The total market value of cryptocurrencies is 3.11 trillion US dollars, with a 24-hour decline of 3.67%

[HashKey Passes HKEX Hearing, Becomes Hong Kong's Largest Licensed Virtual Asset Exchange] According to HKEX disclosure on December 1, HashKey Holdings Limited has passed the HKEX hearing, with JPMorgan, Guotai Haitong, and Guotai Junan International serving as joint sponsors.

**[VC Analysis of Crypto Market Correction Causes and Key Future Factors]** Several venture capital firms believe the recent crypto market correction was primarily influenced by the October 10 liquidation event and tightening macroeconomic conditions. Dragonfly partner Rob Hadick pointed out that low liquidity, insufficient risk management, and flaws in leverage design triggered large-scale deleveraging, increasing market uncertainty. Tribe Capital partner Boris Revsin described this as a "leverage shakeout," which caused a chain reaction. On the macroeconomic front, factors such as cooling rate cut expectations, sticky inflation, and weakening employment data have put pressure on risk assets. Robot Ventures partner Anirudh Pai mentioned that while leading indicators of the U.S. economy have declined, it is still difficult to determine whether this will deteriorate into a full-blown recession. VCs believe the market is in an "initial stabilization phase" but has not yet formed a bottom. Bitcoin has rebounded to around $80,000, with slight improvements in ETF inflows, but overall it remains influenced by factors such as interest rates and inflation. The $100,000 to $110,000 range for Bitcoin is seen as a key level for a sentiment reversal in the market, requiring sustained net ETF inflows and a moderate recovery in derivatives open interest to support it. Some high-quality tokens have already corrected to 2024 valuation levels, making on-chain fundamentals more attractive.

[Bank of Japan Governor Kazuo Ueda Hints at Possible Rate Hike] Bank of Japan Governor Kazuo Ueda stated that the Japanese economy has shown a moderate recovery trend, with the inflation rate expected to briefly fall below 2% in the early part of fiscal year 2026 before accelerating again and approaching the 2% target in the latter half of the outlook period. He noted that the trend of wages and prices rising in tandem is strengthening, and the impact of exchange rates on prices is increasing. To achieve the price stability target, the central bank will adjust its easing policy at an appropriate time and consider further rate hikes if the economy and prices continue to improve.

[Kalshi Faces Class Action Lawsuit, Accused of Operating Unlicensed Sports Betting Business] Prediction market platform Kalshi is facing a class action lawsuit, accused of operating sports betting activities without obtaining any state gambling licenses and making misleading statements to users through market-making activities. The lawsuit, initiated by seven Kalshi users and filed by the law firm Lieff Cabraser Heimann & Bernstein, alleges that Kalshi promoted its services as 'legal sports betting' and that its affiliated company, Kalshi Trading, acted as a market maker by setting unfavorable odds, turning transactions into bets against the 'house.' Kalshi responded by stating that its business falls under the category of derivatives markets and is solely subject to federal regulation by the U.S. Commodity Futures Trading Commission (CFTC).

[Chainlink Spot ETF Expected to Launch This Week, Grayscale Plans to Convert Private Trust] The ETF Store President Nate Geraci stated that the Chainlink Spot ETF is expected to launch this week, and Grayscale plans to convert or upgrade the Chainlink private trust into an ETF format.