Unhosted Weekly: Crypto Market Overview #4

🆕 News Breakdown

🪙 U.S. Senator Proposes Strategic Bitcoin Reserve
Senator Cynthia Lummis has introduced a bill proposing a U.S. strategic Bitcoin reserve of 1,000,000 BTC.

🇺🇸 U.S. Stock Market Sees Massive Gains
In just one day, the U.S. stock market grew by $1.28 trillion, marking a significant bullish movement.

🐹 Fear & Greed Index Hits 77
The crypto market's Fear & Greed Index reached 77, signaling extreme greed among investors.

🪙 Dormant Ethereum Whale Awakens
An Ethereum whale inactive for 8 years sold 11,000 ETH worth approximately $30 million in the past few hours.

🇫🇷 France to Ban Polymarket for Local Users
The French Gambling Authority (ANJ) plans to ban the decentralized betting platform Polymarket for users in France.

🤖 OpenAI Buys Chat.com for $15M
OpenAI has acquired the Chat.com domain for over $15 million, which now redirects to the ChatGPT bot.

🪙 CZ Receives Offers for Binance Stake
Binance CEO CZ confirmed receiving multiple offers to buy his controlling stake in the exchange but has yet to take action, stating he is open to reviewing each offer.

🇨🇳 China Expected to Announce $1.4T Stimulus
Investors anticipate the Chinese government will unveil additional economic stimulus measures worth $1.4 trillion tomorrow.

🇷🇺 Illegal Mining Farm Uncovered in Samara
Authorities in Samara, Russia, have uncovered an illegal mining farm operating within a local industrial facility.

🇺🇸 U.S. Fed Cuts Interest Rate by 25 Basis Points
The Federal Reserve lowered the key interest rate by 25 basis points, bringing it to a range of 4.5-4.75%, as widely expected.

🗽 Detroit to Accept Crypto for Taxes
Detroit will become the largest U.S. city to accept cryptocurrency for tax payments, joining Colorado, Utah, and Louisiana in embracing digital assets for government transactions.

Current Prices:

• Bitcoin (BTC): $76,553.94 (+1.65% 24h)

• Ethereum (ETH): $2,943.53 (+4.39% 24h)

• Solana (SOL): $201.90 (+6.28% 24h)

With Bitcoin at an all-time high, the stakes have never been higher. Will the rally keep going, or is a cooldown on the horizon?

🔥 Market Insights:

RSI Heatmap Analysis

The RSI (Relative Strength Index) is a key momentum oscillator that measures the speed and change of price movements. It is commonly used to identify overbought or oversold conditions in the market. Here's the analysis based on the chart provided:

Overbought (RSI > 70): 

Cryptocurrencies in this range are considered overbought, signaling a potential price correction soon.

Tokens include:  

- GMX  - RSR  - METIS  - EGLD  - ROSE 

Strong (RSI 60-70): 

These tokens are performing strongly and could continue their upward momentum but are nearing overbought conditions.

Tokens include:  

- SXP  - BICO  - LINA  - TWT 

Neutral (RSI 40-60): 

A majority of tokens fall here, suggesting a stable market with no clear buy or sell signals.

Tokens include:  

- JASMY  - BSV  - COMP  - DASH  - LRC 

Weak (RSI 30-40): 

These cryptocurrencies are underperforming, but they could offer buying opportunities if signs of reversal emerge.

Tokens include:  

- SFP  - SYN  - BANANA 

Oversold (RSI < 30): 

Tokens in this category might be undervalued, presenting potential buying opportunities upon reversal.

Tokens include:  

- BTCDOM 

Observations: 

The market continues its bullish run, with many tokens in the overbought territory. However, these conditions can change rapidly, and corrections are likely as momentum cools. As always, the market thrives on surprises, so stay prepared for shifts in trend.

📊 A scoop of the latest market movements

Here's what's been shaking up the crypto market lately:

Ah, the circus of the crypto world never ceases to amaze! Here's the current buzz in the market:

1. Immutable Drama: Poor IMX. It took a nosedive, plummeting by 14.1% thanks to everyone's favorite party-pooper, the SEC. The Wells notice over the sale of their tokens seemed to spook quite a few.

2. Dogecoin on the Rise: Dogecoin is barking up the right tree with a savory increase of 15.5%. Rumor has it, Trump's election chances and the fantasy of Elon Musk heading a 'DOGE' department might be the wag behind this tail!

3. General Bullish Mood: The overall crypto market is experiencing a lovely uprising. The main attraction? Bitcoin finally tipping over that mouth-watering $75,000 milestone. This has pulled up a buffet of tokens along with it like Chainlink (LINK), Ethereum (ETH), and even Shiba Inu (SHIB), all witnessing considerable upticks.

So there you have it. Whether it's the SEC, political shakeups, or Bitcoin breaching new heights, you can always count on the crypto world for plenty of popcorn-worthy drama. 🍿

Project Updates ⚡️

Ethereum Foundation Releases 2024 Financial Report In response to scrutiny over a significant 35,000 ETH ($94 million) transfer to Kraken, the Ethereum Foundation has published its 2024 financial report. The report details that all organizations involved in the Ethereum project collectively spent $497 million on project funding, aiming to enhance transparency in treasury management.

