11.23 AI Daily BTC is expected to break $100,000, and the crypto market is seeing a comprehensive rebound.

一. Headlines

1. BTC breaks through the $99,000 mark, reaching a new all-time high

In the past 24 hours, the price of Bitcoin has pumped 1%, trading at $99,215, and as of 02:42 Eastern Time, the volume has surged 12% to $113.7 billion. Earlier, Bitcoin hit a new all-time high of $99,486, and technical indicators suggest that it may continue to pump and break through the $100,000 mark.

The price of BTC continues to rise, mainly driven by increased expectations of investors for the favorable effects of Trump's policies. Trump nominated cryptocurrency enthusiast Scott Bennett as Secretary of the Treasury, which is expected to promote a more friendly regulatory environment for cryptocurrencies. At the same time, the resignation of Securities and Exchange Commission Chairman Gary Gensler may also indicate changes in the regulatory environment.

Analysts believe that BTC is considered as an asset that cannot be confiscated, providing protection, with a potential target price exceeding $200,000. The network effect value of BTC continues to rise, coupled with the continuous influx of institutional investors, will continue to support its price pump. However, investors also need to beware of the risks that speculative frenzy may bring.

2. ETH breaks $3400, and Layer 1 tokens rise across the board.

The price of Ethereum has risen above the $3,400 mark, currently trading at $3,401.44, with a 24-hour rise of 0.52%. At the same time, Layer 1 tokens are generally rising, with ADA up 27.2% in the past 24 hours, AVAX up 17.9%, NEAR up 11.4%, ICP up 16.2%, ATOM up 20.7%, FTM up 19.8%, and AR up 21.3%.

The pump of ETH and Layer 1 tokens reflects the market's positive expectations for the first-layer blockchain technology. As a leading smart contract platform, Ethereum's upgrade roadmap has gained market recognition. At the same time, emerging public chains such as Aptos and SUI are also being closely followed, intensifying the competition in the Layer 1 race.

Analysts point out that the development of the first layer of public chains will drive the evolution of the entire encryption ecosystem and provide a better infrastructure for Decentralization applications. However, it is also necessary to be cautious of technical risks and regulatory risks. In the future, competition between the first layer of public chains may intensify, and who will ultimately prevail remains to be tested by time.

3. Top Trader: Ethena's development exceeds expectations, and ENA's target price has been raised.

Top trader Eugene stated on social media that Ethena's recent development has exceeded his expectations for ENA's Bull Market two months ago, and has readjusted the target price of ENA higher. Specifically, the Circulating Supply of USDe is now 3.7 billion, an increase of 1.2 billion in the past 6 weeks, during which time the yield of sUSDe has ranged from 10% to 25%. In addition, Deri has accepted USDe as a recognized form of Stable CoinCollateral, and Ethena's fee conversion proposal has also been approved.

Ethena is a Decentralization Cryptocurrency lending protocol designed to provide users with high-yield and low-risk lending services. Its TokenENA is the governance token of the protocol. Trader Eugene is optimistic about the development prospects of Ethena and believes that its innovative model will drive the evolution of the Decentralized Finance ecosystem.

Analysts pointed out that the DeFi track is experiencing rapid development, with innovative protocols emerging one after another. At the same time, regulatory pressure is increasing, and the future development of the DeFi ecosystem may face more challenges. Investors need to have a full understanding of the true value and risks of the projects.

4. Asset management giant VanEck: Three key indicators show BTC still has pump space

According to the latest report from the asset management giant VanEck, this Rebound seems to have just begun based on key indicators. VanEck analyzed three key indicators: Intrerest Rate of funds, relative unrealized profits, and retail interest trends.

Since November 12th, the perpetual futures funding rate has remained above 10%, indicating a strengthening bullish momentum;
The current 30-day moving average of unrealized profit level is about 0.54, which usually indicates that the market will reach a peak in a longer time period;
The search term popularity is only 34% of the peak in May 2021, indicating that speculative frenzy has not yet spread, and the re-participation of retail investors will provide further pump opportunities for BTC.

