Group 1 - Nvidia's strong earnings report alleviated concerns about a potential AI bubble, contributing to a significant market rally with the Dow Jones Industrial Average rising by 700 points before experiencing a subsequent decline [1] - The mixed September jobs report, which showed strong payroll gains but an increase in the unemployment rate to the highest level in four years, contributed to market volatility [2] - Federal Reserve policymakers are adopting a more hawkish stance, casting doubt on the possibility of a rate cut in the near future [2] Group 2 - The decline in bitcoin's price, which has dropped over 30% from earlier highs, is correlated with the stock market's performance, particularly affecting the TQQQ ETF that tracks the Nasdaq-100 Index [3][4] - The GENIUS Act, enacted on July 18, has established a regulatory framework for stablecoins, which has diminished bitcoin's transactional role, contributing to its price drop [3] - The selloff in bitcoin may be forcing investors to liquidate stock positions, particularly those who used leverage for crypto investments [4] Group 3 - Bitcoin has become a significant indicator for stock market movements, with algorithms reacting to the relationship between stocks and bitcoin [5] - Investors with substantial holdings in AI-related stocks are also likely to own cryptocurrencies like bitcoin and ethereum, suggesting a connection between the two asset classes [6] - The current liquidity issues in the market may be reflected in the performance of cryptocurrencies, which are seen as leading indicators for equities [6]

加密货币抛售潮仍在继续。 11月21日，加密货币市场集体大跌，截至北京时间21日13时52分，比特币跌逾7%，自4月以来首次跌破87000 美元，报86097.4美元。其他加密货币同步下跌，以太币跌近8%，索尔币跌8.37%，狗狗币跌7.28%。 | 排名 | 巾杆 | 价格 | 价格(24h%) | | --- | --- | --- | --- | | 1 | BTC | $86097.4 | -7.09% | | 2 | ETH | $2802.56 | -7.81% | | 3 | SOL | $131.91 | -8.37% | | 4 | XRP | $1.9793 | -7.46% | | 5 | HYPE | $36.7 | -7.24% | | 6 | DOGE | $0.14636 | -7.28% | | 7 | BNB | $861.72 | -5.26% | | 8 | Z ZEC | $659.27 | -3.96% | | 9 | SUI | $1.4812 | -9.56% | | 10 | ADA | $0.4238 | -9.27% | 据CoinGlass数据显示，刚刚过 ...

Dawson补充说，"科技估值波动的火药桶"可能会使比特币在年底前跌至7.5万美元，尽管价格应该很快从这一水平反弹。根据在线期权平台Derive.xyz的数 据，比特币在年底跌破9万美元的可能性已上升至50%，因为交易员加大了对冲力度，以应对世界上最大的加密货币的进一步下跌。此外，期权市场认为比 特币在2025年突破10万美元的可能性只有30%。 澳大利亚堪培拉Derive.xyz的研究主管Sean Dawson表示："比特币价格目前非常脆弱，并倾向于下跌。之前的牛市驱动因素，如降息……已经失败，阻碍了 价格上涨的势头。换句话说，地平线上几乎没有什么值得看涨的。"Dawson估计，在过去30天里，多头和空头头寸的加密货币清算总额为82.5亿美元。 王滢波表示，对于普通投资者而言，这个充满内在冲突的宏大实验，远非通往财务自由的捷径，而是一个风险极高、逻辑脆弱的场所。保持距离，是避免成 为这个宏大叙事殉葬品的最明智选择。 机资本的最大魅力"暴涨的可能性"便将消失，支撑其当前高估值的投机基础便会瓦解。 "比特币面临一个逻辑上的死循环。"上海社会科学院数字经济学者王滢波向《华夏时报》记者表示，其高昂的价格依赖于"未来 ...

近日，比特币持续跳水，并抹去了今年的全部涨幅。年初至今，比特币累计下跌7.8%，或将实现年度下跌， 这是自2022年以来的首次下跌。 加密货币抛售潮仍在继续。 11月21日，加密货币市场集体大跌，截至北京时间21日13时52分，比特币跌逾7%，自4月以来首次跌破87000 美元，报86097.4美元。其他加密货币同步下跌，以太币跌近8%，索尔币跌8.37%，狗狗币跌7.28%。 | 排名 | 面积 | 价格 | 价格(24h%) | | --- | --- | --- | --- | | 1 | B BTC | $86097.4 | -7.09% | | 2 | ETH | $2802.56 | -7.81% | | 3 | SOL | $131.91 | -8.37% | | 4 | XRP | $1.9793 | -7.46% | | 5 | HYPE | $36.7 | -7.24% | | 6 | DOGE | $0.14636 | -7.28% | | 7 | BNB | $861.72 | -5.26% | | 8 | Z ZEC | $659.27 | -3.96% | | 9 | SUI | ...

