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24 Crypto Update, 14 Nov: Cryptocurrency Market Loses its Spark!

Key Takeaways
  • Cryptocurrency market undergoes correction amid lower-than-expected US CPI annual inflation
  • Bitcoin has fallen beneath the $36,000 mark, while Ethereum is trading below $2,000 as well
  • The global cryptocurrency market witnessed a 2.15% decline, resulting in a current valuation of $1.37 trillion
15-Nov-2023 By: Lokesh Gupta
24 Crypto Update, 14

Bitcoin falls under $36,000, and Ethereum drops below the $2,000

On Wednesday, Bitcoin dipped below $36,000, while Ethereum slipped below $2,000, with digital assets facing a wane in buying interest as investors shifted focus to US equities. Ethereum witnessed a drop to fresh weekly lows, influenced by the unwinding of long positions by leveraged traders. Concurrently, the stock market experienced a strong rally fueled by lower-than-expected inflation data for October.

The total crypto market volume over the last 24 hours is $63.44B, which makes a 0.27% increase. The total volume in DeFi is currently $6.82B, 10.76% of the total crypto market 24-hour volume. The volume of all stable coins is now $56.24B, which is 88.65% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.80%, a decrease of 0.30% over the day.

Major Events To Watch:

Crypto Fear and Greed:

Cryptocurrency market witnesses panic selling, causing a 6-point drop in the "Greed and Fear Index." The current index stands at 60 out of 100.

Latest Market Update: 

Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, fell below $36,000 on Wednesday, extending its recent decline. Ethereum (ETH) also dropped below the $2,000 mark. The US CPI annual inflation of 3.2%, below expectations, adds uncertainty to the crypto market's direction in the days ahead. Popular altcoins like Solana (SOL), Ripple (XRP), and Litecoin (LTC) faced widespread losses.

Major Worldwide News Update:

  • October's stagnant inflation offers hope of easing price pressures in the U.S. The unchanged Consumer Price Index at 3.2% year-on-year signals a potential pause in interest rate hikes, presenting a positive outlook for the economy, as per Labor Department data.

  • SC Ventures, Standard Chartered Bank's innovation arm, unveils Libeara, a tokenization platform in Singapore, enhancing asset accessibility. Led by Aaron Gwak, it collaborates with Fireblocks and Chainalysis for secure custody. Libeara pioneers a tokenized Singapore-dollar government bond fund with FundBridge Capital, aligning with global asset tokenization trends.

  • ARK Invest CEO Cathie Wood praises the SEC's receptiveness to spot Bitcoin ETF applications on CNBC's Squawk Box. Noting a shift in attitude, Wood sees an "open-minded" SEC, signaling potential approval. Analysts predict a 90% chance of approval, echoing optimism from figures like Mike Novogratz.

  • BlackRock warns of stablecoin risks in its filing for a US spot Bitcoin ETF, emphasizing Tether and Circle's impact on Bitcoin's market. The document highlights stablecoin volatility and historical events, emphasizing the interconnectedness with traditional finance. BlackRock's insights are crucial for investor awareness as the ETF undergoes SEC review.

  • Senator Ted Budd introduces the "Keep Your Coins Act" in the US Congress to bolster cryptocurrency security. The legislation aims to empower individuals to maintain control over their digital assets, reducing reliance on centralized platforms and safeguarding user autonomy. Bipartisan support echoes this push for crypto self-custody.

  • Cryptocurrency exchange OKX has partnered with Polygon Labs to launch a ZK Layer-2 network named "X1." Utilizing Polygon's Chain Development Kit (CDK), OKX L2 will leverage its native token, OKB, for gas fees. Focused on developers, the network aims to simplify DApp creation, enhancing the Web3.0 future. OKX will contribute to Polygon CDK and invest in Ethereum scaling solutions, ensuring secure, scalable, and cost-effective transactions for its 50 million users.

  • Hong Kong-listed gaming firm Boyaa Interactive plans to invest $100 million in cryptocurrencies, focusing on Bitcoin and Ethereum with $45 million each, and allocating $10 million to stablecoins like Tether and USD Coin. This move reflects Boyaa's strategic shift towards diversification and integration with the growing Web3 ecosystem, showcasing a thoughtful approach to balancing stability and growth potential in the volatile crypto market.

  • The European Central Bank's chief supervisor, Andrea Enria, highlights a regulatory gap in the Basel Committee's approved crypto regulations, expressing concerns about the potential weakening of the ECB's oversight on banks engaging in crypto services. Enria emphasizes the need to overhaul regulations to ensure a comprehensive approach to crypto oversight, aligning with the EU's proactive stance on crypto regulation.

  • Binance CEO Changpeng Zhao enters the Bitcoin vs Gold debate, stating Bitcoin isn't a good store of value due to volatility. This ironic comment contrasts with BTC bull Michael Saylor's chart, revealing Bitcoin's 214% surge since August 2020, while Gold declined by 3%. MicroStrategy's steadfast Bitcoin support showcases its long-term commitment, yielding significant profits.

  • Hong Kong's fully regulated cryptocurrency services provider, BGX, plans a strategic $90 million investment in BC Technology Group, the city's only publicly listed digital asset company. This move aligns with OSL, BC Technology's subsidiary, leading digital asset sector regulation in Hong Kong. The partnership aims to enhance BGX's global presence and contribute to the advancement of the digital asset industry. The transaction is contingent on shareholder approval.

COIN GABBAR Views: Bitcoin experiences a rollercoaster ride: Corrects to $36,400 amidst CPI and SEC ETF decision hype. With US CPI up by 3.2%, can it boost gains in the crypto market? The question remains: Will BTC touch $40,000 or retreat to $33,000? To get latest news Stay tuned us at

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 09 Nov: Bitcoin ETF Buzz Fuels Crypto Surge