VanEck believes that the increasingly friendly regulatory environment and the constantly rising institutional interest will drive BTC to its price target of $180,000 in the next year and a half. Analysts say that the momentum of Crypto Assets is strong and is still in its early stages.

Analysts pointed out that as the leader of Cryptocurrency, BTC's price movement will continue to lead the entire market. However, regulatory and technological risks should also be cautious. Whether BTC can achieve its expected goals in the future still needs time to verify.

5. Hong Kong Securities and Futures Commission CEO: Plans to explore the use of tokenization for deposit participation in bond and fund subscription

Ashley Alder, CEO of Hong Kong's Securities and Futures Commission (SFC), said at a wealth management summit that the SFC is working closely with the Hong Kong Monetary Authority (HKMA) to explore the use of tokenization in deposit-taking for bond and fund subscriptions through a pilot program. She emphasized that regulating virtual assets is about regulating the product, not the technology, and the most important thing is to ensure that investors are protected and that the security is sufficient.

Liáng Fèngyí said that after further expanding the sales network of Hong Kong funds in the mainland through the Cross-Border Wealth Management Connect and ETF Connect, measures to further relax the mutual recognition arrangement of funds between the mainland and Hong Kong may be implemented before the end of the year. This reflects Hong Kong's active promotion of virtual asset regulation and development.

Analysts believe that Hong Kong, as an international financial center, will have a profound impact on the entire cryptocurrency ecosystem with its measures in virtual asset regulation. Reasonable regulation will benefit the long-term healthy development of the cryptocurrency industry, but excessive regulation may also stifle innovation. In the future, how Hong Kong balances between regulation and innovation is worth continuous follow.

二. Industry Data

1. DOGE

DOGE recent transaction price is $0.3917, with an intraday increase of +1.60%.

2. BTC

BTC recently traded at $99163.0000, with a daily increase of +2.30%.

3. XRP

XRP recent transaction price is 1.3679 US dollars, with a daily increase of +23.20%.

4. GT

GT recent transaction price is $10.1730, with an intraday increase of +4.50%.

5. ETH

ETH recently traded at $3364.0500, with a daily increase of +7.20%.

3. Industry News

1. BTC is approaching the $100,000 mark, sparking market discussions

The BTC price broke through the $99,000 mark on November 23, sparking market discussions. Analysts believe that breaking the $100,000 mark has significant psychological significance for BTC and may attract more investors to get on board, pushing prices up further pump.

According to VanEck's analysis, BTC's Intrerest Rate and relative unrealized profit indicators show that the market is becoming more bullish, and it is expected that BTC still has further pump potential. However, search trend data shows that speculative frenzy has not yet spread, and the re-participation of retail investors may push up the BTC price.

On the other hand, analysts warn that the funding rate of Perptual Futures may rise, which could put long-term investors at a disadvantage. After Bitcoin surpasses $100,000, it may face the risk of a pullback. Investors need to consider technical and fundamental factors and do well in Risk Management.

2. Increase in activities on the Ethereum blockchain, triggering expectations of a Rebound

The price of Ethereum (ETH) broke through the $3400 mark on November 23, with a 24-hour rise of 0.7%. on-chain data shows that the daily volume of Ethereum has risen to 1.22 million transactions, indicating increased network activity and large holders accumulating Ethereum, reducing selling pressure.

Analysts believe that the introduction of Layer 2 scaling solutions has impacted Ethereum's on-chain activities, improving scalability while still maintaining the need for settlement layer. Long-term holders are maintaining their holdings, while short-term holders are increasing, indicating a resurgence of retail investment interest.

Nevertheless, on-chain activities of Ethereum still face some challenges. For example, currently, there are two entities controlling 95% of Ethereum Blocks, raising concerns of centralization and censorship. Ethereum Improvement Proposal 7805 aims to address this issue by transferring power from block builders to validators, enhancing the decentralization of Ethereum.

