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Risk assets have lost their appeal: Crypto Daybook Americas

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By francisco rodrigues (all times and unless otherwise indicated)

Bitcoin BTC$100,134.29 And other major cryptocurrencies fell in the last 24 hours including Coindesk 20 (CD20) Index retreating 2.17%, caught up in the pullback that gripped global markets this week.

The broader recession began with a sell-off in equity indexes such as the NASDAQ 100, which fell 3.4% this week. According to a report from Citi, bitcoin’s fall below its 55-day moving average is often a Early Warning Sign The risk appetite in the equity markets is beginning to fade.

Historically, when Bitcoin holds above that threshold, tech stocks tend to perform better, Citi said. The recent fall in crypto is largely due to lighter liquidity conditions.

The recent cash rebuilding of the US Treasury and a fall in bank reserves, estimated at nearly $500 billion since July, make the assets less attractive.

While Treasury balances are nearing a point where tightening may pause, according to the report, the market has yet to see significant signs of a turnaround.

Meanwhile, AI-related stocks fell as investors questioned reviews and aggressive spending on data centers. That skepticism has spilled over into crypto, weighing on Bitcoin’s price.

Jasper de Maere, an OTC strategist at Wintermute, said bitcoin options positioning remains concentrated between $102,000 and $105,000, with limited upside unless volatility picks up.

Ether flow options are anchored in the $3,000-$3,400 range, with traders using options strategies that favor protection rather than bullish bets. Stay Alert!

Read more: For an analysis of today’s activity in altcoins and derivatives, see Crypto markets today

What to watch

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Crypto
Macros
- November 7, 7 AM: Federal Reserve Vice Chair Philip N. Jefferson gives a speech on “AI and the economy.” Watch Live.
- November 7, 8 AM: Brazil Sept. PPI YOY (Prev. 0.48%), Mom (Prev. -0.2%).
- November 7, 8 AM: Mexico Oct. rate of inflation. Headline Yoy Est. 3.56%, Mom Est. 0.36% Core Yoy Est. 4.27%, Mom East. 0.28%.
- November 7, 8:30 AM: Canada October. The unemployment rate. 7.1%
- November 7, 11 AM: Michigan Consumer Sentiment Nov (Preliminary) Est. 53.2.
- November 7, 3 PM: Federal Reserve Governor Stephen I. Miran delivers a speech on “StableCoins and Monetary Policy.” Watch Live.
Revenue (Estimates based on factSet data)

Token events

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Management votes and calls
Unlocks
Launching a token
- November 7: Aria Protocol (ARIAIP) listed on Binance, MEXC, and others.
- November 7: Sapien$0.3197 listed on Crypto.com, Biconmy, and others.

Conference

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Market movements

BTC is down 0.16% as of 4 PM ET Thursday at $100,913.00 (24hrs: -2.64%)
ETH is down 0.73% at $3,300.94 (24hrs: -3.71%)
Coindesk 20 unchanged at 3,197.23 (24hrs: -2.74%)
Ether CESR Composite Staking Rate down 12 bps to 2.94%
BTC funding rate is at 0.0055% (6.0148% annual) on Binance

DXY is unchanged at 99.76
Gold futures were up 0.57% at $4,013.70
Silver futures were up 1.44% at $48.64
NIKKEI 225 closed up 1.19% at 50,276.37
Hang Seng closed up 0.92% at 26,241.83
The FTSE was down 0.54% at 9,682.80
The Euro Stoxx 50 was down 0.49% at 5,583.84
The DJIA closed Thursday down 0.84% at 46,912.30
The S&P 500 closed up 1.12% at 6,720.32
The Nasdaq Composite closed up 1.9% at 23,053.99
The S&P/TSX Composite closed up 0.78% at 29,868.59
The S&P 40 Latin America closed up 0.15% at 3,050.45
US 10-Year Treasury Rate up 1.3 bps to 4.106%
E-Mini S&P 500 futures were down 0.42% at 6,719.00
e-mini NASDAQ-100 futures were down 0.56% at 25,102.00
The E-Mini Dow Jones Industrial Average Index was down 0.33% at 46,874.00

Bitcoin Stats

BTC Dominance: 60.45% (-0.15%)
Ether to Bitcoin Ratio: 0.03233 (-1.13%)
Hashrate (seven-day moving average): 1,091 eh/s
HashPrice (Spot): $40.64
Total fees: 3.33 BTC / $340,917
CME Futures Open Interest: 135,765 BTC
BTC priced in gold: 23.7 oz
BTC vs Gold Market Cap: 6.69%

Technical Analysis

The market cap (excluding Top 10) / BTC ratio is testing weekly support (around $0.113 – $0.116).
If Bitcoin confirms a weekly close below the critical $107,000 support, as expected, this ALT/BTC support level is likely to be broken in the short term, signaling a flow back to BTC and more pain for the altcoin market.

Crypto Equities

Coinbase Global (coin): Closed Thursday at $295.22 (-7.54%), -0.6% at $297
Circle Internet (CRCL): Closed at $100.01 (-11.52%), +0.69% at $100.70
Galaxy Digital (GLXY): Closed at $30.38 (-3.37%), +0.39% at $30.50
Bullish (BLSH): closed at $44.59 (-7.72%), -0.31% at $44.45
Mara Holdings (MARA): Closed at $15.96 (-6.83%), -0.5% at $15.88
Riot Platform (Riot): Closed at $17.34 (-8.59%), -0.58% at $17.24
Core Scientific (Corz): Closed at $20.59 (-5.55%)
CleanSpark (CLSK): closed at $15.4 (-7.12%), +0.13% at $15.42
Coinshares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $56.55 (-9.05%), +0.8% at $57
Exodus Movement (Exod): Closed at $21.45 (-7.7%), +9.14% at $23.41

Crypto Treasury Companies