By Omkar Godbole (All times ET unless otherwise noted)
The cryptocurrency market is in a mixed mood, with some recent outperformers facing pressure while major cryptocurrencies remain resilient. Privacy-Focused Monero Coins and zcash fell more than 4% in the past 24 hours, contrasting with relatively stable bitcoin trading. ether , Solana and others that rebounded from Sunday’s lows.
Notably, the CoinDesk DeFi Select and Smart Contract Select indices are showing strength, up around 5% and 4% respectively since early trading in Asia, highlighting pockets of growth amid broader caution.
Zcash, which, in a rare bright spot amid general market despondency, has surged more than 500% since September, is now signaling a bearish double-top pattern (see Technical Analysis section below). It remains to be seen whether a drop in ZEC heralds a rebound in BTC and ETH – continuing the divergent trends with the majors.
Analyst views on whether we are still ahead in terms of institutional adoption and how inflows could drive valuations to dizzying levels continued to circulate, offering hope to battered BTC bulls.
Separately, Arca CIO Jeff Dorman dismissed speculation that Strategy (MSTR) Executive Chairman Michael Saylor would liquidate his BTC holdings, noting that Saylor’s financial situation would likely prevent him from selling unless the value of Bitcoin collapsed precipitously.
Ryan Lee, Bitget’s chief analyst, urged traders to monitor evolving U.S. regulations, particularly as they relate to exchange-traded funds (ETFs), stablecoin payment frameworks and foreign exchange oversight. That could quickly shift investor sentiment back toward a risk-off attitude, Lee said.
In traditional markets, yields on longer-term Japanese government bonds jumped in response to reports that Prime Minister Sanae Takaichi’s first stimulus package could include spending worth around 17 trillion yen ($110 billion).
With the country’s debt-to-GDP ratio already among the highest in the world at 240%, such a move could flood the market with bonds and drive up yields, heightening the risk of a fiscal crisis. For crypto traders, rising Japanese yields could put pressure on Treasuries, pushing up yields and weighing on risky assets like tech stocks and digital currencies. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Cryptocurrency markets today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- November 17, 8:30 a.m.: Canada’s inflation rate in October. Title YoY (previous 2.4%), MoM (previous 0.1%). Core YoY (previous 2.8%), MoM (previous 0.2%).
- November 17, 8:30 a.m.: Empire State Manufacturing Index from the Federal Reserve Bank of New York, East. 6.1.
- November 17: 9:30 a.m.: speech by Fed Vice Chairman Philip N. Jefferson on “Economic Outlook and Monetary Policy.”
- November 17, 3:35 p.m.: speech by Fed Governor Christopher J. Waller on the “Economic Outlook”. Watch live.
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and governance calls
- Unlocks
- to unlock 1.66% of its circulating supply worth $5.46 million.
- to unlock 5.04% of its circulating supply worth $3.63 million.
- Token Launches
- Ycash (YEC) is listed on BitMart along with the YEC/USDT pair.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.63% from 4 p.m. ET Friday at $95,734.44 (24 hours: +0.03%)
- ETH is up 0.96% at $3,201.10 (24 hours: +1.15%)
- CoinDesk 20 is up 0.57% at 3,086.17 (24 hours: +0.39%)
- Ether CESR composite staking rate is down 15 basis points to 2.83%
- BTC funding rate is 0.0057% (6.213% annualized) on Binance
- The DXY is unchanged at 99.36
- Gold futures unchanged at $4,090.50
- Silver futures are up 0.49% at $50.94
- The Nikkei 225 closed down 0.1% at 50,323.91
- Hang Seng closed 0.71% lower at 26,384.28
- The FTSE is down 0.10% at 9,688.36
- The Euro Stoxx 50 is down 0.5% at 5,665.22
- DJIA closed Friday down 0.65% at 47,147.48
- The S&P 500 closed unchanged at 6,734.11
- The Nasdaq Composite closed up 0.13% at 22,900.59
- The S&P/TSX Composite Index closed up 0.24% at 30,326.46
- The S&P 40 Latin America closed up 0.27% at 3,111.85
- The 10-year U.S. Treasury yield is down 2.1 basis points at 4.127%
- E-mini S&P 500 futures are up 0.36% at 6,779.25
- E-mini Nasdaq-100 futures are up 0.62% at 25,249.25
- E-mini Dow Jones Industrial Average unchanged at 47,245.00
Bitcoin Statistics
- BTC dominance: 59.43% (-0.12%)
- Ether-bitcoin ratio: 0.03341 (1.74%)
- Hashrate (seven-day moving average): 1,123 EH/s
- Hash price (spot): $39.80
- Total fees: 2.61 BTC / $248,303
- Open Interest on CME Futures: 139,475 BTC
- BTC valued in gold: 23.5 ounces.
- BTC vs. gold market capitalization: 6.4%
Technical analysis
- Zcash the rebound below $500 stalled at early November highs above $700.
- This increased the risk of a potential double top pattern forming, with neckline support at $423 shown by the horizontal line.
- If prices decline from now on, it would mean a constant change in market leadership from bulls to bears.
Crypto Stocks
- Coinbase Global (COIN): closed Friday at $284 (+0.3%), +0.85% at $286.40 in pre-market
- Circle Internet (CRCL): closed at $81.89 (-0.55%), +2.06% to $83.58
- Galaxy Digital (GLXY): closed at $26.34 (-3.3%), +2.24% to $26.93
- Bull (BLSH): closed at $38.48 (-6.19%), +1.01% at $38.87
- MARA Holdings (MARA): closed at $11.99 (-6.18%), +1.17% to $12.13
- Riot Platforms (RIOT): close at $13.95 (+0.5%), +0.93% to $14.08
- Core Scientific (CORZ): closed at $14.93 (-1.52%), +1.27% to $15.12
- CleanSpark (CLSK): closed at $10.96 (-8.51%), +1.28% to $11.10
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $40.54 (-3.41%)
- Exodus Movement (EXOD): closed at $17.3 (-4.68%)
Crypto Cash Companies
- Strategy (MSTR): closed at $199.75 (-4.22%), +1.26% at $202.26
- Semler Scientific (SMLR): closed at $21.82 (-5.13%)
- SharpLink Gaming (SBET): closed at $10.89 (-0.91%), +1.01% to $11.00
- Upexi (UPXI): closed at $2.99 (-7.14%)
- Lite Strategy (LITS): closed at $2.02 (+6.32%), -1.49% at $1.99
ETF Feed
Spot BTC ETF
- Daily net flows: -$492.1 million
- Cumulative net flows: $58.83 billion
- Total BTC holdings ~1.32 million
ETH Spot ETF
- Daily net flows: -$177.9 million
- Cumulative net flows: $13.15 billion
- Total ETH holdings ~6.34 million
Source: Farside Investors
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