The total treasury funds of Ethereum ecosystem participants currently exceed $22 billion, with the largest holders being Optimism with $3.5 billion, Uniswap ($3.1 billion), and Mantle ($2.5 billion).

Tether Facilitates $45M Crude Oil Deal Using USDT

Tether has financed a crude oil transaction valued at $45 million. The deal involved the shipment of 670,000 barrels of Middle Eastern crude oil, facilitated by Tether Trade Finance, a subsidiary of Tether's investment division.

This initiative leverages Tether’s surplus reserves to streamline commodity transactions. Tether's entry into commodity financing, first reported by Bloomberg in October, offers less stringent regulatory conditions, potentially speeding up transactions.

Quote from Tether CTO Paolo Ardoino:
"With USDT, we aim to make markets that relied on slower and more costly payment structures more efficient and faster."

Binance Launches Futures for GRASS and SWELL Tokens

Binance has listed GRASS and SWELL tokens on its futures platform, offering up to 75x leverage.

• GRASS: A DePIN project aimed at training AI models. It recently conducted a massive airdrop, rewarding users who provided anonymized data via browser extensions. The token's price surged by 400% since late October but dipped 8% after Binance's announcement.

• SWELL: Launched this week, its price jumped 15% following Binance’s listing news.

Binance has yet to confirm if these tokens will be available for spot trading.

WonderFi Exec Kidnapped and Released for $1M Ransom

Dean Skurka, CEO of WonderFi, was kidnapped in Toronto on November 6 and released after paying a $1 million ransom.

• WonderFi operates 5 of Canada’s 11 regulated crypto exchanges.

• This incident marks the 171st known case of physical violence used to extort cryptocurrency.

Security expert Jameson Lopp noted:
"Such incidents tend to rise alongside Bitcoin’s price. Most crypto users lack robust physical and operational security, even those holding millions in assets."

Fundraise 💸

Here are the latest crypto fundraises for November 2024

1. BIO Protocol 

• Round: Unknown - Raised: TBD - Category: DeFi  - Investors: Binance Labs  

2. Cytonic 

• Round: Seed - Raised: $8.30M - Category: Infrastructure, Interoperability, Layer 1 - Investors: Lattice, Lemniscap, IOBC Capital  

3. Pond 

• Round: Seed - Raised: $7.50M - Category: AI - Investors: Archetype, Cyber Fund, Delphiventures  

4. Rekt 

• Round: Seed  - Raised: $1.50M - Category: Marketplace, NFT  - Investors: Gmoney, Luca Netz, Bharat Krymo  

5. SkyX

• Round: Pre-seed - Raised: $1M - Category: AI, DApp, Data Service, DePIN, IoT - Investors: Escape Velocity, EOT Ventures  

6. Prosper (PROS) 

• Round: Unknown - Raised: TBD - Category: Bitcoin Ecosystem, DApp, DeFi, Staking  - Investors: Materia Capital  

7. Usual Labs 

• Round: Unknown - Raised: $1.50M - Category: Real-World Assets, Stablecoin  - Investors: Echo, Comfy Capital, Jed Breed

8. CoW Protocol 

• Round: Unknown  - Raised: TBD - Category: DApp, DeFi, DEX, Ethereum Ecosystem, Liquidity   - Investors: Greenfield  

9. Bion 

• Round: Unknown  - Raised: TBD  - Category: Marketplace  - Investors: TON Ventures

10. Blum  

• Round: Unknown - Raised: TBD - Category: DApp, Derivatives, Finance/Banking, Interoperability, Multichain, Trading  

Airdrops 🎉

Here’s a breakdown of the 8 Promising Solana Airdrops for November 2024

1. Switchboard 

• Details: Potentially confirmed airdrop; earn ORBs by providing liquidity to partner protocols such as RainFi, Save, Dumpyfun, Marginfi, AllDomains, and Drift.

• Eligibility: Complete community tasks and use partner protocols.

2. Stabble 

• Details: Solana's frictionless liquidity and trading layer, offering an STB token airdrop.

• Eligibility: Earn points by swapping, depositing liquidity, and managing pools on the platform.

3. Kamino Finance (KMNO) 

• Details: Concentrated liquidity platform offering lending, borrowing, and vaults.

• Eligibility: Participate in Season 3 by using features like Multiply, Vaults, and Long/Short.

4. Dawn 

• Details: Internet service protocol allowing users to buy and sell Internet capacity.

• Eligibility: Refer users, run validator nodes, and engage on social platforms (Discord, Telegram).

5. Cube 

• Details: Multi-chain protocol launching tokens and mainnet in Q2 2025.

• Eligibility: Participate in testnet tasks, earn Loot Boxes, and accumulate points for rewards.

6. Solayer  

• Details: Restaking network built natively on Solana, offering future token rewards.

• Eligibility: Deposit SOL tokens, join epochs, and refer users.

7. Flash Trade (FAF) 

• Details: Trading platform launching an airdrop for Flash Trade NFT holders.

• Eligibility: Actively trade and provide liquidity.

8. The Vault 

• Details: Platform aligning financial stakes with social ones.

• Eligibility: Stake SOL or provide liquidity to the Saber SOL-vSOL pool and stake LP tokens.

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