Still Hope for Bulls: Crypto Daybook Americas

By Omkar Godbole (All times ET unless indicated otherwise)

The cryptocurrency market is in a mixed mood, with some recent outperformers facing pressure while major cryptocurrencies remain resilient. Privacy-focused coins monero XMR$428.55 and zcash ZEC$407.13 fell more than 4% in the last 24 hours, contrasting with relatively stable trading in bitcoin BTC$86,819.30, ether ETH$2,926.10, XRP$1.8419, solana SOL$120.89, and others that have bounced back from late Sunday lows.

Notably, the CoinDesk DeFi Select and Smart Contract Select Indices are showing strength, up roughly 5% and 4% respectively since early Asian trading hours, underscoring pockets of growth amid broader caution.

Zcash which, in a rare bright spot against the wider market despondency, has surged over 500% since September, is now teasing a bearish double top pattern (see the Technical Analysis section below). Whether a decline in ZEC heralds a bounce in BTC and ETH — in continuation of diverging trends with majors — remains to be seen.

Hot analysts’ takes about how we are still early in terms of institutional adoption, and how incoming inflows could lift valuations sky-high, continued to do the rounds, offering hope to battered BTC bulls.

In other development, Arca's CIO Jeff Dorman dismissed speculation about Strategy (MSTR) Executive Chairman Michael Saylor liquidating his BTC holdings, noting that Saylor's financial position would likely shield him from selling unless bitcoin’s value collapsed precipitously.

Ryan Lee, the chief analyst at Bitget urged traders to monitor U.S. regulatory developments, particularly around exchange-traded funds (ETFs), stablecoin payment frameworks and exchange oversight. These could swiftly shift investor sentiment back to a risk-on stance, Lee said.

In traditional markets, Japanese longer-dated government bond yields surged in response to reports that Prime Minister Sanae Takaichi's first stimulus package may include spending worth roughly 17 trillion yen ($110 billion).

With the country's debt-to-GDP ratio already among the highest globally at 240%, such a move could flood the market with bonds and push yields higher, bolstering the risk of a fiscal crisis. For crypto traders, rising Japanese yields may pressure Treasury bonds, pushing yields higher, and weigh on risk assets like tech stocks and digital currencies. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Crypto
  • Nov. 17: Zilliqa (ZIL) 0.19.0 mainnet upgrade.
• Macro
  • Nov. 17, 8:30 a.m.: Canada Oct. Inflation Rate. Headline YoY (Prev. 2.4%), MoM (Prev. 0.1%). Core YoY (Prev. 2.8%), MoM (Prev. 0.2%).
  • Nov. 17, 8:30 a.m.: Federal Reserve Bank of New York's Nov. NY Empire State Manufacturing Index Est. 6.1.
  • Nov. 17: 9:30 a.m.: Fed Vice Chair Philip N. Jefferson speech on "Economic Outlook and Monetary Policy."
  • Nov. 17, 3:35 p.m.: Fed Governor Christopher J. Waller speech on "Economic Outlook." Watch live.
• Earnings (Estimates based on FactSet data)
  • Nothing scheduled.

Token Events

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Governance votes and calls
  • Render (RENDER) community is voting on whether to expand its compute program to include enterprise-grade GPUs (like H100/H200). Voting closes on Nov. 18.
• Unlocks
  • APE$0.1971 to unlock 1.66% of its circulating supply worth $5.46 million.
  • MELANIA$0.1093 to unlock 5.04% of its circulating supply worth $3.63 million.
• Token Launches
  • Ycash (YEC) lists on BitMart at with YEC/USDT pair.

Conferences

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Day 1 of 2: Banking Transformation Summit (Charlotte, North Carolina)

Market Movements

• BTC is up 0.63% from 4 p.m. ET Friday at $95,734.44 (24hrs: +0.03%)
• ETH is up 0.96% at $3,201.10 (24hrs: +1.15%)
• CoinDesk 20 is up 0.57% at 3,086.17 (24hrs: +0.39%)
• Ether CESR Composite Staking Rate is down 15 bps at 2.83%
• BTC funding rate is at 0.0057% (6.213% annualized) on Binance

