On November 15, the cryptocurrency market experienced volatile movements today, with bitcoin remaining above 88,000 USD. As of the report, $Bitcoin (BTC.CC)$ it increased by 0.66% to 88,016.00 USD; $Ethereum (ETH.CC)$ it increased by 0.31% to 3,068.40 USD.

Key Focus

• HKEX today launched a virtual assets index series, with exchange rates calculated every afternoon at 4 PM.

According to Hong Kong media reports, hkex will launch the Hong Kong exchange virtual assets index series today. This index series will provide transparent and reliable real-time pricing benchmarks for bitcoin (BTC) and ethereum (ETH) in the Asian time zone, offering a unified reference price for virtual assets and resolving price differences between global exchanges.

Specifically, the reference index is based on the benchmark spot price weighted by the 24-hour trading volume of bitcoin or ethereum, calculated from the aggregated market prices of several major virtual asset exchanges, and is quoted in US dollars in real time. The reference exchange rate is designed for financial product settlement, calculated at 4 PM Hong Kong time daily. The launch of this index series is also an initiative to establish Hong Kong as a leading digital asset center in Asia.

The executive director of the Hong Kong SFC Intermediaries Division, Yip Chi Hang, previously stated that licenses for virtual asset trading platforms will be issued by the end of this year, a consultation group for virtual asset trading platforms will be initiated early next year, and support for tokenization and the Ensemble project will continue.

• The global cryptos market has surpassed $30 trillion in hopes that Trump's big move will bring glory.

Since Trump was elected president of the usa, the global cryptocurrency market value has surpassed 3 trillion dollars, as people bet that the regulatory rules in the usa will be more favorable, thus bringing a new wave of prosperity for cryptos. According to data from the analysis agency CoinGecko, earlier on November 14, the total market value of cryptos reached nearly 3.2 trillion dollars during the Asia trading session, just a little short of this mark in the end.

Matthew Dibb, Chief Investment Officer of cryptocurrency asset management company Astronaut Capital, said: "Generally speaking, the market trend is that bitcoin will surge, followed by other cryptos. Therefore, the funds will gradually rotate... We can expect the total market value to increase." Trump's election, along with a few crypto-supportive legislators entering the usa Congress, may eliminate some uncertainties regarding regulatory matters in the usa, contributing to this wave of exuberance.

• K33 Research: The speculative frenzy of bitcoin is showing signs of cooling in the futures market.

K33 Research reports that the premium of CME bitcoin futures contracts relative to spot market prices has decreased. According to data from cryptocurrency data tracking company Amberdata, the open contracts for put options with an execution price of 0.08 million dollars surged in the last 24 hours. Vetle Lunde, research director at K33 Research, stated: "The market seems to be cooling, and the premium of the CME benchmark contracts has been declining since yesterday's close, lingering around 10% throughout the day, down from 13% to 16% since the usa election, which may be a subtle indication of easing risk conditions."

The liquidation of leveraged bullish bets across the entire crypto market has partially led to bitcoin retreating from its record highs. According to compiled data from Coinglass, the amount of long position liquidations in the last 24 hours is twice that of short positions, amounting to 0.447 billion dollars and 207 million dollars respectively.

• CryptoQuant: When bitcoin approaches 0.09 million USD, 25,367 BTC have flowed out from miners' wallets.

CryptoQuant's data shows that on November 12, as bitcoin approached 90,000 dollars, 25,367 BTC flowed out of miner wallets. At that time, the total value of the outflow was around 2.2 billion dollars. Additionally, CryptoQuant noted that the outflow statistics of bitcoin miners do not necessarily mean that miners are selling their BTC. Miners transfer assets to external addresses for various reasons, including moving funds to exchanges for potential sale and internal wallet transfers.

• In the USA election until November 13, DOGE has increased by 128%, outperforming Tesla and bitcoin.

Market data shows that from November 5, during the US elections to November 13, dogecoin had the most significant increase, far exceeding that of Tesla and bitcoin, which are of greater market focus. As of November 14, dogecoin and bitcoin continued to rise. Data as of November 13 shows that dogecoin increased by 128%, Coinbase by 47%, Tesla by 31%, bitcoin by 29%, the banking sector by 10%, small cap stocks by 4.9%, the s&p 500 by 3.6%, and the US dollar index by 3.1%. Additionally, long-term US bonds, crude oil products, gold, and Trump media saw declines.

