When will the cryptocurrency markets will get a chance to relief?
Miners who sold more Bitcoin than they produced in the third quarter, bankruptcies announced in crypto money markets, withdrawals paused… Bitay Research Department analyst Alper Samet Yorak wrote about the developments of the last 24 hours.
El Salvador President Nayib Bukele announced that he will receive 1 Bitcoin every day starting tomorrow. Then, Tron Founder Justin Sun also supported and announced that he would receive 1 Bitcoin every day as a reserve. Binance's role in FTX's sudden collapse has come under scrutiny by the US Congress. U.S. House of Representatives lawmakers called FTX founder SBF and other executives to Washington to testify about the bankruptcy. Gemini exchange's Earn program partner, Genesis Trading, paused withdrawals due to the liquidity crisis. According to the third quarter report of Bitcoin mining firm Bitfarms, miners sold more BTC than they produced.
Market Notes
In the US stock markets, the strong announced October retail sales data following the lower-than-expected CPI and PPI data disrupted the positive environment and caused sales. Because the good retail data is considered to be a signal that the inflationary effects will not disappear in a short time. In addition, after the Fed members' speeches, sales were seen in the indices again.
On the European side, Euro Zone stock indices closed the day with decreases by 0.3% to 1.1% due to the upward pressure on policy rates, due to developments in Poland and 11.1% in the UK, the highest inflation in the last 41 years. In the cryptocurrency market, the volume-free days continue. On the Bitcoin side, pricing continues to hover below $17,000. It is currently around $16,500. Ethereum, on the other hand, continues its movement in an effort not to lose $ 1200.
Bitcoin continues to move within a narrow band above $16,000 below $17,000. The pair could start a recovery if it surpasses the $17,000 intermediate resistance zone. However, the retail sales index from the USA yesterday blocked this expectation and there was some pullback in Bitcoin. Technically, the $16,000 and $15,000 support levels remain.
