2023-11-07 08:00:00

Funding rates hit 6-month high before CPI 5 things to know in Bitcoin this week

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Cointelegraph
By William Suberg

Bitcoin (BTC) starts the second week of November battling some familiar FUD how will BTC price action react?

The largest cryptocurrency managed a weekly close just below $21,000 on Nov. 6 an impressive multi-week high but remains fixed in a sticky trading range.

Despite seeing highs of nearly $21,500 over the past week, there has yet to be a catalyst capable of breaking the market status quo, but the coming week has as good a chance as any of doing so.

Nov. 10 will see key United States inflation data for October released, while jobless claims and multiple speeches from Federal Reserve officials may also impact risk asset volatility.

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An unexpected twist from within the crypto realm comes in the form of turmoil involving exchange FTX, Alameda Research and Binance.

Concerns over liquidity have escalated as Binance CEO, Changpeng Zhao, reveals Binance-to-liquidate-its-entire-ftx-token-holdings-after-recent-revelations>a plan to sell off his platforms entire stash of FTXs proprietary token, FTT.

Continue read on cointelegraph.com

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