FameEX Morning Crypto News Recap | November 19, 2024

Nasdaq to Introduce Options for BlackRock’s Bitcoin ETF

Nasdaq plans to list options on BlackRock’s Bitcoin ETF as early as Tuesday, offering investors derivative trading opportunities. Alison Hennessy from Nasdaq confirmed the launch is imminent, following BlackRock’s 10-month effort with regulators to gain approval.

Bitcoin Bull Market Appears Early, with Retail FOMO Absent

As Bitcoin enters price discovery, retail FOMO has yet to emerge. New Bitcoin address growth remains slow, with 791,000 added daily last year. Google searches for "Bitcoin" have increased but are still below historical peaks, suggesting the market is in its early bull phase.

Meme Coin Google Searches Soar to All-Time High

Meme Coin Google search trends hit a record high, exceeding the March 2024 peak. Retail speculation has surged post-election, fueling significant growth in altcoin spot trading volumes. Altcoin searches have also climbed, reaching a score of 70, the highest since November 2021.

Weekly Trading Volume of Top 50 Altcoins Exceeds $300 Billion for the First Time

Kaiko data shows that the weekly trading volume of the top 50 altcoins by market value, excluding stablecoins, has exceeded $300 billion for the first time since 2021, marking a substantial increase in trading activity.

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

In 2024, Bitcoin’s correlation with traditional markets like the Nasdaq and S&P 500 fell sharply, with a 52% directional alignment and a 30-day correlation of 0.46—its lowest in five years. Fidelity data highlights Bitcoin’s 19% correlation with the S&P 500 and the highest Sharpe ratio among major assets, reflecting growing market independence.

Stablecoin Minting Reflects Strong Market Demand

Matrixport's chart highlights a significant increase in cryptocurrency market demand, with the 7-day stablecoin minting indicator nearly doubling. This sharp rise reflects strong investor interest and a substantial influx of fresh capital into the crypto market.

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