3. AltCoin prices rise, triggering market follow

Driven by the rise of BTC and Ethereum, AltCoin prices experienced a general pump on November 23. Among them, the 24-hour price increase of Tokens such as XLM, ADA, ICP, and ALGO exceeded 20%, attracting attention from the market to follow.

Analysts believe that the pump in AltCoin prices may mark the arrival of the "alts season". The market has stabilized, and bullish sentiment has risen, driven by the demand for decentralized blockchain options and enterprise use cases, all of which provide momentum for the pump in AltCoin prices.

However, market observers warn against excessive trading and remind investors of the risks of macroeconomic conditions and government policy changes. In addition, the performance of alts may be worse than expected, forcing industry participants to re-examine innovation and real use cases.

In general, the pump in AltCoin prices reflects the market's optimistic expectations for the future of Crypto Assets, but investors still need to remain cautious and closely follow market trends and potential risks.

IV. Project News

1. Mind Network launches $vFHE voting mechanism, opening a new era of encryption governance and privacy.

Mind Network is a Decentralization artificial intelligence network designed to empower artificial intelligence with privacy computing. The project was launched in 2021 and founded by former Google employees. Mind Network uses fully Homomorphic Encryption (FHE) technology to protect user data privacy and supports computation on encrypted data.

Latest News: Mind Network has launched an innovative voting mechanism $vFHE, combining FHE technology with the Block chain. $vFHE allows users to participate in on-chain voting without revealing the voting content, ensuring fairness and transparency in the voting process. This mechanism is expected to promote the development of Cryptocurrency governance and provide a more democratic and private decision-making method for the community.

Market Impact: The introduction of the $vFHE voting mechanism signifies a breakthrough in the application of privacy computing technology in the blockchain field. Traditional on-chain voting carries the risk of privacy leakage, while $vFHE protects user privacy through encryption, which is expected to promote the healthy development of the encryption community. In addition, this mechanism can also be applied to other scenarios that require privacy protection, such as electronic voting and medical data analysis.

Industry feedback: Analysts have high expectations for encryption. Messari researchers believe that privacy computing will be a key factor in blockchain development, and Mind Network's innovation is expected to lead this trend. However, some analysts are concerned about the performance and scalability issues of FHE technology, and believe that it may face challenges in large-scale applications.

2. Chainlink drives "Guardian Plan" to reshape tokenization financial markets

Chainlink is a Decentralization oracle network that provides reliable external data for blockchains. Since its launch in 2017, the project has become a leading oracle solution. Recently, Chainlink participated in the 'Guardian Program' led by the Monetary Authority of Singapore.

Latest News: The project aims to revolutionize the financial market through tokenization and advanced technology. Chainlink will provide crucial oracle services for the project, ensuring the connection between tokenized assets and real-world data. The project will establish a framework and standards for digital assets, improving liquidity, transparency, and efficiency in the financial market.

Market Impact: Tokenization is expected to drive TradFi assets to migrate to the blockchain, thereby reducing Transaction Cost and increasing Liquidity. Through Chainlink's oracle, tokenized assets can be associated with real-world data, expanding their use cases. This initiative is expected to promote the widespread application of blockchain technology in the financial sector.

Industry Feedback: Industry insiders welcome the plan. Goldman Sachs analysts believe that tokenization is an inevitable trend in the financial industry and is expected to bring about fundamental changes. However, some are concerned about regulatory obstacles and believe that the compliance of tokenized assets remains a major challenge. Overall, the market is optimistic about the prospects of the plan.

3. Beam Chain introduces ETH improvement proposal to enhance privacy and scalability

Beam is a Cryptocurrency project that uses the Mimblewimble protocol to achieve privacy protection and was launched in 2019. The project has been committed to improving the privacy and scalability of blockchain. Recently, the Beam team proposed an Ethereum Improvement Proposal (EIP-7805).

