CoinEx Daily: Bitcoin Holds Above $75,000, Fed Cuts Rates, Over 250 Pro-Crypto Candidates Elected to Congress

Overview

On November 8, Bitcoin remained steady between $75,000 and $76,000 after recently surpassing $76,000. Meanwhile, the Federal Reserve announced a 25-basis-point rate cut, bringing the benchmark rate to 4.50%–4.75%, marking the second rate cut this year. Additionally, over 250 pro-crypto candidates were elected to the U.S. Congress, suggesting potential for increased support for crypto-friendly policies.

Daily Macro

Bitcoin Market Status:After breaking through $76,000, Bitcoin is holding steady in the $75,000–$76,000 range, showing strong resilience despite ongoing macroeconomic uncertainties.

Bitcoin ETF Activity:As of yesterday, preliminary reports indicate a net inflow of $236 million.

Ethereum ETF Activity:As of yesterday, preliminary reports indicate a net inflow of $19.7 million.

Macroeconomic Data:The Federal Reserve cut its benchmark rate by 25 basis points to 4.50%–4.75%, its second rate cut of the year. With Trump re-elected as President, the Fed may face increased pressure for further rate cuts. Additionally, with over 250 pro-crypto candidates elected to Congress, a shift toward more crypto-friendly regulations could be on the horizon.

Daily Focus

Solana

Reason for Focus: Multiple projects within the Solana ecosystem experienced widespread gains, with DeFi projects showing strong performance. JITO, for example, posted a 24-hour gain of 27%, reflecting growing interest in Solana-based projects.

Related Token Performance:

SOL: +2.23% (24h)

Market Analysis: The Solana ecosystem is performing strongly, with increased developer activity and expanding ecosystem participation. Solana-based projects may continue to attract market interest in the short term.

Next Focus

Magic Eden

Reason for Focus: On November 8, the Magic Eden Foundation announced that it will reveal the tokenomics of its native token, ME, on November 18. As a significant player in the NFT space, this announcement has drawn notable attention from investors and collectors.

Market Analysis: Magic Eden is a leading platform in the NFT marketplace. The upcoming release of ME’s tokenomics is expected to positively impact user engagement and platform liquidity. If the token model incentivizes trading and holding, it could attract more users and developers, boosting transaction volumes and enhancing market activity on the platform.