What is the essence of mining
In the world of Bitcoin, "what does mining mean"? Simply put, it is the process of verifying transactions and maintaining the blockchain network through computer calculations. The newly generated Bitcoin is the miners' labor reward. The total supply of Bitcoin is fixed at 21 million, with over 19 million already mined. The remaining Bitcoins will become increasingly scarce over time.
The astonishing growth of mining difficulty
Early Bitcoin mining was almost like a gold rush. In 2009, using a普通 personal computer, you could easily mine 200 Bitcoins in 10 minutes. But by 2024, using the same home computer, it would take 91,324 years to mine just 1 Bitcoin. This number seems absurd, but it reflects the exponential increase in network difficulty—the more participants there are, the fiercer the competition, and the more frequently the difficulty adjusts.
The emergence of ASIC miners has changed the landscape

Recent Ethereum price movements have been volatile, currently hovering around $2.95K, drawing significant market attention. Short-term rebound signs are evident, but multiple technical indicators suggest hidden risks—Is the key resistance level at 3365 a breakout opportunity or a "wolf in sheep's clothing" trap designed to lure traders?
Technical Analysis: Rebound Uncertain, Resistance Layers in Place
From the one-hour chart, ETH shows signs of rising from lows, but the MACD white and yellow lines still form a death cross below the zero axis. This signal is not unfounded—it directly reflects a decline in short-term momentum. Until MACD shows signs of recovery upward, any upward movement lacks substantial support.
More importantly, there are multiple resistances above. Around 3640, there is a clear accumulation of large sell orders, making the 3500 level a "breathing point" for a rebound attempt, while 3272.31 forms a solid resistance line. Breaking through these three defenses—

The performance of CME's US Treasury futures and options market has recently been impressive, with open interest reaching a significant milestone. According to the latest data, on November 20th, the open interest in this market reached 35,120,066 contracts, surpassing previous records. The following day, trading volume for interest rate futures and options soared to 44,839,732 contracts, ranking as the second-highest level in history.
In the current environment where economic growth prospects are uncertain and the Federal Reserve's rate cut path is unclear, market participants' trading logic has undergone a noticeable shift. Agha Mirza, head of global interest rates and OTC products at CME, pointed out that under this cloud of uncertainty, more and more traders are turning their attention to CME markets in search of better trading efficiency and sufficient liquidity.
The rise in open interest data for futures somewhat reflects the urgent need for institutional investors and hedge funds to manage interest rate risk. As the Federal Reserve's policy stance continues to evolve,

Thanksgiving dinner with industry leaders by Trump sparks speculation about policy changes, especially expectations of relaxed regulation for the crypto industry. The dinner marks the beginning of a power reshuffle and asset allocation adjustments that could influence the future direction of financial policies.

Phenomenon Review: Sharp Rise from 2820 to 3000
Last night, ETH hovered around the 2820 level, and many traders thought this was a strong resistance level, signaling a clear short-selling opportunity. Unexpectedly, the market suddenly gained momentum, surging above 3000. With this rally, many short-sellers found themselves trapped—this is a common pitfall in short-term volatility.
News Perspective: The Truth Behind BlackRock’s $130 Million Token Transfer
The market is paying attention to an important signal: BlackRock transferred 44,140 ETH to exchanges, worth approximately $134.5 million. This move has sparked various interpretations—some believe institutional selling is imminent, providing a short-term buy signal; others are optimistic about institutional entry.
In reality, BlackRock has been continuously transferring tokens to exchanges recently, mainly to meet redemption requests from its investors and to cash out. Such token transfers have limited decisive impact on short-term trends. The current key observation

