Trading Desk Market Update: 11/5

November 5, 2021

BTC is currently trading around $61,700 and ETH close to $4,500.  Notable gainers in the last 24 hours are CRO, ICP, and KDA. The global crypto market cap is ~$2.85T, a 0.3% increase over the last day.  DeFi Total Value Locked is ~$257b and BTC dominance is around 43%.

It’s a quiet Friday as BTC trades in a range with resistance near $64,000 and support between $55,000-60,000.  Altcoins are outperforming, pushing Bitcoin dominance below 43.0% for the first time in a month.  CRO is rallying on the Coinbase listing, while the Internet Computer developer DFINITY Foundation announced a partnership with United Esports to launch a blockchain-based gaming program encouraging gaming development in its ecosystem.  The US House of Representatives is expected to vote on the infrastructure bill today.  The bill includes controversial reporting requirements for cryptocurrency transactions, though Democrats need near unanimity on their side to pass the legislation.

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