Category: Crypto market

Forex Signals Brief November 11: US Inflation and Retail Sales Highlight the Week!

Posted on by Skerdian Meta

Last week all the attention was on the US presidential elections, while this week the attention shifts to US inflation and retail sales data. Donald Trump won the second term, while Republicans took both rooms, in a red sweep, which gave the USD a 2-3cent boost against most currencies on Wednesday as results started to come out.

This week we have the US CPI and PPI inflation data for October

Continue reading “Forex Signals Brief November 11: US Inflation and Retail Sales Highlight the Week!” →

XRP displaced by DOGE despite breaking $0.55 mark

Posted on by Olumide Adesina

Ripple’s native token has seen a notable daily increase of 10% and is currently trading above $0.57. However, Dogecoin, which has reached another multi-year high, surpassed it to become the 6th largest cryptocurrency by market capitalization.

Dogecoin now has a market value of  $41 billion, making it the seventh-largest cryptocurrency while XRP dropped to 9th position pegged at $32.7 billion. The meme’s increase has been especially remarkable.

The meme coin has surpassed $0.28 and increased by 29% on the last day for the first time since late 2021. The price of DOGE has increased by more than 120 percent in the last 30 days. Ripple still had a noteworthy day, pushing it above $0.6 for the first time in weeks.

XRP’s value stayed above the $0.57 mark. The popular payment token gains were modest to Doge, Bitcoin, and Ethereum. XRP established a base and began a new rise above $0.5550.

The resistance levels of $0.5850 and $0.6000 were crossed. Before the bears showed up, the bulls drove the price above the $0.6050 level.

a high was formed at $0.6162 before a recent pullback,. XRP tested $0.5640 after falling below $0.600. The price is  attempting a new rise after forming a low at $0.6162.

The general bullish trend began following Donald Trump’s victory in the 2024 US presidential election has only been strengthened over the last day.

A number of well-known cryptocurrency analysts have made predictions regarding an impending meme coin super cycle, which might spur even greater remarkable profits for the niche. For example, SHIB is another huge winner today, rising 28% and trading above $0.000028.

DOGE 2X within a month on Trump and Elon Musk Effect

Posted on by Olumide Adesina

DOGE has risen almost 20% in the past day to reach a price of $0.247, continuing its incredible gains into the weekend. The last time Dogecoin’s price reached this level was in November 2021, when a spike in the cryptocurrency market drove Bitcoin to an all-time high of about $69,000. 

The value of the flagship meme coin has more than doubled, rising 130 percent over the past month.

DOGE has increased by over 68% in just the past week as seen on Binance. It still falls far short of its peak of $0.73 in May 2021, though.  

Dogecoin’s price has suffered due to market volatility.   The meme coin has started to gain traction in the last quarter of the year 

Elon Musk, the CEO of SpaceX and Tesla and a self-described Dogecoin enthusiast who has frequently driven the price up with his antics over the years, threw his support behind Donald Trump, joining the now-elect president on the campaign trail, Dogecoin started to rise in recent weeks.  

Musk mentioned the possibility of establishing a Department of Government Efficiency (D. O. G. E.). Trump has stated that the world’s richest man could lead the agency. The fervor contributed to Dogecoin’s ascent, securing the coin’s multi-month high price marks. 

Now that Trump has won and the cryptocurrency market is booming due to the Republican candidates’ numerous promises, Dogecoin traders are going crazy, and the coin is reaching levels not seen since 2021. 

U.S Federal Lawmaker purchases Ethereum

Posted on by Olumide Adesina

Mike Collins, a Republican who was re-elected to the House of Representatives in the 10th Congressional District of Georgia owns Ethereum. According to Quiver Quantitative, Collins revealed an Ethereum investment of almost $80,000.

 

This was revealed in a post on X in November by the platform, which keeps tabs on the trades and investment purchases of prominent public figures

The lawmaker reportedly bought $15,000 worth of Aerodrome (AERO) in addition to Ethereum. Aerodrome is a decentralized exchange and automated market maker that serves as the main source of liquidity for Base, a layer-2 Ethereum network that Coinbase introduced. Rep.

Three days after Donald Trump’s overwhelming victory in the U.S. election, Collins revealed the altcoin investment that caused the cryptocurrency to soar.

Sentiment turned extremely bullish Following Trump’s victory, and the price of Ethereum increased in tandem with Bitcoin.

ETH has yet to recover to regain its year-to-date high above $4k, almost 40% below its all-time high above $4.8k, attained in May 2021.

Collins is not the first lawmaker to reveal that they own cryptocurrency, but his action points to a possible new trend as the sector makes its mark in the U.S. legislative map with the most elected candidates who support cryptocurrency.

