☀️ Market Morning Brief 11-14
Overnight highlights:
① U.S. October PPI came in: up 0.3% month over month, slightly below expectations; up 6.5% year over year, the biggest increase since November 2022. The probability of a December rate hike rose above 90%, and 10-year Treasury yields continued to climb.
② U.S. stocks diverged Friday: the Dow edged up, while the Nasdaq and S&P 500 fell, led lower by chip stocks. Nvidia fell again, taking its market cap back below $4 trillion, while AMD gave back Thursday’s gains.
③ Crypto bloodbath: Bitcoin fell below $70,000, hitting its lowest level since mid-August and briefly dipping near its 200-week moving average. Ether fell below $2,000. About $1.6 billion in positions were liquidated across the market over 24 hours, nearly 90% of them longs. Bitcoin ETFs saw net outflows for a sixth consecutive day.
④ Bitcoin mining difficulty was adjusted down by about 7.7%.
⑤ Stablecoin supply shrinks: The supply of major stablecoins fell by $14.2 billion over 30 days, taking the total below $280 billion. USDT’s market cap fell by $6.6 billion in two months, as on-chain dollar liquidity tightens.
Today’s watchlist:
① U.S. markets are closed Saturday, leaving crypto to trade through the weekend alone. Bitcoin is holding above the $67,000 level and XRP above $1—whether these two levels hold is the weekend’s first key watch.
② ZEC governance voting opens next Monday and runs from November 16 to 30, with proposals including the allocation of 50,000 ZEC from the treasury up for a vote.
③ Nvidia reports its third-quarter earnings next Tuesday, the first earnings report under its interim CEO. Anthropic’s IPO is priced Wednesday.
PPI is in, but the rate-hike shoe is still hanging in midair. This weekend, all eyes are on whether those two key levels hold.
$BTC
$NVDA
$ETH
Overnight highlights:
① U.S. October PPI came in: up 0.3% month over month, slightly below expectations; up 6.5% year over year, the biggest increase since November 2022. The probability of a December rate hike rose above 90%, and 10-year Treasury yields continued to climb.
② U.S. stocks diverged Friday: the Dow edged up, while the Nasdaq and S&P 500 fell, led lower by chip stocks. Nvidia fell again, taking its market cap back below $4 trillion, while AMD gave back Thursday’s gains.
③ Crypto bloodbath: Bitcoin fell below $70,000, hitting its lowest level since mid-August and briefly dipping near its 200-week moving average. Ether fell below $2,000. About $1.6 billion in positions were liquidated across the market over 24 hours, nearly 90% of them longs. Bitcoin ETFs saw net outflows for a sixth consecutive day.
④ Bitcoin mining difficulty was adjusted down by about 7.7%.
⑤ Stablecoin supply shrinks: The supply of major stablecoins fell by $14.2 billion over 30 days, taking the total below $280 billion. USDT’s market cap fell by $6.6 billion in two months, as on-chain dollar liquidity tightens.
Today’s watchlist:
① U.S. markets are closed Saturday, leaving crypto to trade through the weekend alone. Bitcoin is holding above the $67,000 level and XRP above $1—whether these two levels hold is the weekend’s first key watch.
② ZEC governance voting opens next Monday and runs from November 16 to 30, with proposals including the allocation of 50,000 ZEC from the treasury up for a vote.
③ Nvidia reports its third-quarter earnings next Tuesday, the first earnings report under its interim CEO. Anthropic’s IPO is priced Wednesday.
PPI is in, but the rate-hike shoe is still hanging in midair. This weekend, all eyes are on whether those two key levels hold.
$BTC
$NVDA
$ETH