Daily hot news + overall trend
November 9th
Hot News
According to Geoff Kendrick, an analyst at Standard Chartered, if the Republican Party successfully controls both houses of the US Congress, the encryption market cap may reach $10 trillion by the end of 2026, a 300% increase from the current $2.7 trillion. Kendrick believes that a Republican-led government may bring friendly policies, such as relaxing stablecoin regulation and taking a more lenient stance at the Securities and Exchange Commission (SEC) in the United States, promoting significant events such as BTC reserves and other major Favourable Information. In addition, it is expected that fields such as encryption gaming, tokenization, and decentralized Internet of Things will benefit from a more friendly policy environment.
According to the monitoring data of Lookonchain, Tether minted 1 billion USDT (authorized but not yet issuance) 1 hour ago. In just two days, 1.67 billion USDT flowed from Tether Treasury to exchange.
3. The current Market Cap of Ethereum has reached 354.7 billion US dollars, surpassing the Market Cap of companies such as Bank of America and Netflix, ranking 35th in the global asset Market Cap.
4. The price of gold futures is falling, and this week's closing will be lower. Ole Hansen, Head of Commodity Strategy at Shengbao Bank, said that precious metals such as gold showed a strong rebound before the US election. However, after the gold price fell sharply due to the simultaneous surge in the US dollar and yields, Hansen believes that there is no reason to change the bullish position on precious metals. In the worst case, the pullback in the past week is a healthy response to buying focused on the US election in the coming weeks. He added that gold will receive support in the following three aspects: increased unfunded spending with the elected President Trump, continued deterioration of the US debt situation, Central Bank buying more gold reserves, and tariff-induced inflation concerns.
According to the latest data from CoinGecko, SOL has risen by nearly 6% in the past 24 hours, now trading at $199.24, with a market capitalization of nearly $94 billion, reaching $93,946,886,618, surpassing BNB ($87,804,310,919) to become the fourth largest cryptocurrency by market capitalization.
Overall trend
Overall trend
Technical Analysis: BTC broke new highs again in the early morning, reaching a high of 77200. Currently, it has pulled back to the 76400 level. It is running above the upper band of the Bollinger Bands and is still testing downwards, with the possibility of breaking below the middle band and looking towards the lower band. After a slight rebound, the MACD lines continue to cross downwards, and the bullish momentum has converted to a shorts trend. The three lines of the KDJ have also crossed downwards, and the opening is gradually increasing! The trend seems to be that high short positions will continue to dominate in the future.
(Technical market forecast, for reference only, not as investment advice)
Market Data
US BTC Spot ETF daily net inflow: $2.934 billion (as of November 8)
US ETH spot ETF daily net inflow: $85.86 million (as of November 8th)
Panic & Greed Index: 78 (Greed)
US Dollar Index (compared to the previous day): 101.11 (pump)