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The crypto deepens correction

28 November 2023 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

The crypto market has lost 1.5% in the last 24 hours to capitalisation of $1.42 trillion. Traditional markets have also seen a slight pullback from the last week’s peak. Investors appear to be looking to lock in profits after the booming gains in October and November. The rally in crypto was stronger, so the correction is deeper. Bitcoin was down 0.5% overnight to $37.0K, approaching the lower boundary of one month's ascending channel. A classic upside correction from the October lows suggests a pullback to $34K. Higher turning points could be the $36.7K area (recent local lows) and $35.6K (76.4% support and last week's low).

According to CoinShares data, crypto fund investments rose sharply last week, by $346 million at once; significant inflows continued for the fifth week in a row and the ninth week overall. Bitcoin investments increased by $312 million, Ethereum by $34 million, and Solana by $3.5 million.

News background

Growing optimism over the approval of spot bitcoin ETFs has led to the largest inflows since the bull market at the end of 2021. The combination of rising prices and capital inflows pushed total assets under management (AuM) to $45.3bn, the highest in a year and a half, CoinShares noted. Ethereum could reach $36,800 by 2030, Token Terminal predicts. ETH leads in terms of DeFi protocols and NFT projects. Its closest competitors Solana and Cardano do not have such high bandwidth and more flexible software.

Bitcoin was down 0.5% overnight to $37.0K, approaching the lower boundary of one month's ascending channel

Ex-Binance CEO Changpeng Zhao should remain at large pending the court's verdict but not leave US territory due to a "manageable flight risk", the country's Justice Department said in a new motion. At the Devconnect event in Turkey, Vitalik Buterin presented a strategy aimed at improving the Ethereum network's betting mechanism and the performance of the entire blockchain. The Ethereum co-founder is concerned about the risks of centralising liquidity solutions for ETH network staking, especially considering the activity of companies like Lido Finance.

A user under the nickname 83_5BTC, from whose address a record $3.1 million commission was paid on 23rd of November, said he was the victim of a hacker. According to him, the attacker stole more than 139 BTC ($5.2 million) from him, including transaction fees of 83.65 BTC ($3.1 million).

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