There is not a lot of time left for Congress to make meaningful progress this year on crypto issues.
The restarted Senate is moving forward with certain crypto initiatives, but how much time is left compared to how much work is left, really?
Less than 40 Days
The narrative
Now that Congress is back from the government shutdown, all eyes are on how it will proceed on crypto issues. There are a few components to this: Mike Selig’s nomination to run the Commodity Futures Trading Commission, market structure legislation and other crypto matters.
Holiday shopping season to give read on health of consumer
Wavering stock market could weigh on shopping
Delayed US retail sales report due on Tuesday
With U.S. stocks in the midst of a grim month, investors will look in the coming week for signs of strength in the U.S. consumer with Black Friday putting the spotlight on the holiday shopping season. The rally in stocks has stalled in November, with the benchmark S&P 500 (.SPX), declining more than 4% so far during the month. Strong quarterly results from semiconductor giant Nvidia Corp (NVDA.O), failed on Thursday to calm markets, which have been rattled by concerns about elevated valuations and questions about returns on massive corporate investments in artificial intelligence infrastructure.
Bessent says inflation due to services economy, not tariffs
Treasury secretary says Republicans should end filibuster in event of another shutdown
Bessent says administration working to lower prices where it can
Treasury Secretary Scott Bessent on Sunday said the 43-day government shutdown caused an $11 billion permanent hit to the U.S. economy, but he was optimistic about growth prospects next year given easing interest rates and tax cuts.
Bitcoin and major altcoins bounced Sunday after an oversold RSI reading and more than $200M in liquidations signaled seller exhaustion amid thin weekend liquidity.
Bitcoin rebounded after hitting extreme oversold levels on the RSI, a zone that previously preceded short-term recoveries.
More than $206 million in weekend liquidations and thinning liquidity pointed to seller exhaustion.
XRP and ZEC led gains among major altcoins, with ZEC extending one of the strongest year-to-date rallies in crypto.
Crypto markets climbed Sunday as Bitcoin flashed an extreme oversold signal and more than $200 million in liquidations helped ease selling pressure across major tokens.
French-based CMA CGM, the world’s third-largest container shipping line, has resumed limited services to Russia, notably to transport food, three years after withdrawing from the country following its invasion of Ukraine, the company said.
Like other Western firms, CMA CGM halted its activities in Russia, stopping its shipping services and also divesting stakes held in port terminals.
After a period of decline, Bitcoin’s price has continued to consolidate and recover. The intraday pullback resulted in a rebound, and the current price is above 86,000. This high level has reached short-term resistance, and the next resistance level to watch is the intraday high. If the rebound fails to break and stabilize above this area, there is a risk of further pullback to support. Conversely, if it breaks upwards, the price may move further towards the 90,000 level. Looking at the short-term hourly chart, the price is currently under pressure and undergoing a pullback. The short-term rebound is relatively weak, and the price is expected to test lower levels further. The key support level to watch is 85,000. If this level holds, the price will continue to consolidate within the range; otherwise, it will test lower levels again. Our current strategy remains to buy low and sell high. The upper resistance level to watch is 89,000, and the lower support level is around 85,000. If this level holds, the downtrend is unlikely to begin in the short term. Consider entering long positions on pullbacks, with stop-loss orders in place if the price breaks through. If the price breaks below this level, follow the trend with short positions to capture short-term profits
Short at 87500-88500, stop loss at 90500, target below 865000. Long at 85300-84300, stop loss at 500, stop loss at 80000, target above 86300
Fed’s Collins remains hesitant to cut interest rates again
Collins says Fed facing conflicting movement in mandates
Collins says will go into FOMC with open mind
Federal Reserve Bank of Boston President Susan Collins said Saturday that she’s still leaning against the U.S. central bank cutting its interest rate target next month as it faces ongoing risks to both its inflation and job mandates.
CEO says bids for Sweden, Denmark and Indonesia frigates
Bids going ‘in right direction’
Shares close 1.8% higher
British engineering company Babcock (BAB.L), said its bids for building frigates for Sweden, Denmark and Indonesia were going in the “right direction”, after it reported a 19% jump in first-half profit and forecast further growth this year. In a statement late on Friday, the British government said it had reached a 4 billion pound ($5.24 billion) deal with Indonesia, led by Babcock, to jointly develop maritime capability for the Southeast Asian country’s navy and more than 1,000 vessels for its fishing fleets
From a technical perspective, BTC has broken through several key support levels recently. Short-term moving averages are in a bearish alignment, with the 50-day moving average crossing below the 200-day moving average, forming a typical death cross. The trading volume has increased significantly during the decline, indicating concentrated and active selling pressure. The RSI has entered oversold territory but has not yet shown a bottom divergence, and the MACD is also showing increasing volume below the zero line, indicating a continued bearish trend. In the short term, BTC may consolidate at low levels with limited rebound potential. Unless there is a significant increase in volume and stabilization, stronger on-chain buying, and a recovery of key support levels, it is not advisable to be bullish easily.
On a larger timeframe, the expected support is around $78,000–$76,000. A further break below this level could test the $70,000 area. Resistance is around $90,000–$95,000.
The DeFi Education Fund estimated that decentralized finance technology could potentially save people up to $30 billion annually by reducing remittance costs.
The DeFi Education Fund, an advocacy organization focused on decentralized finance, has proposed utilizing the technology to reduce costs, aiming to address poverty in the United States and globally.
In a Wednesday blog post, the group said DeFi infrastructure could potentially save unbanked and underbanked people around the world about $30 billion annually through reducing remittance costs. The organization cited examples of workers sending funds home and paying fees to do so, which could be reduced “by up to 80%” with DeFi.
