WuBlockchain Weekly: Bitcoin Market Cap Surpasses Silver, U.S. Advances Initiative to Include Bitcoin in Strategic Reserves, Elon Musk to Lead the Department of Government Efficiency (DOGE), etc
1. Bitcoin’s Market Cap Surpasses Silver, Reaching $1.751 Trillion link As Bitcoin approaches $90,000, its market capitalization has reached $1.751 trillion, surpassing silver’s $1.734 trillion, placing it eighth among global assets by market value. Often dubbed “digital gold,” Bitcoin’s current market capitalization is roughly one-tenth that of gold. According to the latest report from QCP, Bitcoin’s price has surged 30% since the election, with its market cap hitting $1.73 trillion — exceeding silver, yet still far below gold’s $17.5 trillion. If just 1% of the capital in the gold market were to flow into Bitcoin, its price could rise to $97,000. At present, the futures basis for late November has surpassed 18%, while demand for long-term call options (with strike prices at $110,000 and $120,000) remains robust. This trend indicates a growing appetite for leveraged and margin instruments among investors, preparing the ground for a potential further breakout. 2. Powell: Gradual Policy...