• DXY is unchanged at 99.36
• Gold futures are unchanged at $4,090.50
• Silver futures are up 0.49% at $50.94
• Nikkei 225 closed down 0.1% at 50,323.91
• Hang Seng closed down 0.71% at 26,384.28
• FTSE is down 0.10% at 9,688.36
• Euro Stoxx 50 is down 0.5% at 5,665.22
• DJIA closed on Friday down 0.65% at 47,147.48
• S&P 500 closed unchanged at 6,734.11
• Nasdaq Composite closed up 0.13% at 22,900.59
• S&P/TSX Composite closed up 0.24% at 30,326.46
• S&P 40 Latin America closed up 0.27% at 3,111.85
• U.S. 10-Year Treasury rate is down 2.1 bps at 4.127%
• E-mini S&P 500 futures are up 0.36% at 6,779.25
• E-mini Nasdaq-100 futures are up 0.62% at 25,249.25
• E-mini Dow Jones Industrial Average Index are unchanged at 47,245.00
  

Bitcoin Stats

• BTC Dominance: 59.43% (-0.12%)
• Ether-bitcoin ratio: 0.03341 (1.74%)
• Hashrate (seven-day moving average): 1,123 EH/s
• Hashprice (spot): $39.80
• Total fees: 2.61 BTC / $248,303
• CME Futures Open Interest: 139,.475 BTC
• BTC priced in gold: 23.5 oz.
• BTC vs gold market cap: 6.4%
  

Technical Analysis

• Zcash's ZEC$407.13 bounce from under $500 has stalled at the early November highs above $700.
• That has raised the risk of a potential formation of a double top pattern, with the neckline support at $423, shown by the horizontal line.
• Should prices turn lower from here, it would mean a steady market leadership change from bulls to bears.

Crypto Equities

• Coinbase Global (COIN): closed on Friday at $284 (+0.3%), +0.85% at $286.40 in pre-market
• Circle Internet (CRCL): closed at $81.89 (-0.55%), +2.06% at $83.58
• Galaxy Digital (GLXY): closed at $26.34 (-3.3%), +2.24% at $26.93
• Bullish (BLSH): closed at $38.48 (-6.19%), +1.01% at $38.87
• MARA Holdings (MARA): closed at $11.99 (-6.18%), +1.17% at $12.13
• Riot Platforms (RIOT): closed at $13.95 (+0.5%), +0.93% at $14.08
• Core Scientific (CORZ): closed at $14.93 (-1.52%), +1.27% at $15.12
• CleanSpark (CLSK): closed at $10.96 (-8.51%), +1.28% at $11.10
• CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $40.54 (-3.41%)
• Exodus Movement (EXOD): closed at $17.3 (-4.68%)

Crypto Treasury Companies

• Strategy (MSTR): closed at $199.75 (-4.22%), +1.26% at $202.26
• Semler Scientific (SMLR): closed at $21.82 (-5.13%)
• SharpLink Gaming (SBET): closed at $10.89 (-0.91%), +1.01% at $11.00
• Upexi (UPXI): closed at $2.99 (-7.14%)
• Lite Strategy (LITS): closed at $2.02 (+6.32%), -1.49% at $1.99
  

ETF Flows

Spot BTC ETFs

• Daily net flows: -$492.1 million
• Cumulative net flows: $58.83 billion
• Total BTC holdings ~1.32 million

Spot ETH ETFs

• Daily net flows: -$177.9 million
• Cumulative net flows: $13.15 billion
• Total ETH holdings ~6.34 million

Source: Farside Investors

While You Were Sleeping

• Bitcoin Market Memory Shaken: BTC's Bounce Zone Broken in Strategy-Like Bear Move (CoinDesk): Bitcoin’s drop below its 50-week average near $102,800 invalidates a key support zone, shaking market confidence and prompting a shift away from the usual dip-buying behavior.
• Gold Falls for Third Day as Expectations Fade for U.S. Rate Cut (Bloomberg): Delayed U.S. economic data is clouding the Fed’s interest-rate path, lowering the probability of a December cut and curbing the appetite for gold after a record-breaking rally earlier this year.
• A Run on Stablecoins Could Force ECB to Rethink Interest Rates, Warns Top Policymaker (Financial Times): The Dutch central bank governor said instability in dollar-backed stablecoins could trigger mass sell-offs of U.S. assets backing them, potentially disrupting the EU economy and inflation.
• Investigative Reporter Group ICIJ Exposes 'Coin Laundry,' Crypto’s Criminal Financial System (CoinDesk): A series of reports by the International Consortium of Investigative Journalists reveal how billions in illicit crypto flowed through top exchanges, fueling a shadow financial system that evades regulatory oversight.