$3 Trillion
  The latest moves in crypto markets, in context Edited by Omkar Godbole November 8, 2021 Sponsored by  (Price data as of November 8 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, Here's what's happening this morning:
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Market Moves by Omkar Godbole The cryptocurrency market is worth more than ever, with over $3 trillion in total market capitalization.
The new high comes as real or inflation-adjusted bond yields continue to slide, contradicting Federal Reserve Chairman Jerome Powell's long-held view that high inflation is due to transitory factors. Data from U.S. Department of Treasury Shows the 10-year real yield dipped to -1.09% on Friday, the lowest since Aug. 30.
In a world where interest rates are near zero or below and most traditional assets struggle to beat inflation, investors are increasingly flocking to bitcoin, ether, gaming tokens, and several other cryptocurrencies, including meme coins like shiba inu.
And it's not just retail investors dabbling with cryptocurrencies. Large funds, asset and wealth managers have poured money into crypto markets over the past 12 months. Both ether and bitcoin options markets have seen solid growth this year, signaling increased participation by sophisticated investors.
"In October 2020, ether spot trades averaged roughly $93 million per day combined for seven major exchanges; a year later, that daily average was $1.6 billion, according to figures compiled by data provider Skew. Meanwhile, options daily volumes jumped to $335 million from a mere $23 million the previous year," CoinDesk's Lawrence Lewitinn noted.
Bitcoin topped $66,000 during the European hours, ending an almost three-week-long consolidation as ether tapped fresh record highs above $4,700.
"A slower than expected end to quantitative easing [Federal Reserve's liquidity-boosting program] appears to be driving risk-taking behavior reflected in new highs throughout both traditional and crypto markets," blockchain analytics firm IntoTheBlock said in the weekly market update.
Analysts expect the bullish trend to continue. "From the macro side, this week's U.S. consumer price index could stir up market's concern about inflation and push the breakeven inflation rate – the market measure of expected inflation – higher, which will, in turn, could fuel another leg up for bitcoin, given their strong correlations for the past several weeks," Yuya Hasegawa, crypto market analyst at Japan-based bitbank exchange, said in an email.
Fed's Powell is scheduled to deliver a speech later on Monday at a diversity conference jointly organized by the Federal Reserve, the European Central Bank and the Bank of Canada
Bitcoin and asset prices, in general, may face selling pressure if Powell deviates from his "inflation is transitory" view. That would bolster fears of faster interest rate hikes. Read the original story here: Bitcoin Tops $66K, Resuming Uptrend as Real Bond Yields Slide
Technician's Take by Damanick Dantes, CMT  Bitcoin Peeps Above April High  Bitcoin weekly price chart (Source: TradingView) Bitcoin (BTC) surpassed resistance at $64,899 (April high), having failed to keep gains above the same in the third week of October.
Another bull failure, if any, would signal a double top pattern and perhaps yield a notable price pullback. The 10-week moving average (MA) is seen at $55,225.
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BOLO Be on the lookout for the following events today:
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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