Market Update (Nov. 30, 2022)
Bitcoin was able to reach $17,162 in the last 24 hours but fell shortly after, and is currently flirting with the support at $16,800. Fed chair Powell is expected to deliver a speech later today and market participants will be looking for hints about future policy changes.
Meanwhile, the S&P 500 was able to hold its key support level of 3,953 yesterday and is currently moving sideways. DXY, on the other hand, is still on track with its double-bottom pattern and likely waiting on economic news to make its next move.
Market participants will do well to note how a hearing on FTX and the FOMC meeting are both scheduled for Dec. 13 and Dec. 14, respectively, and will most likely result in market volatility.
Market Analysis:
Market Cap: $834,696,084,535
24H Volume: $43,485,583,968
BTC Dominance: 37.9%
ETH Dominance: 17.9%
Health Standard: 33.18 (1 to 10)
Sentiment: +24.19% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• FARM: +21%
• WAN: +15%
• SUPER: +14%
Losers:
•  CHESS: -15%
•  REN: -13%
•  RIF: -11%
Binance Futures:
Top Gainers:
•  MASKUSDT: +13.65%
•  FTMUSDT: +9.30%
Top Losers:
•  RENUSDT: -12.29%
•  BANDUSDT: -7.04%
Largest Volume (24h)
•  ETH/BTC (6,296 BTC)
•  DOGE/BTC (1,521 BTC)
Daily Outlook
BTC, along with ETH and most higher market cap alts remain extremely stable and show no signs of either an upside or downside move for now. We’re likely going to have some chop before our next confirmation, however, we’re ready to catch it perfectly once it happens.
Bitcoin Recap
Overnight Bitcoin broke above the resistance after a day of compression. The move came after news that Brazil has voted to recognize Bitcoin as a form of Payment, although this does not mean it is legal tender.
We can see that this has seen the price break out from the downtrend resistance that had been in place since 14th November. I would like to see what happens on a retest of $16.5k-$16.4k, which is a strong demand zone as well as being the old resistance trendline.
Today we have Jerome Powell Speaking in Washington (this evening,) where he will give remarks on the economy and Labour market. This is not an event where figures are released, but people will listen to his comments for any clues of what his plans are in the coming months. Therefore this can cause volatility.
Of course, we have the monthly close tonight too, what a great month it has been.
Recapitulating Ethereum
Ethereum finally reached $1,280 — a target we’ve highlighted a few times in our daily updates. Currently, it is also consolidating alongside Bitcoin and a final push toward $1,300 is still on the table. However, we could see increased distribution during a rally, potentially bringing the price down to range lows of around $1,000.
Market Scoop
Crypto:
🔹 FTX-backed DEX Serum calls itself 'defunct,' promoting community fork.
🔹 Bankman-Fried Robinhood shares are the target of a BlockFi lawsuit.
🔹 US crypto exchange Kraken reaches an agreement with Treasury Department.
🔹 Crypto wallet Phantom is expanding to Ethereum and Polygon.
🔹 DeFi lender Compound to set borrow caps on 10 crypto collateral assets.
Forex & Stocks:
🔹 Crude oil higher on optimism over-relaxation of China's curbs.
🔹 Hyundai partners with SK On for North American EV battery supply.
🔹 Credit Suisse rights sell-off spells the worst year for its shares.
🔹 Spotify and Epic Games get allies in Musk in the fight against Apple fees.
🔹 Hawaii's Mauna Loa volcano erupts for the first time in nearly 40 years.
For more daily updates and news, follow us on Twitter.
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.