With Thanksgiving fast approaching in the US, volume across all markets is starting to dwindle as traders, investors, and various market participants start to travel for the holidays. Bitcoin made a local high at the end of yesterday at around $89,100. Since then, it’s slowly been grinding down, only to start seeing bids again once buy orders were triggered in the low $86k range in the last few hours. With the announcement of the Genesis Mission by the White House yesterday, many believe that we will see the risk on market return. Bitcoin bulls would welcome this greatly, as this type of environment will see more long positions and ETF inflows. The chances of the Fed cutting in December’s FOMC are increasing with recent comments from the Fed governors, and it seems likely that 25 bps will happen. End of the year bitcoin futures are currently in contango, trading above current spot prices.
New to the market is Monad, a new layer 1 blockchain with high speed throughput, low fees, and compatibility with the Ethereum Virtual Machine. Its mainnet launch came yesterday, and was the first token in Coinbase’s (NASDAQ: COIN | COIN Price Prediction) new token launch platform. A new ecosystem will bring new builders and capital flowing in, creating opportunity for new applications in DeFi. Monad is up over 34% on the day so far, and is leading the altcoin charge this week. This project was in the works for a while and is backed by a very strong team. It is great to see a new ecosystem created that hopefully will meet the hype. Will Monad save altseason?
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