Market Update (Dec. 1, 2022)
Cryptocurrency and stock markets reacted positively to Powell's speech yesterday, addressing the labor market. However, despite surging over $17,000 in the last hours to touch its two-week high, BTC ended November in the red with a 16.23% decline, marking its worst performance in the past 5 months, and the worst November since 2019.
Meanwhile, the Core PCE numbers came out lower than expected today, further indicating that the Fed may ease up for the December rate hike.
At the time of writing, the S&P 500 has breached 4,090 and is on its way to 4,100 — a target we've highlighted previously. DXY is at 104.9 and constantly bleeding, our next key level of support is 101.5
Market Analysis:
Market Cap: $852,576,586,831
24H Volume: $45,119,252,978
BTC Dominance: 38.2%
ETH Dominance: 18.3%
Health Standard: 30.91 (1 to 10)
Sentiment: +17.27% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• HOOK: +2,134%
• BAND: +22%
• HFT: +12%
Losers:
•  QLC: -24%
•  OAX: -20%
•  DEGO: -18%
Binance Futures:
Top Gainers:
•  BAND/USDT: +21.15%
•  MASK/USDT: +9.55%
Top Losers:
•  AMB/USDT: -8.12%
•  ICX/USDT: -7.65%
Largest Volume (24h)
•  ETH/BTC (3,368 BTC)
•  BNB/BTC (1,775 BTC)
Daily Outlook
The bulls are currently fighting with the strength to regain control on lower time frames, and as we start the last month of the year, we can clearly see mid-term market indecision. Our next move will likely kick off before the yearly close, and we’ll be ready to catch it perfectly before it even starts.
Bitcoin Recap
Bitcoin continued to perform strong yesterday with hints from Fed Chair Jerome Powell that rate rises may now start to be slowed down. Right now, BTC is sitting under resistance at $17.2k. This was an area of rejection earlier in November. If this level is flipped and closed above the 4h, we could see a move to test the previous range lows at $18.1k.
This afternoon we have the release of the USA Core PCE figures. This looks at consumer spending (excluding energy and food) and is an important metric that the Fed looks at when deciding future policy. Experts predict that these figures will show a slight ease in inflation from the last figures, but predictions have been wrong before!
After a great November, ready to make December even better and finish a really good year on a high!!
Recapitulating Ethereum
Ethereum was able to reach $1,309 before getting rejected and falling toward $1,270. We could see ETH going as low as $1,261 before finding momentum to continue this move upward. If we break below $1,261 all long positions until $1,220 will be in trouble. Our first key level is $1,350, however, $1,330 could also be difficult to breach.
Market Scoop
Crypto:
🔹 Decentralized crypto exchange volumes nearly double in November amid FTX debacle.
🔹 Timex to create limited edition BAYC watches for 500 holders.
🔹 Bankman-Fried-backed bill to feature in Congress' first FTX hearing.
🔹 Italy mulls 26% crypto gains tax as Binance, Gemini set up shop.
🔹 Bitmex allows depositors to self-verify liabilities.
Forex & Stocks:
🔹 Oil rises as China eases COVID curbs, dollar weakens.
🔹 China set to loosen COVID curbs after a week of historic protests.
🔹 France's Macron criticizes Musk for relaxing Twitter content rules.
🔹 Disasters caused a total of $122 billion in insured losses in 2022.
🔹 Global factory activity shrank in November but price pressures ease.
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.