Cryptocurrency Market Overview - The cryptocurrency market experienced a widespread decline on November 14, with Bitcoin dropping by 2.51%, Ethereum by 5.86%, Ripple by 4.22%, and Dogecoin by 3.84% [1][2]. - In the last 24 hours, nearly 200,000 individuals faced liquidation in the cryptocurrency market [3]. Liquidation and Market Sentiment - The total liquidation in the past 24 hours reached approximately $760 million, with long positions accounting for $600 million and short positions for $150 million [4]. - Over the past month, the sell-off of spot Bitcoin ETFs has amounted to around $2.8 billion, indicating a bearish sentiment in the market [4][5]. - 10X Research noted that the cryptocurrency market is currently in a bear phase, with Bitcoin and most related assets deeply entrenched in this trend [5]. External Economic Factors - The Federal Reserve's stance on interest rates remains cautious, with Cleveland Fed President suggesting that rates should remain stable to combat inflation [7]. - The probability of a 25 basis point rate cut in December is estimated at 51.6%, while the likelihood of maintaining current rates is at 48.4% [8]. - International oil prices have surged, with both NYMEX WTI and ICE Brent crude rising over 2% [5]. Gold Market - International gold prices have also seen an increase, with London gold prices rising above $4,200 [9].

Cryptocurrency Market Overview - The cryptocurrency market experienced a widespread decline on November 14, with Bitcoin down 2.51%, Ethereum down 5.86%, Ripple down 4.22%, and Dogecoin down 3.84% [1][2]. - In the last 24 hours, nearly 200,000 individuals faced liquidation in the cryptocurrency market [3][4]. - The total liquidation in the past 24 hours amounted to approximately $760 million, with long positions accounting for $760 million and short positions for $600 million [4]. Market Sentiment and Trends - 10X Research indicated a prevailing bearish sentiment in the market, stating that Bitcoin and most crypto-related assets are deeply entrenched in a bear market [5]. - The market is under dual pressure from spot sell-offs and corporate hedging, leading traders to largely avoid altcoins [5]. - The recent sell-off of spot Bitcoin ETFs has reached approximately $2.8 billion over the past month, with expectations of further withdrawals if price momentum stagnates before the December Federal Reserve meeting [4][5]. Federal Reserve and Economic Indicators - Cleveland Fed President Loretta Mester emphasized the need to maintain stable interest rates to combat persistent inflation, particularly affecting low- and middle-income households [6]. - The probability of a 25 basis point rate cut by the Federal Reserve in December stands at 51.6%, while the probability of maintaining current rates is at 48.4% [7]. - The White House indicated that the October employment report will be released, but it will lack unemployment rate data due to a federal government shutdown [7]. International Developments - South Korean President Lee Jae-myung announced an agreement with the U.S. regarding tariffs and security cooperation, including plans for South Korea to build nuclear submarines [8][9]. - The international gold price has also seen an increase, with London gold prices rising above $4,200 [10].

Group 1 - Grayscale Investments LLC has submitted a confidential IPO application to the SEC, aiming to leverage capital markets for cryptocurrency-related offerings [1][2] - The company currently manages over $33 billion in assets and offers more than 30 investment products, having launched the first publicly traded Bitcoin and Ethereum funds [1][2] - Grayscale is known for its pivotal role in advocating for the approval of spot Bitcoin ETFs in the U.S., and it recently won a legal victory to convert its Bitcoin trust into the first direct Bitcoin ETF [2] Group 2 - The IPO application follows the recent confidential IPO submission by Gemini and the successful public listing of Circle, which has solidified the position of cryptocurrency in mainstream finance [2] - Grayscale's Bitcoin Trust ETF (GBTC) has been surpassed in asset size by BlackRock's iShares Bitcoin Trust ETF (IBIT), which has three times the assets of GBTC and a significantly lower management fee [3] - Bitcoin has recently reached record highs, surpassing $120,000, while the U.S. Congress is preparing to review important industry legislation during the upcoming "Crypto Week" [3]