Crypto News on November 21, 2024
1. Nvidia's earnings report was released, surpassing market average expectations but falling short of 'high expectations,' leading to a drop in Nvidia's stock price—at one point down over 5% in after-hours trading, but the decline was later narrowed. The crypto AI sector also showed little reaction.
2. Trump's team is considering establishing the first crypto position in the White House.
3. Yesterday, BlackRock's IBIT saw a net inflow of $622.7 million. Fidelity's FBTC saw a net inflow of $134.5 million.
4. Meme sentiment has weakened, with the sector generally retreating yesterday.
5. Sun acquired a Cattelan banana for $6.2 million at Sotheby's, briefly causing a spike, but it couldn't hold and continued to retreat.
6. So far, the playstyle remains the same, still focusing on on-chain memes and CEX's BTC. Currently, on-chain memes are in retreat, but BTC continues to reach new highs, with the two camps clearly independent and disconnected from each other.
7. Public chains like Aptos and Kava have launched their own pump platforms.
8. Tether Treasury minted 1 billion USDT again 6 hours ago; since November 8, a total of 9 billion USDT has been minted.
9. Coinbase will list FLOKI. OKX will list MORPHO spot trading.
10. Arkham announced last night that it will launch a spot trading platform in the United States.
11. In the last 24 hours, the total liquidation amount was $399 million. This is under the circumstance of BTC hitting a new high, it's hard to imagine how many would be liquidated if there were a significant correction in BTC, so be cautious with contracts.
[Market Analysis] BTC's overall market cap share has reached 61%. Based on data from the previous bull market, when it reached around 67%, altcoins collectively exploded. According to this data, it's quick, and if nothing unexpected happens, it should be around mid-December for the next phase; later on, there may not be a significant retreat.
After BTC's new high, the slight drop has caused altcoins to collectively lament. The current market situation is painful; Wall Street's Z-gold only buys Bitcoin, and American retail investors only buy on-chain memes, leaving mid-tier altcoins temporarily abandoned by the market.
BTC is healthy on both the 4H and daily levels; below 100k+ there is no reason or motivation to retrace, and since the daily level has just begun, let's wait slowly until it reaches 100k+, and see if it can inject some confidence into altcoins.
