Crypto Market Pulse - November 13, 2024
LAST WEEK RECAP:
- Trump is elected as the 47th U.S. president
- Fed cuts rates by another 25 bp, as expected
- BTC reaches all-time high and BTC ETF posted a record daily net inflow of $1.38 billion on Nov 7th
- Bank of England cut 25 bps, in line with market expectations
- Detroit becomes the largest US city to accept BTC and crypto for taxes
LEGACY MARKETS – DXY
With Trump winning the elections, the dollar is pushing for a breakout out of the big range. For now the range high has held for the last 2 years.
LEGACY MARKETS – VIX
As expected the VIX has completely died out after the election uncertainty.
BTC WEEKLY VIEW
With Trump coming into office, BTC has finally gotten its major breakout of ATH. With the US now entering a very pro-crypto regime, things are looking good for the mid/long term.
ETH WEEKLY VIEW
Same for ETH with Trump winning elections it finally got it’s major break. After a straight vertical move like that it would be quite good for the market to take a bit of a breather in the majors while midcaps start catching up.
ETH/BTC
ETH/BTC has found some relative strength but still hasn’t actually broken the bearish market structure.
TOTAL3 USD MARKET STRENGTH
TOTAL3 also finally saw its big move. Structurally, it's still not a breakout, but it’s at the top of the range now.
TOTAL3 BTC MARKET STRENGTH
TOTAL3/BTC is also still in a bearish market structure, and we’re still waiting for the rotation. This likely happens when BTC builds its first larger range above ATHs. That was also the point in 2021 when “alt season” started.
SUMMARY
- Crypto is catching a major boost because Trump is winning elections and has a very pro-crypto stance.
- BTC is breaking ATHs convincingly.
DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.
This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove.
Edited by: Marianne Dasal
Kairon Labs provides upscale market-making services for digital asset issuers and token projects, leveraging cutting-edge algorithmic trading software that is integrated into over 100+ exchanges with 24/7 global market coverage. Get a free first consult with us now at kaironlabs.com/contact