FameEX Weekly Market Trend | November 25, 2024

1. BTC Market Trend

From November 21 to November 24, the BTC spot price swung from $94,005.11 to $99,419.92, a 5.76% range. 

The key recent statements from the Federal Reserve (Fed) and the European Central Bank (ECB) over the past four days are as follows:

1) On November 21, Fed’s Bowman indicated that progress on reducing inflation seems to have stalled, and a cautious approach to monetary policy should be adopted.

Collins believed further rate cuts are necessary, but there’s no rush to cut rates.

Williams said that the U.S. economic growth is strong, with inflation and the labor market gradually cooling.

2) On November 22, Fed’s Goolsbee stated that the labor market has stabilized, and it may be necessary to slow down rate cuts.

According to the New York Fed, bank reserves are sufficient, indicating no obstacles to continuing balance sheet reduction.

3) On November 23, the Fed announced details of its framework review: the meeting will take place in May next year, and the review will not include the 2% inflation target. The focus will be on strategic statements and communication tools.

4) On November 21, ECB’s Gentiloni indicated that restrictions would be relaxed in the coming months.

Stournaras said that downside risks to economic growth remain, and interest rates will stay restrictive for some time.

Villeroy stated that Europe is about to overcome inflation and should continue to ease monetary policy.

November 21 Report: According to sources, the Trump team is in discussions with the digital asset industry about creating a new position at the White House specifically focused on cryptocurrency policy. The team is reviewing candidates for this role. If established, this would be the first position in history at the White House dedicated to cryptocurrency. Discussions about the position include leading a small team and acting as a liaison between Congress, the White House, and various regulatory agencies overseeing cryptocurrency, including the SEC and CFTC. Additionally, sources revealed that Brian Brooks, a former executive at Coinbase and Binance US, met with Trump on Tuesday and is a potential candidate for the role of SEC Chairman. Coinbase CEO Brian Armstrong also spoke with Trump this week.

Trump Cabinet Nominations Overview:

1) Scott Bessent (Founder of Key Square Group) was nominated for Secretary of the Treasury.

2) Lori Chavez-DeRemer (U.S. Congresswoman from Oregon) was nominated for Secretary of Labor.

3) Russell Vought was nominated to head the Office of Management and Budget.

4) Alex Wong (former State Department official) was nominated for Deputy National Security Advisor.

5) Janette Nesheiwat was nominated as Director of the U.S. Public Health Service.

6) Dave Weldon (Former Congressman) was nominated as Director of the CDC.

7) Marty Makary (Surgeon) was nominated as Commissioner of the FDA.

8) Sebastian Gorka was nominated as Deputy Assistant to the President and Senior Director for Counterterrorism.

9) Scott Turner was nominated for Secretary of Housing and Urban Development.

10) Former U.S. Senator Kelly Loeffler (Georgia) is expected to be nominated for Secretary of Agriculture.

11) Richard Grenell (former Director of National Intelligence) is under consideration for U.S. Ambassador to Ukraine.

Source: BTCUSDT | FameEX 

From November 25 to November 27, 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. It is also recommended to further increase the position allocation in altcoin spot trading.

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 21, a top economist warned of a “very high” risk of conflict between Trump and the Fed.

2) On November 21, U.S. initial jobless claims for the week ending November 16 totaled 213,000, the lowest since April 27, 2024.

3) On November 21, Bank of England Deputy Governor Ramsden indicated that if uncertainty decreases and there is clearer evidence of further deflationary pressures, more rapid rate cuts will be considered.

4) On November 21, Bank of Japan Governor Ueda Kazuo said that the impact of exchange rates on the economy and prices would be “carefully” considered; Japanese bond yields and the yen rose.

5) On November 21, Elon Musk’s xAI secured $5 billion in funding, with a valuation of $50 billion.

6) On November 22, it was reported that South Korea is expected to implement a 20% cryptocurrency tax starting in 2025, raising the tax-free allowance to nearly $36,000.

7) On November 22, Sun Yuchen purchased a $6.24 million banana artwork, calling it a symbol of the fusion of cryptocurrency and culture. Elon Musk commented on the $6.2 million banana artwork: Art is often used for money laundering and tax evasion.

8) On November 22, Trump’s company was considering developing cryptocurrency payment services.

9) On November 22, the International Criminal Court issued arrest warrants for Netanyahu and Gallant, as well as for Hamas leader al-Masri.

10) On November 22, Bank of England Monetary Policy Committee member Mann indicated that a 100 basis point rate cut would be too aggressive.

11) On November 23, according to South Korea’s NEWS1, North Korean forces participated in some battles in the Russia-Ukraine conflict as part of Russia’s airborne troops.

12) On November 23, it was said that Trump’s “Crypto Advisory Council” would establish the previously promised Bitcoin reserve.

13) On November 23, Japan’s cabinet approved $140 billion in economic stimulus spending.

14) On November 23, North Korea’s Ministry of Defense warned the U.S. and its allies to immediately halt provocations and hostile actions that could escalate military tensions on the Korean Peninsula, stating that it would elevate its military to combat readiness.

15) On November 23, according to the Wall Street Journal, sources revealed that President-elect Trump is considering nominating financier Kevin Warsh as Federal Reserve Chairman after Powell’s term ends in 2026.

16) On November 24, Japan pushed forward with an economic stimulus plan, aiming for a unified 20% cryptocurrency tax rate.

17) On November 24, Armed conflict in Sudan’s Fasher city resulted in over 9,000 deaths.

18) On November 24, next Wednesday, the U.S. will release the annual Core PCE Price Index for October, and the Fed will publish the minutes from its November monetary policy meeting.

19) On November 24, next Friday, Japan will release the October unemployment rate, and the Eurozone will release the preliminary CPI annual and monthly data for November.

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.