THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Daily Macro And Crypto Markets: Kimchi Premium Trends Down, Supportive Of Global BTC Prices Rising

November 5, 2021

Justin d'Anethan

If you look at markets, you can sense an undercurrent of, maybe, indecisiveness?

In traditional markets, that’s expressed by most equity indexes showing some minor gains (that technically still pushed them to new highs) but also futures trading being essentially flat. Many people in the US and globally are waiting for American jobs data due Friday morning, their time. While I’m a long-term holder, for people who trade in and out, I feel like levels all around are getting a bit extended.

In the crypto space, I think there’s still a long way to go before we’re anywhere near exuberant levels. Right now, BTC has pulled back slightly, down 2.5%, at $61,300. While that’s happening, alts are outperforming, pushing the BTC Dominance index below 43. 

Today’s best performers are VET with a solid 10% gain, LUNA up 7%, and then AVAX, SOL, and AAVE are up anywhere between 3% to 6%.

Now, I’ve been talking for a minute and still haven’t shown any colorful charts. That’s criminal. So, the first one I want to share comes from CoinMetrics and shows a steady ramp-up of addresses holding at least some BTC. There’s about 9.1M of them, and it speaks volumes about the interest, adoption, and just how far we’ve come.

More on the trading side, CryptoQuant charts the Kimchi Premium, essentially the higher BTC price in Korea, because of local exchange regulations and capital control. That premium is dropping now, which, interestingly enough, seems to be bullish for price. So you expect prices to move higher while the premium moves down.

Yet another bullish chart, again from CryptoQuant, shows the exchange reserves. That might be my second favorite data to look at, and, you know what’s coming? It keeps on going down, reducing the selling pressure or supply, and helping any buying to push prices higher.

On the less supportive side, at least short term, I read an article about SEC chair Gensler hinting at upcoming enforcement actions against crypto firms. In the long run, more regulations help more steady capital flow in, but, as it gets implemented, it might generate some pain.

Oh, by the way, did you hear rumors about Revolut looking to hire developers for an upcoming crypto exchange? Just about everyone in payment systems wants to get in on this.


Related Articles

November 18: Daily BTC Analysis

November 18: Daily BTC Analysis

November 19, 2021

Matt Blom

The natural ebb-and-flow of price, has replaced the bullish moves seen through October and early November

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Daily Macro And Crypto Markets Update: Markets Pull Back But On-Chain Indicators Hint At More Upside

Daily Macro And Crypto Markets Update: Markets Pull Back But On-Chain Indicators Hint At More Upside

November 17, 2021

Justin d'Anethan

It looks like crypto isn’t correlated to traditional markets, at least not during this past session.

Daily BTC Analysis: The Weekender

Daily BTC Analysis: The Weekender

November 15, 2021

Matt Blom

One of the big factors contributing to bitcoin’s expansion over gold is that millennials are becoming more knowledgeable of the investing world.

THE EQONEX CRYPTO GUIDE AND LEARN HUB

Bringing digital assets to the world.

EQONEX is a digital assets financial services company focused on delivering a full, digital asset ecosystem that offers innovative, trusted, and transparent products and services.

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

© 2022 EQONEX Capital Pte Ltd
All rights reserved.

IS 749075