Crypto world stunned as unknown user burns more assets

On November 14, Solidion Technology, a key supplier of battery materials, announced a strategic shift towards Bitcoin by reallocating a portion of its cash reserves to the cryptocurrency. This move comes amid the rise of pro-crypto leadership in the U.S., following Donald Trump’s presidential victory.

The smart contract-based betting platform Polymarket, which facilitates cryptocurrency bets on any event, witnessed a 75% decline in TVL after November 5, coinciding with the end of the U.S. presidential election.

Republican Senator Cynthia Lummis has proposed a bill that would allow the U.S. to partially sell its gold reserves to invest in Bitcoin. The plan is for the U.S. to acquire 1 million BTC — about 5% of its total supply. At current market prices, such a purchase would cost approximately $90 billion..