Market Update (Nov. 25, 2022)
Bitcoin, along with major cryptocurrencies, dipped slightly after recording modest gains on Thanksgiving day.
The market leader saw a 0.55% drop in the lat 24 hours. However, the number of known addresses on the Bitcoin blockchain holding 1 BTC or more has hit a new ATH at 950,465, suggesting wider adoption.
Since Bitcoin has been able to maintain $16,500 over the last few days, it is potentially ready for a weekend pump before GDP and Core PCE numbers are released towards the end of this month.
Meanwhile, Binance CEO Changpeng Zhao has reportedly allocated $1 billion to a recovery fund as a fail-safe for the future after what we saw happening with the FTX implosion.
S&P 500 is moving sideways, currently at 4,030, and as long as it maintains above 4,000 today, we should see another leg up. DXY also saw a bounce, taking it to 106.3, but major resistance is waiting at 106.8.
Market Analysis:
Market Cap: $830,173,642,186
24H Volume: $54,738,939,358
BTC Dominance: 38.2%
ETH Dominance: 17.6%
Health Standard: 30.91 (1 to 10)
Sentiment: +27.31% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• RARE: +43%
• QI: +24%
• AUTO: +16%
Losers:
•  XNO: -33%
•  ACA: -16%
•  FIDA: -13%
Binance Futures:
Top Gainers:
•  REN/USDT: +16.47%
•  CRV/USDT: +14.10%
Top Losers:
•  FTT/USDT: -9.19%
•  LEVER/USDT: -7.22%
Largest Volume (24h)
•  ETH/BTC (6,139 BTC)
•  BNB/BTC (1,472 BTC)
Daily Outlook
The overall market is regaining some strength and there is short-term bullish momentum, especially for our higher market cap players. We could see a weekly bullish continuation if the volume keeps increasing over the next couple of days, which would be more than enough for our market projections, and we’ll be updating on even more.
Bitcoin Recap
Bitcoin is still in a very indecisive area, but some early signs that we may get a retest of the lower $16k area before any push higher.
Since the retest of the previous support trendline mentioned yesterday, it has been slowly moving down but has bounced from $16.3k so far.
USDT Dominance is trying to regain the lost support trendline... if this is regained, confirming the last few candles as deviation, then BTC will move lower.
Recapitulating Ethereum
Ethereum has been a bit more volatile over the last few hours but that is not out of the ordinary for an altcoin. It broke below $1,187 which was a key level but moved back up again shortly after. For now, $1,180 is a good level to watch out for and could be the potential area to start a new leg up toward $1,260.
Market Scoop
Crypto:
🔹 Binance releases a proof-of-reserves system, starting with bitcoin.
🔹 Bitcoin and ether are not securities, Belgian financial regulator says.
🔹 DEX aggregator 1inch to protect MetaMask users from frontrunning.
🔹 Wrapped Bitcoin DAO removes FTX, and nine others in move to new multisig.
🔹 MakerDAO delegates approve GnosisDAO token as DAI collateral.
Forex & Stocks:
🔹 Crude oil higher; negative week likely on China's COVID woes.
🔹 Amazon workers protest at some German, and French sites on Black Friday.
🔹 Dollar edges higher in range-bound holiday markets.
🔹 Ford recalls 634,000 vehicles worldwide.
🔹 Shares of Nike and Adidas could score at the World Cup.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.