1. Bitcoin’s Market Cap Surpasses Silver, Reaching $1.751 Trillion link

As Bitcoin approaches $90,000, its market capitalization has reached $1.751 trillion, surpassing silver’s $1.734 trillion, placing it eighth among global assets by market value. Often dubbed “digital gold,” Bitcoin’s current market capitalization is roughly one-tenth that of gold.

According to the latest report from QCP, Bitcoin’s price has surged 30% since the election, with its market cap hitting $1.73 trillion — exceeding silver, yet still far below gold’s $17.5 trillion. If just 1% of the capital in the gold market were to flow into Bitcoin, its price could rise to $97,000. At present, the futures basis for late November has surpassed 18%, while demand for long-term call options (with strike prices at $110,000 and $120,000) remains robust. This trend indicates a growing appetite for leveraged and margin instruments among investors, preparing the ground for a potential further breakout.

2. Powell: Gradual Policy Adjustment, No Rush to Cut Rates as Labor Market and Inflation Continue to Cool link

Federal Reserve Chairman Jerome Powell stated, “We are gradually adjusting policy to a more neutral stance. However, the path to achieving this goal is not predetermined… The current economy does not signal any urgent need for rate cuts. The strong momentum in the economy allows us to make decisions with greater caution.” At the same time, Powell noted that the labor market continues to cool under the pressure of tighter monetary policy. He added that, at present, “it seems we are at the appropriate level.” Additionally, Powell reiterated his view that inflation is likely to continue to decline.

3. Cynthia Lummis Proposes Federal Reserve Sell Gold Reserves to Invest in Bitcoin link

U.S. Senator Cynthia Lummis is advocating a new proposal for the Federal Reserve to sell part of its gold reserves and use the proceeds to purchase Bitcoin. Lummis, a well-known Bitcoin supporter in Congress, is seen as making another push for the development of digital assets. She stated, “While gold is a traditional safe-haven asset, Bitcoin, as digital gold, is drawing more and more investors due to its growth potential and security.”

4. Elon Musk’s “Department of Government Efficiency (DOGE)” Official X Account Reportedly Launched link

An official X account named “Department of Government Efficiency” (DOGE) was created in November 2024, with the handle “@DOGE.” The account is marked as “verified,” indicating it belongs to a government or multilateral organization, has nearly 960,000 followers, and is followed by Elon Musk, suggesting it might be the official account for the “Department of Government Efficiency” led by Musk and Vivek Ramaswamy.

Previously, U.S. President Trump announced that Musk and American patriot Vivek Ramaswamy would co-lead the newly established Department of Government Efficiency (DOGE). The department aims to streamline the federal government, reduce redundant spending, and eliminate excessive regulations, as part of the “Save America” movement. Musk stated that this initiative would create a seismic shift within the establishment, potentially becoming a modern-day “Manhattan Project.” The appointment announcement noted that the department would work with the White House and the Office of Management and Budget to drive structural reforms, with the goal of achieving a leaner, more efficient government by July 4, 2026 — the 250th anniversary of U.S. independence.

In response to blogger Ashley St. Clair’s question about “how during President Trump’s term, we created a department dedicated to firing half of the government through spamming,” Musk replied, “America was saved by a squirrel and a meme coin!” He then posted an image featuring the Shiba Inu mascot and the DOGE logo.

5. Hong Kong Stock Exchange Officially Launched Virtual Asset Index Series on Friday link

The Hong Kong Stock Exchange officially launched its Virtual Asset Index Series on Friday. This series will include reference indices for Bitcoin and Ethereum, as well as reference exchange rates. The reference indices are based on a benchmark spot price, weighted by the 24-hour trading volume of Bitcoin or Ethereum, and calculated from aggregated market prices across several major virtual asset exchanges, with real-time pricing in U.S. dollars. The reference exchange rates, designed for financial product settlement, are calculated daily at 4:00 PM Hong Kong time.

