Macroeconomics and financial markets
In the US NY stock market on the 25th, the Dow continued to rise by $152 (0.4%) higher than the previous day. On the other hand, the Nasdaq, which has a high proportion of high-tech stocks, fell 0.52% due to the effects of short-time trading after the US holiday “Thanksgiving Day” and the fall in Apple stock.
On the 24th, when the minutes of the Federal Open Market Committee (FOMC) were released, it was revealed that many participants had agreed to slow down rate hikes. Important indicators from this week onwards, such as the US Personal Consumption Expenditure (PCE), are also likely to attract attention.
Virtual currency market
In the crypto asset (virtual currency) market, Bitcoin fell 2.2% from the previous day to $16,159.
After 8:00 Japan time, there was a large sell-off, with Ethereum (ETH) dropping 3.9% from the previous day and Solana (SOL) dropping 9.0%. . Since most of the market participants who have lost their pockets are skeptical, is the weight of the rebound phase exposed?
According to data from Solana Tokenomics , 48.6 million SOL are locked up out of Alameda Research’s large holdings of Solana (SOL), an investment firm affiliated with the failed major cryptocurrency exchange FTX.
This is a scale that accounts for 65.1% of Solana’s total stake , but considering that Alameda is a bankruptcy filing company, it will take several years to 10 years to complete the liquidation process based on past cases. It is possible, and unlikely to result in huge selling pressure immediately.
According to Stakewiz, Solana’s main validator, it has long been an “unspoken agreement” that Alameda runs its own set of validators.
Although BTC fell compared to the previous day, BNB rose 15% from the previous week and Dogecoin (DOGE) rose 20% over the weekend.
In the background of DOGE’s rise, CEO Elon Musk, who recently made a huge acquisition of Twitter, mentioned cryptocurrency payment methods on a slide about the “Twitter 2.0” concept posted on the 27th.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta— Elon Musk (@elonmusk) November 27, 2022
On the 1st, he also posted a post suggesting a connection between Twitter and the Shiba Inu, which became the motif of Doge.
Entrepreneur David Gokhshtein also suggested that Ethereum co-founders Vitalik Buterin and Elon Musk are jointly developing Dogecoin, which is believed to have sparked speculative buying.
I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.— David Gokhshtein (@davidgokhshtein) November 25, 2022
In August 2021, the Dogecoin Foundation welcomed Vitalik Buterin and others as advisors and revealed that it would participate in the transition support of the consensus algorithm from PoW (Proof of Work) to PoS (Proof of Stake). In February 2022, he publicly acknowledged his involvement in the Doge Project in a cryptocurrency-themed podcast, “UpOnly,” and reported that the transition plan is underway.
What are some promising ideas for Ethereum / Doge cooperation? What was it about Doge that got you interested in the project?— Zhu Su 🔺 (@zhusu) September 2, 2021
In September 2021, Vitalik himself also mentioned the possibility of applying the ETH code.
Among other stocks, Litecoin (LTC) rose 20% week-on-week and 27% month-on-month. The market capitalization of Ethereum (ETH), which has the second largest market capitalization after Bitcoin, formed a double bottom and rose 65%.
Litecoin $LTC completed double bottom to gain 65% against $ETH during November— JK (@jonbking) November 27, 2022
Double bottoms are often mislabeled. Technically, they require months in between the lows, and the depth of the pattern should be at least 20% of the price of the market @PeterLBrandt @JLeader pic.twitter.com/KsppXXlYml
Regarding the securitization issues of altcoins such as XRP and ETH pointed out by the U.S. SEC (Securities and Exchange Commission), MicroStrategy CEO Michael Saylor said, “Litecoin may be classified as a commodity (product) like Bitcoin. It is also pointed out that mentioning that the
The next Litecoin Halving will be in 250 days!— Litecoin Foundation ⚡️ (@LTCFoundation) November 26, 2022
⚡84,000,000 Max Supply
⚡2.5-minute block intervals
⚡Halving event every 4 years
⚡Become scarcer over time
⚡Decrease in supply, demand rises
Learn more: https://t.co/TguLa8AAY7 #LitecoinFACT #Litecoin pic.twitter.com/2HCoPcUfCL
Litecoin is sometimes referred to as digital silver, as opposed to bitcoin’s digital gold.
The supply is halved every four years, and the half-life, when the rarity value increases , is expected to occur after 250 days (approximately eight months).