CoinEx Daily: Bitcoin Rally Stalls; SEC Faces Lawsuit

Overview

Following a surge fueled by excitement around “Trump” trades, Bitcoin has cooled, pulling back to $88,000. Meanwhile, 18 U.S. states have filed a lawsuit against the SEC, alleging that its actions against crypto are unconstitutional. Former CFTC chairman Chris Giancarlo tweeted that he has no interest in running for the next SEC chair position, stating he doesn’t want to “clean up Gary Gensler’s mess.”

Daily Macro

Bitcoin Market Status:Bitcoin’s price rally has stalled, moving into consolidation. Most MEME tokens have seen significant pullbacks.

Bitcoin ETF Activity:On November 13, preliminary reports indicate a net inflow of $220 millions of dollars yesterday.

Ethereum ETF Activity:On November 13, preliminary reports show a net outflow of $4.03 million millions of dollars yesterday.

Macroeconomic Data:The latest October CPI data from the Federal Reserve has reinforced expectations for a rate cut in December. With mounting anticipation in the market, traders are betting on Bitcoin reaching $100,000 by year’s end.

Daily Focus

XRP

Reason for Focus:With the SEC facing negative news, Chair Gary Gensler hinted he may consider stepping down. In response, XRP, which has long been affected by SEC scrutiny, saw a brief rally.

Related Token Performance (24H):

XRP: +18.9%

Market Analysis:The current SEC administration has maintained a generally adversarial stance toward crypto. Many crypto projects impacted by the SEC saw gains in response to Gensler’s statement.

How to Participate: Users can trade DOGE on exchanges such as CoinEx.

Next Focus

Movement

Reason for Focus: Movement Labs co-founder Rushi Manche hinted on X that “Movement’s mainnet is coming soon,” suggesting an imminent TGE (Token Generation Event).

Market Analysis: As an Ethereum Layer 2 project that raised tens of millions in funding, Movement has garnered attention for its use of the Move language, making its mainnet launch highly anticipated.

How to Participate: Users can interact with the testnet on the Movement website.