11.12 Crypto Morning Briefing
U.S. stocks closed pretty strongly last night: the Dow rose 0.5%, the S&P 500 gained 1.3%, and the Nasdaq climbed 1.6%. Chip stocks took off, with the Philadelphia Semiconductor Index surging as much as 7% at one point. SanDisk and Micron were among the standout gainers. Gold, meanwhile, fell below 4,000, while the dollar continued to strengthen—so the macro picture still calls for caution.
The crypto market caught its breath alongside U.S. stocks. In the early hours, BTC briefly touched around 74,700, and ETH climbed above 2,100, but neither held those levels. BTC is now back to hovering around 74,000.
After CPI came in hotter than expected the day before, markets raised their expectations of a rate hike in December, and ETFs also saw consecutive outflows. Last night’s rebound looked more like a short squeeze: liquidations over 24 hours came to a little over $200 million, affecting quite a few traders.
Also, a decision may come today on whether MSCI will exclude Strategy (MicroStrategy). If it is removed, passive funds could face significant pressure to sell MSTR, which could indirectly weigh on sentiment toward BTC.
Today, keep an eye on U.S. initial jobless claims and speeches from several Fed officials. Altcoins remain divided, so don’t chase too aggressively. Wait for the macro direction to become clearer before making a move.
U.S. stocks closed pretty strongly last night: the Dow rose 0.5%, the S&P 500 gained 1.3%, and the Nasdaq climbed 1.6%. Chip stocks took off, with the Philadelphia Semiconductor Index surging as much as 7% at one point. SanDisk and Micron were among the standout gainers. Gold, meanwhile, fell below 4,000, while the dollar continued to strengthen—so the macro picture still calls for caution.
The crypto market caught its breath alongside U.S. stocks. In the early hours, BTC briefly touched around 74,700, and ETH climbed above 2,100, but neither held those levels. BTC is now back to hovering around 74,000.
After CPI came in hotter than expected the day before, markets raised their expectations of a rate hike in December, and ETFs also saw consecutive outflows. Last night’s rebound looked more like a short squeeze: liquidations over 24 hours came to a little over $200 million, affecting quite a few traders.
Also, a decision may come today on whether MSCI will exclude Strategy (MicroStrategy). If it is removed, passive funds could face significant pressure to sell MSTR, which could indirectly weigh on sentiment toward BTC.
Today, keep an eye on U.S. initial jobless claims and speeches from several Fed officials. Altcoins remain divided, so don’t chase too aggressively. Wait for the macro direction to become clearer before making a move.