FameEX Morning Crypto News Recap | November 19, 2024

Nasdaq Set to List Options for BlackRock’s Bitcoin ETF

Nasdaq is preparing to list options on BlackRock’s Bitcoin ETF as early as Tuesday, enabling investors to trade Bitcoin via derivatives. Alison Hennessy of Nasdaq confirmed the aim to launch soon, following BlackRock’s 10-month collaboration with regulators to secure approval.

Bitcoin Bull Market Likely in Early Stages, No Retail FOMO Yet

As Bitcoin enters price discovery, retail FOMO remains subdued. Market indicators reveal limited retail activity, with new Bitcoin addresses growing slowly—791,000 were added in one day last year. While Google searches for "Bitcoin" have risen, they remain below historical peaks, indicating the market may still be in the early bull phase.

Meme Coin Google Search Trends Reach Record High

Google search trends for Meme Coin reached a record high, surpassing the previous peak in March 2024. Retail speculation has surged since the election, driving sharp increases in altcoin spot trading volumes. Altcoin searches are also rising, hitting a score of 70, the highest since November 2021.

Top 50 Altcoins See Weekly Trading Volume Surpass $300 Billion for the First Time

Kaiko data reveals that the weekly trading volume of the top 50 altcoins by market value (excluding stablecoins) surpassed $300 billion for the first time since 2021, highlighting a significant surge in market activity.

Bitcoin's Correlation with U.S. Stocks Hits Five-Year Low

In 2024, Bitcoin's correlation with traditional markets like the Nasdaq and S&P 500 dropped significantly, with a 52% directional alignment and a 30-day correlation of 0.46—one of the lowest in five years. Fidelity data shows Bitcoin's correlation with the S&P 500 at just 19%, alongside the best Sharpe ratio among major assets, showcasing its increasing market independence.

Stablecoin Minting Signals Robust Market Demand

Matrixport's latest chart reveals a surge in cryptocurrency market demand, as the 7-day stablecoin minting indicator nearly doubled. This rise signals robust interest and an influx of new capital into the crypto space.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.