Core Viewpoint - The current international monetary system faces significant structural flaws, including the broad "Triffin Dilemma," increasing spillover effects of U.S. domestic policies, and the trend of dollar "weaponization," which severely limits its stability and sustainability [2][8]. Group 1: Structural Flaws in the International Monetary System - The broad "Triffin Dilemma" remains unresolved, as the U.S. must continuously provide dollar liquidity to meet international demand, which undermines the dollar's credit foundation [9]. - The spillover effects of U.S. domestic policies have intensified, exposing the asymmetry of the current monetary system, where U.S. monetary and fiscal policies significantly impact emerging markets and developing countries [10]. - The trend of dollar "weaponization" has increased, with the U.S. using financial sanctions and the SWIFT system for geopolitical purposes, leading to a fragmentation of the international monetary system [11]. Group 2: Impact of Trump 2.0 on the International Monetary System - Trump 2.0 policies challenge the post-war international monetary system through debt tools, a retreat from multilateralism, and a focus on digital currencies, potentially leading to a restructuring of the global financial system [13][15]. - The U.S. is attempting to externalize its debt burden by encouraging trade partners to convert short-term U.S. debt into long-term bonds, which could undermine the status of U.S. Treasury bonds as a safe asset [17][18]. - The cancellation of the U.S. Agency for International Development (USAID) weakens the global aid network, potentially diminishing the dollar's soft power and its role as a global reserve currency [20]. Group 3: The Rise of the Renminbi and Digital Currencies - The internationalization of the renminbi is progressing rapidly, supported by initiatives like the Belt and Road Initiative and the Asian Infrastructure Investment Bank, although it is unlikely to replace the dollar's dominance in the short term [5]. - The Trump administration's support for cryptocurrencies may reshape the global monetary system, with private cryptocurrencies potentially gaining institutional status and challenging traditional fiat currencies [6][25]. - The emergence of a "new dollar cycle" through stablecoins is seen as a way to supplement traditional financial markets with digital dollar liquidity, enhancing the dollar's position in the digital economy [25][28]. Group 4: Future Directions of the International Monetary System - The international monetary system is entering a transformation phase, potentially evolving into a multi-polar, regionalized, and digitized structure, with the dollar, euro, and renminbi as key currencies [30][31]. - The regionalization of the monetary system is becoming more pronounced, with the dollar, euro, and renminbi emerging as three major currency poles, reflecting structural adjustments in global supply chains [33]. - Digitalization is reshaping the competitive logic of the international monetary system, with the U.S. aiming to establish a digital dollar hegemony through stablecoins and cryptocurrency regulations [34].

Market Overview - Concerns over the AI bubble, expectations of economic slowdown, and profit-taking pressures have led to significant volatility in the U.S. stock market, with the S&P 500 index dropping nearly 2% this week and a cumulative decline of 3.5% since November [1] - The Nasdaq Composite index, heavily weighted with tech stocks, has fallen over 6% in November, marking its largest three-week drop since April [1] Stock Performance - Momentum stocks have faced severe declines, with Robinhood's market value evaporating by approximately 25% this month, Coinbase's stock plummeting by 30%, and Palantir down about 23% [3] - Goldman Sachs' basket of high-beta momentum stocks has dropped nearly 15% from its recent peak, marking the worst week for momentum performance since November 2022 [3][5] AI Sector Impact - Investors are particularly anxious about companies heavily invested in AI, with the Global X Artificial Intelligence & Technology ETF down about 10% this month and an ETF tracking the "Big Seven" tech companies declining approximately 6.6% since the end of October [5] - Nvidia's earnings report, initially expected to boost the market, resulted in a significant sell-off, with the stock opening up 5% but closing down nearly 3%, dragging the S&P 500 index down about 3% [5][6] Private Credit and Crypto Market - The private credit market is gaining attention, with concerns arising from the sudden collapse of First Brands, highlighting the risks associated with companies borrowing excessively at low rates [6] - Bitcoin's price fell to around $80,553, down over 30% from its all-time high of $126,000 in early October, raising questions about the broader impact of the crypto market on the stock market and economy [8] Market Dynamics - The volatility is attributed to leverage and profit-taking ahead of year-end, with brokerage account financing reaching a historic high of $1.1 trillion by the end of October [10] - Over-leveraged market participants are selling tech stocks to cover losses in crypto positions, exacerbating market declines [10] - Despite the volatility, some analysts believe the market remains relatively calm, with the S&P 500 index only 4.2% below its all-time high, indicating that many investors are still observing rather than panicking [12]

