Ether Leads Bitcoin Higher as Markets Push Back Fed Rate Hike Bets
  The latest moves in crypto markets, in context Edited by Omkar Godbole November 30, 2021 Sponsored by  (Price data as of November 30 @ 12:15 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin and risk assets, in general, faced renewed selling pressure in Asia after drugmaker Moderna's CEO Stéphane Bancel said existing vaccines could be much less effective against the newfound coronavirus variant Omicron.
Ether, the native token powering smart contract blockchain Ethereum, stayed relatively resilient and jumped 4%, hitting two-week highs above $4,600 during the early U.S. hours, helping bitcoin and the broader crypto market regain poise.
Ether's outperformance comes a day after Kelly Strategic Management, an investment firm headed by Kevin Kelly, filed in the U.S. for a futures-based exchange-traded fund tied to ETH.
"The cryptocurrency's supply is dropping," MintingM, a Mumbai-based crypto asset management company, told CoinDesk. "The number of ETH locked in with the ETH 2.0 Deposit contract has reached an all-time high and keeps rising. The EIP-1559 has also been responsible for reducing ETH's supply significantly. It has burned approximately $4.5 billion worth of ether over three months."
On the macro front, money markets pushed back expectations for the Fed rate hike in the wake of renewed COVID scare, fully pricing a 25 basis point hike in September 2022 versus July 2022 last week. That could bode well for bitcoin, gold, silver, and asset prices, in general.  Bitcoin's exchange balance (Source: Glassnode)
Technician's Take by Omkar Godbole  Ether to Outshine Bitcoin, Charts Suggest  Ether-bitcoin's weekly chart (Source: TradingView)
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