Market Overview (Nov 13 – Nov 19): SEC delays decisions ETF, Binance’s Thai Exchange, and More!

Key Points

• The cryptocurrency world has seen exciting developments, including SEC delays decisions ETF, and Binance partnering for a new crypto exchange in Thailand,…
• In macroeconomic news, the US CPI decreased, and the CME is unlikely to raise interest rates. Notable events include the release of Fed meeting minutes and Thanksgiving Day.
• In the prediction market, BTC is expected to retest the $38k level, Arbitrum and GameFi projects are making significant strides, and Disney is collaborating with Dapper Labs for an NFT platform.

Discover the latest highlights in the world of cryptocurrency. Learn about BlackRock and Fidelity’s filings for Ethereum Spot ETF, SEC delays decisions ETF, Binance’s partnership in Thailand, and more.

Last week’s highlights big news (Nov 13 – Nov 19)

BlackRock has filed an S1 application for the Ethereum Spot ETF with the SEC. This application highlights the growing interest in Ethereum and its potential as an investment vehicle. BlackRock has chosen Coinbase Custody as the crypto custodian for its proposal, further solidifying Coinbase’s position in the industry.

Fidelity, a leading financial services provider, has also officially filed for the Ethereum Spot ETF with the SEC. Their entry into the ETF space adds further credibility to the cryptocurrency market and opens doors for more traditional investors to participate.

Binance, one of the largest cryptocurrency exchanges, has partnered with Gulf Energy Development Pcl to create Gulf Binance, a new crypto exchange in Thailand. This partnership aims to expand the reach of cryptocurrency trading in the region and promote its adoption among Thai investors.

In a surprising turn of events, Javier Milei, a well-known Bitcoin supporter, has emerged as the winner of the presidential election in Argentina. This victory is seen as a positive sign for the cryptocurrency community and may pave the way for favorable policies towards digital currencies in the country.

OKX, a leading cryptocurrency exchange, has launched X1, a Layer2 zkEVM network built on the Polygon CDK toolkit. This network utilizes OKB as the native token and aims to provide a more scalable and efficient environment for decentralized applications (dApps) on the Ethereum network.

SEC delays decisions its decision on approving Grayscale’s Ethereum Futures ETF. It is important to note that this delay specifically pertains to the Ethereum Futures ETF and not the Ethereum Spot ETF. The SEC’s decision will have significant implications for the broader crypto market and the acceptance of crypto-based investment products.

Several major funds in the crypto field, including Standard Crypto, Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey, and Newman Capital, have participated in purchasing shares of Taproot Wizards. This project focuses on developing an NFT collection on the Bitcoin platform, inspired by the iconic “Bitcoin Wizard” that first appeared in 2013.

Tether, a widely used stablecoin, has announced plans to expand its BTC mining operations with a $500 million investment over the next 6 months. This move reflects the growing interest in cryptocurrency mining and the potential for stablecoin issuers to diversify their revenue streams.

The Korean National Pension Service (NPS), the third-largest pension fund globally, has made a significant investment in Coinbase. With nearly $20 million worth of Coinbase (COIN) shares purchased in Q3, the NPS is currently enjoying a 40% profit. This marks a historic moment as it is the first time the NPS has invested in shares related to the crypto industry.

Tether and Bitfinex have successfully defeated a class-action lawsuit brought against them. The lawsuit, accusing Tether of not being truthful about its reserve of funds, has been dismissed by the court in New York. This outcome provides a sense of relief for Tether and Bitfinex, highlighting the importance of regulatory compliance and transparency in the crypto industry.

Macroeconomic (Nov 13 – Nov 19)

In the latest update on the Consumer Price Index (CPI), the CPI for this month is reported to be 3.2%, down from 3.7% the previous month. The estimated CPI for this month is 3.3%. The Core CPI for this month is 4.0%, slightly lower than the previous month’s 4.1%, with an estimated Core CPI of 4.1%.

Based on the information received about the US CPI, it is highly likely that the CME (Chicago Mercantile Exchange) will not raise interest rates in the December meeting, with a 100% probability.

In October, US PPI (wholesale) inflation decreased to 1.3%, which is below the expected 1.9%. Additionally, Core PPI inflation decreased to 2.4%, lower than the expected 2.7%. This marks the first decrease in PPI inflation in the past four months.

Looking ahead at the economic events this week, it is expected to be relatively quiet due to the major holiday, Thanksgiving, in the United States. However, there are a few notable events to keep an eye on:

• Monday, November 20: Regional Fed Chair Tom Barkin will appear on TV.
• Tuesday, November 21: The release of the minutes from the Fed meeting held on October 31 – November 1 (from the previous month’s meeting).
• Thursday, November 23: Thanksgiving Day.

Prediction Market Crypto (Nov 13 – Nov 19)

In the near future, the market outlook for BTC suggests that after reaching the $38k level and experiencing a short-term pullback, BTC needs to retest the $38k level to confirm the trend. Currently, BTC is in a distribution phase of an upward wave that started in mid-October. In the short term, BTC is expected to move sideways between the range of 35k-38k while continuing to search for new peaks.

Moving on to prominent projects and ecosystems, there are a few noteworthy developments this week:

Arbitrum has been making significant strides in the market. In the next 2 months, funding from Arbitrum STIP (Strategic Token Investment Program) is expected to have a strong impact. Arbitrum’s Total Value Locked (TVL) has already increased by 27%, solidifying its position as the top layer 2 sector. Additionally, there is a new proposal to expand funding by an additional 21.4M ARB for projects.

This will further support the growth and development of the Arbitrum ecosystem. Moreover, there are catalysts on the horizon, including the launch of ARB Staking in December (already approved) and the EIP-4844 upgrade scheduled for Q1/2024. It’s important to note that on 24/03/2024, a significant amount of ARB will be unlocked for the Arbitrum team and investors.

GameFi is also making waves in the industry. There have been rumors of integrating blockchain technology into the gameplay of GTA 6, which could potentially revolutionize the gaming experience. Sandbox, another prominent player in the GameFi space, has recently launched the $100M SAND Game Maker Fund, aimed at supporting game developers and creators.

PancakeSwap has introduced the PancakeSwap Gaming Marketplace, a blockchain gaming platform that provides new opportunities for gamers and developers alike.

Furthermore, Disney’s collaboration with Dapper Labs to launch an NFT platform showcases the growing interest in digital collectibles within the gaming industry. Other GameFi tokens such as AXS, SAND, GMT, and MAGIC are also benefiting from the increasing popularity of this emerging sector.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to DYOR before investing.