Bitcoin and Crypto Market Updates (November 28th)

As you know guys I’ve been waiting and waiting… and waiting for a move to 17.5k/18k to start shorting heavy. Friday I thought we were going to see a strong weekend trap move to the upside and we just didn’t see it.

Market update

Demand seems totally dead.

After the thanksgiving holiday period, we kinda need a confirmation day today to see what the market wants to do. My best advice here is to do nothing… Apart from adding some shorts to SPX – Just take it lightly and scale in as we could still see my original 4150 target. My downside target remains 3600 so RR is there.

BTC – My issue here is we didn’t get a rise over the last few days and now we’re heading into a really complex macro news week.

This week we have:

•Fed speakers today (Monday)

•Housing data + consumer confidence (Tuesday)

•LOADS of macro data on Wednesday from job openings, GDP, PMI’s and Powell speaking

•Thursday, we have a load of jobs data, manufacturing data and CORE PCE

•Friday we have unemployment data + average hourly earnings

So an absolute shit storm of data points and I DON’T expect it to be market positive here given the rise we’ve already had. On Wednesday I expect Pow Pow to talk down the market and the rest of the data I expect will point to a recession.

LOTS OF NOISE this week people… so your best sit tight and see what plays out.

Bitcoin Predictions

One key event I am waiting for is the 16th OPEX – (Options expiry) – I think providing we get markets down heading into this OPEX it will provide a nice mechanical spring to the upside.

The best outcome here that would lead me to buy is SPX around 3600 heading into the 16th… BTC around 14/15k and ETH around 1000 / 800$ BUT as I said above it's not ideal we didn’t get a rise on crypto heading into this week as it reduces the price buffer.

Appreciate it's painful guys and I desperately do want to share some setups but this market awards patience and we have to take our time here.

JPMorgan Wallet

America’s largest bank, JPMorgan Chase & Co have officially registered a trademark for a cryptocurrency wallet and patented “J.P. Morgan Wallet”. The announcement signals the bank's intention to offer crypto payment services including crypto payment processing as well as a virtual checking account and more. Banking services are indeed becoming more integrated with the world of crypto and blockchain and this is just another example.

Binance Recovery fund

Binance has upped their initial commitment from $ 1 billion to $ 2 billion to bail out distressed crypto firms following the contagion caused by the FTX collapse. With an unknown number of projects and businesses affected by the funds loss on the FTX exchange, Binance is stepping up to save the most promising of those affected. They have been joined by some of the most prominent venture capital firms globally such as Animoca Brands and Jump Capital

The FTX movie

Apple are closing in on a deal to turn the upcoming Micheal Lewis book around Samuel Bankman-Fried and FTX into a feature film. The film will tell the story of the FTX collapse but Apple faces strong competition from Netflix and Amazon for the rights. The author, Michael Lewis previously wrote ‘The Big Short’ which was a hit film around the 2008 financial crisis and cult favourite amongst stock/crypto degens and the wider public as well.

Is Binance in China?

Binance CEO, Changpeng Zhao (CZ) recently stated once again that Binance is not a Chinese company. He has been a Canadian citizen for 30 years and although of Chinese descent and Binance was originally founded in Hong Kong, the company is not a Chinese entity. Although seemingly a non-issue, there has long been concerns around Binance's influence as a crypto powerhouse and the potential US perception around this as a key player in the industry.

Metamask tracking IP addresses

Consensys, the parent company for Metamask last week changed their privacy policy agreement which would now allow them to collect users' IP addresses and wallet addresses during on-chain transactions. According to Consensys, the information gathered may be provided to business affiliates, during business deals, or to comply with KYC and Anti-Money Laundering requirements directed by law enforcement. With Metamask being the most popular self-custody wallet with over 21 million active monthly users - this has been viewed as a major breach of consumer privacy and contradicts what crypto stands for

The changes will only apply to the default Remote Procedure Call (RPC) application, Infura. The good news is you can change this to maintain your transaction privacy. Here is a tutorial on how to do so BELOW.

Metamask Security Issue

This change is not gonna impact the way you can use Metamask. The usage is going to be the same, your balances and account will remain the same, and the only change will be to the network the wallet will be using once configured.

After clearing that detail, it makes even more sense to use a custom RPC instead of the default that will be storing all your personal data. So, let’s do it!!

How To Change RPC in Metamask:

Just follow these simple steps, and pay attention to the yellow boxes

• Open your meta mask wallet from your browser extension and click the dropdown that says "Ethereum Mainnet" at the top of the window.

• Look at the bottom of that menu and click "Add Network.

• Click the blue "add a network manually" link towards the bottom of that menu.

• Now you just need to fill in the following information.

Network Name: ETH custom RPC New RPC URL: https://ethereum.publicnode.com (*) ChainID: 1 Symbol: ETH Block Explorer URL: https://etherscan.io 

(*) You can use a different RPC Server Address, find the list here: https://chainlist.org/chain/1

• Click “Save”.

It was simple as that! You just changed your RPC and are no longer using Infura RPC, your data will remain anonymous! Just in case… I think you already know that there is also a product called “VPN”, in case you don't use it already I encourage you to do it and upgrade your cyber security.

What is VPN?

VPN stands for "Virtual Private Network" and describes the opportunity to establish a protected network connection when using public networks. VPNs encrypt your internet traffic and disguise your online identity. This makes it more difficult for third parties to track your activities online and steal data.

If you liked this content, make sure to have a look at previous entries where we talked about SECURITY, and feel free to join us in our community of traders and investors for more tips and live support and innovations in this field to better protect your privacy and your assets.

See you there: Crypto Rand group

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