FameEX Weekly Market Trend | November 21, 2024

1. BTC Market Trend

From November 18 to November 20, the BTC spot price swung from $89,212.42 to $94,801.19, a 6.26% range. The key recent statements from the Federal Reserve (Fed) and the European Central Bank (ECB) over the past three days are as follows:

1) On November 20, Fed’s Schmid stated that larger fiscal deficits would not lead to inflation because the Fed will take preventive measures, although this may result in higher interest rates.

2) On November 19, ECB Governing Council member Stournaras indicated that a 25-basis-point rate cut in December is almost certain.

Mauricio di Bartolomeo, co-founder of Ledn, stated that the likelihood of the U.S. establishing a strategic Bitcoin reserve has increased following the introduction of the Strategic Bitcoin Reserve Bill in Pennsylvania. The bill aims to allow the state to allocate up to 10% of certain funds, including general funds, rainy day funds, and state investment funds, into Bitcoin. According to Pennsylvania’s 2023 Treasury Annual Investment Report, these funds manage approximately $51 billion in assets, making a 10% allocation equivalent to around $5.1 billion in Bitcoin investments.

Previously, U.S. Senator Cynthia Lummis proposed the Bitcoin Bill, which suggests creating a U.S. strategic Bitcoin reserve by purchasing up to 200,000 Bitcoins annually over five years. If these bills are passed into law, an initial investment of approximately $23.3 billion in Bitcoin could be acquired on the open market. Approval of either bill would significantly impact other sovereign investment portfolios, sparking discussions among the world’s largest asset managers about Bitcoin allocations. In the coming months, the U.S. strategic reserve is likely to become a central focus of Bitcoin-related topics.

Source: BTCUSDT | FameEX 

From November 21 to November 24, continue monitoring trading opportunities for ETH spot orders. Focus on sell orders placed at $8,510, $7,840, and $5,040, as well as buy-the-dip orders at $2,040 and $1,730. For the BTC spot, maintain sell orders at $169,400, $102,980, and $96,820, along with buy-the-dip orders at $73,970, $59,935, and $45,900.

2. CMC 7D Statistics Indicators

Overall market cap and volume, source: https://coinmarketcap.com/charts/

Altcoin Season Index and Bitcoin Dominance: https://coinmarketcap.com/charts/

Crypto ETFs Net Flow: https://coinmarketcap.com/charts/

Fear & Greed Index, source: https://coinmarketcap.com/charts/

3. Perpetual Futures

Funding fees for mainstream coins on major exchanges have generally remained positive over the past 7 days.

Source: CoinAnk

In the past four days, the open interest for BTC and ETH contracts has seen a slight increase.

Exchange BTC Contract Open Interest:

Source: CoinAnk

Exchange ETH Contract Open Interest:

Source: CoinAnk

Note: All the above information is provided for reference purposes only and should not be construed as specific investment advice.

4. Industry Roundup

1) On November 18, the Crypto Fear and Greed Index rose to 90, remaining in the “Extreme Greed” zone.

2) On November 18, Trump announced plans to declare a national emergency to implement large-scale (illegal immigration) deportations in the U.S.

3) On November 18, Heather Morgan, known as the “Wall Street Crocodile”, was sentenced for cryptocurrency laundering. Morgan, an accomplice in the Bitfinex hacking case, received an 18-month prison term.

4) On November 18, the X platform faced allegations of algorithm adjustments favoring Elon Musk and Republican users.

5) On November 18, a court in Hunan, China, ruled that using virtual currency to repay loans is invalid in a lending dispute case.

6) On November 18, a local Korean government warned tax-evading citizens that their cryptocurrency holdings would be sold if they failed to pay taxes. Taiwan is considering taxing income from cryptocurrency transactions.

7) On November 18, SlowMist reported that over 900 victims were identified in the DEXX incident, with total estimated losses of $21 million. PolterFinance reported a vulnerability on the Fantom chain, resulting in the theft of over $7 million in crypto assets.

8) On November 18, a Korbit report indicated that the U.S. House Financial Services Committee and three other entities will play significant roles in shaping crypto policies.

9) On November 19, Elon Musk stated he still holds a significant amount of Dogecoin, and SpaceX holds a large amount of Bitcoin.

10) On November 19, Binance CEO CZ predicted nations would compete to include Bitcoin in their strategic reserves. CryptoQuant CEO noted Bitcoin retail trading volume reached a three-year high.

11) On November 19, a senior EU representative stated that the U.S. allows Kyiv to strike Russian territory up to 300 kilometers deep. Russia’s foreign minister warned that Ukraine’s use of long-range missiles on Russian territory would constitute direct U.S. and allied involvement in hostilities against Russia.

12) On November 19, Putin expanded the conditions for using nuclear weapons, stating Russia may consider their use if subjected to conventional attacks backed by nuclear powers.

13) On November 19, Russia proposed a 15% tax on cryptocurrency income.

14) On November 19, ETHGlobal released its 2025 schedule, planning to host at least six hackathons.

15) As of Q3, nearly 700 institutional owners and shareholders collectively held 160.2 million shares of BlackRock IBIT.

16) On November 20, Yao Qian, former director of the China Securities Regulatory Commission’s Tech Supervision Department, was expelled from the Party and public office for allegedly leveraging virtual currencies in bribery schemes.

17) On November 20, pro-crypto advocate Howard Lutnick was considered to lead the U.S. Department of Commerce, and the push for ETF options boosted Bitcoin to new highs. Trump is reportedly considering appointing crypto lawyer Teresa Goody Guillén as SEC Chair.

18) On November 20, Russia approved amendments to cryptocurrency transaction tax laws, capping rates at 15%.

19) On November 20, OneKey’s Chinese official X account warned of attempted logins on Dexx platform user emails, urging users to update their Web2 passwords.

20) On November 20, 18 U.S. states filed lawsuits against the SEC and Chair Gary Gensler, accusing them of “severe government overreach” in the crypto sector.

21) On November 20, South Korea announced plans to implement a 20% cryptocurrency tax by 2025 while raising the tax exemption threshold.

22) On November 20, the Shanghai High Court in China affirmed that virtual currency has property value and personal ownership is not illegal. Meanwhile, the Jiahe County Court ruled that contracts for virtual currency mining machine transactions are invalid, with related losses to be borne by the parties involved.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.