🌐 Global market cap: $3.03 trillion, rebounding above $3 trillion, with Bitcoin bouncing back from its low.
📶 Market sentiment: Fear and greed index at 15, extreme fear, panic and greed index at 19, slightly rebounding from the previous day, but still in an 'extreme fear' state.
💸 Funds and liquidations
In the past 24 hours, the market rebound has led to a large number of short positions being liquidated.
Total liquidation amount and number of people: The total liquidation amount across the network is between $206 million and $225 million, with nearly 110,000 people liquidated.
Long and short distribution: Liquidation is mainly concentrated in short positions. Short liquidations are between $123 million and $129 million, while long liquidations are $83,591,300.
Capital flows: Digital asset investment products saw a net outflow of $1.94 billion last week, marking the third-largest weekly outflow since 2018.
🔥 Today's Focus
Cryptocurrency market rebounds from overselling: Bitcoin stands above $87,000, with a 24-hour increase of over 2%. Ethereum, Dogecoin, XRP, and others also saw significant rises.
Expectations for a Fed rate cut in December have risen significantly: traders' expectations for a rate cut probability in December surged from a low of less than 40% to around 70%. This is mainly due to the dovish remarks from New York Fed President Williams.
The internal divisions within the Federal Reserve remain evident: Boston Fed President Collins stated that she believes there is no need for the Fed to cut interest rates again in December. Several officials oppose or are uncertain about a third consecutive rate cut.
US political situation and data risks: The US Treasury Secretary pointed out that the recent government shutdown has caused an irreversible economic loss of $11 billion. The government closure has also led to the absence of key economic data, complicating the Fed's assessment of economic conditions.
📊 Mainstream coins and popular sector performance
Mainstream coin performance (data as of before 0:00 on November 25)
₿ BTC: $87,000 (rebounding from recent lows, 24-hour increase over 2%).
Ξ ETH: Price to be updated (24-hour increase over 1%).
Popular sectors and projects
The PayFi sector leads the gains: up 2.44% over 24 hours. Among them, Telcoin (TEL) is up 5.21%, Stellar (XLM) is up 5.45%.
Other sector performances:
RWA sector: up 1.48%, Creditcoin (CTC) up 10.34%.
DeFi sector: up 1.29%, World Liberty Financial (WLFI) up 9.57%.
Meme sector: up 1.21%, SPX6900 (SPX) up 9.32%.
Michael Saylor hints at increasing Bitcoin holdings: MicroStrategy founder Michael Saylor posted that he "will not yield," suggesting he will continue to increase his Bitcoin holdings.
🌍 Macroeconomic and Regulatory Dynamics
Chinese central bank liquidity injection: The People's Bank of China conducted a 338.7 billion yuan 7-day reverse repo operation on November 24. Additionally, the central bank announced it would conduct a 1 trillion yuan MLF operation on November 25.
Geopolitics and industry regulation:
China expressed that Japan's plan to deploy offensive weapons in the southwestern islands near Taiwan is "extremely dangerous" and that foreign forces must not interfere in Taiwan.
The Shanghai Municipal Government Office issued a document proposing to promote the integration of artificial intelligence technology with the entire pharmaceutical industry chain.
US stock market rebound: All three major US indices closed higher, with the Dow up 1.08%, the S&P 500 up 0.98%, and the Nasdaq up 0.88%.
🐌 Market Insights
On November 24, the market welcomed a rebound from overselling, boosted by rising expectations for a Fed rate cut, with Bitcoin returning above $87,000. The overall liquidation scale significantly declined compared to the previous two days, primarily dominated by short positions.
On the technical front, the $80,000 level for Bitcoin is seen as a key support level. Whether this rebound can continue depends on whether it can effectively break through and stabilize in the resistance area of $88,000 to $90,000.
Despite market sentiment still being in "extreme fear", the fear index has rebounded from its low. Some macroeconomists believe that a significant crash in Bitcoin and the overall cryptocurrency market is unlikely at this moment, reasoning that "we have not yet reached a level of euphoria in this cycle."
In the short term, the market's focus will completely shift to further statements from Fed officials and key economic data from the US (although some data is missing due to the government shutdown). This information will provide more clues for the December interest rate decision and may determine the quality of this rebound.