The cryptocurrency market is also generally doing well as the industry attempts to move past the Securities and Exchange Commission’s unfavorable regulatory approach. Over the last four years, the SEC, led by Chair Gary Gensler, has advocated a crackdown that detractors claim threatened to pull the world’s most powerful economy back of the areas of blockchain and cryptocurrency innovation.

Bitcoin on steroids, breaks $80,500 resistance line

Posted on by Olumide Adesina

Bitcoin surpassed $80,500 for the first time in history and its market capitalization surpassed $1.5 trillion within days of Donald Trump’s reelection in the US presidential election.

The leading cryptocurrency store increased by nearly 5 percent to hit a new inflation-adjusted record high of $80,700. The $35 billion iShares Bitcoin Trust (IBIT) has contributed significantly to the continuous increase in Bitcoin’s value

Farside Investors data shows IBIT reported net inflows of almost $1.04 billion per day in November.  The iShares ETF’s trading volume hit a record high the day before, underscoring the cryptocurrency industry’s positive reaction to Trump’s political resurgence.

According to options market positioning, open interest in calls for year-end expiration BTC options has significantly increased in recent weeks.

Additionally, Glassnode’s weekly reports show that capital inflow is still increasing, indicating a steady increase in demand. Over the past 30 days, the Bitcoin Realized Cap has risen by 30.8 percent, making it one of the highest inflow levels since January 2023.

It is currently trading at an all-time high (ATH) of $656 billion With a net 30-day capital inflow of $20.5 billion; however, the Relative Strength Index (RSI) is above 70, indicating a downward trend and being close to its overbought level. If the RSI declines from the overbought level, traders should exercise caution as the likelihood of a price pullback increases.

Trump had pledged to establish the world’s largest economy as a leader in the cryptocurrency space, adding that he would designate pro-crypto regulators and create a strategic Bitcoin reserve.

Bitcoin is poised to post its best weekly performance since February with a 15-point 65 percent increase, partly because of the Federal Reserve’s interest rate cuts and the high demand for US-based exchange-traded funds (ETFs),

Bitcoin increased by about 80% in 2024. It has performed better than more conventional investments like gold and stocks.

Donald Trump has taken the opposite position from the Biden administration, which is thought to support stringent regulation of a contentious industry that largely eludes institutional oversight, by portraying himself as the defender of cryptocurrencies.

Will the Trump Trade Continue for Stocks, the USD and Bitcoin?

Posted on by Skerdian Meta

Bitcoin and the US dollar surged after Donald Trump’s victory on Thursday, as the “Trump Trade” suggests, while risk assets tumbled, but we saw a reversal on Thursday, with risk assets surging and the USD tumbling lower. However, Friday had reserved another reversal, which put the USD in the front run. The price action has been volatile in both directions, so, will the “Trump Trade” continue?

US stocks have absolutely surged
US stocks have absolutely surged

Continue reading “Will the Trump Trade Continue for Stocks, the USD and Bitcoin?” →

Ethereum runs faster than Bitcoin

Posted on by Olumide Adesina

Ethereum looks attractive to investors again due to the combined effect of the Fed’s 25 bps rate cut and Donald Trump’s victory in the presidential election
The second-largest crypto by market valuation finally breached the $3,200 threshold early Sunday. Ethereum’s price is starting to rise on that wave, rising 25% in less than ten days and surpassing Bitcoin’s own 14% increase.

The Federal Reserve lowered interest rates by 25 basis points on Thursday after lowering them by 50 basis-point in September.

Nevertheless, as the digital financial market benefits from President-elect Donald Trump’s pro-digital asset policies, EETH is trying to surpass the 50-day SMA on the weekly chart, which has been limiting any upward price movement since August 5. Before aiming for a new all-time high, ETH could turn the $3,366 resistance into a support and rally to meet its yearly high resistance of $4,093 if it breaks above this SMA.

Weekly inflows into spot Ethereum exchange-traded funds reached their highest levels as the flagship altcoin surpassed $3,000 for the first time since August. Over the past week, the amount of money flowing into Ether-based ETF products has increased to $154.66 million, the most since the Securities and Exchange Commission (SEC) authorized the offerings in July, as shown on SoSovalue data.

Inflows started to increase after Donald Trump won the election. Fundamentals show market participants’ continued optimism that the incoming Washington administration will enact more benevolent rules for digital assets, which led to a market-wide rally following the presidential elections.

