A Shot in the Arm: Crypto Daybook Americas

By Omkar Godbole (All times ET unless indicated otherwise)

The cryptocurrency market received a threefold boost, nudging bitcoin BTC $ 105,998.21 toward a key test of a former support-turned-resistance zone above $106,000. What happens afterward could set the tone for the next major leg in the cycle.

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Optimism was first sparked by a Truth Social post from President Donald Trump, who promised a $2,000 dividend to low-income Americans, funded by trade tariff revenues. The crypto crowd quickly decided the payout would be in the form of direct stimulus checks — a clear parallel to the 2021 Covid-era payments that helped propel unprecedented altcoin rallies.

However, Treasury Secretary Scott Bessent suggested that the dividend might be delivered through less direct and less potentially bullish, measures, such as tax cuts.

The second thrust was the U.S. Senate’s decision to advance a measure likely to fund the government through January, ending a record-long shutdown that has kept crucial economic data tightly under wraps. Yet, as ING notes, the real test lies in whether Congress can keep up the momentum over the next 48 hours.

Lastly, financial conditions have eased, with the key banking sector spread reversing the late October spike. Meanwhile, the dollar index's rally has stalled after hitting resistance at the August high of 100.25.

Taken together, these catalysts could help bitcoin move past the $106,000-$107,000 resistance zone and revive demand for the 11 U.S.-listed spot ETFs, which have collectively experienced $2.8 billion in outflows over the past four weeks.

On the other hand, a failure to penetrate the resistance zone could cement a bearish trend, opening doors for a deeper sell-off.

In altcoins, most of the action is in XRP as five spot ETFs tied to the payments-focused token have appeared on the DTCC list, raising hopes for an imminent approval. Privacy coins continue to shine as well, with ZEC rising to $630 from Friday's drop to $500.

In other news, Acting CFTC Chair Caroline Pham said the agency is collaborating with registered exchanges to launch leveraged spot crypto products as early as next month.

In traditional markets, futures tied to the S&P 500 are up 0.5%, signaling risk-on. 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. 10: Cboe Global Markets (CBOE) aims to debut Cboe continuous futures for BTC and ETH on Cboe Futures Exchange (CFE). Nov. 10: Square’s Bitcoin Payments offering becomes available to eligible U.S.-based users.

Macro Nothing scheduled.

Earnings (Estimates based on FactSet data) Nov.10: Bitdeer Technologies (BTDR), pre-market. Nov. 10: Coreweave (CRWV), post-market. Nov. 10: Etoro Group (ETOR), pre-market, $0.55. Nov. 10: Exodus Movement (EXOD), pre-market. Nov. 10: Fold Holdings (FLD), post-market. Nov. 10: Gemini Space Station (GEMI), post-market. Nov. 10: Terawulf (WULF), pre-market.

(Estimates based on FactSet data)

Token Events

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

Governance votes & calls The ENS DAO is voting on various Term 6 funding requests: 110k USDC + 15 ETH for public goods, 470k USDC for ecosystem, and 379k USDC for meta-governance. Voting ends Nov. 10.

Unlocks Nov. 10 LINEA $ 0.01311

Token Launches Nov. 10: Canton Network (CC) to be listed on KuCoin.



Conferences

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

Market Movements

BTC is up 2.13% from 4 p.m. ET Friday at $106,078.75 (24hrs: +4.13%)

ETH is up 4% at $3,607.56 (24hrs: +5.2%)

CoinDesk 20 is up 4.1% at 3,499.07 (24hrs: +6.44%)

Ether CESR Composite Staking Rate is down 12 bps at 2.82%

BTC funding rate is at 0.0063% (6.9467% annualized) on Binance

DXY is unchanged at 99.60

Gold futures are up 1.93% at $4,087.00

Silver futures are up 3.47% at $49.81

Nikkei 225 closed up 1.26% at 50,911.76

Hang Seng closed up 1.55% at 26,649.06

FTSE is up 0.98% at 9,777.58

Euro Stoxx 50 is up 1.70% at 5,661.32

DJIA closed on Friday up 0.16% at 46,987.10

S&P 500 closed up 0.13% at 6,728.80

Nasdaq Composite closed down 0.21% at 23,004.54

S&P/TSX Composite closed up 0.15% at 29,912.19

S&P 40 Latin America closed up 1.13% at 3,084.87

U.S. 10-Year Treasury rate is up 3.7 bps at 4.13%

E-mini S&P 500 futures are up 0.95% at 6,817.75

E-mini Nasdaq-100 futures are up 1.47% at 25,536.25

E-mini Dow Jones Industrial Average Index are up 0.42% at 47,285.00

Bitcoin Stats

BTC Dominance: 59.81% (-0.16%)

Ether to bitcoin ratio: 0.03404 (-0.56%)

Hashrate (seven-day moving average): 1,057 EH/s

Hashprice (spot): $43.09

Total Fees: 2.29 BTC / $235,870

CME Futures Open Interest: 137,690 BTC

BTC priced in gold: 25.2 oz

BTC vs gold market cap: 7.10%

Technical Analysis

BTC's daily chart. (TradingView)

Wile BTC has rebounded somewhat, it has yet to top $107,250, the lower end of the weekslong trading range that recently resolved bearishly.

Should it succeed, the bearish outlook will be invalidated, opening doors for a jump to $110,000 and higher.

Conversely, a bull failure would reinforce the range breakdown, potentially leading to a deeper sell-off below $100,000.

Crypto Equities

Coinbase Global (COIN): closed on Friday at $309.14 (+4.72%), +3.25% at $319.20 in pre-market

Circle Internet (CRCL): closed at $103.14 (+3.13%), +3.93% at $107.19

Galaxy Digital (GLXY): closed at $31.56 (+3.88%), +4.69% at $33.04

Bullish (BLSH): closed at $45.08 (+1.1%), +3.82% at $46.80

MARA Holdings (MARA): closed at $15.87 (-0.56%), +4.22% at $16.54

Riot Platforms (RIOT): closed at $17.01 (-1.9%), +4.17% at $17.72

Core Scientific (CORZ): closed at $20.19 (-1.94%), +5.25% at $21.25

CleanSpark (CLSK): closed at $15.57 (+1.1%), +5.20% at $16.38

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $55.09 (-2.58%), +5.28% at $58

Exodus Movement (EXOD): closed at $21.62 (+0.79%)

Crypto Treasury Companies

Strategy (MSTR): closed at $241.93 (+1.99%), +2.81% at $248.72

Semler Scientific (SMLR): closed at $27.6 (+0.66%), +2.46% at $28.28

SharpLink Gaming (SBET): closed at $11.96 (+7.07%), +5.94% at $12.67

Upexi (UPXI): closed at $3.31 (-0.15%), +6.81% at $3.53

Lite Strategy (LITS): closed at $2.1 (+14.13%)

ETF Flows

Spot BTC ETFs

Daily net flow: -$558.4 million

Cumulative net flows: $59.94 billion

Total BTC holdings ~ 1.33 million

Spot ETH ETFs

Daily net flow: -$46.6 million

Cumulative net flows: $13.88 billion

Total ETH holdings ~ 6.58 million

Source: Farside Investors

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