Bitcoin reached a new all-time high of $89,604 on Tuesday, pushing its market value to $1.77 trillion before experiencing a slight dip as long-term holders began to move their assets. At the time of writing, Bitcoin is trading at $88,400, with daily trading volume hitting $133 billion. The surge in price has prompted a notable increase in the circulation of dormant Bitcoin, with two-year and three-year-old coins seeing significant movements, signalling that long-term holders are taking profits.
The rally has also positively impacted the broader crypto market, which saw the total market cap climb to an all-time high of $3.11 trillion, marking a 4.7% increase over the past 24 hours. In addition, the market saw a $765 billion surge over the past week, with institutional investors contributing to the increased momentum. Bitcoin’s Market Value to Realized Value (MVRV) ratio is now at 178%, indicating that the average Bitcoin holder is currently experiencing a 178% profit.
The surge in Bitcoin’s price and overall market activity has sparked renewed interest in the sector. Crypto-related investment products have seen their highest inflows of the year, with $31.3 billion invested, bringing the total assets under management to $116 billion. The post-election market optimism, especially following Donald Trump‘s win, has led to a green market and increased institutional involvement in the crypto space.
Vietnam has warned Chinese online retailers Shein and Temu to register with the government by the end of November or face potential blocks on their websites and apps. The move follows concerns from Vietnam’s government and local businesses about the impact of foreign e-commerce platforms on local markets, especially regarding deep discounts and counterfeit goods. Deputy Trade Minister Nguyen Hoang Long stated that if Shein and Temu do not comply, technical measures will be taken to restrict access to their platforms.
Shein has been active in Vietnam for two years, while Temu only recently launched in the country. Shein expressed its commitment to adhering to Vietnam’s regulations, but Temu has yet to respond. This registration requirement comes amid broader scrutiny of ultra-low-cost foreign retailers in Southeast Asia, as governments like Indonesia’s have asked app stores to block Temu to support small businesses.
Vietnam’s e-commerce market, the third largest in Southeast Asia at $22 billion, is rapidly growing. Alongside Shein and Temu, the market features popular platforms like Shopee, Lazada, and local players Tiki and Sendo.
The cryptocurrency market has surged to a record-breaking $3.12 trillion, bringing it close to surpassing France’s GDP. According to the International Monetary Fund, Bitcoin’s impressive rally to $89,500 played a major role in this milestone, pushing its market capitalisation to $1.77 trillion—overtaking Spain’s economy.
The crypto market is now more valuable than Microsoft and rapidly approaching the market caps of Nvidia and Apple. Analysts are divided on what lies ahead. While some, like Markus Thielen from 10x Research, believe Bitcoin will dominate and potentially hit $100,000 by the end of the year, others, including Rachael Lucas from BTC Markets, expect altcoins to take the lead in driving the market toward $4 trillion.
Bitcoin remains the focus, gaining 11% in 24 hours to $89,478. With prices nearing $90,000, the next few weeks could determine whether Bitcoin cements its dominance or altcoins take the spotlight.
Taiwan Semiconductor Manufacturing Co. (TSMC) confirmed that its investment plans in the United States will continue unchanged, following the election of Donald Trump as the next US president. TSMC, a leading global chipmaker and supplier to tech giants like Apple and Nvidia, is investing $65 billion in new semiconductor factories in Arizona.
Despite Trump’s previous comments accusing Taiwan of harming the US semiconductor industry, TSMC has recently secured a $6.6 billion subsidy from the US Commerce Department to support advanced chip production in Phoenix. TSMC’s US unit, along with other firms like GlobalFoundries, is expected to receive additional support under the Biden administration’s Chips and Science Act.
TSMC shares have remained resilient, bolstered by strong demand for AI technology, with its American Depositary Receipts rising 4.1% on Thursday as Nvidia’s stock surged, helping drive investor confidence.
Detroit residents will soon be able to pay city fees and taxes using cryptocurrency, making it the largest city in the US to adopt digital payments. In collaboration with PayPal, City officials aim to make these transactions secure and accessible, setting mid-2025 as the launch date. Mayor Mike Duggan highlights this as part of a wider initiative to attract tech entrepreneurs and promote blockchain’s potential in Detroit, hoping to foster economic growth and improve civic engagement.
The move also allows blockchain innovators to present projects that could enhance Detroit’s public services. Justin Onwenu, Detroit’s Director of Entrepreneurship and Economic Opportunity, encourages entrepreneurs to submit proposals by 15 December 2024, focusing on blockchain’s potential to improve data security, transparency, and service efficiency. Detroit’s open invitation underscores its ambition to position itself as a progressive hub for technological advancement.
Detroit officials also aim to modernise payment processes city-wide, improving accessibility and efficiency. The Treasurer’s Office envisions the new system as a bridge for Detroiters, including unbanked residents, to benefit from smoother electronic payment channels, reinforcing Detroit’s reputation as a forward-thinking, tech-friendly city.
