Decentral Block Post

On this week’s episode of Market Talks, we welcome Jake, also known as “Korean Jew Crypto” on Twitter and the founder of “The Trading Dojo,” a platform that provides quality coaching and education to help traders identify profitable trades on their own. 

The wide reaching interview covered KJ’s take on how to trade the Federal Open Markets Committee and Consumer Price Index events, along with his views on how Federal Reserve policy is impacting crypto prices.

According to KJ:

“In regards to what Powell said, and the way the news cycle has been, a few weeks ago I was adamant that something has changed. I was quite bearish and expecting a support break for BTC, ETH and everything else. We got the dip on Friday that swept everyone out of the tight range but it was immediately bought back…Bullard from the Fed had some bullish things to say and we reclaimed the support and held on with nice volume, as well as in stocks. I said to my friends and the dojo, something is different. That was supposed to breakdown but there were buyers there. The market just feels very different.”

When asked about whether or not Dogecoin’s (DOGE) recent 100%+ pump is a one-off or a sign of a wider trend change, KJ said:

Bitcoin (BTC) has been lingering above $20,000 for the past nine days, but worsening conditions from traditional markets are causing traders to doubt if the support will hold.

On Nov. 3, the Bank of England raised interest rates by 75 basis points to 3%, its largest single hike since 1989. The risks of a prolonged recession also increased as the Monetary Policy Committee struggled to contain inflationary pressure.

The U.K. monetary authority noted that its most recent growth and inflation projections present a “very challenging” outlook for the economy. The statement from the committee added that “high energy prices and tighter financial conditions weigh on spending,” thus negatively pressuring the employment data.

The U.S. Federal Reserve also hiked interest rates on Nov. 2, the fourth consecutive raise, which brings rates to the highest levels since January 2008. The confirmation of a conservative approach from central banks can partially explain why Bitcoin failed to break the $21,000 resistance on Oct. 29 and has since declined by 4.5%.

Let’s take a look at derivatives metrics to better understand how professional traders are positioned in the current market conditions.

Bitcoin (BTC) lingered lower on Nov. 3 as the aftermath of the Federal Reserve interest rate hike subsided.

Trading range forms with $20,000 at center

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering just above $20,000 on the day.

The pair had seen flash volatility as the Fed hiked 0.75%, with fakeout moves up and down triggering liquidations both long and short.

Cross-crypto liquidations for the past 24 hours at the time of writing totaled $165 million, data from Coinglass confirms.

Bitcoin ultimately finished slightly lower than its pre-Fed level, an area that continued to hold on the day as analysts awaited fresh cues.

After an impressive 23.7% rally between Oct. 25 and Oct. 31, Binance Chain BNB, has faced a strong rejection from the $330 resistance. Is it possible that the two-day 6% sell-off from the $337.80 peak could indicate that further trouble is ahead?

Let’s take a look at what the data shows.

Analysts pinned the recent rally to the Oct. 28 news that Binance had invested $500 million in Twitter. However, the network's deposits and decentralized applications metrics have not accompanied the improvement in sentiment.

The strong upward movement was largely based on reports that Binance was preparing to assist Twitter in eradicating bots. The speculation emerged after billionaire Elon Musk raised the $44 billion required to complete his purchase of the social media platform.

In absolute terms, BNB's year-to-date performance reflects a 40% decline, but it ranks ahead of competitors as Ether (ETH) is down by 59%, Solana (SOL) 82% and Polygon (MATIC) registers a 79% correction.

After an impressive 23.7% rally between Oct. 25 and Oct. 31, Binance Chain BNB, has faced a strong rejection from the $330 resistance. Is it possible that the two-day 6% sell-off from the $337.80 peak could indicate that further trouble is ahead?

Let’s take a look at what the data shows.

Analysts pinned the recent rally to the Oct. 28 news that Binance had invested $500 million in Twitter. However, the network's deposits and decentralized applications metrics have not accompanied the improvement in sentiment.

The strong upward movement was largely based on reports that Binance was preparing to assist Twitter in eradicating bots. The speculation emerged after billionaire Elon Musk raised the $44 billion required to complete his purchase of the social media platform.

In absolute terms, BNB's year-to-date performance reflects a 40% decline, but it ranks ahead of competitors as Ether (ETH) is down by 59%, Solana (SOL) 82% and Polygon (MATIC) registers a 79% correction.