Altcoins Are Ready for another Round of Upwards Momentum?
The past week has been a massive week for crypto, as CZ has announced to resign as the CEO of Binance, while in the meantime a SEC Commissioner announced that the U.S. is ready for a spot Bitcoin ETF. The markets have been showing a correction as some altcoins have been falling by 10-30%, but they seem ready for another upwards move. In this update I'll talk about some altcoins and provide an overall outlook on the altcoin markets.
The end of an era
We had a lot of news going on in the world of crypto yesterday. However one thing was of course very significant. CZ is resigning as CEO from Binance. According to The Wall Street Journal, Binance will also plead guilty to a criminal charge and agree to pay a total fine of $4.3 billion. This includes amounts from civil complaints by regulators. The deal would bring an end to long-standing investigations into Binance. Zhao founded the company in 2017, and the exchange quickly grew to become one of the world's largest cryptocurrency exchanges. I will not go into the things that they possibly did wrong, but I would like to say that the crypto community needs to thank him a lot, they would not have been here without him, so thank you and we will see what happens with Binance in the future! For now, we are seeing some corrections a cross the board in crypto markets as effect of the news that came out about CZ, so what levels should we be looking out for now? Let's discuss that in the tradeletter from today!
Key Levels Holding Steady
BTC Price has been consolidating mostly above the 0.382 fib retracement level and mostly holds above the 8EMA coupled with an ascending triangle type of chart structure. RSI is still above 60, which in continued uptrends points to additional strength.
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Core CPI hits two-year low, but how do the markets react?
In October, inflation showed no change compared to the previous month, signaling a potentially positive development in the U.S. economy. This stability in prices offers a hopeful indication that the persistent high prices might be loosening their grip, potentially allowing the Federal Reserve to reconsider raising interest rates.
Still Inching Towards the Common Goal
Various cryptocurrencies continued to experience a notable surge in trading volume. The recent upswing in Bitcoin was supported by speculation that a Bitcoin spot ETF might be introduced before November 17th. Concurrently, Ethereum (ETH) saw an increase following reports of BlackRock submitting an application to the SEC for an Ethereum spot ETF. Two months ago, the overall cryptocurrency market capitalization was at $1 trillion; presently, it has risen to approx $1.42 trillion.