Wednesday, 15 November 2023

Market Summary

Market Summary 15 November 2023

Bitcoin Price: US$35,551.19 (-2.50%)
Ethereum Price: US$ 1,979.39 (-3.62%)  

In October, U.S. inflation data exceeded expectations, with the Consumer Price Index (CPI) remaining flat against forecasts of a 0.1% rise and the core rate rising 0.2%, surpassing the expected 0.3%. Bitcoin experienced a nearly 1% increase to just under $36,700 in response to the news. The Federal Reserve’s target of 2% for headline CPI inflation has been consistently surpassed, with the core rate persistently above 4%. Meanwhile, the OMG token, native to the OMG Network, surged 16% to a six-month high of $0.77 following Ethereum creator Vitalik Buterin’s endorsement of Plasma technology. OKX, the sixth-largest cryptocurrency exchange, revealed plans for its layer 2 network, “X1,” built on Polygon’s Chain Development Kit (CDK) and employing zero-knowledge technology. The X1 network is set to launch in Q1 2024 and aims to enhance scalability and accessibility for developers.

ARK Invest CEO Cathie Wood speculates that U.S. SEC Chair Gary Gensler’s political ambitions, possibly eyeing the position of Treasury Secretary, might influence his stance on spot Bitcoin ETF approvals. Wood remains optimistic about crypto’s future, predicting a spot ETF approval as a catalyst for the market cap to reach $25 trillion by 2030. In another development, the developer behind the fraudulent Mutant Ape Planet NFT collection pleads guilty to defrauding buyers of nearly $3 million. Meanwhile, a fake filing suggesting BlackRock’s launch of a spot XRP ETF prompts an investigation by Delaware’s Department of Justice. The filing, similar to the legitimate iShares Ethereum Trust paperwork, caused a brief surge in XRP’s value before being debunked by BlackRock.

A significant liquidation event occurred, with over $307 million in leveraged long positions wiped out in the past 24 hours. This was the largest such event in three months, triggered by a reversal in digital asset prices driven by fading momentum in ETF-related rallies. Bitcoin (BTC) experienced a 4% decline to $35,000, leading to broad-based losses, including Ether’s (ETH) 6% fall below $2,000. This contrasts with recent weeks, marked by short squeezes due to rising asset prices. The sudden decline caught investors off-guard, resulting in 88,667 traders being liquidated, with Bitcoin and ETH traders suffering the most losses at $133 million and $70 million, respectively. Meanwhile, the Democratic Party of South Korea mandates prospective parliamentary candidates to disclose their cryptocurrency holdings before the 2024 general election, aiming to demonstrate candidates’ high moral standards. Cryptocurrencies are identified as the second most popular investment asset in France, with 9.4% of the adult population holding crypto assets, closely following real estate funds at 10.7%. In Australia, the Taxation Office clarifies that capital gains tax will apply to decentralised finance (DeFi) activities and wrapping crypto tokens, including the transfer of crypto assets to addresses not controlled by the sender and wrapping/unwrapping tokens triggering CGT events. This announcement underscores the ATO’s commitment to taxing Australians on capital gains in crypto transactions.


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