BullionFX Market Report – November 11, 2023

Gold Market

Gold falls after a hawkish speech from the Federal Reserve’s Chairman. Gold closed sharply lower on Friday following a hawkish Thursday speech from Federal Reserve Chairman Jerome Powell. Still, the dollar fell, with the ICE dollar index last seen down 0.06 points to 105.85, making Gold more affordable for international buyers. At the same time, some analysts have noted that lower oil prices could work in gold’s favour as it helps to cool inflation fears, giving the Federal Reserve room to ease back on its hawkish rhetoric. A major festival boosted demand for physical gold in India, but purchases were reported to be slightly lower compared with last year as higher prices put off some customers.

Crypto Markets

Bitcoin currently trading above $37,000, charting an increase of some 7.5% in the past seven days. The price of Bitcoin has surged by more than 120% so far this year. Daily Bitcoin investors are up 40% in the last two years; recent data shows that those who have been buying BTC daily since November 10th, 2021, are now at a 40% profit; this is mainly caused by the recent uptick in Bitcoin price. During late November and December, most likely, we’ll see more hype in the markets as the odds of a potential approval of the spot Bitcoin ETF is going to provide more momentum towards the markets, hence why the expectations are that we are likely going to see $45,000-50,000.

Ethereum Price Propels To 52-Week High. Ethereum is up a whopping 16% over the past week, The asset reached its 52-week high of $2,137 on Thursday, November 9. This comes on the back of news that the world’s largest asset manager- BlackRock- will be filing an application for a Spot ETH ETF with the US SEC. Ethereum Daily Revenue Soars to a 4-Month High Of $10 Million. According to data, Ethereum generated $10 million in daily revenue, extending gains registered on the previous day and pushing the metric to the highest point since July.

Elsewhere, Solana (SOL) is also off the charts. Cryptocurrency has skyrocketed by another 28% over the past seven days. BNB, XRP, ADA, DOGE, LINK, – all of these are also performing well, which is the primary reason why BTC’s dominance is on the decline. FTT, the token for the FTX cryptocurrency exchange, saw its price catapult 146% higher on news that the SEC may allow it to reopen its trading desk.

Crypto Project News

BlackRock is the largest asset manager in the financial industry, and where it goes, others follow. The financial giant has already laid down the gauntlet with its application for a spot Bitcoin ETF. Now it has emerged, following its registration of a corporation in Delaware called the iShares Ethereum Trust, that it wants to bring a spot Ethereum ETF to market, too. Late yesterday, Nasdaq filed a listing for the iShares Ethereum Trust, confirming the BlackRock news. iShares is the brand of the BlackRock ETF business.

Stablecoin issuer CIRCLE explores the possibility of a 2024 IPO, a year after the failed SPAC deal. Circle is the world’s second-largest Stablecoin issuer. According to some reports, the company is looking into the possibility of becoming a publicly traded company in the early months of 2024.

Banking firm JPMorgan has rolled out a programmable payment feature for institutional users of its blockchain-powered payment system, JPM coin. The announcement on November 10 through a press release details how clients can utilise the new system to program payments for various financial operations. This payment functionality enables users to customise rules for funding a bank account in the event of an overdue payment or executing payments like margin calls.

The regulated Chicago Mercantile Exchange (CME) took the top spot on the list of biggest Bitcoin (BTC) futures exchanges, replacing Binance for the first time in two years. ME ranked first among futures and perpetual futures exchanges with an open interest (OI) of roughly $4.07 billion, up some 4% in the past 24 hours and representing a 24.7% market share, CoinGlass data shows. Meanwhile, OI on Binance stood at $3.8 billion, down 7.8% during the same period.


The Chinese government has released a statement declaring that anyone caught stealing digital collections, which include digital collectibles such as NFTs, will be subject to criminal penalties. The statement added that the theft of digital collections would also be evaluated alongside other related offences committed during the theft, including hacking into computer systems and data theft. The new regulations issued yesterday confirm that digital collectibles such as NFTs can be considered online virtual property due to their unique codes, non-tamperable features, and detailed transaction information.

Gary Gensler Says a Revived FTX Could Work and Former NYSE President Among the Final Bidders. SEC Chair Gary Gensler said on Wednesday that a revived FTX could work if new leadership does so with a clear understanding of the law. Gensler was referring to reports that Tom Farley, a former president of the New York Stock Exchange, is among a short list of three bidders vying to buy the bankrupted crypto exchange. Farley launched his own digital asset exchange in May called Bullish, which is reportedly one of the final contenders in the bankruptcy auction.

The Hong Kong Securities and Futures Commission (SFC) has released two sets of circulars regarding “tokenised securities.” One set clarifies specific requirements for product suppliers and intermediaries related to these products, while the other outlines investor protection requirements for public sales of tokenised securities. These guidelines update the 2019 regulations concerning Security Token Offerings (STOs) and conditionally open participation to retail investors.


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