Bitcoin breaks $79,000 barrier, first time in history

Posted on by Olumide Adesina

Bitcoin broke through the $79,000 barrier for the first time in history amid the bullish run in the crypto market
US-based traders on Coinbase have shown an abnormally high demand for Bitcoin over the last two weeks, as shown on-chain data trends

Bitcoin increased 4%, extending its seven-day gains to over 16 percent following a week in which Republican Donald Trump was elected president of the United States.

The president’s and the Fed’s 25 basis point rate cuts are viewed by traders as generally bullish.

Weekend pumps are typically regarded as bullish in the cryptocurrency market since trading volumes usually decline over the weekend when many institutional investors and professional traders are less active, Bitcoin’s price action affirms a bullish momentum with prices on Binance above $78K, indicating that buyers pay premiums to purchase BTC.

this demand intensity fuels the upward trend and drives prices higher because traders are keen to lock in positions. The road to a $80,000 breakout is still open as long as the $76,000 support is not broken

However, a significant price increase over Saturday and Sunday might suggest that retail investors push market activity. This is a bullish sign because it indicates broad interest and participation from smaller investors rather than just institutional players.

Profit-taking among bitcoin traders remains tiny compared to previous euphoric periods, suggesting the current rally still has plenty of room to run

Meanwhile, bearish crypto bets took on over $280 million in losses — an unusually high figure for the weekend — with $103 million in bitcoin shorts and $70 million in ether short bets liquidated. Shorts are bets against higher prices. A cascade of liquidations might suggest a market turning point, where a price reversal, may be imminent due to an overreaction in market sentiment.

CZ richest man in crypto industry, after Warren Buffet in finance

Posted on by Olumide Adesina

Changpeng Zhao, the founder of Binance Holdings, the world’s biggest cryptocurrency exchange by trading volume, is the richest man in the crypto industry.
CZ is in 23rd place on the Bloomberg Billionaire Index list despite paying over $7 billion in fines from judicial settlements last year.

CZ’s wealth increased to $59.1 billion due to the increase in Bitcoin prices, which approached an all-time high after surpassing $77K on Friday, and general growth in crypto trading volume.

CZ is the wealthiest man in the cryptocurrency sector and the second richest man in finance, after Warren Buffet ( $146 billion) .

Experts claimed that CZ’s overnight enrichment was caused by the surge in crypto values following Trump’s win. Bitcoin was up 10% this week and the global cryptocurrency market capitalizations grew by hundreds of billions of dollars, amplifying  Binance’s equity value.

CZ’s 90% ownership in Binance, the biggest cryptocurrency exchange in the world with over 200 million registered users, is the main source of his wealth. According to Bloomberg, the company makes $9.8 billion in annualized revenue from spot and derivatives transactions, despite being private and not disclosing its financial information to the public.  CZ has also stated that he owns BNB and Bitcoin.

The 47 year old billionaire claimed that he received offers to sell his majority stake in the exchange, which is equity that accounts for the majority of his wealth, but he would not say who had made the offers or how much they were asking for.

“I am not claiming that I will retain the equity indefinitely,” he stated. “I’m glad to consider any offer, but I haven’t taken any action as of yet. However, at this time, I’m just a typical shareholder’.

BlackRock manages more Bitcoin than Gold

Posted on by Olumide Adesina

BlackRock, the world’s largest asset manager, now manages more Bitcoin than gold for its flagship exchange-traded funds (ETFs), iShares. More specifically: Even though the iShares Gold ETF (IAU) has only been around since January, the Wall Street behemoth’s iShares Bitcoin Trust ETF (IBIT) has now overtaken it in terms of net assets.

BlackRock’s spot Bitcoin ETF amassed an incredible $33.17 billion in value as of Thursday’s market close. BlackRock’s .gold ETF, which has $33 billion in net assets.

The iShares Gold ETF has been available since 2005, in 2009, BlackRock purchased the company and trademark from Barclays.

Undoubtedly, Donald Trump’s reelection on Tuesday, a major event that sent markets soaring, strengthened BlackRock’s Bitcoin position. On the day following Trump’s retake of the White House, the spot Bitcoin ETF saw $4.11 billion in daily trading, the highest amount ever.

Bloomberg Senior Analyst Eric Balchunas states that during the same period, activity exceeded even daily volume on blue-chip stocks like Netflix, Visa, and Berkshire Hathaway, indicating investor excitement that Trump will fulfill his numerous pledges to end the U.S. S. . government’s efforts to combat cryptocurrency and support the emerging sector.

BlackRock’s Bitcoin ETF is by far the biggest of the 11 spot Bitcoin ETFs are available on Wall Street. Grayscale, the next closest in size, currently has $16.8 billion in Bitcoin, which is about half as much as BlackRock.