SEC Postpones BTC ETF Decision, Coinbase Users Implicated in CFTC Subpoena

Name: FS Insight
Price range: $$$

Nov 29, 2023

BTC -4.99% ETH 0.46%

Market Update Bullish news continues following an upward revision of the U.S. Q3 GDP to an annual rate of 5.2%, approximately 30 basis points higher than initially reported. Equities retraced early gains to trade flat at writing, while bonds continued to rally. Notably, the yield on the U.S. 10-year Treasury note has fallen below 4.3%, a significant drop from its peak of roughly 5.0% roughly 40 days earlier. This upswing is partly a reaction to recent dovish statements by Federal Reserve member Waller, who believed that the current monetary policies are effectively poised to combat inflation and steer the economy towards the 2 percent inflation goal. $BTC has continued inching higher, briefly touching YTD intraday highs at $38.4k but falling to $37.7k. $ETH is continuing to churn between $2.1k and $1.9k, trading just above $2k at writing. Data from Glassnode indicates $ETH has reentered a deflationary phase, marked by a reduction in ETH being added to the validator queue and an uptick in the amount leaving. This shift coincides with heightened network activity, leading to more ETH being burned. In the past four months, there has been a noticeable change in the types of transactions on the network: transactions involving NFTs and DeFi have declined by 3% and 57%, respectively. Me

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