Crypto Market Overview for Nov. 15, 2024:
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Latest Prices:
- CoinDesk 20 Index: 2,691.86 (+0.76%)
- Bitcoin (BTC): $90,386.53 (-1.21%)
- Ether (ETH): $3,107.30 (-2.48%)
- S&P 500: 5,949.17 (-0.6%)
- Gold: $2,568.54 (+0.01%)
- Nikkei 225: 38,642.91 (+0.28%)
Top Stories:
Bitcoin (BTC) showed some recovery on Friday morning, pushing back above $90,000 after losing ground earlier in the week. However, BTC remains 1% lower over the last 24 hours, signaling potential profit-taking after it peaked above $93,000 earlier in the week. The price drop was largely triggered by hawkish comments from U.S. Federal Reserve Chairman Jerome Powell, which dampened market expectations for quicker interest-rate cuts. Powell stated at a Dallas conference, “The economy is not sending any signals that we need to be in a hurry to lower rates,” further solidifying the market’s view that major rate cuts may not come soon. Following his remarks, the likelihood of a 25 basis-point cut in the December FOMC meeting dropped to 66%, down from 83% the day prior. Meanwhile, the CoinDesk 20 Index, which tracks the broader crypto market, rose by 0.66%.
In the exchange-traded fund (ETF) space, Bitcoin ETFs experienced $400 million in net outflows on Thursday, marking their third-largest outflow since launch. Fidelity’s FBTC saw $179.2 million in outflows, while Bitwise’s BITB saw $113.9 million leave, and Ark’s ARKB bled $161.7 million. Grayscale’s two products combined saw $74.9 million in outflows. These outflows, mirroring the dip in Bitcoin’s price, could reflect investors taking profits. However, BlackRock’s IBIT ETF saw continued strong interest, with $126.5 million in inflows, maintaining the upward momentum seen since Nov. 7. Interestingly, the two largest outflow days for Bitcoin ETFs — May 1 and Nov. 4 — coincided with local price bottoms, followed by price rallies.
Meanwhile, XRP surged 17% in 24 hours, outpacing Bitcoin and other major cryptocurrencies. XRP’s rise is attributed to the shifting U.S. regulatory environment, which has helped tokens that were previously hindered by the Securities and Exchange Commission (SEC). XRP traded above 82 cents on Friday, marking a 50% gain over the past seven days, with prices reaching levels not seen since June 2023. The rally follows the news that 18 U.S. states filed a lawsuit against the SEC and its commissioners, including Chairman Gary Gensler, accusing them of unconstitutional overreach in regulating the crypto industry. This has spurred optimism among traders that a potential pro-crypto administration under Donald Trump could favor U.S.-based crypto firms like Ripple Labs and Uniswap, which could help boost token values.
Chart of the Day:
- BTC’s Price Action:
Bitcoin recently bounced off the ascending 100-hour simple moving average (SMA), showing renewed positive momentum with a crossover on the hourly MACD histogram.- Bullish Scenario: A breakout above the trendline resistance could push BTC to new highs, potentially surpassing $94,000.
- Bearish Scenario: A dip below the 100-hour SMA support could lead to a deeper decline toward the 200-hour SMA at around $82,600.
Source: TradingView
