In the crypto market report covering the week of November 18-25 prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: November 18, 2024.
Weekly Crypto Market Report Overview for November 18
Developments in both crypto and traditional markets last week provided important clues that will form the basis of this week’s price movements and strategies.
In the crypto market, the 30,371 BTC transfer from Mt. Gox; While it indicates that creditor payments are approaching, this situation has created a source of uncertainty for investors. Bitcoin’s market value has increased to $ 1.736 trillion, surpassing silver and becoming the world’s eighth largest asset, while strengthening the power of crypto assets in the financial system, BlackRock’s Bitcoin ETF attracted attention with a trading volume of $ 4.5 billion, revealing that institutional interest is growing rapidly.
Canary Capital’s first spot ETF application for HBAR, as well as the FBI’s investigation into Polymarket’s CEO, have shown that regulatory risks and new opportunities may be increasing simultaneously in the sector. Meanwhile, Trump’s nomination of former SEC chairman Jay Clayton to the Southern District of New York Attorney General hinted that regulations on the crypto market could be getting tighter.
In traditional markets, inflation in the eurozone, stagnant growth in Germany and economic weakness in the UK were highlighted last week, while strong consumer spending and the labor market in the US economy attracted the attention of Fed policymakers. While inflation remained steady at 2.6% in the US, it was a sign that the Fed would not be in a hurry to cut interest rates, while rising retail sales and falling unemployment claims revealed the resilient nature of the US economy.
In Turkey, the Central Bank’s interest rate decision being kept constant and the policy stance not changing in a high inflation environment could increase pressure on the TL. Strong economic data such as Germany’s inflation data and the increase in construction permits in Canada also supported the global recovery signals. This week, investors will focus on a busy economic data and event calendar in global markets.
Speeches by European Central Bank President Lagarde and growth and inflation data from Germany will provide critical clues about the economic recovery and inflation outlook in the euro zone. CPI and PPI data to be released in the UK will play a significant role in the BoE’s interest rate decisions. In the US, FOMC minutes and third-quarter growth data could shape market expectations, while data such as building permits, crude oil inventories and unemployment claims will provide additional signals about economic activity and the labor market. Core CPI data from Japan and CPI data from Europe will also be critical in assessing global inflation trends. In Turkey, the Central Bank’s monetary policy stance will be closely monitored by investors.
In light of all these developments, global markets are expected to be driven by an intense data flow and central bank statements this week. Volatility may be high in both crypto and traditional financial markets. In addition to inflation and growth dynamics, uncertainties over central bank interest rate policies may significantly affect market pricing. Investors will have to adopt a data-driven approach to both evaluate opportunities and protect against risks. Data from the US and Europe in particular may have significant effects on market sentiment and currencies. Therefore, making a detailed assessment of the global economic outlook will be decisive in terms of the success of investment decisions.
Those who want to get more comprehensive information about the week covering November 18 – 25 can review the Weekly Crypto Market Reports: November 18, 2024.
