The Magnificent 7 Take A Major Hit 🔻

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bullish🙏

• BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, and closed the week above $67,500 which is quite bullish.

• This level was the weekly supertrend resistance (10, 1.5), which was crucial to break.

• Moving forward, the outlook for BTC is now bullish.

• It seems like the phase of consolidation is coming to an end, and prices could rally significantly higher, based on historic analysis.

• The invalidation level for this would be a weekly close below $58,500, after which the bias will shift to bearish.

Tech Stocks Crash Hard🔻 

The Magnificent 7 stocks in the US have now erased a combined $2.6 Trillion of market cap over the last 20 days.

That's an average of $125 billion of market cap PER DAY for 20 days sight.

Nvidia, $NVDA, alone has erased over $1 trillion in market cap since its high seen one month ago.

In other words, the Magnificent 7 have lost as much value as twice of BTC’s entire market cap in just 20 days.

That's also $200 billion more than every stock in Germany's stock market combined.

Source : The Kobeissi Newsletter

SEC Revises Token Classifications 🙏 

The U.S. SEC plans to amend its original complaint against Binance, which could affect the need for a court decision on whether tokens like Sol, Bnb etc are securities.

In a November filing, the SEC claimed that several tokens, including SOL, ADA, BNB and MATIC, were sold as investment contracts on Binance, which would classify them as securities under the Howey test.

However, it now intends to seek an amendment to its original complaint. The SEC also named FIL, ATOM, SAND, MANA, ALGO, AXS, COTI and various other tokens in its allegations.

📕 Educational

In July, Bitcoin whales bought a record 358,000 BTC, worth about $23 billion. This matches the rise in spot Bitcoin ETFs, which saw over 53,000 BTC inflows last month, as of last week.

Even though not all BTC is in custody wallets, whales are clearly accumulating like never before. Bitcoin's price is steady at over $65,000, while retail interest is very low.

Institutions and whales keep buying more BTC, showing that Bitcoin is in an accumulation phase. This suggests the market is changing. We believe prices will rise in the coming months, bringing retail investors back.

📊 Resource

📈 Chart of the day

• The chart above shows the performance of all alt-coins combined in relation to BTC.

• In case the current support does not hold, alts could see a 40% drop over the coming few months, as dominance would rise.

• The current support level should be monitored closely before taking investments in alts.

• Note : None of the content here is Financial Advice. Everything in this newsletter is for Educational Purposes only.
  

• Source : Cointraction

🤣Meme of the day

Accurate 🤣 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.