The wheel of the cycle is turning, pushing a market that was recently filled with fear and hesitation into a new phase.
The U.S. presidential election concluded on November 6, with the Republican candidate Trump, who holds a friendly attitude towards crypto, winning. BTC prices continued to hit new highs, peaking at $99,860, approaching $100,000. The entire month recorded a significant increase of 37.42%.
With the trading market heating up, November saw a massive inflow of funds, recording $25.9 billion for the month, becoming the largest inflow month in the history of the crypto market.
Against the backdrop of BTC approaching the $100,000 mark, the continuous inflow of funds has finally triggered a sharp rise in altcoins represented by ETH, leading to a broad-based rally.
The second wave of the current cycle's 'uptrend' in the crypto market has already begun, with funds gradually flowing into altcoins to form a rally.
The potential high inflation triggered by 'Trump's economic policy' and the ongoing pace of interest rate cuts by the Federal Reserve has become the greatest uncertainty.
BTC hits a historic new high, and altcoins can start anytime.
In November, BTC opened at $70,198.02 and closed at $96,465.42, with a rise of 37.42%, a volatility of 47.12%, and an effective increase in trading volume.
After returning to the '200-day moving average' and crossing the 'downtrend line' in November, BTC continues to achieve significant breakthroughs in technical indicators this month, breaking through the upper pressure of the 'new high consolidation zone' that has been stuck for 8 months, and once again stepping onto the 'uptrend line' after a gap of 4 months.
On the monthly chart, BTC has achieved three consecutive months of increases with steadily expanding volume, showing a healthy upward trend.
I think the support from U.S. policies and the adoption of crypto by traditional institutions, including financial institutions and publicly listed companies, is likely to continue to rise in the coming years. At no point in history has the blockchain industry and crypto assets received such a significant level of acceptance and adoption.
Important news to watch this week
Economic News
1. According to CME's 'FedWatch': The probability of the Federal Reserve maintaining the current interest rate unchanged until December is 32.9%, while the probability of a cumulative 25 basis points cut is 67.1%.
2. JPMorgan's trading team believes that the S&P 500 will approach 6,300 points by the end of the year.
3. New York Federal Reserve President Williams: Inflation is above the target of 2%. Over time, it will be appropriate to return interest rates to neutral levels.
4. German trade unions announced: Approximately 66,000 auto workers participated in the strike.
5. Intel CEO Pat Gelsinger has been forced to leave the company, leading the previous board to lose confidence in his plans to turn the company around.
Crypto Ecosystem News
1. Coinbase's Chief Policy Officer: It is expected that after Trump takes office, the U.S. will rapidly introduce cryptocurrency regulations.
2. Analyst Fournier pointed out that there is a significant 'profit-taking phenomenon', and a large sell wall of over 4,000 Bitcoins, approximately $384 million, must be cleared to reach higher prices.
3. 10x Research recently released a report stating that the Bitcoin balance on cryptocurrency exchanges has reached a historic low, and on-chain data shows a sharp decline in the number of available Bitcoins.
4. The rebound in Ethereum prices has driven the recovery of the NFT market, with November NFT sales recording the highest value in nearly six months.
5. Hong Kong Securities and Futures Commission: The licensing of virtual asset trading platforms in Hong Kong will be announced by the end of the year.
On November 30, according to Farside Investors data, the net inflow of the U.S. Ethereum spot ETF reached $332 million yesterday, marking the first time in history it has exceeded the Bitcoin spot ETF (which was $320 million yesterday).
7. Trump nominates five 'crypto players' as candidates for the new government cabinet.