11.8 Cryptocurrency Market News Interpretation
Yesterday, the macro economic interest rate cut of 25 basis points was implemented, bringing the rate to 4.5. Fed Chair Powell was very firm, stating that the election will not affect short-term policies, and the pace of interest rate cuts will depend on demand. Furthermore, if Trump asks me to resign, I will not resign. The market still has strong expectations for another 25 basis point cut in the next 12 months, so the faucet is gradually being turned on, which is definitely a cyclical benefit from a macro perspective.
On November 7th, Bitcoin ETF saw an inflow of $1.373 billion in a single day, setting a record for daily inflow. BlackRock's IBIT alone attracted $1.1 billion. Moreover, nearly $2 billion flowed in over two days, making it impossible for the price not to rise. Ethereum ETF saw an inflow of $79.7 million, which is two orders of magnitude less.
Trump's team is already considering candidates for the new SEC chairman, first replacing the old one. The crypto market is really about to make Americans FOMO.
Market Analysis
All positive factors have basically materialized, Bitcoin surged to 76,850, with the total futures contracts on the network reaching a new high of $85 billion. Today is also the last trading day of this week for U.S. stocks, so it is likely that Bitcoin will not have huge upward momentum this week and will consolidate here for a while before continuing to push up next week.
The exchange rate of Ethereum has rebounded significantly, reaching 0.038, but it is still not enough to watch. It is worth monitoring whether the key exchange rate position of 0.04 can be broken.
SOL is still close to a new high, and a new high for SOL should be a highly probable event, but it remains to be seen whether there will be significant selling pressure after the new high, so caution is advised.
Regarding altcoins:
The long-awaited JTO finally broke above 2.5 today, and the demons have receded. With this breakthrough, there will be more to watch for, with short-term resistance at 3.3.
The small dog NEIRO has always been the focus of this round of exchange MEME, even resembling this year's early PEPE. I think you can treat it like PEPE, which surged tenfold during its main upward wave. The second wave almost doubled again, with a market capitalization of over $5 billion. Now the small dog's market cap is $900 million; isn't it reasonable to expect another doubling?
The hot topic of this year's bull market is still MEME. It can be traded all the way through.
Because SOL is approaching a new high, its ecosystem is also taking off, and most of them can still hold, especially DEXs like RAY and ORCA, as the increase in trading volume will directly relate to the rise in coin prices.
