By Omkar Godbole (All times ET unless otherwise noted)
The cryptocurrency market is in a mixed mood: some recent outperformers are facing pressure, while major cryptocurrencies remain resilient. Privacy-focused monero coins and zcash fell more than 4% in the last 24 hours, in contrast to bitcoin’s relatively stable trading ether , solarium and others that have recovered from Sunday’s lows.
In particular, the CoinDesk DeFi Select and Smart Contract Select indices are showing strength, up about 5% and 4% respectively since early trading hours in Asia, underscoring pockets of growth amid broader caution.
Zcash, which, in a rare bright spot in the face of overall market dismay, is up more than 500% since September, is now triggering a bearish double top pattern (see Technical Analysis section below). It remains to be seen if a drop in ZEC heralds a rebound in BTC and ETH, continuing divergent trends with major companies.
Analyst views on how we are still early in terms of institutional adoption and how inflows could send valuations through the roof continued to make the rounds, offering hope to battered BTC bulls.
In another development, Arca CIO Jeff Dorman dismissed speculation about Strategy (MSTR) CEO Michael Saylor liquidating his BTC holdings, noting that Saylor’s financial position would likely protect him from selling unless the value of bitcoin collapsed precipitously.
Ryan Lee, chief analyst at Bitget, urged traders to monitor US regulatory developments, particularly around exchange-traded funds (ETFs), stablecoin payments frameworks and exchange oversight. This could quickly shift investor sentiment back to a risk-on stance, Lee said.
In traditional markets, longer-dated Japanese government bond yields rose in response to reports that Prime Minister Sanae Takaichi’s first stimulus package could include spending worth about 17 trillion yen ($110 billion).
With the country’s debt-to-GDP ratio already among the highest in the world (240%), such a move could flood the market with bonds and push yields higher, increasing the risk of a fiscal crisis. For cryptocurrency traders, rising Japanese yields may put pressure on Treasuries, lifting yields and weighing on risk assets like tech stocks and digital currencies. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto markets today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- November 17, 8:30 am: Canada’s October inflation rate. Overall year-on-year (previous 2.4%), month-on-month (previous 0.1%). Core year-on-year (previous 2.8%), month-on-month (previous 0.2%).
- November 17, 8:30 am: Federal Reserve Bank of New York Empire State Est. Manufacturing Index for November. 6.1.
- November 17: 9:30 am: Federal Reserve Vice Chairman Philip N. Jefferson’s speech on “Economic Outlook and Monetary Policy.”
- November 17, 3:35 pm: Federal Reserve Governor Christopher J. Waller’s “Economic Outlook” speech. See live.
- Earnings (Estimates based on FactSet data)
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Unlock
- to unlock 1.66% of its circulating supply worth $5.46 million.
- to unlock 5.04% of its circulating supply worth $3.63 million.
- Token releases
- Ycash (YEC) is listed on BitMart under the YEC/USDT pair.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.63% as of 4 pm ET Friday to $95,734.44 (24 hours: +0.03%)
- ETH is up 0.96% to $3,201.10 (24 hours: +1.15%)
- CoinDesk 20 rose 0.57% to 3,086.17 (24 hours: +0.39%)
- Ether CESR Composite Staking Rate is down 15 basis points to 2.83%
- BTC funding rate is 0.0057% (6.213% annualized) on Binance
- DXY remains unchanged at 99.36
- Gold futures unchanged at $4,090.50
- Silver futures rise 0.49% to $50.94
- The Nikkei 225 closed down 0.1% at 50,323.91
- Hang Seng closed down 0.71% at 26,384.28
- The FTSE is down 0.10% at 9,688.36
- The Euro Stoxx 50 falls 0.5% to 5,665.22
- DJIA closed Friday down 0.65% at 47,147.48
- The S&P 500 closed unchanged at 6,734.11
- Nasdaq Composite closed up 0.13% at 22,900.59
- 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 10-year US Treasury rate fell 2.1 basis points to 4.127%
- E-mini S&P 500 futures up 0.36% to 6,779.25
- E-mini Nasdaq-100 futures rise 0.62% to 25,249.25
- The E-mini Dow Jones Industrial Average is unchanged at 47,245.00
Bitcoin Statistics
- BTC dominance: 59.43% (-0.12%)
- Ether-bitcoin ratio: 0.03341 (1.74%)
- Hashrate (seven-day moving average): 1123 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 market capitalization against gold: 6.4%
Technical analysis
- Zcash The rebound from below $500 has stalled at early November highs above $700.
- This has increased the risk of a possible formation of a double top pattern, with neckline support at $423, as shown by the horizontal line.
- If prices decline from here, it would mean a steady shift in market leadership from bulls to bears.
Crypto Stocks
- Coinbase Global (COIN): Closed Friday at $284 (+0.3%), +0.85% at $286.40 in pre-market
- Circle Internet (CRCL): closed at $81.89 (-0.55%), +2.06% to $83.58
- Galaxy Digital (GLXY): closed at $26.34 (-3.3%), +2.24% to $26.93
- Bullish (BLSH): closed at $38.48 (-6.19%), +1.01% to $38.87
- MARA Holdings (MARA): closed at $11.99 (-6.18%), +1.17% to $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% to $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% to $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
BTC Spot ETF
- Daily net flows: -$492.1 million
- Accumulated net flows: $58.83 billion
- Total BTC holdings ~1.32 million
ETH Spot ETF
- Daily net flows: -$177.9 million
- Accumulated net flows: $13.15 billion
- Total ETH holdings ~6.34 million
Source: Farside Investors
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