Here’s a quick recap of the crypto landscape for Monday (November 3) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ether price update
Bitcoin (BTC) was priced at US$106,465, a 3.3 percent decrease in 24 hours. BTC’s lowest valuation today was US$105,040, and its highest was US$108,137.
Despite ending last week with promising upside momentum, the persistent presence of strong sell pressure is acting as a barrier to accessing key resistance levels, raising doubts about sustained bullish recovery.
Analysts like Ted Pillows highlighted a pattern of weekend price pumps that typically do not hold during regular trading days.
Indeed, BTC started November with a 2 percent drop. Market participants are bracing for retests of support below the psychologically important US$100,000 level. Institutional demand has also weakened sharply, with significant outflows recorded from major Bitcoin ETFs.
Ether (ETH) was priced at US$3,573.75, a 7.4 percent decrease in 24 hours, and its lowest valuation of the day. Its highest was US$3,890.47.
Meanwhile, the market capitalization of privacy-preserving cryptocurrencies has surpassed US$24 billion, an increase of about 80 percent over the past week, led by Dash (DASH) and Zcash (ZEC).
Altcoin price update
- Solana (SOL) was priced at US$164.07, down 11.1 percent over the last 24 hours and at its lowest valuation of the day. Its highest was US$176.52.
- XRP was trading for US$2.28, a decrease of 8.7 percent over the last 24 hours. Its lowest valuation of the day was US$2.27, and its highest was US$2.42.
Crypto derivatives and market indicators
The crypto derivatives market remains active with high liquidation volumes, US$16.49 million for BTC and US$32.87 million for ETH in the four hours leading up to the closing bell, indicating ongoing bullish positions.
Open interest has slightly declined: 1.10 percent for BTC to US$69.57 billion and 0.78 percent for ETH to US$44.51 billion, reflecting cautious trader sentiment.
However, funding rates of 0.006 for BTC and 0.001 for ETH suggest a bullish bias persists. Additionally, the RSI near 38 indicates the market is approaching oversold levels, hinting at potential short-term stabilization or reversal.
This mix of technical opportunity amid cautious sentiment underlines the need for close monitoring of derivative positions and market reactions ahead.
Bitcoin dominance in the crypto market now stands at 60.3 percent, roughly two percent higher compared to last week. The Fear and Greed Index dipped three points further into the fear zone from last week to 36.
Today’s crypto news to know
Canada set to unveil draft stablecoin legislation
Sources for the Globe & Mail said on Friday that Ottawa will introduce draft stablecoin legislation as soon as December. The plan will reportedly be unveiled alongside the Federal budget on Tuesday (November 4) and tabled before the holiday recess. Sources also said that lawmakers drew inspiration for the legislation from the Genius Act.
The unidentified sources, who have reportedly viewed the draft, also indicated that it is deficient in clearly defining a digital currency and specifying who would be responsible for its oversight.
Canada currently applies dual regulatory frameworks for digital currencies depending on their nature and use. Some are treated as securities, giving authority to provincial and territorial governments, while others are treated as payment instruments under federal authority.
This overlapping jurisdiction results from the absence of a clear, unified legal definition for digital currencies in the country.
IREN becomes latest Bitcoin miner to diversify into AI
Bitcoin miner IREN has signed a US$9.7 billion multi-year GPU cloud services contract with Microsoft (NASDAQ:MSFT), the company announced this morning.
Under the terms of the deal, IREN will provide Microsoft access to NVIDIA (NASDAQ:NVDA) GPUs hosted within its data centers. In addition, IREN secured a US$5.8 billion equipment deal with Dell Technologies to support this GPU infrastructure.
This highlights a broader industry pivot among Bitcoin miners diversifying into AI computing services and data infrastructure amid tightening mining margins. Other miners like Hive Digital Technologies (TSXV:HIVE,NASDAQ:HIVE), MARA Holdings (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and TeraWulf (NASDAQ:WULF) are also making strategic moves into AI and high-performance computing sectors.
Ripple launches digital asset spot prime brokerage service
Ripple announced the official launch of its digital asset spot prime brokerage service, a new offering aimed at enabling streamlined access to spot digital asset trading for institutional clients.
The move underscores Ripple’s efforts to expand its suite of services in the growing digital asset market and follows its US$1.25 billion acquisition of Hidden Road, a multi-asset prime brokerage firm. This acquisition positioned Ripple as the first cryptocurrency company to own and operate a global multi-asset prime broker.
“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide U.S. institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, International CEO, Ripple Prime.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.