By Omkar Godbole (All times ET unless otherwise noted)
The cryptocurrency market is in a mixed mood, with some recent outperformers facing pressure while major cryptocurrencies remain resilient. Privacy focused coins monero and zcash fell more than 4% in the last 24 hours, in contrast to relatively stable trading in bitcoin ether , solana and others who have returned from the late Sundays.
Notably, the CoinDesk DeFi Select and Smart Contract Select indexes are showing strength, up about 5% and 4% respectively since early Asian hours, underscoring pockets of growth amid broader caution.
Zcash, which in a rare bright spot against the broader market despondency has rallied over 500% since September, is now teasing a bearish double top pattern (see technical analysis section below). Whether a drop in ZEC heralds a bounce in BTC and ETH – following diverging trends with the majors – remains to be seen.
Hot analysts’ take on how we’re still early in institutional adoption and how inflows could send valuations soaring continued to make the rounds, giving hope to battered BTC bulls.
In other developments, Arcas CIO Jeff Dorman dismissed speculation about Strategy (MSTR) Executive Chairman Michael Saylor liquidating his BTC holdings, noting that Saylor’s financial position would likely protect him from selling unless bitcoin’s value collapsed precipitously.
Ryan Lee, chief analyst at Bitget, urged traders to monitor US regulatory developments, particularly around exchange-traded funds (ETFs), stablecoin payment frameworks and exchange surveillance. These could quickly shift investor sentiment back to a risk-on stance, Lee said.
In traditional markets, Japanese longer-dated government bond yields rose in response to reports that Prime Minister Sanae Takaichi’s first stimulus package may include spending worth about 17 trillion yen ($110 billion).
With the country’s debt-to-GDP ratio already among the highest globally at 240%, such a move could flood the market with bonds and push interest rates higher, raising the risk of a fiscal crisis. For crypto traders, rising Japanese interest rates could squeeze government bonds, pushing interest rates higher and weighing on risk assets like tech stocks and digital currencies. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- Nov 17 at 8.30: Canada October Inflation Rate. Headline YoY (Previous 2.4%), MoM (Previous 0.1%). Core y/y (previously 2.8%), MoM (previously 0.2%).
- Nov 17 at 8.30: Federal Reserve Bank of New York’s nov. NEW Empire State Manufacturing Index Est. 6.1.
- November 17: 9:30 a.m.: Fed Vice Chairman Philip N. Jefferson speaks on “Economic Outlook and Monetary Policy.”
- November 17, 3:35 p.m.: Fed Governor Christopher J. Waller speaking on “Economic Outlook.” Watch live.
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Unlocks
- to unlock 1.66% of its circulating supply, worth $5.46 million.
- to unlock 5.04% of its circulating supply, worth $3.63 million.
- The token is launched
- Ycash (YEC) lists on BitMart at with YEC/USDT pair.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.63% as of 16 ET Friday at $95,734.44 (24 hours: +0.03%)
- ETH is up 0.96% to $3,201.10 (24h: +1.15%)
- CoinDesk 20 is up 0.57% to 3,086.17 (24 hours: +0.39%)
- Ether CESR Composite Staking Rate is down 15 bps to 2.83%
- BTC funding rate is at 0.0057% (6.213% annualized) on Binance
- DXY is unchanged at 99.36
- Gold futures are unchanged at $4,090.50
- Silver futures are up 0.49% at $50.94
- The Nikkei 225 closed up 0.1% at 50,323.91
- The Hang Seng closed up 0.71% at 26,384.28
- The FTSE is down 0.10% at 9,688.36
- The Euro Stoxx 50 is down 0.5% at 5,665.22
- The DJIA closed down 0.65% on Friday at 47,147.48
- The S&P 500 closed unchanged at 6,734.11
- The Nasdaq Composite closed up 0.13% at 22,900.59
- The S&P/TSX Composite closed up 0.24% at 30,326.46
- The S&P 40 Latin America closed up 0.27% at 3,111.85
- The US 10-year Treasury note is down 2.1 bps at 4.127%
- E-mini S&P 500 futures rose 0.36% to 6,779.25
- E-mini Nasdaq-100 futures rose 0.62% to 25,249.25
- The E-mini Dow Jones Industrial Average Index is unchanged at 47,245.00
Bitcoin statistics
- BTC Dominance: 59.43% (-0.12%)
- Ether to bitcoin ratio: 0.03341 (1.74%)
- Hashrate (seven-day moving average): 1,123 EH/s
- Hash price (spot): $39.80
- Total fees: 2.61 BTC / $248,303
- CME Futures open interest: 139,475 BTC
- BTC priced in gold: 23.5 oz.
- BTC vs Gold Market Cap: 6.4%
Technical Analysis
- Zcash’s bounce from below $500 has stalled at the early November peaks above $700.
- That has increased the risk of a potential formation of a double top pattern, with the neckline at $423, shown by the horizontal line.
- Should prices go lower from here, it would mean a constant change of market leadership from bulls to bears.
Crypto stocks
- Coinbase Global (COIN): closed Friday at $284 (+0.3%), +0.85% at $286.40 in premarket
- Circle Internet (CRCL): closed at $81.89 (-0.55%), +2.06% at $83.58
- Galaxy Digital (GLXY): closed at $26.34 (-3.3%), +2.24% at $26.93
- Bullish (BLSH): closed at $38.48 (-6.19%), +1.01% at $38.87
- MARA Holdings (MARA): closed at $11.99 (-6.18%), +1.17% at $12.13
- Riot Platforms (RIOT): closed at $13.95 (+0.5%), +0.93% at $14.08
- Core Scientific (CORZ): closed at $14.93 (-1.52%), +1.27% at $15.12
- CleanSpark (CLSK): closed at $10.96 (-8.51%), +1.28% at $11.10
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $40.54 (-3.41%)
- Exodus Movement (EXOD): closed at $17.3 (-4.68%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $199.75 (-4.22%), +1.26% at $202.26
- Semler Scientific (SMLR): closed at $21.82 (-5.13%)
- SharpLink Gaming (SBET): closed at $10.89 (-0.91%), +1.01% at $11.00
- Upexi (UPXI): closed at $2.99 (-7.14%)
- Lite Strategy (LITS): closed at $2.02 (+6.32%), -1.49% at $1.99
ETF Flows
Spot BTC ETFs
- Daily net flows: -492.1 million USD
- Cumulative net flows: $58.83 billion
- Total BTC holdings ~1.32m
Spot ETH ETFs
- Daily net flows: -$177.9 million
- Cumulative net flows: $13.15 billion
- Total ETH holdings ~6.34 million
Source: Farside Investors
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