Weekly Crypto Market Wrap November 4-10, 2024
Last week was intense in the crypto world! Let’s see what happened in the Crypto World.
Bitcoin began pushing toward a new all-time high (ATH) starting November 6, following news that Donald Trump, a fierce supporter of cryptocurrencies, would become president. Since then, Bitcoin has been setting new ATHs almost daily, reaching up to $81,943. Yesterday, BTC attempted a correction, forming a short-term bearish pattern (BPR), but quickly rebounded, surpassing the $80,500 mark—seems like the market makers simply didn’t want a huge gap on the chart!
Senator Cynthia Lummis even proposed a bill for a BTC strategic reserve: the U.S. should purchase 1 million BTC over the next five years. Somewhere in Germany, they might be regretting selling their 49,858 BTC back in July.
The ETF market also sets some records: on November 7, inflows to spot BTC-ETFs reached $1.38 billion, with BlackRock claiming the majority ($1.12 billion).
Meanwhile, Solana surpassed a market cap of $100 billion, reaching a nearly three-year high of $210 billion.
Dogecoin and Shiba Inu continue their rapid growth, surging 30% in a single day! Doge has now surpassed USDC in market cap. Unlike many altcoins, which are still far from their 2021 peaks, DOGE is showing strong momentum. Its ATH is $0.44—do you think it might break this high again this year?
Detroit will become the largest U.S. city to accept cryptocurrency for tax payments! Residents will be able to pay taxes in crypto starting mid-2025, making Detroit a pioneer of digital finance among major cities.
Tether funded an oil deal in the Middle East through USDT. This move highlights the potential of stablecoins in traditional trade finance, taking Tether beyond digital markets and opening new horizons for crypto in the global economy.
A cold wallet linked to Mt. Gox transferred over $2 billion worth of Bitcoin to a new address: Arkham. Large-scale Bitcoin movements associated with Mt. Gox wallets typically precede creditor payouts.
The Fed reduced the interest rate by 0.25% to a range of 4.50–4.75%—positivity is always welcome, right?
France plans to ban Polymarket, which was widely popular during the U.S. elections—apparently, some people were betting on Kamala’s win…
And the cherry on top: the S&P 500 hit $6,000 for the first time, and gold unexpectedly dropped below $2,700.
Upcoming major token unlocks:
- CHEEL: $228.32m
- APT: $121.92m (2.2%)
- ARB: $57.84m (2.3%)
- STRK: 31.11M (3.0%)
- ADA: 23.32M (0.1%)
- ZKJ: 21.31M (30%)
- CKB - $20,37m (3,0%)
- Cyber - $11,20m (10,8%)
We are working to keep you updated every week. Don’t miss our news wraps every Monday!
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
