Track the latest real-time cryptocurrency market news and seize the best trading opportunities. Today is November 8, 2024, Friday. Good morning to all cryptocurrency friends ☀️

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At the end of the session, the three main stock indices in the U.S. stock market rose unevenly, with the Nasdaq index up 1.51%, the S&P 500 index up 0.74%, while the Dow index remained stable. Among them, the Nasdaq and S&P 500 indices continued to achieve record highs. Major technology stocks rose in general, with Intel's stock price up more than 4%, Meta up more than 3%, and Apple, TSL, Google, and Nvidia up more than 2%, while Amazon and Microsoft rose more than 1%. The Federal Reserve concluded its two-day policy meeting and announced a reduction in the federal funds target range to 4.5% to 4.75%, a 25 basis point cut, the second cut of the year, in line with experts' expectations. Jerome Powell, Chairman of the Federal Reserve, expressed that the Council has made significant progress towards achieving the goal of reducing inflation, maintaining economic stability, and providing employment opportunities. If the expected economic data materializes, the interest rate may be cut twice more this year in November and December by 25 basis points each time. However, a victory by Donald Trump in the U.S. presidential election could slow down the pace of interest rate cuts by the Federal Reserve. Trump's policies, such as raising tariffs on Chinese imports and tax cuts to stimulate demand, could lead to inflationary pressures. Currently, the market has abandoned expectations of a rate cut in December by the Federal Reserve, with several Wall Street institutions expecting the Federal Reserve to announce a pause in rate cuts after the next policy meeting!
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The price of Bitcoin (BTC) rose overnight to $76,484, after a day of sideways trading around $75,000 and with increasing trading volume. The technical structure of the digital currency still points to an upward trend and there is not much to be said about different indicators or levels. Corrections are constantly made over time, but this trend will not leave much room for decline and the low point will not be easily broken, so sellers must give up. The current upward trend is still good, and short-term lateral fluctuations are normal. The overall upward trend is maintained, and the higher the prices rise, the weaker the momentum for correction and the longer the upward range. Therefore, I recommend returning to trading after the decline.
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ETH was affected in the early morning by the impact of news, which led to its rise to the level of 2914 and then decreased. In the evening, we conducted a clear analysis of the market's technical structure. In this type of market, expansion is inevitable. The market moved at midnight as expected, as there was no strong pressure from the top in the previous market, which means that BTC has more room to rise. Although the correction structure in the short time frame may be confusing, as there seems to be a false correction, its actual impact is limited, as the strong market can quickly regain lost ground after a short correction period. We should pay particular attention to the meeting of the US Federal Reserve's interest rates, which is scheduled to have a minimal impact on the market in the future. Therefore, there is still a possibility of maintaining a slight rebound trend after the decline in the twilight period.