The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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It's Tuesday! Here’s what you need to know in crypto today. |
BTC recovers to above $97,000.Altcoins endure one of their worst days for months.November was "monumental" for crypto, says JPMorgan. |
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CoinDesk 20 Index: 3,615.62 -5.07% Bitcoin (BTC): $97,255.52 -1.08% Ether (ETH): $3,697.32 -3.39% S&P 500: 6,052.85 -0.61% Gold: $2,674.78 +0.45% Nikkei 225: 39,367.58 0.53% |
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Bitcoin's bull-bear tug-of-war continues to rage, with prices recovering to over $97,000 from Monday's dip to $94,200. That slide was prompted by concern Google's new quantum-computing chip, Willow, could compromise BTC's security — a worry quickly dismissed by analysts. That leaves directional traders with little to do other than wait for the dust to settle before picking a side as prices remain locked in Thursday's indecisive trading range. BTC is trading less than 1.5% lower at around $97,300. The largest crypto asset has outperformed the broader digital asset market, which has fallen over 5%, as measured by the CoinDesk 20 Index. |
Major tokens and midcaps registered one of their worst days in recent months with a sharp drop during early Asian hours on Tuesday. XRP, DOGE and ADA fell as much as 15% in the past 24 hours as selling pressure mounted in late U.S. hours and amplified in early Asian time. Ethereum's ETH and Solana’s SOL fell 7% while Tron's TRX reversed nearly all of last week’s gains with a 17% slide. The declines followed Google's announcement of benchmark tests on its new Willow quantum computing chip — which led to market concerns about what it meant for crypto privacy and wallet security. November was a monumental month for the crypto market in terms of performance, activity, politics and sentiment, JPMorgan said in a research report Monday. The bank noted that the crypto ecosystem posted its best monthly return, with total market cap rising a record 45% to $3.3 trillion. Volumes across the crypto market more than doubled, with some digital assets witnessing even higher growth in trading activity, the report said. The U.S. spot ETPs the bank tracks also witnessed record monthly net sales, around $7.6 billion combined. Bitcoin ETPs grew in both size and trading volume and, while these products are not eating away at BTC spot trading volumes, the "ecosystem continues to trend increasingly concentrated around bitcoin," the authors wrote. |
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Market Insight: IBIT Drops Most in 4 Months Amid Quantum Computing FUD
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BlackRock's spot bitcoin ETF (IBIT) dropped on Tuesday as the overheated crypto market cooled, falling 5.3% to $54.73, the biggest single-day drop since early August, according to data source Investing.com. While such pullbacks are typical in a bull market, Monday's losses are noteworthy because they came alongside Google's announcement of its Willow quantum-computing chip, which can solve in just five minutes a problem that would take the world's fastest supercomputers 10 septillion years to process. Though it's unclear whether the quantum FUD drove BTC and IBIT lower, the damage seems to have been done, according to technical charts. While IBIT clocked a new high on Friday, the 14-day relative strength index (RSI), hinted at a bearish divergence, a warning that the rally is running out of steam. Monday's drop confirmed the bearish divergence, signaling deeper losses ahead, with support at $51.54, the Nov. 26 low. A move above Thursday's high of $59.16 is needed to invalidate that outlook. |
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The rally in Nvidia (NVDA), which has traditionally shown a positive correlation with bitcoin, appears to have lost momentum.Source: TradingView |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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