French AI startup LightOn launched an initial public offering (IPO) on the Euronext Growth market in Paris, with its debut trading expected later this month. The company, known for its large language model (LLM) software used by businesses and the French government, will be Europe’s first publicly listed generative AI startup, a significant milestone as France aims to position itself as a leader in AI within Europe.
LightOn’s co-CEOs Igor Carron and Laurent Daudet emphasised that the IPO provides a ‘unique opportunity’ for investors to support a growing French tech company with a track record of success both in France and internationally. Shares are priced at 10.35 euros, valuing the company at around 50 million euros, and LightOn aims to raise roughly 10.4 million euros through the capital increase. The subscription period will run until November 20, with shares expected to trade beginning 26 November.
This move aligns with France’s broader push to close the innovation gap with the US and the UK, with ambitions for 100 tech ‘unicorns’ by 2030. LightOn’s listing could signal an opening for more European AI firms to seek public funding, offering investors access to an evolving tech market in the region.
Amazon is reportedly in advanced talks for a second multi-billion dollar investment in the AI startup Anthropic, building on its previous $4 billion commitment made in 2023. This new investment would not only bolster Amazon’s growing ties with Anthropic but also help enhance its strategic position in the highly competitive AI sector. Anthropic, which is using Amazon Web Services (AWS) to power its AI model training, has become a key player in the AI race.
In addition to providing financial backing, Amazon has reportedly asked Anthropic to utilise its servers, which are powered by Amazon’s custom-designed chips. However, sources note that Anthropic has a preference for using Nvidia-designed chips, which are widely recognised as the industry standard for AI processing. This dynamic highlights the ongoing competition between Amazon and Nvidia in the AI hardware space, as both tech giants vie for dominance in the rapidly expanding market.
Anthropic, founded by former OpenAI executives Dario and Daniela Amodei, has attracted significant interest from other major players in the tech industry. The startup secured a $500 million investment from Google’s parent company, Alphabet, last year, with Alphabet pledging an additional $1.5 billion over time. Despite these investments, both Amazon and Anthropic have declined to comment on the specifics of the latest talks regarding the new investment, underscoring the confidential nature of these high-stakes negotiations.
Swedish tech firm Truecaller saw its shares fall by 11% on Thursday after Indian tax authorities conducted a surprise raid on its local offices. The company, which specialises in caller identification software, confirmed the raid in a statement and emphasised its commitment to cooperating fully with authorities. Truecaller noted that it had no prior notice of the action and had not faced any tax investigations in India beyond regular audits.
Following the news, Truecaller’s stock dropped significantly on the Stockholm exchange, down 9.3% by midday. This sudden raid adds a layer of uncertainty for the company in one of its key markets, as Truecaller has a substantial user base in India, where it recently appointed Rishit Jhunjhunwala as its new CEO. Truecaller reassured investors that such tax probes are common and that it remains committed to transparent business practices. However, the news has unsettled shareholders, highlighting the potential regulatory challenges foreign tech firms face in India’s growing but complex market.
Italy is adjusting its web tax policy, expanding it to cover smaller digital firms in an effort to address US concerns that the tax unfairly targets American tech giants. The decision, announced by Economy Minister Giancarlo Giorgetti, aims to defuse Washington’s threat of retaliatory tariffs. Italy first implemented a 3% digital service tax in 2019, focusing on large companies with annual global revenues over €750M, including giants like Meta, Google, and Amazon.
Now, under the proposed 2025 budget, Italy plans to eliminate the revenue threshold to broaden the tax’s reach to smaller companies. This change is expected to generate an additional €51.6M, supplementing the existing €400M in tax revenue. Giorgetti hopes this expansion will address US concerns over discrimination, noting that other EU countries may follow Italy’s lead.
Despite this effort, resistance remains within Italy’s government, as some coalition members argue the tax should focus exclusively on large US tech firms. As global efforts to establish a minimum digital tax remain stalled due to international disagreements, Italy’s adjustments reflect its attempt to balance international relations with economic interests.
The US Securities and Exchange Commission (SEC) has requested a federal court to dismiss three key defences presented by cryptocurrency exchange Kraken in a lawsuit accusing the platform of securities violations. The SEC’s motion, filed on 5 November, seeks to invalidate Kraken’s argument that it lacks clear legal guidance on which digital assets qualify as securities. The SEC contends that existing securities laws are clear enough and that Kraken was fully aware of potential breaches.
Kraken’s defences include invoking the “major questions doctrine,” which argues the SEC needs explicit Parliamentary approval to regulate digital assets as securities. Kraken also claims that it did not receive adequate notice of which aspects of its operations may violate securities laws. The SEC rejected these claims, labelling the defences as attempts to delay proceedings by complicating the evidence process.
According to the SEC, dismissing Kraken’s defences would simplify the case, reducing unnecessary document requests and preventing delays in reaching a verdict. Kraken initially attempted to dismiss the case in August, but the court ruled in the SEC’s favour, allowing the lawsuit to proceed. The outcome could have significant implications for the SEC’s regulatory authority over digital assets in the cryptocurrency industry.
