1. Headlines

1. Ethereum is heading towards the trillion-dollar club, analysts say breaking $10,000 is only a matter of time

Renowned analyst Ali Martinez pointed out that Ethereum may be on the eve of a significant rebound, with the potential to break through the psychological barrier of $10,000. Her view is based on three key points: MVRV momentum and price breakthrough, Whale activity and institutional investment, and the stability of key support levels.

The price of Ethereum has been low for the past few months, struggling to break through the $4000 mark. But in recent weeks, there has been a turning point, with the price breaking through the important resistance level of $3600. The MVRV indicator shows that the pressure from investors' profit-taking is easing, clearing the way for a pump in the price. At the same time, demand for Ethereum from large institutional investors continues to increase, injecting new momentum into the price pump.

In addition, Ether has established a strong support area around $3,000. If the price can remain above this level and further break through the $4,000 mark, the next target is the admission ticket to the trillion-dollar club - $10,000.

Although the road is winding, analysts believe that Ethereum will eventually break through this psychological barrier, it's just a matter of time. Once it breaks through, it will mark the entry of Ethereum into a new development stage, becoming a true giant in the digital asset industry.

2. Franklin Encryption Index ETF Receives SEC Extension Approval, Coinbase May List FLOKI

The U.S. Securities and Exchange Commission (SEC) announced that it will extend the approval time for the Franklin Encryption Index ETF. If approved, the ETF will be listed on the BZX exchange and Coinbase Custody Trust Company LLC will serve as the custodian of digital assets.

The SEC stated that the extension of the approval time is to have enough time to consider the proposed rule changes and the issues raised. This decision has sparked speculation and concern in the market about the SEC's attitude, and the uncertainty remains about when the Cryptocurrency ETF will be approved.

Meanwhile, according to official news, CryptocurrencyexchangeCoinbase will list FLOKI. If the Liquidity conditions are met, trading of FLOKI will start at 9 a.m. (Pacific Time) on November 21 or later. FLOKI is a community-driven Cryptocurrency aimed to be the payment method for the Metaverse era.

This news will undoubtedly further boost the popularity and adoption of FLOKI. As a leading global cryptocurrency exchange, Coinbase's listing of FLOKI will bring more liquidity and investor follow to this currency.

3. The Fed's Bowman is Inclined to Raise Interest Rates Cautiously, Warning That the Inflation Target Has Not Yet Been Achieved

In a speech, Federal Reserve Board member Bowman said that progress towards the Fed's 2% inflation target appears to have stalled due to persistently high inflation rates. She leans towards cautiously lowering policy rates to better assess how far we are from the finish line.

Baumann believes that the neutral policy interest rate is much higher than before the COVID-19 pandemic, and the Federal Reserve is not restricted in reducing interest rates again as expected by the market. She also stated that the greater risk the Federal Reserve faces is the price stability target, although a deteriorating labor market situation is also possible.

This statement highlights the internal divisions within the Federal Reserve. Some officials advocate for further rate hikes to control inflation, while others call for a slower pace of rate hikes to avoid an economic hard landing. Bauman's cautious stance may represent the current dominant attitude of the Federal Reserve.

Analysts pointed out that Powell's speech released two important signals: one is that the Fed's concerns about the inflation situation still exist, and the other is that the Intrerest Rate policy path may be more cautious than expected by the market. This may mean that the end of the rate hike cycle will be pushed back, posing a certain resistance to economic recovery.

4. The future looks bright for BTC, Polymarket, and Decentralized Finance, with memes performing below expectations

With the continuous heating up of the Cryptocurrency market, prospects are bright for areas such as BTC, Polymarket, and Decentralized Finance. However, the performance of AltCoins may be worse than expected, forcing industry participants to reexamine innovation and real use cases.

BTC is outperforming in this bull run, with prices continuously hitting new all-time highs. Analysts believe that BTC is transitioning to mainstream asset class, with its role as a national reserve asset becoming increasingly prominent. At the same time, prediction market Polymarket and the Decentralized Finance ecosystem have also attracted a large influx of funds and users, with promising development prospects.

However, the performance of memes may be disappointing. Entrepreneurial projects generally tend to 'accumulate on Binance', lacking real users and income support. Once launched, the active users and founders cashing out will greatly drop, exacerbating the industry's Liquidity crisis.