What exactly is a honeypot? A seemingly漏洞-filled perfect trap
In the blockchain world, there is a special type of smart contract that appears to be full of漏洞 at first glance but actually hides deadly traps — this is the so-called "honeypot." Simply put, a honeypot is a deliberately designed contract trap where scammers deploy these contracts on blockchain networks like Ethereum, making it look easy for people to profit from them, but in reality, no funds can be extracted.
This scam is as cunning as a hunter’s trap: the first layer is an obvious "漏洞" (lure), attracting self-proclaimed savvy investors to try arbitrage; the second layer is hidden code logic (the real trap), which intercepts or fails transactions when someone attempts to withdraw funds. Scammers usually deposit a sum of money into the contract in advance as bait, making everything look more credible.
How honeypot scams operate step by step

Cryptocurrency trading signals provide trading advice for beginners, but their reliability varies greatly. The quality of signal providers is inconsistent; some exploit retail investors' follow-the-leader behavior to profit, increasing investment risks. The key is to choose reputable signal providers and avoid blindly following trends. It is important to view trading signals as learning tools rather than shortcuts to wealth.

If you are in Nepal and want to buy or hold cryptocurrencies like Bitcoin, Ethereum, and other digital assets, you may need to first understand the local legal environment. Nepal is one of the few countries in the world that has imposed an absolute ban on cryptocurrencies, which means that engaging in the production, holding, trading, and use of cryptocurrencies in the country is legally prohibited.
The true face of the global cryptocurrency ban
Nepal's strict stance is not an isolated case. According to the latest statistics, 51 countries and regions worldwide have imposed varying degrees of restrictions on cryptocurrencies. Among them, 9 countries, including Nepal, have adopted the strictest "absolute ban" policy. This list also includes Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Qatar, and Tunisia.
Relatively milder are the "implicit bans" practiced by 42 countries—they allow individuals to possibly hold digital assets but prohibit banks and formal financial institutions from engaging in cryptocurrency activities.

The biggest concern in investing is: is the high return due to smart operation or simply taking on huge risks? This is when the Sharpe Ratio comes in handy to clarify.
What exactly does the Sharpe Ratio measure?
In simple terms, the Sharpe Ratio is a tool to measure "how much return you get for each unit of risk taken." It was created by economist William F. Sharpe (who also won the Nobel Prize). It helps investors distinguish whether the money you earn is worth the risk you take.
For example, two investment options both yield 15%, but one has only 5% volatility while the other has 30% volatility. Clearly, the first one is more cost-effective. The Sharpe Ratio quantifies this cost-effectiveness with a number.
How to read the Sharpe Ratio
The higher the better, with specific standards as follows:
Above 1: Not bad. Indicates that the risk level of the investment matches the return, and you haven't taken on risk in vain.
Above 2: Quite good. The risk-adjusted return is very impressive.

Investors should pay attention to the revised Q3 GDP and PCE data to be released by the U.S. Department of Commerce on November 26. These macroeconomic data may impact financial markets and Crypto asset prices, so it is recommended to conduct research in advance to adjust investment strategies.

Trump announces a $2000 subsidy to every American, but behind it lies the dilemma of a 41-day government shutdown and the pressure of facing judicial constraints. The move aims to exert public opinion pressure through public expectation, shift the focus, and weaken judicial independence, ultimately attempting to establish a new power structure that consolidates presidential authority.

The market has recently experienced intense volatility, influenced by the Federal Reserve meeting minutes. Bitcoin once dropped to $88,000. However, due to Nvidia's better-than-expected earnings report, the Nasdaq rebounded, driving Bitcoin to recover to $93,000. The focus now is on tonight's US employment data, which is expected to influence the market direction. Ethereum is relatively weak, approaching a key support level.

