Gate News Bot news, on December 3rd, according to CoinMarketCap data, as of the time of writing, BTC (Bitcoin) is currently reported at $91,600, rising 5.88% in the last 24 hours, with a high of $93,000 and a low of $83,900. The 24-hour volume reached $78.469 billion. The current market capitalization is approximately $1.83 trillion, an increase of $101.48 billion compared to yesterday.
Bitcoin is an innovative payment network and a new type of currency. Bitcoin operates on a peer-to-peer technology without a central authority or bank; transaction management and the issuance of Bitcoin are carried out collectively by the network. Bitcoin is open-source; its design is public, and no one owns or controls Bitcoin, allowing anyone to participate. Through its many unique properties, Bitcoin enables exciting uses that no previous payment system could cover.
Important news about Bitcoin recently:
1️⃣ Chicago Mercantile Exchange Launches Bitcoin Volatility Index
The Chicago Mercantile Exchange Group has launched a series of cryptocurrency benchmark indices, including the Bitcoin Volatility Index. These new benchmarks cover various digital assets such as Bitcoin, Ethereum, Solana, and XRP, providing institutional investors with standardized pricing and volatility data that can be used for options pricing, risk management, and volatility strategies. This move helps enhance the professionalism of the Bitcoin market and attract more institutional participation.
2️⃣ Strategy establishes a $1.4 billion reserve fund to alleviate Bitcoin selling pressure
The Strategy company raised $1.4 billion by selling shares to establish a reserve fund to cover short-term dividend and interest expenses. This reserve can cover approximately 21 months of dividend payments without tapping into its $59 billion Bitcoin holdings. This move aims to alleviate investors' concerns about the company potentially being forced to sell Bitcoin to pay dividends, which helps stabilize market sentiment.
3️⃣ Large asset management institutions explore Bitcoin lending business
Several large asset management companies are considering launching Bitcoin lending services. BlackRock's $2 billion iShares Bitcoin ETF and WisdomTree's spot Bitcoin ETF BTCW are both exploring the possibility of increasing fund returns through lending Bitcoin. This trend indicates that institutional investors are seeking diversified Bitcoin investment strategies, which may bring new liquidity and investment opportunities to the market.
From a technical perspective, the price of Bitcoin is currently stabilizing above 90,000 USD, but it is still in the correction phase from the historical high of 126,000 USD at the beginning of October. The market is focusing on the key support level of 82,000 USD, which is considered to be the average cost basis for many ETF investors and Bitcoin reserve companies.
This message is not intended as investment advice; investors should be aware of market volatility risks.
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