🐂 DIGEST 11-15 NOVEMBER

Stay ahead in the crypto world with our latest digest, covering essential updates and insights from the crypto mining industry

⏺The price of the leading cryptocurrency increased by $13,000 over the week - read more

⏺Department of Government Efficiency Tokens rally after Trump appoints Musk as head - read more

⏺Institutions Go All In on Crypto: Sygnum Survey Reveals 57% Respondents Plan to Boost Allocations - read more

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🐂 Polish Presidential Candidate Sławomir Mentzen Pledges to Create Bitcoin Reserve if Elected

💬 Sławomir Mentzen, a presidential candidate in Poland, has vowed to establish a Bitcoin reserve, inspired by Donald Trump's endorsement of Bitcoin for political support.

⏺If elected, Mentzen, who owns 33.7 Bitcoin worth over $3 million, plans to prioritize the reserve over legislative delays. He stated on X (formerly Twitter), “Of course I will create a Bitcoin reserve in Poland.”

⚡A Bitcoin reserve could enhance Poland’s economy by diversifying its financial assets. With a capped supply of 21 million coins, Bitcoin is viewed as a reliable store of value and is less prone to inflation compared to traditional currencies.

🖇 More countries are recognizing Bitcoin's potential; El Salvador adopted it as legal tender in 2021, and Switzerland is exploring its financial integration. Following Trump's lead, a Bitcoin reserve is seen as a strategy to combat inflation and economic instability.

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🐂 Bitcoin Mining Economics Improved in the First Half of November: JPMorgan

💬 The market capitalization of mining stocks monitored by the bank rose by 33%, equivalent to about $8 billion. Bitcoin mining profitability improved, with hashprice increasing nearly 30% in early November. U.S. Bitcoin miners now represent around 28% of the global network.

⚡According to JPMorgan's report, hashprice increased by 29% since late October, driven by a BTC rally that outpaced network hashrate growth and rising transaction fees. Bitcoin surged up to 30% following Donald Trump’s election victory, reaching all-time highs.

🖇 The network hashrate increased by 2% month-to-date, averaging 718 EH/s. The 14 U.S.-listed miners tracked by the bank maintain a significant share of the global network hashrate.

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🐂 The price of Bitcoin has reached $97,000 for the first time, once again setting a new historical high.

⏺Bitcoin is trading at $97,140 with a market capitalization of around $2 trillion, which accounts for 61.6% of the total cryptocurrency market capitalization.

⏺Record values reached $97,931 on Coinbase and $97,852 on Binance in the USDT pair. Over the past 24 hours, the price of BTC has increased by more than 5%.

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🐂 Chinese Court Recognizes Bitcoin as Digital Currency

⏺The Second Intermediate People's Court of Shanghai has recognized Bitcoin, the first cryptocurrency, as a "unique and non-reproducible" digital asset, confirming its value from a legal standpoint.

⏺In her report, Judge Ren Suxian highlighted the key characteristics of cryptocurrencies and pointed out the challenges associated with interpreting such terms in practice.

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🐂 Moroccan authorities are set to lift the cryptocurrency ban.

💬 A preliminary draft bill aimed at regulating cryptocurrencies is currently under consideration in Morocco, as announced by Abdellatif Jouahri, the head of the central bank.

✔He stated that this draft law, developed with the assistance of the World Bank and industry stakeholders, is "in the process of adoption."

⏺The new regulatory framework will replace various restrictions on digital asset transactions, including the total ban on Bitcoin implemented in 2017.

💬 Despite these restrictions, a significant portion of Morocco's population has continued to engage with cryptocurrencies.

⏺Jouahri noted that, alongside these legislative developments, the central bank has joined several relevant international organizations.

💬 He also mentioned that the central bank remains committed to exploring the possibility of launching a Central Bank Digital Currency (CBDC).

✔In 2021, Moroccan authorities initiated an assessment of the potential for a CBDC.

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🐂 US Bitcoin ETFs Poised for Record Monthly Inflows Amid Trump Optimism

💬 A dozen Bitcoin exchange-traded funds (ETFs) in the US are on the verge of setting a record for monthly net inflows, driven by the digital asset's remarkable rise toward $100,000 following President-elect Donald Trump's support for cryptocurrency.