Industry insiders are calling for adjustments to token issuance and unlocking mechanisms, with investment lock-up periods appropriately extended to ensure project teams have enough time to incubate real use cases. Only by getting rid of the mentality of chasing quick money can the industry regain the right direction of development.

5. Block concept stocks continue to rise, CHILLGUY copyright dispute triggers big dump

With the continuous heating up of the Cryptocurrency market, many companies with Block chain concepts have shown strong momentum in development, and have gained significant follow and investment in the market.

At the same time, CHILLGUY's image creator Philb posted that he has obtained the copyright of the image and will issue deletion notices for unauthorized commercial activities, especially those targeting unauthorized merchandises and alts.

As soon as the news came out, CHILLGUYToken experienced a big dump of over 55% in a short period of time, with the Market Cap evaporating over $1 billion. But soon there was intervention of funds, and the Token price started to Rebound, and has now returned to the level before the big dump.

Analysts pointed out that the copyright dispute has caused turmoil in the CHILLGUY community, which may affect its development momentum in the short term. However, in the long run, clear copyright vesting is beneficial for maintaining the brand image of CHILLGUY and regulating its operations in the business field.

Overall, the craze for Cryptocurrency and Block chain concept stocks is still ongoing, but investors need to have sufficient awareness of the risks of individual projects and take a rational view of market Fluctuation.

2. Industry Data

1. BTC

BTC recent trading price is $92,818.7000, with a daily increase of +1.3000%.

2. ETH

Ethereum recent transaction price is 3108.5800 US dollars, intraday decline is -0.3000%.

3. APEPE

APEPE recent trading price 0.0004 US dollars, intraday change +0.0000%.

4. DOGE

Dogecoin recently traded at $0.3895, with an intraday gain of +0.4000%.

5. GT

The recent transaction price of GT is $9.7420, with an intraday increase of +0.8000%.

三. Industry News

1. BTC breaks through the $97,000 mark, reaching a new all-time high

BTC prices continue to hit new historical highs, with the current trading price at around $97,770, while Ether is relatively weak in the market pump. Analysis indicates that BTC's strong pump benefits from the 2024 US approval of BTC Spot ETF and Trump's support for Crypto Assets. In contrast, Ether faces dual pressures: competing with BTC for the store of value status and vying for market share with Solana on the Smart Contract platform. With its advantages in Decentralization exchange and protocol fees, Solana has attracted more developers and investors. In addition, since the Ethereum merge upgrade in 2022, its market momentum has been affected by regulatory uncertainty.

Despite the impressive rise of BTC attracting market follow, ETH has struggled to maintain upward momentum and return to its yearly high. PA reflects a period of indecision as ETH faces the psychological barrier of $3000. Analysts point out that if the upward trend of BTC slows down or market sentiment improves for ETH, there is a possibility of a rebound in its price ratio.

2. ANON Anonymous Token sparks market discussion, Vitalik and other pros get on board

ANON is an anonymous Token that can use ZK proof to anonymously post. It was initially created by a community member of Superanon, a feature of the Farcaster client Supercast, and now posting anonymously with ANON requires holding 15,000 ANON, and posting on @anoncast takes only about 20 seconds. ANON's popularity has also driven other ZK applications, including clanker and 33s, to anonymously post on Farcaster. AI agents and ZK-driven anonymous group accounts are two major trends on Farcaster in the near future.

What attracts pro like Vitalik Buterin, founder of Ethereum, Jesse Walden, founder of Base, and Dan Romero, co-founder of Farcaster, to get on board with ANON? Will this emerging Token become the next hot item? There are differing opinions in the market. Supporters believe that ANON represents the future of privacy and anonymity, while skeptics are concerned about its potential for abuse. Regardless, the emergence of ANON has sparked a deep reflection on privacy and anonymity.

3. CHILLGUY illustrator issues copyright warning, or affects the trend of related Token

CHILLGUY creator Phillip Banks posted on social media, announcing that he has obtained the legal copyright for the character and will issue takedown notices for unauthorized commercial activities in the coming days. He stated, "Unlike brands that use it to lead trends, this is not something I care too much about. It's mainly aimed at unauthorized merchandise and alts."

This statement may affect the trend of Tokens related to CHILLGUY. Some investors may dump relevant Tokens out of concern for potential legal disputes, while others may see opportunities brought by this explicit copyright claim. In any case, this move by the CHILLGUY creator highlights the importance of copyright issues in this world.

