"With Thanksgiving fast approaching in the US, volume across all markets is starting to dwindle as traders, investors, and various market participants start to travel for the holidays. Bitcoin made a local high at the end of yesterday at around $89,100. Since then, it's slowly been grinding down, only to start seeing bids again once buy orders were triggered in the low $86k range in the last few hours. With the announcement of the Genesis Mission by the White House yesterday, many believe that we will see the risk on market return. Bitcoin bulls would welcome this greatly, as this type of environment will see more long positions and ETF inflows."
"New to the market is Monad, a new layer 1 blockchain with high speed throughput, low fees, and compatibility with the Ethereum Virtual Machine. Its mainnet launch came yesterday, and was the first token in Coinbase's (NASDAQ: COIN) new token launch platform. A new ecosystem will bring new builders and capital flowing in, creating opportunity for new applications in DeFi. Monad is up over 34% on the day so far, and is leading the altcoin charge this week."
Market volume is declining ahead of Thanksgiving as participants travel, coinciding with Bitcoin pulling back from a local high near $89,100 to bids in the low $86k range. The White House Genesis Mission announcement has increased expectations of a risk-on market that could drive more long positions and ETF inflows. Recent Fed governor comments have raised the probability of a 25 basis point cut at the December FOMC. Year-end Bitcoin futures are trading in contango above spot. Monad launched its mainnet and Coinbase token launch listing, drawing builders, capital, and a 34% intraday price surge.
Read at 24/7 Wall St.
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