Crypto Market Pulse - November 5, 2024

Crypto Market Pulse - November 5, 2024 | Kairon Labs
Calendar IconNov 2024Clock Icon3 mins
Twitter Icon|Facebook Icon
Crypto Market Pulse

LAST WEEK RECAP:

  • U.S. non-farm payrolls increased 12K in October, much less than the expected 110K due to storms and strikes. The unemployment rate remains at 4.1%, the same as estimated.
  • U.S. PCE increased 0.2% MoM and 2.1% YoY in October, the same as estimated.
  • U.S. Core PCE increased 0.3% MoM, same as estimated, The annual rate is 2.7%, slightly higher than 2.6% expected.
  • MicroStrategy plans to raise $42B over the next 3 years to buy more BTC.
  • Coinbase reported weaker-than-expected third-quarter results mainly due to lowered trading in the crypto market.
  • U.S BTC ETF recorded $870M inflow last Tuesday, marks the 3rd largest daily inflow.
  • Florida’s Chief Financial Officer says the state holds over $800M in crypto-related investments.
  • Tether reported a $2.5B quarterly profit, a year-to-date profit of $7.7B

LEGACY MARKETS – DXY

Crypto Market Pulse: November 4, 2024: Kairon Labs Crypto Market Insights - DXY

DXY is consolidating on mid-range. With elections this week, the market is likely to see further-ranging price action.

LEGACY MARKETS – VIX

Crypto Market Pulse: November 4, 2024: Kairon Labs Crypto Market Insights - VIX

VIX has seen some upward movements. It's likely for hedging into elections.

BTC WEEKLY VIEW

Crypto Market Pulse: November 4, 2024: Kairon Labs Crypto Market Insights - BTC

BTC is still consolidating near ATHs. We started seeing a bit of bleedback down going into the elections. For now, it will likely continue until the uncertainty of the outcome is over.

ETH WEEKLY VIEW

Crypto Market Pulse: November 5, 2024: Kairon Labs Crypto Market Insights - ETH

ETH is still in the 2.4-2.7 range, and ETH/BTC is still struggling to find any relative strength.

ETH/BTC

Crypto Market Pulse: November 4, 2024: Kairon Labs Crypto Market Insights - ETH

ETH/BTC is still in a heavy downtrend and struggling to find any relative strength over BTC.

TOTAL3 USD MARKET STRENGTH

Crypto Market Pulse: November 4, 2024: Kairon Labs Crypto Market Insights - TOTAL3/USD

Alts are still very sensitive to any kind of BTC down move. Ideally, this will start receding, and the ALT/BTC ratio will start to gain some serious strength. However, for now, it’s not the case just yet.

TOTAL3 BTC MARKET STRENGTH

Crypto Market Pulse: November 4, 2024: Kairon Labs Crypto Market Insights - TOTAL3/BTC

TOTAL3/BTC broke lows while BTC.D touched the 60% mark. For now, it’s still a waiting game until ALT/BTC starts picking up.

SUMMARY

  • The market is trading nervously into the elections. With it bleeding into the results, it’s likely to see a bounce after the results come in, with hedges coming off and people buying back exposure they derisked.

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

URL copied

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