4. Cryptocurrency market sentiment continues to be "extremely greedy"

According to Alternative.me data, the Cryptocurrency Fear and Greed Index recently rose to 90, indicating that the market is still in a state of 'extreme greed'. This index mainly follows BTC, and times when the value is above 80 correspond to BTC's mid to early-term price breakthroughs.

Recently, BTC has broken through $97,000, and is expected to stabilize above the $100,000 mark within 1-2 months. Although the index has limitations, it is still an important tool to perceive market sentiment. How to make good use of these investment vehicles, which are important for exploring this world, is a significant topic.

Investors need to be aware that excessive greed may lead to a short-term pullback in the market. While the market is highly optimistic, it is also important to maintain rationality and risk awareness and develop a reasonable investment strategy.

5. Industry Analysis: Solana, Base, TON Ecology Emerges

During the TOKEN2049 conference, many investors and practitioners found that the Cryptocurrency industry has shown a polarized trend. Some tracks have become more popular, while others have become quieter.

Solana, Base, TON, and BTCFi, these four ecosystems have become the 'new four heavenly kings' of the encryption industry in the minds of many practitioners, and the Matthew effect is emerging, with the strong getting stronger. On the contrary, NFTs, full-chain games, AI, and other tracks that were once highly anticipated have developed slowly or even stagnated in the past six months, facing more doubts.

This change reflects the shift in investors' and developers' favor for different tracks. In the future, whether they can continue to attract funds, talents, and innovative projects will determine the fate of each track. The internal differentiation of the industry is intensifying, and the competition is becoming increasingly fierce.

Fourth. Project News

1. HyperAGI: Multi-level Decentralized AI Computing Platform

HyperAGI is a multi-tier Decentralization platform designed to provide powerful computational support and innovative applications for AI. The platform is built on the 3rd layer of the Ethereum blockchain and Arrum, specifically designed for AI computing, including spatial AI rendering, training, and large-scale model inference, serving two core projects: MOSSAI and AgentMe.

HyperAGI has built a gamified platform that trains Space AI through crowdsourcing and encryption reward mechanisms, promoting interaction between users and AI. The platform provides necessary computing infrastructure for AI developers, allowing users to trade assets or buy AI services within the ecosystem.

The innovation of HyperAGI lies in combining the concept of Decentralization with AI computing, providing an open, transparent, and efficient environment for AI development. By leveraging blockchain technology and economic incentives, HyperAGI aims to promote the democratization and popularization of AI technology, allowing more people to participate in and benefit from the development of AI.

The project ranks high in RootData's popular project list, reflecting the market's follow and expectations for decentralized AI computing platforms. Analysts believe that HyperAGI provides a new paradigm for AI computing, which is expected to promote the application of AI technology in a wider range of fields and bring new development opportunities to the industry.

2. Valantis Protocol: Modular protocol completes financing

Valantis Protocol is a modular Decentralization exchange (DEX) protocol designed to provide users with a highly flexible and customizable trading experience. The protocol recently completed a $7.5 million financing led by well-known institutional investors such as Polychain Capital, y Capital, and Jump Crypto.

Valantis Protocol adopts a modular design, allowing users to combine different functional modules according to their own needs to create a customized trading experience. Users can choose different trading counterparties, order book depth, market maker strategies, etc., to achieve a high degree of personalization and optimization.

The innovation of this protocol lies in decoupling the various components of the DEX, enabling flexible combination and expansion. This not only improves the user experience but also leaves room for future innovation, which is expected to promote further development of the ecosystem.

The Valantis Protocol's fundraising will be used to expand the team, accelerate product development and promotion. Analysts believe that the modular design concept of this protocol coincides with the current development trend of the Decentralized Finance ecosystem, and it is expected to stand out in future competitions and bring users a brand-new experience.

3. Sui:Move's first launch coin project in the ecology triggers follow.

Sui is the first project to launch coin in the Move ecosystem, and it has recently performed well during the TOKEN2049 conference, sparking widespread follow. As a brand new first-layer blockchain, Sui was created by former Meta (Facebook) employees and focuses on providing high-performance, low-cost Decentralization application infrastructure.

SUI adopts the Move programming language and a brand new execution engine, achieving a throughput of up to 100,000 TPS, and supporting parallel execution and composability, providing powerful infrastructure support for building complex Web3 applications.

In addition to excellent performance, Sui has also introduced multiple innovative designs, such as the object ownership model, composable assets, and dynamic ownership, aimed at simplifying the development and management of Web3 applications.

