Macro Overview
- US Unemployment Claims (Weekly): The weekly US Unemployment Claims came in at 216,000, beating the forecasted 232,000. While weekly claims typically have a limited impact on the crypto market, this positive deviation might have a slight negative influence. However, the long-term and persistent trends in unemployment claims are more significant for the market.
- US SEC Chair Gensler’s Speech: U.S. SEC Chair Gary Gensler has initiated talks with Grayscale regarding the potential approval of a spot Bitcoin ETF. This development indicates regulatory discussions within the SEC and contributes to the ongoing narrative surrounding spot BTC and ETH ETFs.
Crypto Markets Overview
- Market Movement: This week, the crypto markets experienced a 9% incline, bringing the total market capitalization to $1.378 trillion. Notably, BTC saw a rise of 6.5% and ETH saw an incline of 15.50%. Bitcoin’s dominance stands at 52.50%, while Ethereum’s holds at 17.98%.
- Ether Rally Triggered by BlackRock’s ETF Filing: BlackRock’s initiation of proceedings for an ETH-spot ETF through a 19b-4 filing for the iShares Ethereum Trust sparked a significant rally in Ethereum, resulting in a surge of over 10%.
- Bloomberg’s Insight on Spot Bitcoin ETF Approvals: Bloomberg ETF analysts James Seyffart and Eric Balchunas noted a potential 8-day approval window for spot Bitcoin ETFs starting on Nov. 9. While the window is open, SEC approval for the pending applications remains uncertain.
- Poloniex, Founded by Justin Sun, Faces Substantial Hack: Crypto exchange Poloniex, founded by Tron’s Justin Sun, has reportedly suffered a significant hack amounting to over $100 million. Justin Sun has offered a 5% white hat bounty to the hacker for returning the funds within seven days before considering involving law enforcement.
Top Tokens Update
- Cardano’s Academic Focus Defended at Summit: At the recent Cardano Summit in Dubai, CEO Frederik Gregaard staunchly defended the platform’s deliberately paced development, emphasizing its commitment to academic rigor. ADA token has seen a notable increase of over 10% this week.
- Release of APT Tokens Raises Market Speculation: On November 12, the release of 24.84 million APT tokens has led to speculation about potential sell-offs and a subsequent price decline. It’s essential to approach this decline cautiously as it remains speculative.
- PlutusDAO’s Proposal for Arbitrum Enhancements: Arbitrum governance aggregator PlutusDAO has proposed enhancements, suggesting an ARB locking mechanism and incentive distribution to users. The proposal aims to set Arbitrum apart within the Ethereum Layer 2 ecosystem. ARB is up by more than 5% this week.
- TomoChain’s Transformation to Viction: In a strategic move, blockchain platform TomoChain has rebranded to Viction, introducing its “Victory Vision.” The rebrand aims to align blockchain technology with human values, emphasizing accessibility and security in web3. CoinDCX has expressed support for TomoChain’s rebranding to Viction.
- Vitalik Buterin’s Ethereum Transfer and Price Impact: Ethereum co-founder Vitalik Buterin’s transfer of 50 ETH to Coinbase Custody coincided with Ethereum hitting $2,000. Despite speculation, such transfers may not indicate an intent to sell assets. However, ETH has experienced a 4% decrease since this news.
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is bullish, notably reaching $38k this week and swiftly testing and rebounding from the $36k level, showcasing a robust bullish trend.
- Critical support levels to monitor are estimated at approximately $36k, $35,150, $34,500, and $33,400. On the flip side, resistance levels to be mindful of are $38k (supply zone) and $39.5k.
- The positive sentiment is reinforced by encouraging price action and the coherent movement of EMAs.
- It is advisable to evaluate potential entry points around the mentioned support levels.
- Additionally, setting limits to manage potential losses is prudent. For profit-taking, strategically selling near the outlined resistance levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral to bullish.
- This week, ETH outperformed BTC and tested a significant resistance near $2135, currently consolidating below it.
- It’s common for a token to retrace a bit at resistance levels before potentially breaking through. If ETH breaks this level, it could rally towards resistance levels at $2450 and $2950. Conversely, if it fails, support levels at $2035, $2000, and $1914 might come into play.
- Traders may consider long opportunities at the specified support levels, and for profit-taking, they can target the outlined resistance levels.
- It’s important to note that recent news about Vitalik moving ETH to Coinbase might have had a minor negative impact on the price. Traders should remain cautious and stay informed about such developments, perhaps by reading our weekly report.
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