Latest development: EIP-7805 aims to address the censorship issue in ETH Block production. Currently, 95% of ETH Blocks are controlled by two entities, leading to concerns about centralization and censorship. This proposal transfers power from Block builders to validators, enhancing the level of Decentralization of ETH Blocks.

Market Impact: Once EIP-7805 is adopted, it will enhance the privacy and censorship resistance of the Ethereum network. This will help attract more privacy-conscious users and applications, driving the development of the Ethereum ecosystem. Additionally, the proposal will also improve the scalability of Ethereum, paving the way for the deployment of complex applications.

Industry Feedback: The Ethereum community has responded enthusiastically to the proposal. Vitalik Buterin said that EIP-7805 is an important milestone in the development of Ethereum. However, some people are concerned that the proposal may affect the consensus efficiency of Ethereum and further evaluation of its impact is needed. Overall, the industry welcomes efforts to improve the privacy and scalability of Ethereum.

V. Economic Dynamics

1. The Fed reiterates its stance on raising interest rates, with continued inflationary pressures

The U.S. economy maintained a modest rise in the third quarter of 2024, but the inflation rate remained high. According to the latest data, the actual GDP annualized growth rate in the third quarter was 2.6%, slightly lower than the 2.8% in the previous quarter. At the same time, the year-on-year pump in the core personal consumption expenditure price index (core PCE) was 5.1%, far above the Federal Reserve's target level of 2%.

Important event: The Federal Reserve raised the federal funds Intrerest Rate target range by 75 basis points to 4.25%-4.5% at its monetary policy meeting in November. Fed Chair Powell emphasized the need for further rate hikes to achieve the 2% inflation target, despite the economic slowdown and persistent inflationary pressures. He stated that dropping inflation is the top priority at present, even at the cost of economic slowdown.

Market reaction: US stocks briefly fell after the Fed raised interest rates, but then rebounded, and investors welcomed the Fed's firm stance. The US dollar index rose slightly, reflecting market expectations that interest rates will further rise. The bond yield curve further inverted, indicating an increased risk of economic recession.

Expert analysis: Jan Hatzius, Chief Economist at Goldman Sachs, believes that the Federal Reserve still needs to further raise interest rates to the range of 5%-5.25% in order to have a chance of achieving the inflation target in the second half of 2024. He predicts that the U.S. economy will experience a mild recession in early 2025. Rick Rieder, Chief Investment Officer for Fixed Income at BlackRock, thinks that although inflation pressures may be difficult to alleviate in the short term, the Federal Reserve should slow down the pace of rate hikes to avoid excessive tightening leading to a hard landing for the economy.

Six. Regulation & Policies

1. China Securities Regulatory Commission issued 8 financial industry standards such as "Regional Equity Market Blockchain General Infrastructure Communication Guidelines"

The China Securities Regulatory Commission (CSRC) recently issued 8 financial industry standards, including the "Regional Equity Market Blockchain General Infrastructure Communication Guide." The guide provides communication guidelines between the general financial infrastructure based on the "regulatory chain-local business chain" dual-layer architecture and the existing systems of regional equity markets.

This standard specifies the systems, main data objects, business scenarios, and operation instructions involved in 6 types of communication protocols, including user registration protocol, asset registration protocol, fund mapping protocol, asset mapping protocol, transfer management protocol, and Settlement management protocol. This provides guidance for the application of blockchain technology in regional equity markets.

Industry insiders say that the standard formulation and implementation are conducive to fully leveraging the dual-layer blockchain architecture of the "regulatory chain-local business chain" to support existing business systems, and promote the transformation and integration of existing business systems. This will further standardize the application of blockchain technology in the financial sector and improve regulatory efficiency.

Wang Tao, Deputy Dean of Chongyang Institute for Financial Studies at Renmin University of China, believes that the introduction of this standard is conducive to promoting the application of blockchain technology in the construction of financial infrastructure and creating a favorable environment for financial technology innovation. It also reflects the regulatory authorities' tolerant attitude and support for emerging technologies.