✔According to data from Bloomberg, ETFs from firms like BlackRock Inc. and Fidelity Investments have garnered $6.2 billion in November alone. This surpasses the previous high of $6 billion reached in February, fueled by investor excitement surrounding the launch of these products earlier in the year.

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🐂 The price of Bitcoin has reached $98,000 again.

⏺According to Binance Market Data, Bitcoin has reached a level of 98,000 USDT and is currently trading at a price of 98,019.96 USDT, showing a slight increase of 2.73% over the last 24 hours.

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🐂 Another country is moving towards the legalization of cryptocurrencies.

⚡️ Authorities in Morocco are planning to reconsider the ban on any operations involving cryptocurrencies, which was introduced in 2017.

⏺It is expected that a law will be adopted to regulate this sector. This step will be an important milestone on the path to recognizing digital assets.

🖇 If this happens, Morocco will become one of the first countries in Africa to implement comprehensive regulation of the cryptocurrency industry.

⏺Some experts suggest that a similar scenario could unfold in China, where authorities banned cryptocurrencies in 2021.

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🐂 Older people are driving the growth of crypto investments in South Korea

🖇Recent reports show that cryptocurrency trading volume in South Korea is rising, especially among elderly investors.

⏺In November 2024, the monthly trading volume of stablecoins on the five largest exchanges—Upbit, Bithumb, Coinone, Korbit, and GOPAX—reached about 16.17 trillion won (11.5 billion USD), a sevenfold increase from 2 trillion won at the start of the year. This is the first time monthly stablecoin trading has surpassed 10 trillion won, including popular stablecoins like Tether (USDT) and USD Coin (USDC).

⚡As of Monday, the 24-hour trading volume in South Korea's virtual asset market was 23 trillion won, making up 9.05% of the global total of 262 trillion won. Analysts link this increase to South Korean investors transferring assets abroad for better regulatory or financial conditions.

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🐂 The French authorities are discussing the introduction of a tax on cryptocurrencies

⏺ The initiator of the bill, Sylvia Vermeillet, proposed introducing a special tax on assets that do not directly contribute to the economy, including cryptocurrencies and luxury items.

💬 "Historically, wealthy individuals have used such assets as a way to preserve and increase their wealth. However, if an asset does not contribute to the country's economy or generate direct income, it should be subject to additional or higher taxes," says Sylvia Vermeillet.

🌍 Opponents warn that this could decrease demand for crypto-assets and reduce their liquidity. Previously, French President Emmanuel Macron called cryptocurrencies a threat to financial stability at the G20 summit.

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🐂 Bitcoin has reached a historic high, surpassing the $100,000 mark

📈 The main driving force behind the growth is the optimism surrounding the easing of cryptocurrency regulations supported by President-elect Donald Trump. The appointment of crypto enthusiast Paul Atkins to the U.S. Securities and Exchange Commission has strengthened hopes for a favorable future for digital assets.

💲 The total market capitalization of Bitcoin, exceeding $2 trillion, makes it one of the largest investment assets in the world.

🖇 This amount surpasses the market size of government bonds in Spain and Brazil and approaches the total market capitalization of the entire FTSE 100 index of British stocks, putting Bitcoin alongside giants like Nvidia, Apple, and Alphabet.

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🐂 Ki Young Ju introduced new prediction model for Bitcoin based on realized capitalization.

💬 According to his data, the price ceiling has increased from $129,000 to $146,000 over the past month. He noted that at a price of $102,000, Bitcoin is still far from being in a bubble, and reaching that level would require a 43% increase. The head of CryptoQuant emphasized that the current growth of Bitcoin is driven by the influx of new capital.

❗️ In his view, institutional investors have fundamentally changed their perception of Bitcoin. The growing interest in exchange-traded products based on Bitcoin and the desire of many companies to include the asset in their reserves are shaping a new chapter in the history of digital gold and the entire crypto industry.

⛏ Earlier, CryptoQuant analysts indicated that Bitcoin's rally paused due to concerns about inflation data in the US. Experts suggested that the Bitcoin market has taken a breather.

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