While Bitcoin and Ethereum prices successfully held their rebound from last week’s sell-off, Shiba Inu surged following Kraken listing.
Crypto investment products recorded inflows totaling $306 million last week, as Bitcoin saw the largest inflows in five weeks, the latest report from CoinShares revealed.
However, price pressures led total assets under management (AUM) to decrease from $75,4 billion to $72,8 billion, the digital asset manager reported.
Bitcoin recorded the largest inflows in five weeks
According to the report, which keeps tabs on the flows into digital asset funds, last week’s volumes brought month-to-date inflows to $787 million, while year-to-date inflows reached a record $9,5 billion.
Following the launch of another investment product in Europe, Bitcoin recorded the largest inflows in five weeks totaling $247 million, according to CoinShares.
“This brings the 11 week run of inflows to US$2,7 billion,” added the report.
As far as Ethereum goes, with inflows of $23 million, the second-largest crypto by market cap recorded its fifth consecutive week of inflows last week.
Meanwhile, multi-asset investment products recorded inflows totaling $9 million and surfaced as the third largest investment product by AUM at $4,6 billion.
While Polkadot and Solana saw inflows totaling $11,5 million and $14,6 million respectively, Cardano recorded outflows of $1,1 million.
With regard to inflows relative to AUM, Polkadot and Solana “continue to be the winners,” with recorded inflows representing 8,6% and 5,9% of AUM respectively.”
This week’s sentiment
Starting this week, Bitcoin and Ethereum prices successfully held their rebound from last week’s sell-off, and are, at the time of writing, trading above $58,000 and $4,600 respectively.
While the two leading cryptos overcame price marks without stiff resistance, Shiba Inu surged, following today’s listing on Kraken.
New Listing on Kraken: @Shibtoken
$SHIB deposits begin NOW! Trading is live November 30.
Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0
— Kraken Exchange (@krakenfx) November 29, 2021
The price of Shiba Inu rallied over 30% in the past 24-hour period, as the US crypto exchange announced including the meme coin on its trading platform.
Dogecoin’s main rival recorded a similar surge in popularity in September, following the listing on Coinbase. How hard will it pump this time?
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Topline
Cardano’s ada token plummeted to its lowest price in more than three months on Wednesday after popular retail-trading platform eToro announced plans to delist the cryptocurrency in the United States due to regulatory concerns—making ada the latest victim of the murky regulatory waters that have repeatedly pummeled the nascent crypto market.
Cardano’s ada has now plummeted nearly 49% from an all-time high set in September, but it’s still up … [+]
Key Facts
The price of blockchain Cardano’s ada token plummeted more than 9% to a low of $1.60 by 2:00 p.m. ET Wednesday, according to crypto data website CoinMarketCap, pushing the token nearly 49% below an all-time high of $3.10 from September.
The stark plunge started Tuesday shortly after eToro, one of the world’s largest exchanges for retail traders, announced it will delist ada and Tron tokens in the United States on December 26, barring users from buying the cryptocurrencies and earning rewards on them.
Israel-based eToro said the changes were brought on due to “business-related considerations in the evolving regulatory environment,” and added that users will still be able to sell any tokens they already own.
In a video posted to Twitter on Tuesday, Cardano founder Charles Hoskinson railed against the decision, blaming it on the lack of a “global regulatory standard” governing how cryptocurrencies should be listed on exchanges and trying to assuage concerns that ada’s price would be affected, which he called a byproduct of “fear, uncertainty and disinformation.”
Other cryptocurrencies tumbled alongside ada on Tuesday, with tron, a smaller token with a $7 billion market capitalization, falling 6%, while sol, polkadot and dogecoin fell 8%, 6% and 5%, respectively.
Despite tanking this month, ada has skyrocketed a staggering 800% this year alone and now commands about $54 billion in market value, compared to nearly $95 billion at its peak.
Crucial Quote
“This is just the nature of the game… and the only way we’re going to solve this as an industry is through regulatory clarity,” Hoskinson, who also co-founded major cryptocurrency platform Ethereum, said Tuesday. “If you’re a European entity with principal European customers, you usually limit your U.S. exposure because the cost of U.S. exposure is extremely high,” he added, referencing eToro’s European domicile and saying U.S.-based exchanges, like Coinbase, are “already paying” for regulatory compliance and therefore have it “much easier” to comply with domestic regulations.
Tangent
A wave of regulatory crackdowns beginning in 2017 sparked an 80% correction in cryptocurrency prices and a yearslong bear market that lasted until inflationary concerns and institutional adoption ushered in new highs during the pandemic. Similar concerns have rattled markets several times over the past year, with growing regulations in China tanking the value of the world’s cryptocurrencies by as much as 45% this summer.
What To Watch For
In a long-awaited report released this month, a team of President Joe Biden’s top economic advisors called on Congress to introduce regulatory oversight and a formal market structure for cryptocurrencies as soon as possible. As a starting effort, lawmakers included a highly contentious provision in the recently enacted infrastructure bill requiring exchanges to report cryptocurrency transactions in excess of $10,000 to the Internal Revenue Service.
Further Reading
Cardano (ADA) Becomes Third Largest Cryptocurrency Overtaking Binance Coin And Tether (Forbes)
The recent bearish statement by the People’s Bank of China labeling all cryptocurrency related transactions as illegal followed by a decline in Bitcoin-Blockchain Miners’ revenue [BCHAIN/MIREV] suggests the recent slump in the Bitcoin BTC price.
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Earlier this month, the BTCUSDT crypto pair traded above the 200-period Moving Average on the H4 time frame as shown above.
BTCUSDT 4 Hr Chart
As early buyers scamper to exit their positions following the regular bearish divergence on the H4 time frame, the BTC price plummets by roughly 19%, signaling a switch to a bearish trend.
The RSI [4] on the daily time frame traded above level-25 for 44 days and for the first time, slumped below the level on 05 September, indicating a change in trend triggered by the bearish divergence setup mentioned earlier.
The daily time frame dictates the trend bias of the BTCUSD at the moment, while the H4 time frame signals entry levels with overbought or oversold.
At this point, the overbought level of the H4 time frame and bearish divergence setups now serves as entry into the newly formed downtrend. An attempt by the bulls to force the price above 14 September bearish divergence trend line [H4 time frame] gave in to another bearish divergence pattern on 18 September, which again caused the BTC price to nosedive by another 18%.
Recently, the bulls now have a support level established at the $39571.00 mark. Further price close below this level indicates a strong presence of the bears. Conversely, a price close above the 24 September resistance [44978.40], and a close above the MA200 should confirm the long-awaited upbeat trend.
Most importantly, the RSI [4] value above level-75 on the daily time frame confirms the current mid-term bearish trend of the BTCUSDT.
Bitcoin BTC Intraday Levels
- Spot rate: 42572.80
- Mid – Term Trend [H4]: Bearish bias
- Volatility: Low
- Support: $39,571.00 and $40,683.00
- Resistance: $52667.20, $48,623.4 and $44978.40
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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