Crypto Market Update: Nov. 15, 2024

Originally featured in First Mover, CoinDesk’s daily newsletter providing in-depth context for the latest crypto market trends. Subscribe for a daily briefing delivered straight to your inbox.

Latest Prices:

• CoinDesk 20 Index: 2,691.86 (+0.76%)
• Bitcoin (BTC): $90,386.53 (-1.21%)
• Ether (ETH): $3,107.30 (-2.48%)
• S&P 500: 5,949.17 (-0.6%)
• Gold: $2,568.54 (+0.01%)
• Nikkei 225: 38,642.91 (+0.28%)

Key Developments:

Bitcoin’s (BTC) recent momentum has slowed, falling just below the $90,000 mark after reaching a high of $93,000 earlier this week. The cryptocurrency is down roughly 1% over the last 24 hours, as traders appear to take profits following its recent surge. This dip followed comments from Federal Reserve Chair Jerome Powell, who dampened speculation of imminent rate cuts by stating, “The economy is not sending any signals that we need to be in a hurry to lower rates.” As a result, market expectations of a 25-basis-point cut at the December Federal Open Market Committee (FOMC) meeting fell to 66%, down from 83% just the day before. Meanwhile, the CoinDesk 20 Index, which tracks the broader crypto market, gained 0.66%.

Bitcoin exchange-traded funds (ETFs) saw significant outflows on Thursday, totaling $400 million. This marks the third-largest outflow in the history of these products since their launch. Fidelity’s FBTC suffered a $179.2 million outflow, while Bitwise’s BITB saw $113.9 million withdrawn. Ark’s ARKB had $161.7 million leave, and Grayscale’s offerings combined for $74.9 million in outflows. These ETF outflows mirror the drop in Bitcoin’s price, possibly indicating that investors are cashing out their profits. However, BlackRock’s IBIT ETF saw inflows of $126.5 million, continuing the strong interest observed since November 7. Previous days of large outflows — on May 1 and November 4 — were followed by local price bottoms before Bitcoin began to rise again.

In contrast, XRP saw a significant rally, rising by 17% in the past 24 hours. This surge comes as the U.S. regulatory climate shifts, benefiting tokens that were previously impacted by the SEC’s actions. XRP traded above 82 cents, marking a 50% increase over the past week and reaching levels not seen since June 2023. This price spike follows the news that 18 U.S. states have filed a lawsuit against the SEC and Chairman Gary Gensler, accusing the agency of unconstitutional overreach in regulating the crypto industry. There is growing speculation that a pro-crypto stance under a potential Trump administration could help drive growth for U.S.-based crypto companies like Ripple Labs and Uniswap, whose tokens may benefit from a more favorable regulatory environment.

Chart of the Day:

• BTC’s Technical Outlook: Bitcoin has recently bounced off the 100-hour simple moving average (SMA), with a bullish crossover emerging on the hourly MACD histogram.
  • Bullish Scenario: A breakout above the current trendline resistance could push BTC toward new highs, possibly exceeding the $94,000 level.
  • Bearish Scenario: If Bitcoin falls below the 100-hour SMA support, a deeper pullback to the 200-hour SMA at $82,600 could be on the horizon.

Source: TradingView