刚刚过去的24小时内，加密货币被抛售，比特币、以太坊跌超10%，加密货币全网合约爆仓超20亿美元，爆仓人数高达40.87万。 | 18:50 % | | | | .. I ? CD | | --- | --- | --- | --- | --- | | 爆仓信息 | | | | × | | 実部 BTC | ETH | SOL | XRP | HYPE =Q | | 总爆仓 | | | | | | 1小时爆仓 | | 多单爆仓 | | 空单爆仓 | | $6337.6万 | | $5202.6万 | | $1135万 | | 4小时爆仓 | | 多单爆仓 | | 空单爆仓 | | $10.9亿 | | $10.5亿 | | $3564.8万 | | 12小时爆仓 | | 多单爆仓 | | 空单爆仓 | | $12.9亿 | | $12.4亿 | | $5594.9万 | | 24小时爆仓 | | 多单爆仓 | | 空单爆仓 | | $20.1亿 | | $18.7亿 | | $1.5亿 | | ETH | 2697 | -10.3% | | --- | --- | --- | | $327.3亿 -11.9% ...

知名对冲基金经理Bill Ackman警告称，加密货币市场的强制平仓和追加保证金正在引发房利美和房地美 的股票抛售。 11月21日，Bill Ackman在社交媒体平台上表示，他此前低估了房利美和房地美对加密货币的敞口程度。 为满足流动性需求，这些投资者被迫抛售其他资产，房利美和房地美股票成为被波及对象。这一机制导 致两家公司股价与比特币价格呈现相关性。 这位Pershing Square创始人坦言，尽管其对冲基金并未持有比特币，但短期内他们实际上持有了"比特币 的股市代理"。 Ackman强调，短期内技术面因素可能压倒基本面，房利美和房地美正是这一现象的典型案例。 房地美的财务状况喜忧参半 Ackman指出房利美和房地美与加密货币的关联并非直接体现在财务报表中。这种敞口隐藏在两家公司 的股东基础里，部分持有加密货币资产的投资者同时配置了这两家政府支持企业的股票。 他认为当比特币等加密货币价格大幅下跌时，持有杠杆头寸的投资者面临强制平仓和追加保证金要求。 作为一家由政府支持的金融服务企业，房地美通过购买、证券化和担保单户家庭抵押贷款来为市场提供 流动性，其大部分收入来源于此。 数据显示，公司的财务健康状况喜忧 ...

比特币从九万下探到八万，这事儿听着像末日预演，也可能是捡便宜的好机会，下面我把来龙去脉说清楚，让你知道发生了什么，再决定自己站哪边。 10月6日，比特币创下126,272.76美元的历史高点，市场一片热闹，很多人还在数着未来的利润； 不到一个半月后，11月18日，比特币跌破91,500美元，一度触及九万美元以下，七个月高点被彻底抹去； 这次下跌短短六周内，整个加密货币市值蒸发超1.2万亿美元，声势比想象中还要猛烈； 市场情绪从极度贪婪转成极度恐慌，CoinMarketCap和其他情绪指标把参与者吓得开始大买保护性合约； 期权市场里，交易员大量押注看跌合约，11月底到期、集中在9万、8.5万和8万美元的合约规模超过7.4亿美元； Crypto Fear Greed指数降到13，到了历史上常见短期底部出现的低位，大家都开始紧盯下一步； 去杠杆动作在场内蔓延，Matrixport和Coinglass数据显示，以太坊未平仓合约规模大幅回落，杠杆资金在快速撤离； 小币种的未平仓合约下降更明显，Solana等代币的持仓量跌幅超过一半，市场杠杆大幅收缩； 去杠杆既是利空也是清洗，短期放大抛压，但长远看减少了过度投机的风险， ...

【导读】加密货币市场惨遭 " 血洗 " ，超 40 万人被爆仓 中国基金报记者 李智 加密货币市场惨遭 " 血洗 " ，再度上演 " 黑色星期五 " 。 消息面上， 11 月 21 日，受美股市场大跌影响，全球市场集体下挫，韩国综合指数收跌 3.79% ，日经 225 指数收跌 2.4% ，新加坡海峡时报指数收跌 0.9% 。 11 月 21 日，加密货币市场持续跳水，比特币价格一度跌至 81111 美元，创 4 月 7 日以来 新低，过去 24 小时内跌超 10% 。 行 情 显 示 ， 以 太 坊 跌 至 2 7 0 0 美 元 ， 过 去 2 4 小 时 内 跌 1 0.2 2 % 。 此 外 ， 瑞 波 币 、 索 拉 纳 币 、 狗 狗 币 等 均 跌 超 1 0 % 。 | 排名 币种 | | | 最新价格 | 24H涨幅 | 24H最高 | 24H最低 | 24H成交额 | 历史高/低 | 流通市值 | 总/流通数量 | 7天走势图 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | ...