Tuesday, 7 November 2023

Market Summary

Market Summary 7 November 2023

Bitcoin Price: US$35,046.09 (+0.10%)
Ethereum Price: US$ 1,900.95 (+0.49%)
  

Bitcoin (BTC) remained stable around the $35,000 level, with meme coin dogecoin (DOGE) driving gains for traders while tokens of major blockchains like Solana’s SOL, BNB Chain’s BNB, and Cardano’s ADA dipped up to 3% as traders took profits following a broader crypto rally last week. Ripple’s XRP reversed gains after a 10% jump driven by Georgia and Dubai’s adoption of Ripple’s services. Some traders anticipate Bitcoin’s role as “digital gold” will drive further demand due to growing awareness of the United States’ fiscal challenges, positioning it as a hedge against financial crises. Additionally, the ordi ORDI token tied to the Bitcoin Ordinals protocol surged 50% after being listed on Binance, offering higher-than-normal risk and price volatility. Meanwhile, an increase in open interest in CME’s BTC futures suggests a potential trend change, reflecting expectations of SEC approval for spot-based BTC ETFs, but cautioning against immediate price surges as observed with previous ETF launches.

Coinbase is discontinuing support for Bitcoin SV (BSV) and has instructed users to withdraw their BSV holdings by January 9, with the threat of liquidation for those who fail to do so. BSV has been delisted by many other crypto exchanges due to various factors, including multiple 51% attacks and controversies surrounding its creator, Craig Wright. Meanwhile, Cathie Wood of ARK Invest believes that Bitcoin can serve as a hedge not only against inflation but also deflation, citing its decentralisation and transparency compared to traditional banking systems. Additionally, the tokenisation of real-world assets, particularly U.S. Treasuries, is gaining traction in the crypto space, offering benefits such as instant settlement, 24/7 trading, and lower costs. This trend is driven by the rising yields of U.S. treasuries, attracting interest from traditional financial institutions and crypto investors looking for yield with low risk.

XRP experienced an over 11% price surge, briefly reaching 69 cents and becoming the fourth-largest cryptocurrency by market capitalization, following a largely spot-driven rally with increased trading volumes attributed to possible high-leverage trading. While there was no immediate catalyst for these gains, positive developments for Ripple, such as approvals to operate in Georgia and Dubai, may have influenced market sentiment. Bitcoin addresses holding at least $1,000 worth of BTC have hit a record high of 8 million, indicating increasing adoption and potential monetisation of the cryptocurrency, driven by rising Bitcoin prices and anticipation of SEC approval for spot Bitcoin ETFs. Furthermore, Binance’s market share in spot trading has declined from 62% to 40% over the past year, partly due to its listing strategy, while exchanges like Upbit have seen an increase in their market share during the same period, contributing to Binance’s decreased dominance in the crypto trading space.

Source:
https://coindesk.com 
https://cointelegraph.com

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