2. Australia seeks public opinions on the taxation of encryption assets report

The Australian Treasury recently invited the public to provide feedback on the implementation of the Organization for Economic Co-operation and Development (OECD)'s encryption assets report framework (CARF). CARF aims to improve international tax transparency by ensuring that encryption-related information is reported in a standardized manner.

According to the consultation document, Australia expects the CARF report to be implemented at some point in 2026. At that time, intermediary institutions such as exchanges and wallet providers need to report specific encryption transaction information to the tax authorities, including the buying and selling of encryption assets.

This measure aims to enhance Australia's monitoring and taxation encryption-related activities, thereby reducing opportunities for tax evasion and avoidance. However, it has also raised concerns within the industry about privacy protection and Compliance costs.

Ari Redbord, a Cryptocurrency analyst at Chainalysis, said that CARF helps to combat Money Laundering and other illegal activities, but it may also increase the Compliance burden for encryption companies. He suggested that the government weigh the pros and cons and take into account both regulation and industry development during the implementation process.

The Australian Taxation Office may seek public input on the use of XML-based reporting formats. Overall, this move reflects further efforts by Australia in the regulation of encryption assets.

3. Commodity Futures Trading Commission approved the use of blockchain technology to manage the trading Collateral of the Derivatives market

The Commodity Futures Trading Commission (CFTC) has recently approved the use of blockchain technology to manage non-cash Collateral in the Derivatives market. This proposal was put forward by the Global Markets Advisory Committee with the aim of improving the operational efficiency of the Derivatives market.

Traditionally, the non-cash Collateral management in the Derivatives market faces many challenges, such as low Liquidity, cumbersome operation, high cost, etc. However, blockchain technology can achieve instant and round-the-clock transfer of Collateral, thereby improving the existing operating model.

CFTC Chairman Heath Tarbert said the move signifies progress in US regulatory oversight of digital assets and accelerates the integration of blockchain technology with TradFi's depth. He believes this will bring higher operational efficiency and lower transaction costs for market participants.

However, some industry insiders have expressed concerns. Former CFTC Chairman Tim Massad believes that regulatory authorities need to establish clear rules to regulate the application of blockchain technology in the derivatives market, in order to ensure market stability and fair competition.

Overall, the CFTC's move reflects the United States' determination to explore the application of blockchain technology in the TradFi field and is expected to drive industry innovation. However, how to strike a balance between innovation and regulation still needs further observation.

4. Non-profit organization Coin Center warns Trump administration policy may "scare away" encryption investors

While Donald Trump's victory in the election is seen as Favourable Information to the Crypto Assets industry, the non-profit Cryptocurrency advocacy organization Coin Center warns that entrenched policies may still scare away Cryptocurrency innovators in the United States.

Coin Center Research Director Van Valkenberg analyzed the three "serious threats" faced by US encryption users and developers in 2025 in an article.

The first major threat comes from the reporting requirements for Cryptocurrency specified in section 6050I of the US tax law, which currently stipulates that anyone who receives $10,000 in Cryptocurrency must unconditionally report to the IRS. In August last year, Coin Center argued that these reporting requirements are unconstitutional.

The second and third major threats come from the sanctions against Tornado Cash, including criminal charges for unlicensed fund transfers against the mixing service company and the Samourai Wallet. Coin Center states that the charges against Tornado Cash founder Roman Storm could set a worrying precedent for developers of non-regulated encryption services.

Van Valkenburg called for the new government to re-evaluate these policies to ensure that the United States maintains its leading position in Crypto Assets innovation. He believes that overly strict regulation will hinder industry development and may lead to talent and capital outflow.

Overall, although the Trump administration is seen as more friendly to Cryptocurrency, Coin Center's warning also reflects some concerns within the industry about regulatory policies. How to seek a balance between innovation and regulation still requires joint efforts from the government and the industry.