6. Tether Introduces Hadron Platform to Simplify Asset Tokenization with Multi-Blockchain Support link

On Friday, Tether announced the launch of Hadron by Tether, a platform designed to streamline the tokenization of everything from stocks and bonds to stablecoins and loyalty points. Additionally, Tether’s Hadron supports multiple smart contract-enabled blockchains and Bitcoin Layer 2 solutions, such as Blockstream’s Liquid.

7. Upbit’s November 13 Trading Volume Exceeds the Combined Volume of Korea’s Two Largest Stock Markets link

South Korea’s domestic stock market has remained sluggish following Trump’s election, with a wave of pessimism spreading across the “Korea Exchange.” Investors are increasingly turning their attention to U.S. stocks and Bitcoin. According to CoinMarketCap data, the total trading volume of South Korea’s five major crypto exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) reached 34.6 trillion KRW (approximately $2.48 billion) over the past 24 hours. Notably, Upbit’s trading volume yesterday was $1.56 billion, surpassing the combined trading volumes of South Korea’s two main stock markets, KOSPI ($909 million) and KOSDAQ ($526 million).

8. MicroStrategy Announces $2.03 Billion Purchase of 27,200 BTC link

MicroStrategy announced the purchase of 27,200 BTC for approximately $2.03 billion, with an average purchase price of $74,463. The company’s BTC return for the quarter stands at 7.3%, and year-to-date, it has reached 26.4%. As of November 10, 2024, MicroStrategy holds a total of 279,420 BTC, with an aggregate acquisition cost of around $11.9 billion, and an average purchase price of approximately $42,692 per coin.

9. Ethereum Foundation Researcher Proposes New Consensus Layer Upgrade, Beam Chain link

Ethereum Foundation researcher Justin Drake presented a new consensus layer upgrade proposal, “Beam Chain,” at the Devcon conference, which has been dubbed “Ethereum 3.0” by the community. The proposal aims to achieve faster block times, lower validator staking requirements, “chain-based snarkification,” and improvements in quantum security. Doug Colkitt, founder of Ambient Finance, pointed out that the localization of zkEVM could potentially eliminate gas limits entirely, allowing nodes to verify only the snark, theoretically enabling infinite scalability for Layer 1. However, this proposal could lead to further centralization in block construction. The Beam Chain is expected to have its specifications finalized in 2025, with construction beginning in 2026 and entering full testing in 2027.

10. Vitalik Discusses Ethereum’s Future Vision link

At Devcon 2024 in Bangkok, Vitalik Buterin outlined Ethereum’s future, which includes upgrades focused on decentralization, censorship resistance, and quantum security. He highlighted the gradual improvement of efficiency and scalability, with DA upgrades enabling Layer 2 to support 100k+ transactions per second. Ethereum’s scalability will be sufficient to support a wide range of applications, including ENS, consumer payments, social platforms, and “hybrid finance + non-financial” services.

Fundraising

• StakeStone announced the completion of a $22 million funding round, led by Polychain Capital. link

• Animoca Brands’ Web3 project Mocaverse secured $10 million in funding. link

• Crypto AML service provider Notabene completed a $14.5 million Series B round. link

• Digital asset trading infrastructure provider Wyden raised $16.4 million in Series B funding. link

• The RWA water resources economic project LAKE (LAK3) completed $12.4 million in financing. link

• Cross-chain DeFi platform Folks Finance announced a $3.2 million Series A funding round. link

• OKX Ventures announced an investment in Corn. link

• Decentralized AI-as-a-Service cloud project Heurist raised $2 million in a Pre-Seed round. link

• Web3 health tech startup Pulse completed a $1.8 million seed round. link

• Monster League Studios secured €3.7 million in funding to expand its Web3 gaming ecosystem. link

• Web3 AI company Eidon AI raised $3.5 million in seed funding. link

• Smart verifiable computing platform Brevis raised $7.5 million in a seed round. link

• MBD completed a $3 million Pre-Seed round. link

• TAC raised $6.5 million in seed funding, led by Hack VC and Symbolic Capital. link

Learn more, check out crypto-fundraising.info.

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