• VanEck executive: If countries' central banks treat bitcoin as a reserve asset, bitcoin will reach 3 million USD by 2050.

Matthew Sigel, head of digital asset research at VanEck, stated that with usa's debt reaching 35 trillion dollars, if central banks adopt bitcoin as a reserve asset, then by 2050 bitcoin will reach 3 million dollars. Trump's former cryptocurrency assistant David Bailey believes that nation-states are about to enter the bitcoin market and predicts that sovereign funds and central banks will invest billions of dollars each month.

• US Republican Senator Cynthia Lummis suggests selling part of the Federal Reserve's gold to buy bitcoin.

Donald Trump's ally in the Senate, Wyoming Republican Senator Cynthia Lummis, stated that the strategic bitcoin reserves proposed by the elected president could be filled without increasing the government deficit: by selling part of the Federal Reserve's gold to purchase bitcoin. Cynthia Lummis plans to push a bill to achieve this when the new Congress convenes next year. The bill requires the usa to purchase 1 million bitcoins, with a purchase cost of about 90 billion dollars at current market prices, but if the bill is passed, the number may increase as investors rush to buy before the government enters the market.

• The former chairman of the usa Securities and Exchange Commission expects the Trump administration to shift towards supporting cryptos.

Former chair of the usa Securities and Exchange Commission (SEC) Jay Clayton stated on Wednesday that under the leadership of elected president Donald Trump, cryptocurrency legislation may be introduced. In an interview with a New York securities lawyer, Clayton expressed optimism about advancing cryptocurrency regulation, stating: I believe we will see crypto legislation. I think that if you are addressing some issues that can be resolved at the executive level, then crafting crypto legislation becomes much easier.

• The USA's spot bitcoin etf, launched just ten months ago, has already surpassed a total trading volume of over 500 billion USD.

According to TheBlock, the cumulative trade volume of the usa spot bitcoin etf has surpassed 500 billion dollars just ten months after its launch. This is an important milestone that can compete with some of the world's mature etf products, including the Vanguard S&P 500 etf (VOO) and the Invesco QQQ Trust (QQQ) nasdaq 100 index.

• Opinion: Countries like Saudi Arabia and the UAE may have already bought bitcoin.

According to market news, Gulf oil-producing countries such as Saudi Arabia, the UAE, or Qatar may be purchasing bitcoin at a sovereign level. Relevant sovereign funds may disclose related information during the Abu Dhabi bitcoin summit from December 9 to 10. Currently, the total asset management scale of Saudi PIF, UAE ADIA, and Qatar QIA has exceeded 2 trillion dollars.

As the total market capitalization of bitcoin has surpassed that of the world's largest oil company, Saudi Aramco, Saudi Arabia, as the largest oil producer in the Gulf region, is receiving much attention. As the world's largest sovereign wealth fund holder, the investment movements of Gulf oil-producing countries will have a significant impact on the global crypto asset market. Meanwhile, as the host of the upcoming bitcoin conference, the UAE is also considered likely to participate. Additionally, there have been ongoing rumors in the market that Qatar may also engage in sovereign investments. (protos)

• Victory Sec: Several analysts estimate that bitcoin could break 0.1 million dollars by the end of the year, and the virtual asset market will welcome a new period of prosperity.

The deputy chief of operation at victory sec, Zhou Lele, stated that Trump's victory and the Federal Reserve's interest rate cuts have injected new vitality into the crypto market and sparked a market frenzy. The consensus is an optimistic outlook on the virtual asset market after Trump's inauguration. Some institutions expect bitcoin prices to continue rising, with several analysts estimating that bitcoin could break 0.1 million dollars by the end of the year, as the virtual asset market is entering a new prosperous period.

The inflow of stablecoins into exchanges is approximately 4.5 billion dollars, far exceeding the net inflow of 1.63 billion dollars for bitcoin exchange-traded funds (etf). The holdings of exchange contracts and cme contracts have reached historical highs, and the surge in capital inflow may indicate more investment opportunities in the future.

Editor/rice