Macro Overview
- US FOMC Meeting: The US Federal Reserve keeps key rates unchanged, following a two-day Federal Open Market Committee (FOMC) meeting, has maintained its benchmark interest rates at the range of 5.25% to 5.50%. This decision is viewed as positive news for the Crypto space.
- US Job Openings (Monthly): The US Job Openings data for the month came in at 9.55 million, exceeding the expectations of 9.34 million. This outcome is slightly bearish for the Crypto market, as it tends to have an inverse relationship with job openings.
- US Non-Farm Employment Change (Monthly): Non-Farm Employment Change for the month came out at 150,000, falling short of the expected 178,000. This is considered bullish for the Crypto space, as it often exhibits an inverse relationship with the US dollar.
- US Unemployment Rate (Monthly): The US Unemployment Rate for the month is reported at 3.9%, slightly above the expectation of 3.8%. This result is considered neutral to positive for the Crypto space, as a significant increase in employment could potentially lead to inflation.
Crypto Markets Overview
- Market Movement: This week, the crypto markets experienced a 3.03% incline, bringing the total market capitalization to $1.272 trillion. Notably, BTC saw a rise of 2.35% and ETH saw an incline of 1.90%. Bitcoin’s dominance stands at 53.50%, while Ethereum’s holds at 17.39%.
- Sam Bankman-Fried Found Guilty in FTX Fraud Trial: Sam Bankman-Fried, the founder of FTX, has been found guilty on all seven counts in his fraud trial. A tentative sentencing date has been set for March 28, 2024, and he could face a substantial prison sentence, potentially up to 115 years.
- Swiss Bank SGKB Launches Crypto Services with SEBA: Swiss bank SGKB has launched bitcoin and ether custody and trading services in partnership with SEBA. The crypto service is now available to select SGKB customers, with plans to expand offerings to additional cryptocurrencies based on client demand.
- PayPal Obtains Crypto License in the UK: PayPal has secured a crypto license from the UK’s Financial Conduct Authority (FCA), enabling the company to engage in certain crypto asset activities within the UK. PayPal’s compliance with the FCA’s high standards for security and regulation led to this achievement.
- Microstrategy Expands Bitcoin Holdings: Microstrategy reported a 3.3% increase in total revenues in the third quarter of 2023, despite taking impairment losses on its bitcoin holdings. The company expanded its bitcoin holdings by purchasing an additional 155 BTC. MicroStrategy now holds a total of 158,400 BTC.
Top Tokens Update
- Render Network Upgrades to Solana: Render Network, a decentralized computing network, has successfully transitioned from Ethereum to Solana as its core infrastructure. Token holders of RNDR now have the option to migrate their tokens from Ethereum to Solana. The Render Foundation has allocated up to 1.14 million RNDR in grants to cover user transfer fees on Ethereum associated with the upgrade. Despite this, RNDR’s price has decreased by approximately 7-8% this week.
- Ripple and Georgia’s Central Bank Pilot CBDC: Ripple has entered into a groundbreaking partnership with the National Bank of Georgia (NBG) to pilot a central bank digital currency (CBDC) project called the Digital Lari, leveraging the capabilities of the XRP Ledger. This collaboration has generated significant interest in XRP, leading to an increase of over 10% in its price this week.
- Vitalik Buterin’s ETH Transaction to Coinbase: Ethereum co-founder Vitalik Buterin has moved a substantial amount of ETH to Coinbase. This transaction and the likely sale of ETH have not noticeably impacted the price of Ethereum. Buterin has made similar transfers to platforms like Bitstamp earlier this year.
- Successful Solana Breakpoint Conference: The Solana Breakpoint conference concluded after a four-day run, receiving positive reviews from attendees. The event featured developers, ecosystem executives, and innovators who showcased their innovations to the world. SOL’s price increased by more than 25% during the week of the conference.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Nov 8 | 7:45 PM | US Fed Chair Powell Speaks |
More dovish than expected is good for crypto
|
| Nov 8
|
10:00 PM | US SEC Chair Gensler Speaks | – |
| Nov 9 | 7:00 PM | US Unemployment Claims |
Actual’ greater than ‘Forecast’ is good for crypto
|
| Nov 10 | 12:30 AM | US Fed Chair Powell Speaks |
More dovish than expected is good for crypto
|
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- BTC reached $36,000 this week, marking its first time in 2023 but encountered a swift rejection and has since consolidated below the $35,000 zone.
- Notably, there’s an RSI divergence in the 1-day timeframe, which is a potential signal of a reversal.
- Traders should exercise caution as BTC could potentially test support levels around $32,000-$33,000.
- If BTC resumes its rally, it will first need to overcome the $36,000 resistance, followed by $39,000.
- Key support levels include $34,000, $33,400, and below that, $31,500.
Ethereum Technical Analysis
Summary:
- ETH has maintained its positive momentum this week and appears to be in a bullish trend.
- After rallying, it consolidated and then broke out of the structure, currently heading upwards.
- However, it still faces a couple of resistance levels before gaining strong bullish momentum.
- ETH seems to be finding support in the 7-day EMA (Exponential Moving Average).
- Key resistance levels for ETH are at 1864, 2027, and 2140, while support levels include 1751 and 1665. These levels will be important to watch for potential price movements.
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