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OVERVIEW

Bulls And Bears Bloody Battle Before $100k 🥊

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total and altcoin market cap YTD:

Source: TradingView

New In Three Sentences
Crypto News 📰

📈 SEC Talks Progress on Solana Spot ETF Filings

The SEC is engaging with issuers like VanEck, 21Shares, and Bitwise for potential Solana spot ETFs, signaling a shift in dialogue as 19b4 filings may appear soon. While past attempts were stonewalled, industry optimism grows with a pro-crypto administration in 2025. Approval isn’t guaranteed, but this could mark a turning point for Solana ETFs. Eleanor Terrett’s X.

☕ Doodles Partners with McDonald’s for NFT-Branded Coffee Cups

McDonald’s launches 110 million coffee cups featuring Doodles artwork, marking one of the largest Web3 collaborations to date. The campaign includes exclusive merchandise, digital collectibles, and Doodles-themed content, driving NFT adoption through everyday experiences. Cointelegraph.

🛠️ Sui Network Suffers Bug-Induced Outage, Recovers in Two Hours

A bug in Sui Network’s transaction scheduling logic caused a two-hour mainnet outage, temporarily halting transactions. The issue was swiftly resolved by Sui validators, but the disruption led to a brief 10% price dip in SUI tokens. Despite the setback, Sui’s DeFi ecosystem remains strong with over $1.6 billion in total value locked. Cryptopotato.

⚖️ Shanghai Court Says Crypto Ownership is Legal in China

A Shanghai court clarified that personal cryptocurrency ownership is legal under Chinese law, despite the ongoing ban on crypto-related business activities. The court recognized crypto as a virtual commodity with property attributes, offering clarity amid a record-setting Bitcoin price surge. While individuals can hold crypto, speculative trading, and business use remain strictly prohibited. SCMP.

📢 Gary Gensler to Step Down as SEC Chair at End of Biden Administration

SEC Chair Gary Gensler announced he will leave his position on January 20, 2025, marking the end of a contentious (that’s putting it lightly) tenure defined by aggressive rulemaking and crypto enforcement. His departure aligns with the Biden administration’s close and could halt the SEC’s crackdown on crypto firms under a pro-crypto Trump presidency. WSJ.

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BITCOIN
Delta Drama Near $100,000: The Battle for Bitcoin’s Breakout 🎭️ 

BTCUSD Hourly Footprint Chart – Click to enlarge.

The chart above is an hourly foot print chart for Bitcoin.

A footprint chart is a detailed map of market activity, showing price levels, volume, and who’s in charge—buyers or sellers. It’s one of the go-to tools for traders who want to see behind the price action and understand the battle between bulls and bears up close. 🦶 

This analysis focuses on today’s hourly candles from 0000 EST to 1500 EST. This is a kind of play-by-play of what happened intraday.

The $97K Tug-of-War

Bitcoin spent much of its time below $98,000, locked in a stalemate. Prices hovered between $97,096 and $97,940, with buyers showing flashes of strength only to be overwhelmed by a consistent wave of selling.

The bulls managed brief spikes, but they lacked the conviction to push past resistance zones, leaving the bears to chip away at their gains. ⛏️ 

A Glimmer of Hope at $98K

As the price edged closer to $98,000, buyers tried to stage a comeback. At $98,083, the market showed some signs of life, with the bulls finally mustering enough volume to push the price to $98,333.

However, the rally fizzled just as quickly as it started, with sellers reasserting control and dragging the price back toward $97,883. 🛷 

The Breakdown Below $97,500

The real trouble began when Bitcoin started slipping below $97,500. Attempts to hold the line at $97,531 and later at $97,057 were met with relentless selling pressure.

Each attempt by the bulls to reclaim momentum was met with even heavier resistance, leaving the market stuck in a grind. 🔨 

Outlook

Bitcoin’s difficulty in remaining above $98,000 and the repeated breakdowns near $97,500 suggest bulls are having a hard time of it so close to $100k.

But momentum, expectation, and past price pressure show the bulls are still in control. It will take considerable effort from sellers to halt the freigh train that is Bitcoin. 🚅 

News In Three Sentences
Metaverse, NFT, & Gaming News 🎮️

🍺 Suntory’s Tokenized Beer Heads to Avalanche

Suntory Group is dropping tokenized Premium Malt’s beer aged in Yamazaki Whisky barrels on the Avalanche blockchain, turning happy hour into a digital flex. The bottles come with NFC tags that grant an NFT collectible upon cracking them open—because why just drink when you can literally own the moment? Avalanche blog.

