Market summary: BTC and ETH are expected to bring more changes.

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"Short horse"

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Most cryptocurrencies fell on Wednesday as Bitcoin traded in a narrow range around $ 56,000. The measurement shows that there is a lower support barrier limit of $ 53,000, allowing buyers to move to the limit of $ 60,000.

Packaging is expected to be reduced on Thursdays, particularly during Thanksgiving in the United States. However, some analysts expect further gains in the Bitcoin and Ethereum options markets in November.

A further increase could lead to significant price changes in the coming days, which could cause buyers to decline long-term positions.

current value

The head of the cryptocurrency derivatives trading platform said: “In the short term, the whole market will not be off limits. BTC has repeatedly failed to break the resistance level of $ 60,000 This level of disruption will require more energy. ”Delta Exchange Executive Director Pankaj Balani sent an email to CoinDesk.

"We should be prepared to reduce the dips and volatility of all risky commodities, including BTC, but maintain a market value of $ 1 trillion (BTC now needs 53 $ 000), ”Balani said. With good support for Bitcoin in the short term. "

Be prepared for high volatility

Some analysts expect the exchange rate between Bitcoin and Ethereum options to rise further, which means a major shift could take place in the coming days.

Bitcoin's daily implied volatility has been declining since May and may rise from lower levels in the future. Crypto asset management firm Two Prime said, "Unlike traditional markets, where price movements often occur in weak terms, Bitcoin can present significant value in both instructions due to future markets." .

In addition, Two Prime reports that "with Bitcoin's leverage ratio still relatively high, further decline in value could lead to a series of sell-offs, which will quickly test Bitcoin's 100-day average (currently around 53,000 BTC). .

Like Bitcoin, ETHereum's volatility has also seen declines even with greater volatility. This may be due to greater speculation on trading options for ETH compared to BTC.

As can be seen in the figure above, “this latter increase is usually seen when the uncertainty (the expectation of future volatility in the options market) is greater than the true volatility (the true value of a previous market transaction).

Altcoin weekly column

SHIB lost due to the income of the big players. Called the “Dogecoin Killer,” Shiba (SHIB) fell for the third week in a row, although it will still have big fans. According to blockchain data, the SHIB fell again on Wednesday due to withdrawals from large families. This is probably because the cryptocurrency market has entered a less risky mode. In this case, investors will reduce their risk with the riskier assets.

eToro restricts ADA and TRX transactions to US consumers. Both fell due to "business decisions in a changing environment". Since the announcement, the ADA rate has dropped by more than 6%. At time of printing, TRX was down 2.4%.

The Metauniverse SAND Platform Sandbox Token increases wisdom by 25%. Tokens hit all-time highs again, up 70% on a weekly basis, according to data from CoinDesk.