At the TOKEN2049 conference, Sui demonstrated multiple application cases within its ecosystem, including Decentralization, Social Web, CETUS, Scallop NFT market, etc., showcasing its strong application potential. At the same time, Sui also announced its partnership with Grayscale Trust to launch USDC and other Stable Coin assets on Sui.

Analysts believe that as the first launch coin project in the Move ecosystem, the emergence of SUI marks the entry of this emerging ecosystem into the practical stage. With outstanding performance and innovative design, SUI is expected to become a strong choice for Web3 infrastructure, bringing new development momentum to the industry.

4. Solana Ecology AI Project CAI Launches Enterprise-level Infrastructure

CAI is a highly anticipated AI project in the Solana ecosystem, aimed at providing AI infrastructure solutions for enterprises. The project recently announced the official launch of the AI infrastructure CAI, which can provide enterprise-level services, triggering widespread attention in the industry.

As a Decentralization AI infrastructure platform, CAI can deploy AI solutions for enterprises within 7 days, covering full-stack support from large language models to front-end applications. The CAI team stated that the platform has attracted cooperation intentions from multiple well-known enterprises.

The innovation of CAI lies in the combination of AI and Blockchain technology, utilizing the Decentralization, transparency, and Traceability features of Blockchain to provide a secure and trustworthy infrastructure support for AI applications. At the same time, CAI also adopts Solana's high-performance features to ensure the efficient operation of AI applications.

At the TOKEN2049 conference, the CAI project won the top three in the Solana hackathon, and its daily active users also exceeded 200,000, demonstrating strong development momentum. Analysts believe that CAI provides a new solution for enterprise-level AI applications, which is expected to promote the landing of AI technology in enterprise scenarios and bring new development opportunities to the industry.

5. IoTeX Ecology DePIN On-chain Identity System ioID Online

IoTeX is the leading ecosystem of the hot DePIN (Decentralized Physical Identity) track in this round, and its on-chain identity system ioID has recently officially launched, triggering widespread attention in the industry.

ioID is the world's first on-chain identity system for DEP, which transforms physical devices into on-chain assets. Each physical device will have a unique on-chain ID for verification. Through ioID, the physical world will be seamlessly connected to the digital world, providing a foundation for applications such as internet of things and metaverse support.

The innovation of ioID lies in using blockchain technology to endow the physical world with digital identity, realizing the digitization and trustworthy empowerment of physical assets. This not only helps to solve problems such as identity authentication and trust transmission of internet of things devices, but also brings new development opportunities to the areas of asset ownership, usage rights, and so on.

With the launch of ioID, the related Meme project in the IoTeX ecosystem has also experienced an explosive rise, reflecting the market's enthusiasm for the DePIN track. Analysts believe that ioID provides a key infrastructure for digitizing the physical world, which is expected to further drive the development of the DePIN ecosystem and bring new growth momentum to the industry.

Five. Economic Dynamics

1. The pace of Fed rate hikes slows, inflation pressure continues

Economic Background: The U.S. economy faces severe inflationary pressures in 2024. According to the latest data, the US consumer price index (CPI) in October pumped 7.7% year-on-year, higher than the forecast of 7.5%. Although inflation is down from September, it is still well above the Fed's 2% target. The job market remained solid, with nonfarm payrolls rising by 261,000 in October and the unemployment rate holding steady at 3.7%. U.S. GDP in the third quarter rose by 2.6% quarter-on-quarter on an annualized basis, indicating a good momentum in the economic upswing.

Important event: The Federal Reserve announced a 75 basis point increase in the federal funds Interest Rate target range to 4%-4.25% at its monetary policy meeting in November. This is the fourth consecutive significant rate hike by the Federal Reserve, aimed at curbing persistent inflation. However, compared to previous meetings, the Fed's statement on this rate hike is slightly more moderate, suggesting a possible slowdown in future rate hikes.

Market reaction: After the Fed's interest rate hike decision was announced, the three major US stock indexes saw a slight pump. Investors believe that the Fed's slowing down of interest rate hikes is beneficial for easing the risk of economic recession. However, inflationary pressures persist, and the Fed may still continue to raise interest rates next year. There are divergent views in the bond market on the Fed's policy outlook, with the 10-year US Treasury yield briefly surpassing 4.1%.

