Bitcoin rise pauses, major alts Ethereum rises 5.6% from the previous day, Solana (SOL) rises 12.1%

Macroeconomics and financial markets

On the US New York stock market on the 7th, the Dow Jones Industrial Average closed 36,117 points (0.17%) higher than the previous day, and the Nasdaq Index closed 193 points (1.3%) higher.

On the Tokyo stock market, the Nikkei Stock Average was down 0.0% from the previous day.

connection:U.S. AI stocks rise, yen strengthens due to Bank of Japan governor’s remarks | 7th Financial Tankan

connection:10 major virtual currency stocks in the Japanese and US stock markets

Virtual currency market conditions

In the crypto asset (virtual currency) market, the Bitcoin price fell 1.26% from the previous day to 1 BTC = $43,430.

BTC/USD weekly

While Bitcoin paused its rise, Ethereum (ETH) rose 5.5% from the previous day. BTC selling by large miners was also observed.

#Bitcoin miners have sold over 3,000 $BTC in the last 24 hours, worth around $132 million! pic.twitter.com/sIYQVNGeTD

— Ali (@ali_charts) December 7, 2023

The sharp decrease in miner reserve (balance), which is an indicator that measures the total amount of Bitcoin held in all miners’ wallets, suggests that funds are being transferred from wallets for the purpose of remittance to exchanges or sale. do. One year ago, when the Alameda Shock occurred, which led to the collapse of FTX, a major crypto asset (virtual currency) exchange, there was a phase where the stock plummeted by about 10%.

Recently, developments in Bitcoin ETFs (Exchange Traded Funds) and the US SEC (Securities and Exchange Commission) have been reported on almost daily, and market interest is increasing.

Reuters reported on the 8th that discussions regarding approval have progressed to “technical aspects,” suggesting that progress is on track toward approval.

Currently, 13 of the largest financial companies, including the largest asset management company BlackRock, Grayscale Investments, Invesco, and ARK Investments, are applying to US regulators for a Bitcoin spot ETF.

connection:SEC’s Bitcoin ETF review in final stage – Reuters report

Citing past market cycles, Bitcoin Archive pointed out, “If the RSI, which indicates investor sentiment, exceeds 70 for the first time on a two-week chart, it clearly indicates a bullish trend change.”

This is the fourth time this market has fallen into this category, following 2013, 2017, and 2021.

Bull Market Confirmed

The first time RSI crosses 70 on the 2-week chart marked the start of the Bull Market in the last 3 cycles.

This just happened for the 4th time in Bitcoin history. pic.twitter.com/BW9I1aplsH

— Bitcoin Archive (@BTC_Archive) December 5, 2023

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

altcoin market

The token BLUR of the NFT marketplace BLUR, which was launched in 2022, has soared by 164% compared to three months ago and by 29.6% compared to the previous month, but according to the latest data from Lookonchain, several whales (large investment There is a possibility that the company is proceeding with profit taking.

NEWSBTC reported that 16.85 million BLUR (equivalent to $8.4 million) was transferred to cryptocurrency exchanges in the past 24 hours. This includes Mandala Capital transferring 2.76 million BLUR to OKX and 2.54 million BLUR received via airdrop to Binance.

According to a report by Messari, decentralized exchange (DEX) trading volume has soared from $61 billion to $96 billion.

As market conditions have improved, with Bitcoin (BTC) soaring to 1 BTC = $45,000, the highest level in a year and a half, demand for altcoin swaps has surged. DEX trading volume reached 10% of total trading volume.

One of the reasons behind this is the Solana (SOL) ecosystem. Airdrops such as Solana’s DEX aggregators Jito and Jupiter have attracted traders’ interest, and Jito Network’s governance token “JTO” has skyrocketed immediately after being listed on Binance and Bybit, reporting a series of large profits.

1.Introducing $JTO: A New Era of Community-Led Governance.

The Jito Foundation is thrilled to unveil the $JTO governance token to enable community-driven leadership. pic.twitter.com/98lI7Y3NVm

— Jito (@jito_sol) November 27, 2023

Airdro targets include Solana validators for the Jito Solana MEV client and users who use Jito’s MEV service.

connection:Virtual currency Jito (JTO) listed on Binance and Bybit, price soaring

connection:Solana DeFi “Kamino Finance” plans to launch point system for future airdrops

Bitcoin ETF special feature

Due to the soaring price of Bitcoin, the number of downloads and MAU of the CoinPost official app is rapidly increasing.
In addition to virtual currency news, crypto indicators can also cover future materials. By using the My Coin function and Crypto Alert, you can quickly check for sudden rises and falls in altcoins.

■Explanatory article https://t.co/9g8XugH5JJ pic.twitter.com/gYtpheMykj

— CoinPost (virtual currency media) (@coin_post) December 6, 2023

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