November 9, 2021

​​$BTC 24 Hour High $67,826
$BTC 24 Hour Low $65,174
$BTC +3.6% past 24 hours; +10.7% past 7 days

$BTC, $ETH jump to new record highs

Good morning. $BTC and $ETH hit record high again yesterday, swelling the total market cap of cryptocurrencies to $3T. The strong rally that we expect in the next two months has finally taken shape, thanks to the mounting demand for crypto and fears about inflation.

$BTC moved higher to inch toward the 1.618 Fib retracement level. If this Fib retracement from the June low and September high holds as resistance, we may expect to see $BTC retest the new support level at $64K before shooting up again. If the resistance breaks, $BTC is likely to move higher towards the next critical area at $71K quickly. Expect to see some range-bound action for at least a few days when we reach this level. The funding rates of $BTC are dropping, indicating that the rally is predominantly spot-driven instead of using leverage.

$ETH continues in price discovery mode, while its funding rates are reset across the board — these are all promising signs of sustaining a bull run in the next few weeks. Nevertheless, we have found some resistance from the top of the trading corridor in place since October, expect a small pullback to retest $4,600 in the coming days. This is much needed though as a rapid exponential move higher would cause the price to crash just as hard on the way back down. 

The joint venture between BlockFi and Neuberger Berman filing for spot BTC ETF application last night is worth noting. It is different from the one made last month by BlockFi as that only pertains to $BTC futures traded on the CME. This latest application, if approved, would allow participants to invest in shares, reflecting the spot value of $BTC held by the trust.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $3.07T, +3.0% from yesterday
  • $BTC is -0.2% at time of writing; 24H liquidations and funding rates: $111.59M, +0.04723% average
  • $ETH is -0.5% at time of writing; 24H liquidations and funding rates: $32.18M, +0.02949% average
  • Stablecoins Market Cap: USDT 53.32%; USDC 24.49%; BUSD 9.69%; DAI 4.62%

Alts and DeFi watch:

  • DeFi TVL: $105.69B
  • $SOL +2.5% in the last 24 hours, +22.4% in the past week 
  • $SHIB +6.8% in the last 24 hours, -19.7% in the past week
  • $MANA -3.2% in the last 24 hours, -11.8% in the past week
  • $ENJ +2.5% in the last 24 hours, +23.9% in the past week
  • $LRC +38.5% in the last 24 hours; +100.7% in the past week

More news that caught our eye:

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