Weekly Crypto Market Update - November 7, 2023

Weekly Crypto Market Update - November 7, 2023
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Crypto Market Pulse

LAST WEEK RECAP:

  • Marathon Digital CEO Fred Thiel unveils a pilot project in Utah where the company mines bitcoin using electricity generated from landfill methane.
  • A US legislator has suggested reducing SEC Chairman Gary Gensler's pay to $1.
  • In 2023, Binance's share of the spot trading market dropped to 40%.
  • In a Certik-audited livestream, the TON Foundation announced that the TON Blockchain hit a world record with 104,715 transactions per second.
  • U.S. job numbers increased by 150,000 in Oct, lower than the 180,000 estimated, and the unemployment rate rose to 3.9%, the highest level since Jan 2022, lower than the 3.8% estimated.
  • The Federal Reserve left the rate unchanged at November’s meeting.
  • MicroStrategy now holds 158,400 BTC in Total with an average purchase price of $29,586.
  • SBF was found guilty on all seven criminal fraud charges.
  • Modular blockchain Celestia’s main net went live.
  • Dune Analytics introduced natural language queries with DuneAI.

LEGACY MARKETS – DXY

DXY Market : Crypto News Today: November 7, 2023 | Kairon Labs

DXY as mentioned last week could correct more after a steep move from the last months. It’s now back in the previous range, this should be a good thing for tech stocks & crypto.

LEGACY MARKETS – VIX

VIX Market : Crypto News Today: November 7, 2023 | Kairon Labs

The VIX rise from the Middle East situation is seemingly also occurring and markets are picking up again. It’s to be seen how BTC will behave on this (Gold or tech stock).

BTC WEEKLY VIEW

BTC Market : Crypto News Today: November 7, 2023 | Kairon Labs

BTC had a slower week after the initial strong breakout. However the market has shown barely any dip, this usually is a good sign for continuation.

ETH WEEKLY VIEW

ETH Market : Crypto News Today: November 7, 2023 | Kairon Labs

ETH also picked up some strength over the weekend. For now, it’s still just waiting to break out above 2k and clear this large range.

ETH/BTC

ETH/BTC Market : Crypto News Today: November 7, 2023 | Kairon Labs

ETH/BTC is on support and stabilizing a little bit. For now, the largest narrative is still behind BTC but sentiment around ETH is changing rapidly and there are some potential catalysts coming up with network upgrades.

TOTAL3 USD MARKET STRENGTH

TOTAL3 USD Market : Crypto News Today: November 7, 2023 | Kairon Labs

TOTAL3 is reaching its first resistance point. With some large L1/L2’s rallying. This will be the first big test for altcoins. We’d expect at least a temporary consolidation into resistance.

TOTAL3 BTC MARKET STRENGTH

TOTAL3 BTC Market : Crypto News Today: November 7, 2023 | Kairon Labs

ALT/BTC also gained some strength. This is more so because BTC traded in a tight range all week. When BTC breaks up/down it’ll show the real relative strength or weakness in altcoins.

SUMMARY

  • ALT/BTC ratios saw some recovery, mainly due to BTC trading in a tight range all week. Expect to see real relative strength or weakness when BTC continues the trend.
  • Equities seemingly have bottomed after a large correction. With BTC trading in a mixed realm of correlation between being a tech stock or a gold-like safe haven, we didn’t really see any direction last week.

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 is prepared by Kairon Labs Traders: Joshua van de Kerckhove, and Patrick Li

Edited by: Rizza Carla Ramos

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