Crypto Market Update: November 15, 2024
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Latest Market Prices:
- CoinDesk 20 Index: 2,691.86 (+0.76%)
- Bitcoin (BTC): $90,386.53 (-1.21%)
- Ether (ETH): $3,107.30 (-2.48%)
- S&P 500: 5,949.17 (-0.6%)
- Gold: $2,568.54 (+0.01%)
- Nikkei 225: 38,642.91 (+0.28%)
Key Market Developments:
Bitcoin (BTC) saw a modest pullback on Thursday, falling below $90,000 after briefly surpassing $93,000 earlier in the week. Over the last 24 hours, Bitcoin is down by 1.21%, with traders likely taking profits following its impressive run-up. The dip follows hawkish remarks by Federal Reserve Chair Jerome Powell, who noted that the U.S. economy does not show signs that warrant immediate interest rate cuts. As a result, market expectations of a rate reduction at the upcoming December Federal Open Market Committee (FOMC) meeting have fallen to 66%, down from 83% on Thursday. Despite Bitcoin’s slip, the broader crypto market, as measured by the CoinDesk 20 Index, is slightly up by 0.76%.
Bitcoin ETFs saw major outflows on Thursday, with a total of $400 million being drained. This marks the third-largest outflow since Bitcoin ETFs were launched. Fidelity’s FBTC saw a significant $179.2 million exit, while Bitwise’s BITB recorded a $113.9 million withdrawal. Other notable ETFs, such as Ark’s ARKB and Grayscale’s offerings, lost $161.7 million and $74.9 million, respectively. These outflows reflect broader market trends of profit-taking as Bitcoin retraced slightly. Interestingly, BlackRock’s IBIT ETF bucked the trend, receiving $126.5 million in inflows, continuing the strong interest observed since November 7. Historically, large ETF outflows have been followed by price bottoms, as seen on May 1 and November 4, which preceded Bitcoin’s recovery.
XRP, on the other hand, outperformed the rest of the market with a massive 17% rally in the past 24 hours. XRP’s growth comes amid shifting regulatory dynamics in the U.S., with a lawsuit filed by 18 states against the SEC, accusing the agency of overstepping its authority in regulating the crypto industry. XRP’s price surged above 82 cents, extending its 7-day gains to 50%, levels not seen since June 2023. Traders speculate that a potentially crypto-friendly U.S. administration under former President Donald Trump could further boost tokens linked to U.S.-based firms like Ripple Labs and Uniswap, which could see a favorable regulatory environment.
Chart of the Day:
- BTC Technical Indicators: Bitcoin recently rebounded off its 100-hour SMA (simple moving average), coupled with a positive crossover in the hourly MACD histogram.
- Bullish Outlook: A break above the trendline resistance could send Bitcoin toward new highs, potentially breaking the $94,000 barrier.
- Bearish Outlook: A dip below the 100-hour SMA support could lead to a deeper pullback, with the next key support at the 200-hour SMA near $82,600.
Source: TradingView
