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QCP Capital has published an analysis indicating that the recent drop in the price of Bitcoin has resulted in long liquidations exceeding $430 million. This drop coincides with the end of five consecutive days of net inflows for spot ETFs, which recorded a outflow of $438 million on Monday, while MicroStrategy fell by 4.4%. With the US holiday approaching and no immediate catalyst to push prices higher, BTC's path towards $100,000 has stalled. In addition, the implied volatility of ETH has turned to bearish options rather than bullish options, and market concerns about downside risks may intensify, especially with the release of the FOMC meeting minutes and PCE data. However, in the long run, this market decline is not an excessive correction. Bitcoin has only retreated to last week's level. Since Trump's election, the market has become extremely overbought and leveraged, so a pause is inevitable.
Morgan Stanley predicts that the strong US dollar will peak before the end of the year and then enter a "bearish market trend", slowly declining until 2025. The bank believes that due to the Bank of Japan's rate hikes and gradual easing actions by the Reserve Bank of Australia, the potential for the yen and Australian dollar to rise next year is the greatest.
On November 25th, Formula News reported that to those insider traders who participated in the listing of Binance perpetual contracts, please slow down when selling your chips next time. The WHY and CHEEMS crashes you caused resulted in a 100% negative return for everyone involved in the trade, and you are destroying the emotions of the trade. Earlier today, Binance announced the listing of 1000WHYUSDT and 1000CHEEMSUSDT perpetual contracts, which caused a short-term crash in WHY and CHEEMS and sparked intense discussion within the community.
US House of Representatives will investigate Representative Mike Flood's recent statement: "Despite widespread opposition, SAB 121 is still operating as a regulation, even though it has never gone through the normal Administrative Procedure Act process." Flood said, "I look forward to working with the next SEC chairman to revoke SAB 121. Whether Chairman Gary Gensler resigns on his own or President Trump fulfills his promise to dismiss Gensler, the new government has an excellent opportunity to usher in a new era after Gensler's departure." He added, "It's not surprising that Gensler opposed the digital asset regulatory framework passed by the House on a bipartisan basis earlier this year. 71 Democrats and House Republicans passed this common-sense framework together. Although the Democratic-led Senate rejected it, it represented a breakthrough moment for cryptocurrency and may provide information for the work of the unified Republican government when the next Congress begins in January next year."
Indian billionaire Gautam Adani and his nephew, Sahil Adani, have been subpoenaed by the US Securities and Exchange Commission (SEC) to explain allegations of paying over $250 million in bribes to win solar power contracts. According to the Press Trust of India (PTI), the subpoena has been delivered to the Adani family's residence in Ahmedabad, a city in western India, and they have been given 21 days to respond. The notice, issued on November 21 by the Eastern District Court of New York, states that if the Adani family fails to respond on time, a default judgment will be made against them.
US Congressman French Hill revealed at the North American Blockchain Summit (NABS) that Republican SEC Commissioner Hester Peirce is "likely" to become the new acting chair of the US Securities and Exchange Commission (SEC). He noted that current chair Gary Gensler will step down on January 20, 2025, and the Republican Party will take over the SEC, with Peirce expected to succeed him.
a spokesperson for Tether stated: "The relationship between Tether and Cantor Fitzgerald is purely a business relationship based on managing reserves. Claims that Howard Lutnick's joining the transition team in some way implies an influence on regulatory actions are baseless."
The Hong Kong Securities and Futures Commission's official website updated information shows that the virtual asset trading platform license application submitted by Huobi HK to the Hong Kong Securities and Futures Commission was withdrawn on February 23. As of now, the number of applicants for virtual asset trading platform licenses revoked and returned by the Hong Kong Securities and Futures Commission is four, including Ammbr, BitHarbour, and Meex in addition to Huobi HK. According to information disclosed by the Hong Kong Securities and Futures Commission, reasons for license applications being returned, rejected, or withdrawn include but are not limited to the following:
On November 11th, Huobi HTX was invited to attend the 2023 Australian Cryptocurrency Conference from November 11th to 12th. Sun Yuchen, a member of the Huobi HTX Global Advisory Committee and founder of Tron, was invited to give an online speech on the theme of "From Niche to Mainstream: The Evolution of DeFi".
During the speech, Sun Yuchen professionally analyzed the exponential growth and adoption rate of DeFi, and explored the application of stUSDT to discuss the role of DeFi in promoting the adoption of cryptocurrencies worldwide, including the potential to enhance financial inclusivity and its impact on a broader economic environment. Sun Yuchen also pointed out that after a year of hard work, exploration, and accumulation, Huobi HTX has ranked among the top five global exchanges together with Binance, Upbit, Coinbase, and OKX, and will continue to build a global encrypted ecosystem, providing users with richer and more diverse financial tools, improving the trading experience, and meeting the different needs of users.
It is worth noting that Sun Yuchen's virtual digital human IP was first exposed at this conference.
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