Gate Daily (December 3): American Bitcoin stock plummets 38%; Polish president vetoes cryptocurrency bill

Bitcoin (BTC) saw a strong short-term rebound, temporarily quoted around $91,647 on December 3, mainly due to Vanguard’s sudden opening of crypto ETF investments to users. Trump’s son’s mining company, American Bitcoin, saw its stock plunge 38% at the close overnight after a failed Bitcoin proxy deal. Poland’s president vetoed a strict cryptocurrency bill, citing threats to “the freedom of Poles.”

Macro Events & Crypto Hotspots

1. American Bitcoin Corp (ABTC), a Bitcoin mining and asset management company led by Eric Trump, saw its share price plunge on Tuesday as the tough market environment continued to pressure crypto-related stocks. ABTC was listed on Nasdaq in early September via a reverse merger with Gryphon Digital Mining, but shares plunged more than half in early trading. According to Yahoo Finance data, the intraday low reached $1.75, a drop of up to 51%, before paring losses to close at $2.19.

2. Polish President Karol Nowacki refused to sign a bill imposing strict regulation on the crypto asset market, a move praised by the crypto community but strongly criticized by other government officials. According to a statement from the president’s press office on Monday, Nowacki vetoed Poland’s “Crypto Asset Market Act,” saying its provisions “indeed threaten the freedom, property, and national stability of Poles.” The bill, introduced in June, faced criticism from industry advocates, including Polish politician Tomasz Mencen, who anticipated the president’s veto despite its passage in parliament.

3. Elon Musk’s X Money is hiring a senior engineer to build a new payments platform for the social media network formerly known as Twitter, suggesting the billionaire’s digital wallet plans may finally be moving forward. Solana posted on the X platform on December 2: “X is recruiting a tech lead for X Money—an excellent opportunity to impact how hundreds of millions access financial services.” Notably, Solana advisor Nikita Bier joined X as head of product in June this year.

News Updates

1. Insider: Anthropic has started IPO preparations, possibly going public as early as 2026

2. CME launches Bitcoin Volatility Index, similar to the VIX in the stock market

3. Astria Network, based on Celestia, has ended its shared sequencer network

4. BitMine’s new wallet received more than 18,000 ETH, worth over $55 million

5. Trump actively hints at Hassett for next Fed chair

6. Tether Treasury minted 1 billion USDT on the Tron network

7. Ethereum mainnet gas fees have dropped to $0.02, even lower than some L2 networks

8. VanEck extends zero-fee policy for its Bitcoin ETF until July 31, 2026

9. Sonnet BioTherapeutics receives shareholder approval for business merger with Hyperliquid Strategies, Inc.

Market Trends

1. Latest Bitcoin news: $BTC strong short-term rebound, currently around $91,647. Over the past 24 hours, $175 million in liquidations, mainly shorts;

2. On December 2, US stock markets closed higher in light trading, rising for the sixth time in seven sessions. Tech stocks climbed as investor risk appetite returned, and expectations for a Fed rate cut next week remain high. The Dow Jones Industrial Average rose 185.13 points, or 0.4%, to 47,474.46. The S&P 500 gained 16.74 points, or 0.3%, to 6,829.37. The Nasdaq Composite rose 137.75 points, or 0.6%, to 23,413.67. The Philadelphia Semiconductor Index surged 1.8%, with Intel up 8.7%.

(Source: Gate)

3. According to the Gate BTC/USDT liquidation map, at the current price of $91,493.20 USDT, if the price drops to around $90,061, cumulative long liquidation volume exceeds $373 million; if it rises to around $92,304, cumulative short liquidation volume exceeds $96 million. Short-side liquidations are significantly lower than long-side, so it’s advised to control leverage ratios reasonably to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflows were $3.01 billion, outflows were $3.05 billion, for a net outflow of $40 million.

(Source: Coinglass)

5. In the past 24 hours, contract trading net outflows led by $ETH, $BTC, $SOL, $PIPPIN, $BCH , etc., suggesting trading opportunities.

X KOL Selected Views

Phyrex Ni (@Phyrex_Ni): “Today I’m a bit tired, I fell asleep while writing and dozed for half an hour before waking up. The market sentiment was still quite dismal on Monday, after all, Japan raising rates is now an irreversible thing—even if they don’t hike in December, Japanese bond yields have effectively already risen, causing risk markets to look listless on Tuesday. I didn’t feel much of it on the plane during the day, but then when the US market opened it just shot up. US stocks rallied, and Bitcoin benefited as well. Also, the Fed injected another $13.5 billion in liquidity today, making the market a bit smoother, but there’s still no real easing, and liquidity hasn’t fully recovered. Personally, I think the current rally is still emotion-driven, since the balance sheet runoff has ended.”

“But in my system, this is still part of a rebound, and a full reversal still needs the cancellation of SLR. Canceling SLR would basically mean full easing is near. Also, Trump announced today that there’s only one candidate left for Fed chair, and the announcement will probably come in the next couple of days—Hassett has the highest probability. The market is now betting on the Fed fully entering easing mode, so dip buying has started. But it’s all sentiment-driven, and without real liquidity injections, it’s hard to say how long it can last.”

“Looking at Bitcoin data, today’s turnover rate isn’t particularly high. Investors’ reaction to the price increase isn’t very strong; the main turnover is still short-term dip buyers, especially those who bought below $90,000 who are exiting the most. Other investors’ responses are fairly normal.”

“As mentioned earlier, investor sentiment around price increases is still pretty good. There are no signs of a ‘last rebound, hurry and exit’—most investors aren’t very sensitive to price changes, and the overall position structure is still stable. But today’s gains are still mostly sentiment-driven, and liquidity issues haven’t been fully resolved.”

Today’s Outlook

1. China November S&P Global Composite PMI, previous value: 51.8

2. China November S&P Global Services PMI, previous value: 52.6

3. Eurozone October Producer Price Index (YoY), previous value: -0.2%

4. US November ADP Employment Change (thousands), previous value: 42.0

5. US last week EIA crude oil inventory change (10,000 barrels) (to 1128), previous value: 277.4