that BTC could reach $0.115 million this month.
Bitcoin's post-halving return trends: a significant increase was observed in December of 2012, 2016, and 2020, while a historical high was reached in September 2024.
Data shows that after bitcoin halved in 2012, 2016, and 2020, December saw significant increases. In December 2012, it rose from $12.57 to $13.45, with a roi of 7%. In December 2016, the roi was 30.8%, and in December 2020, the roi was 46.92%. The return this month is still worth looking forward to. Notably, bitcoin's closing increase of 7.35% this September marked its best performance in history, and historically, every time bitcoin closed up in September, it has been able to rise until the end of the year.
"The Wall Street Journal": Once Trump returns to the White House, the US SEC may relax legal actions against crypto exchanges.
Bitcoin.com News stated on the X platform that an article from The Wall Street Journal pointed out that if Donald Trump returns to the White House, the USA Securities and Exchange Commission may ease legal actions against cryptocurrency exchanges.
The relative unrealized profit margin for long-term bitcoin holders is 0.74, lower than the previous peak.
According to data from Rafael, co-founder of glassnode, the relative unrealized profit margin for long-term bitcoin holders is currently 0.74, significantly lower than the overheated levels observed in previous cycles. This suggests there is still room for increase in the current market, and market participants are closely monitoring whether this indicator will break through the level of 0.9 and higher.
In November, Bitcoin's on-chain NFT sales exceeded $0.185 billion, reaching a new high since June of this year.
According to data from CryptoSlam, sales of on-chain NFTs for bitcoin exceeded 0.185 billion U.S. dollars in November, reaching 185,311,772.98 dollars, setting a record high since June of this year. Additionally, last month, the transaction volume of on-chain NFTs for bitcoin reached 219,727, with approximately 68,189 unique buyer addresses and around 44,634 unique seller addresses.
Industry experts: Bitcoin has become a mainstream investment tool, but if the new conservative leadership of the US SEC holds a conservative attitude, it may lead to a decrease in market confidence.
Fu Rao, executive director of the Hong Kong International New Economy Research Institute, pointed out that bitcoin, as an important component of the digital economy, has gradually transformed from a speculative asset to a mainstream investment tool. Despite a favorable long-term trend, short-term market sentiment and speculative capital flows may lead to price corrections, and investors should be wary of the market risks arising from overly optimistic sentiments. The friendly policies of the Trump administration towards the cryptos industry will continue to provide strong support for bitcoin. However, it is important to be cautious, as the specific implementation process of the policies may carry uncertainties. For example, if the new leadership of the SEC holds a conservative view on bitcoin, it may lead to a decline in market confidence.
In November, the US spot Bitcoin ETF purchased approximately 71,570 BTC, while mining output during the same period was only about 13,500 BTC.
According to data disclosed by Cointelegraph on platform X, in November, the usa spot bitcoin etf purchased approximately 71,570 BTC, while the mining output during the same period was only about 13,500 BTC.
The CEO of Coinbase predicts that after Trump takes office, the usa will quickly introduce laws regarding cryptos.
$Coinbase (COIN.US)$ Chief Policy Officer Hill Zard stated that after Trump took office at the White House, the legislation on cryptos will proceed 'quite rapidly' in Congress. Trump was known for his well-known policy platform supporting cryptos during his campaign. At the time of his statement, two key crypto-related legislations were advancing in Congress. One is the '21st Century Financial Innovation and Technology Act' initiated by the Republicans, aimed at establishing a legal framework for digital assets. The bill was approved earlier this year in the House of Representatives. The other is the 'Payment Stablecoin Clarity Act,' which aims to establish a regulatory system to license stablecoin issuers—stablecoins are tokens pegged to the value of legal tender such as the dollar. The stablecoin bill has not yet been voted on in the House.
Editor/rice