Goldman Sachs partner Tony Pasqualeo recently stated that the current US stock market is showing clear signs of a slowdown in buying momentum. Before the market truly bottoms out, it will undergo a more pronounced downward phase.
This judgment is not unfounded. Although Nvidia's financial results exceeded market expectations and the company proactively raised its future earnings guidance, investor reactions to this positive news appeared somewhat tepid. This phenomenon reflects that the AI investment cycle is entering a new stage of evolution.
From the perspective of market participants, there are increasing doubts about whether continuous capital investment by large-scale cloud service providers can deliver ideal returns. Investors are re-evaluating whether the massive expenditures of these tech giants on AI infrastructure can translate into tangible profit growth. This uncertainty is shaking market confidence.
The current adjustment pressure in the US stock market reflects

Current Situation: Liquidity is ample but hidden concerns remain
According to the latest data, ZEC's current circulating market cap is approximately $6.49 billion, with a circulating supply of 16.44 million coins, and a total supply of 16.44 million coins. The 24-hour trading volume is about $19.3 million, with the price oscillating around $394.40, and a 24-hour decline of -3.61%. Behind these seemingly stable numbers, there are numerous market challenges being concealed.
By analyzing trading data, it becomes clear that the active trading in spot and futures markets cannot hide a fact: the market turnover rate is extremely high, and large-scale sell-offs are continuously exerting pressure. This reflects participants' concerns about the future space.
Hundreds of millions in push-up costs: capital pressure multiplies
Once the market cap reaches hundreds of millions, the capital required to push the price up by 10% jumps from tens of millions to hundreds of millions. Why does this nonlinear growth occur?
Exchange order book depth rapidly expands: as the price rises, trading

In 2025, the Federal Reserve will hold 8 important policy meetings, each of which could influence the direction of the coin price. Instead of passively waiting for news, it's better to have the schedule in hand in advance.
First half of the year's 4 meetings
January 28-29 - The Federal Reserve holds its first policy meeting of the year and announces the interest rate decision. This is an important signal for the start of the new year.
March 18-19 - This is a relatively key meeting this year, not only with a rate decision but also with the release of economic outlook and dot plots. The dot plot reflects the Fed's attitude towards future rate hikes or cuts, which investors need to pay close attention to.
May 6-7 - The third meeting, with a rate decision.
June 17-18 - Another significant meeting, with the announcement of the interest rate decision, economic outlook, and dot plots, providing insight into the Fed's policy stance in the first half of the year.
Second half of the year's 4 meetings
July 29-30 - A mid-term interest rate decision by the Federal Reserve, which the market usually uses to gauge the upcoming policy direction.

A long-overlooked risk is emerging—Japan, as a major source of financing for global carry trades, faces a dramatic shift in its financial environment that could reshape the liquidity landscape of the entire cryptocurrency market.
The thirty-year "zero interest rate dividend" is disappearing
Over the past thirty years, Japan's ultra-low interest rate policy (essentially zero or negative interest rates) has created a unique arbitrage mechanism: global investors borrow yen at nearly free costs, then exchange these funds for dollars or other assets, investing in global stock markets, bonds, real estate, and even the cryptocurrency market. This process has absorbed trillions of dollars in capital flows.
This financing model is known as Carry Trade, which essentially exploits interest rate differentials through arbitrage. Japan's domestic savings are ample, but demand is insufficient; its central bank deliberately maintains low interest rates to stimulate the economy, inadvertently providing a

Market Alarm: Don't Catch This Flying Knife Again
The recent pump-and-dump in the crypto world seems intense but is actually weak—true risk isn't in the technicals but in the thirty-year-old financial foundation that is now cracking.
The Truth About Thirty Years of Carry Trade
It’s quite significant—this mechanism of borrowing yen to arbitrage has supported the entire global financial system. Over the past thirty years, institutions have exchanged zero-interest-rate yen for dollars, then bought up assets worldwide—US stocks, bonds, real estate, and even crypto assets—trillions of dollars have been essentially free money. As long as Japan maintains ultra-low interest rates, this game can go on forever.
But the rules of the game will completely change in November 2025.
Turning Point: Unusual Surge in Japan’s Long-Term Bond Yields
Japan’s 20-year government bond yield is approaching 2.8%, and the 40-year yield has already surged to 3.7%—this isn’t a normal adjustment but the spring that has been compressed for thirty years snapping all at once.
What does this mean?