🎮 Fableborne Season 3: Raid, Defend, Repeat

Fableborne’s Season 3 is live, bringing multiplayer ARPG raiding, strategic kingdom defense, and a treasure trove of rewards to the Ronin Network. Players can snag Fortune Passes, Fortune Keys, and Primordial NFTs while battling their way up the leaderboard. Build, destroy, repeat. Ronin blog.

🎨 Rarible Lands on Aleph Zero

NFT marketplace Rarible is now live on Aleph Zero, allowing users to mint and trade collections like DRKVRS’ SinCatchers and Upcade’s Arcade One. Aleph Zero says their low fees and high efficiency provide creators and collectors with seamless NFT experiences. Aleph Zero blog.

⚔️ NFT Wars Brings Strategy Gaming to Radix

NFT Wars, built on the Radix network, combines PvE dungeons, PvP battles, and Play-to-AirDrop events featuring prizes like 25,000 XRD. Players use NFT heroes from seven collections to gain experience, level up, and trade heroes with their progress intact. Radix blog.

🖼️ WEMIX Updates NFT Marketplace

WEMIX is scrapping its Old Marketplace and migrating all MIR4 and Crypto Ball Z Commander NFTs to its new platform. Starting November 26, Tornado chain NFTs must be converted to the WEMIX3.0 mainnet—because consolidation is just a fancy word for “we’re done with that mess.” WEMIX blog.

News In Three Sentences
DeFi, DEX, and Lending Protocol News 🏦

🎉 Meme Coin Madness: Seiyan Trading Competition

The Meme Coin Madness trading competition on Carbon DeFi offers $9,000 in SEIYAN prizes over four weeks, starting November 25. Participants can compete on trading pairs like USDC-SEIYAN and win additional rewards, including NFTs and swag packs. Top traders earn weekly SEIYAN payouts while community milestones unlock extra prizes. Bancor blog.

🐕 HARD.fun Launches Decentralized Memecoin Platform

HARD.fun puts memecoin creation and governance into the hands of the community, allowing users to launch tokens easily while earning protocol rewards. Powered by Kava Chain, the platform supports cross-chain functionality and community-led decision-making for liquidity and fees. HARD holders gain control and rewards. Kava Chain blog.

💵 FDUSD Stablecoin Joins the Sui Party
FDUSD, backed by billions in Asian banks and U.S. Treasury debt, is now live as a native stablecoin on Sui. Sui’s DeFi ecosystem has grown 430% in TVL this year, and FDUSD aims to keep that momentum rolling with dollar-pegged reliability. Stablecoins might not scream excitement, but they’re the glue holding crypto finance together. Sui blog.

🏦 Exploring CDP Stablecoins on Sapphire

Collateralized debt position (CDP) stablecoins, like DAI and LUSD, offer decentralized, asset-backed stability for trading, borrowing, and lending. Oasis Sapphire wants to enhance DeFi by introducing CDP stablecoins, creating liquidity, privacy, and community-driven governance with ROSE as collateral. While risks like de-pegging exist, CDPs could transform the Oasis ecosystem into a powerhouse for private, decentralized finance – and, hopefully not, massive rug pulls ala 2008. Oasis blog.

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

24-Hour Liquidation Heat Map – Source: Coinglass – Click to enlarge.

In the past 24 hours, 138,719 traders were liquidated, with total liquidations reaching $461.20 million.

The largest single liquidation occurred on Binance, a BTCUSDT pair valued at $10.63 million.

Longs lost $211.03 million, while shorts were hit for $250.17 million. 🤕 

SOCIAL ANALYTICS
What’s Trending 🥓

Most bullish/bearish symbols on Stocktwits at the close: 📈 $OP, $MOG, $ARB, 📉 $QNT, $FLOKI, and $XTZ

Trending crypto tickers across social media: $BTC, $LTC, $ETH, $SOL, and $COIN

Top trending crypto buzzwords across social media: 100k, buy, btc, bitcoin, time, going, hits, money, today, chill, 98k, 97k, 99k, chillguy, coin, money, dump, pump, high, moon, and elon

LINKS
Links That Don’t Suck 🔗

🐜 AI-powered dog robot sniffs out invasive fire ants

💳️ Stripe and Circle’s USDC integrate into Aptos ecosystem

🟥 FTX finalizes Chapter 11 plan, distributions expected by January 2025

🚖 Intuit’s new AI assistant seeks to boost efficiency; Stock gains on launch

🚘️ DeLorean Labs and Shiba Inu team up for exclusive NFT-chipped action figure giveaway

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Author Disclosure: The author of this newsletter holds positions in ADA, LTC, WMT, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