November Crypto News 2024

Key Events in the Crypto and Financial Markets – November 2024

November 2024 will be etched into crypto history for its groundbreaking events that have left a lasting impact on the finance and crypto industries. This month witnessed record-breaking transactions, major announcements, and technological advancements.

Binance's BNB Burn

Binance kicked off November with its 29th quarterly BNB burn, destroying 1.77 million coins worth $1 billion. This burn reflects the exchange's commitment to support the value of BNB by reducing its supply.

Bitcoin ETFs Gain Momentum

U.S. spot Bitcoin ETFs saw a surge in inflows of $2.2 billion on November 3rd, a testament to Bitcoin's growing legitimacy and accessibility for investors.

Massive Dogecoin Transaction

On November 5th, a transaction involving 999,999,999,999 DOGE worth $170 million moved from Binance to an unknown wallet, sparking speculation about possible institutional or whale activity in Dogecoin.

U.S. Elections and Market Reactions

Donald Trump's re-election victory on November 6th had an immediate impact on the markets, with the U.S. stock market gaining $1.28 trillion in a single day. Investors expressed optimism about his fiscal policies.

Tether's USDT Printing

Tether, the leading stablecoin, issued 1 billion USDT on November 8th, solidifying its dominance in the market and responding to increased demand.

MicroStrategy's Bitcoin Philosophy

MicroStrategy purchased 27,200 BTC for $2 billion at an average price of $74,463 on November 10th, reaffirming the company's commitment to Bitcoin as a strategic reserve asset.

Resurrected Wallets

Two dormant wallets were reawakened in November: a Dogecoin wallet containing $131,000 and a Bitcoin wallet holding $36.6 million. These events highlight the long-term potential of cryptocurrencies.

Crypto Regulation Updates

The British government announced intentions to regulate the crypto industry, while SEC Chairman Gary Gensler hinted at potential changes in cryptocurrency regulation under the Trump administration.

Extreme Greed on Crypto Market

The Fear and Greed Index reached 90 on November 17th, indicating extreme greed and a surge in investor sentiment.

Altcoins and Ethereum

Altcoin trading volumes topped $300 billion for the first time since 2021, while Ethereum's price ratio to Bitcoin fell to 0.032, its lowest since March 2021.

Strategic Bitcoin Reserves

Binance founder Changpeng Zhao predicted a global race to acquire Bitcoin for strategic reserves, emphasizing its increasing relevance as an institutional asset.

Technological Innovations

The TON Foundation introduced TON Teleport BTC, enabling Bitcoin liquidity to connect with the TON ecosystem, fostering blockchain interoperability.

Institutional Adoption

Vancouver's mayor proposed Bitcoin as a backup asset for the city, while the TVL of the Base ecosystem grew by 30.5% in 30 days, reflecting increased activity in DeFi.

展望

November was a remarkable month for the crypto industry, and the momentum is expected to continue into December. Stay tuned for our end-of-month review of the key events that will shape the landscape.

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