Article Summary
- Arthur Hayes predicts a potential Bitcoin dip before a possible year-end rally.
- El Salvador buys more Bitcoin.
- Announcements from Sentient and Coinbase.
- Updates on Ethereum and Solana.
- Broader cryptocurrency market analysis.
Arthur Hayes on Bitcoin
BitMEX co-founder Arthur Hayes, in a recent blog post titled "Snow Forecast," indicated that Bitcoin's drop from $125,000 to the $90,000 range while U.S. stock markets remained near all-time highs, suggests a "credit event is brewing." Hayes notes that his U.S. dollar liquidity index has weakened significantly since July. If markets worsen further, the Federal Reserve, Treasury, or other institutions will be forced to accelerate "money printing" to stabilize. During this time, Bitcoin could potentially retrace to $80,000 - $85,000. However, he believes that once U.S. liquidity re-expands and stimulus policies ramp up, Bitcoin will rapidly reverse, projecting a surge to the $200,000 - $250,000 range by year-end.
El Salvador Buys More Bitcoin
According to data from bitcoin.gob.sv, the official website of El Salvador's Ministry of Finance, the government recently purchased an additional 1,090 BTC, valued at approximately $100 million USD. The latest data reveals that the country's Bitcoin holdings have increased to 7,474.37 BTC, with a current total value of approximately $687 million.
Sentient Announcements
The $SENT airdrop registration is now open, with eligibility confirmation due by 2:00 AM Beijing time on November 30. The airdrop targets four groups: community contributors, active Sentient Chat users, top voices on social media platforms, and external open-source researchers. Registration requires verification via a one-time selfie through "Billions" to prevent Sybil attacks. Additional accounts cannot be added after submission.
Coinbase Updates
Coinbase Markets announced that Superfluid (SUP) spot trading on the Base network will be listed on November 17 (Eastern Time). The SUP-USD trading pair will be activated in supported regions later that day, contingent on liquidity conditions. Additionally, Coinbase will support Toncoin (TON), with deposits only on The Open Network (TON) network. The TON-USD spot trading pair is expected to open on November 19 at 01:00 (UTC+8) or later, for supported regions.
Cryptocurrency Market News
Other cryptocurrency market developments included:
- Cboe Futures Exchange plans to launch Bitcoin and Ethereum continuous futures contract trading on December 15.
- VanEck officially launched the VanEck Solana ETF (ticker VSOL) and began trading.
- SOL Strategies revealed it would provide staking services for the VanEck Solana ETF.
- LevelField received approval from Illinois to acquire Burling Bank, transforming it into a full-service bank offering cryptocurrency services.
- SOL Treasury Forward Industries disclosed its SOL holdings surpassed 6.9 million coins.
- Strategy invested $835.6 million to add 8,178 Bitcoin.
- Aave plans to launch an app in the Apple App Store offering high yields to consumers.
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