**[Bitcoin Price Falls Below Network Value, Recovery Probability Predicted at 96%]** The price of Bitcoin has dropped 31.4% from its all-time high of $126,000 set on October 6, marking the first time in two years that it has fallen below its network value (Metcalfe Value). Economist Timothy Peterson pointed out that, based on historical data, this typically signals a recovery in Bitcoin's price. Metcalfe's Law suggests that Bitcoin's price is positively correlated with the growth of active addresses and transaction volume, with network expansion generally increasing its fair value. The current divergence between price and network value may indicate that Bitcoin is undervalued, a phenomenon often observed after speculative excesses. Peterson wrote on the X platform that this does not necessarily mean the price has bottomed out, but it does indicate that leverage has significantly decreased and the "bubble" has burst. He added that the Metcalfe Value Ratio is an effective predictive tool, with data showing a 96% probability of positive returns one year after the price falls below network value.

[Investors Fear a New Crypto Winter, Bitcoin May Drop to $60,000] According to The Wall Street Journal, the sell-off in the cryptocurrency market is intensifying, with Bitcoin and other high-risk digital assets facing broader downward pressure. BNB Plus Chief Investment Officer Patrick Horsman stated that investors are becoming increasingly pessimistic about the market and economic outlook, reducing their risk exposure, and predicting that Bitcoin could drop to $60,000. He noted that the current sell-off is not accompanied by events like the Mt. Gox or FTX collapses, but the intense volatility that has characterized the early days of the crypto industry continues. Historically, Bitcoin has fallen by as much as 80% during a 'crypto winter.'

[Hyperscale Data Subsidiary's Bitcoin Reserves Reach 421.6747 BTC, Valued at Approximately $72.25 Million] U.S.-listed company Hyperscale Data announced that as of November 30, its Bitcoin asset reserves totaled approximately $72.25 million, accounting for about 83% of the company's market value. Its wholly-owned subsidiary Sentinum holds approximately 421.6747 BTC, of which 59.1978 BTC were mined and 362.4768 BTC were purchased on the market. Based on Bitcoin's closing price of $90,394 on that day, the value is approximately $38 million. Additionally, the company has allocated $34.25 million in cash for future Bitcoin purchases.

[Federal Reserve Officials Intensify Disagreement Over Long-Term Rate Planning] On December 2, Bloomberg reported that after the Federal Reserve lowered interest rates by more than 1 percentage point, officials experienced the largest divergence in opinions regarding the level at which rates should remain since related estimates began being published in 2012. Internal disagreements are focused on whether to cut rates again next week and subsequent actions.

[Euro Stablecoin Alliance Appoints Former German Coinbase Executive as CEO] Ten major European banks, including ING and UniCredit, have established a company headquartered in Amsterdam with plans to launch a euro-pegged stablecoin to counter the dominance of the United States in the digital payments sector. The new company announced that Jan-Oliver Sell, who previously worked at Coinbase Germany, will serve as Chief Executive Officer, while Floris Lugt, ING's Head of Digital Assets, will take on the role of Chief Financial Officer. Former NatWest Chairman Howard Davies will serve as Chairman. Additionally, BNP Paribas has joined the group, and the initiative was first publicly disclosed as early as September this year.