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On Saturday, November 14, Bitcoin reached $62,000, losing more than 8% in 24 hours. According to CoinGlass, over the same 24 hours, $2.05 billion worth of positions were forcibly closed on tracked exchanges, almost $800 million of which came from Binance.
The Bitcoin network automatically recalculated mining difficulty and lowered it by 9.13% at once. This is how the network responds to part of its computing power leaving: at the current price, mining has stopped being profitable.
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said on Friday, November 13, on Ethereum CNBC that if data worsen, the Fed will act more aggressively on rates. The dollar thereby moved to a 19-month peak, gold lost more than 4% over the week.
The US Bureau of Labor Statistics (BLS) published the producer price index (PPI) for October. Annual growth accelerated from 6.3% to 6.5%, but came in slightly below the forecast, while the monthly rate slowed sharply - from 1.3% to 0.3%.
Bitcoin fell to $72,934 on Coinbase and Kraken: there prices went below $73,000 for the first time in ten weeks. The trigger was the US consumer price report for October - it came in above forecast, and the market increased its bet on a Fed rate hike in December.
US consumer prices rose 0.4% month-over-month in October versus the expected 0.23-0.3%. Immediately after the release at 16:30 MSK, exchanges forcibly closed roughly $200 million in long positions in crypto; Bitcoin and gold moved lower.
Fed Governor Christopher Waller said on Tuesday, November 10, during the European session: if US core inflation for October comes in around 0.3% month-over-month or higher, December will require a rate hike of a full half percentage point. The October CPI report itself is released the same day.
Philip Lane, Chief Economist of the European Central Bank (ECB), indicated on the morning of November 10 that the rate hike cycle in the eurozone is not over. His words were published at 11:44 MSK, in the middle of the European session.
One of the largest public Bitcoin miners parted with 40% of its coin reserves in six weeks. The money went to pay off debts, and the company wants to spend the remainder on data centers for artificial intelligence.
The October US employment report (NFP) was released on November 6 and showed 165K new jobs against a forecast of 65K. The pound lost about 0.6% against the dollar and fell below the 1.3400 level.
Tehran passed a proposal on the nuclear program to Washington through Qatar, but is willing to discuss it only after all seven of its demands are met. WTI (the American crude grade, the main price benchmark) responded with a 4% rise on the evening of November 5 and added about another 2% on the morning of November 6, to $90.15 per barrel.
Google announced an investment of $17B in its first data center in the state of Wyoming. The report came out on November 5 at 20:04 MSK.
The rate was raised by 25 basis points, from 3.75% to 4%, exactly as the market expected. In the minutes, the Bank of England stated directly: further increases will most likely be needed, because inflation could approach 5% by mid-2027.
The German statistics were released on Thursday at 10:00 Moscow time and came in weaker than consensus. EUR/USD rolled back from session highs to just below 1.1250, but the pair still ends the week in positive territory.
Consensus is 4.00% versus current 3.75% and a shift in the Committee vote from 3-0-6 to 7-0-2. GBP/USD approaches the decision at a seven-week high of 1.3485.
After the Democrats won both chambers of Congress, the market stopped moving the tech sector as one block. Microsoft and Alphabet closed with strong gains, while Nvidia, Tesla and Intel finished lower. The Nasdaq-100 itself added 1.14% and reached 28,500 points.
Tether CEO (the issuer of USDT, the largest stablecoin — a coin whose rate is pegged to the dollar) Paolo Ardoino said the company holds about 150,000 BTC, worth roughly $11.5 billion. The latest reporting implies an amount $3.8 billion lower.
The euro gained more than 0.6% against the dollar on Wednesday and approached four-week highs. Two reasons came together at once: price growth in the eurozone accelerated to a three-year peak, and the Democrats won the US midterm congressional elections.
Eurostat published a preliminary estimate of consumer inflation for October: 4% year-on-year versus 3.8% in September. The figure came in exactly in line with consensus, but the overall price level in the bloc remains twice the ECB's 2% benchmark.
The Islamic Revolutionary Guard Corps (IRGC, Iran's elite armed forces) stated on November 4 that four oil tankers were destroyed after hitting naval mines while passing along a route Iran calls prohibited. Two more vessels, according to the same account, were detained.
On US congressional voting day, US index futures diverged: Dow Jones -0.5%, S&P 500 -0.15%, Nasdaq 100 flat. The market holds positions ahead of the first vote count results.
On November 2, US stocks rebounded sharply after recent sell-offs. There are two reasons: anticipation of a peace deal on Iran and public statements by the White House's chief economic adviser that there is no crisis in the artificial intelligence sector.
Of the 62 American companies whose shares the OKXICE platform planned to trade as tokens around the clock, 43 have officially banned it. In total, there are 50 refusals; the response deadline for the first batch of notifications expires on Tuesday, November 3.
Peter Kazimir, a member of the ECB Governing Council and head of the National Bank of Slovakia, said on Monday, November 2, that action must be taken before high inflation becomes the norm for everyone. Against this backdrop, EUR/USD gained about 0.7% and traded near 1.1230.
