Key Notes
- Ki Young Ju explained that Strategy and ETFs neutralized the whale selling pressure.
- There is a 96% expectation for the US government reopening this week.
- The crypto market is seeing bearish volatility with mild corrections.
The expectations of economic relief in the US made breathing room for the crypto market on Monday, Nov. 10, after around five weeks of dominant selloffs.
CryptoQuant CEO Ki Young Ju says that Bitcoin
BTC
$105 137
24h volatility:
0.8%
Market cap:
$2.10 T
Vol. 24h:
$70.17 B
whales have been selling “billions” since the asset hit $100,000.
He even believed that the “bull cycle was over.” However, the strong buying spree from BTC treasury companies, Strategy and Metaplanet, kept the bull market alive, Young Ju added.
The cryptocurrency market cap gained roughly $150 billion on Nov. 10 after the news of the Senate’s vote breaking the deadlock, which had been in place since Oct. 1, emerged. Coinspeaker reported that seven Democratic and one Independent senators joined the republicans to make the vote 60-40 to “invoke cloture.”
This helped BTC rise above the $100,000 mark as the market left the “extreme fear” conditions behind.
Will the Government Reopen This Week?
Despite the mild decline in the crypto market cap, currently at $3.54 trillion, and the Bitcoin correction to $105,000 over the past 24 hours, the overall macro sentiment remains strong.
According to a Polymarket poll, with a volume of $27.7 million, there’s only 1% chance for the US government shutdown to end today, on Nov. 11.
However, the betting platform shows that the possibility of resuming the US government between Nov. 12 and 15 has reached 96%. The remaining 4% expect the relaunch to happen after Nov. 16.
Despite the current selling pressure, the broader macroeconomic outlook seems positive, but buying highly volatile assets, cryptocurrencies, for instance, would still be considered a risky bet.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
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Source: https://www.coinspeaker.com/good-time-to-buy-crypto-96-percent-expect-us-govt-reopen/