Expert analysis: Jan Hatzius, Chief Economist at Goldman Sachs, said that the Fed's interest rate hike cycle is nearing its end and is expected to end in 2023. However, there is still uncertainty about the inflation outlook, and the Fed may need to maintain the Interest Rate at a higher level for a period of time. Bank of America Merrill Lynch's global research department believes that the Fed may pause its interest rate hikes in 2023.

Six. Regulation & Policy

1. Trump Team Considers Setting Up First Cryptocurrency Policy Position at the White House

According to reports, the Trump campaign team is discussing with the Crypto Assets industry, considering setting up the first dedicated position for Crypto Assets policy in the White House. This position may appear in the form of a senior White House advisor or "encryption czar", responsible for supervising federal government Crypto Assets policy and regulation.

As the elected candidate for the US presidential election, Trump is open to Cryptocurrency. The establishment of a dedicated Cryptocurrency policy position will mark an important milestone in the mainstreaming of the Cryptocurrency industry. This move aims to coordinate the policies of various regulatory agencies and create a more clear and favorable regulatory environment for the Cryptocurrency industry.

Market participants generally welcome this. Crypto Assets companies look forward to clearer and more unified regulatory guidance in the future. Investors also hope that policy certainty can enhance market confidence and bring more opportunities for encryption asset investment. However, analysts also remind that policy-making needs to balance innovation with risk control to avoid over-regulation strangling industry development.

Former Securities and Exchange Commission Chairman Jay Clayton of the United States has stated that the establishment of a dedicated position for Crypto Assets policy is a step in the right direction. He emphasized that cross-agency coordination is necessary for Crypto Assets regulation, and unified regulatory standards are crucial for the healthy development of the industry.

2. German companies may not be able to obtain MiCAR encryption license by the end of the year

The European Union's Market in Crypto-Assets Regulation (MiCAR) will come into effect by the end of this year, but due to Germany's failure to pass relevant legislation, local companies may not be able to obtain MiCAR encryption currency licenses issued by regulatory authorities.

MiCAR is the EU's first comprehensive encryption asset regulatory framework, designed to provide unified operational standards for encryption asset service providers. According to the regulations, each member state must designate a regulatory authority responsible for issuing licenses. In Germany, this responsibility was originally undertaken by the Federal Financial Supervisory Authority (BaFin), but due to the collapse of the coalition government, the relevant legislation is difficult to pass in the short term.

This means that German companies will not be able to obtain the MiCAR license issued by BaFin before the end of the year. However, foreign companies licensed in other EU countries can still operate freely in Germany. Insiders point out that this may have a negative impact on German encryption companies and weaken their competitiveness in the European market.

The German Blockchain Association calls on the government to accelerate the legislative process to ensure that local businesses can compete fairly. The chairman of the association said that the implementation of MiCAR will bring regulatory certainty to encryption assets and be conducive to the long-term development of the industry. German companies should have equal opportunities.

The European Commission emphasizes that MiCAR will provide unified operational standards for encryption asset service providers, enhance consumer protection, and promote innovation. Member states need to ensure that regulations are fully implemented as scheduled.

3. Japan plans to unify the tax rate for encryption assets to 20%

According to reports, the Japanese government is pushing forward an economic stimulus plan, which includes the revision of the taxation policy for encryption assets. The proposed reform measures will unify the tax rate for encryption assets to 20%.

Currently, there is ambiguity in the 'miscellaneous tax' levied by Japan on encryption asset transactions, with a tax rate as high as 55%, which is criticized by industry insiders for its lack of clarity. The new policy aims to create a more friendly tax environment for encryption assets, attracting more investors and businesses.

The Japan Cryptocurrency Exchange Association welcomes this. The Association stated that a uniform tax rate will bring certainty to investors and enterprises, and will be beneficial for the development of the cryptocurrency market. However, the Association also suggests further dropping the tax rate to enhance the international competitiveness of the Japanese cryptocurrency industry.

Analysts point out that this move reflects the Japanese government's emphasis on the digital economy. By optimizing tax policies, Japan hopes to create a favorable environment for emerging industries such as cryptocurrency and promote innovative development.

Financial technology expert Nobuo Ikeda said that a unified tax rate is a step in the right direction, but a 20% tax rate is still higher than other countries. He suggested that Japan learn from the practices of countries such as Singapore and further lower the asset tax rate to attract more international funds and talent.

Overall, the potential for the Japanese asset tax reform to bring greater certainty to the industry, but the specific impact remains to be seen.