Crypto Market Slides as BTC, ETH Drop; Cloudflare Outage Hits Services

I. Crypto Market Overview

Key Takeaways

Macro Environment

U.S. firms are experiencing increased layoffs, signaling labor market weakness and potential pressure on crypto liquidity. Gold prices have risen as investors seek safe-haven assets, possibly diverting capital from risk assets like Bitcoin. Regulatory scrutiny is intensifying, with the SEC prioritizing new crypto rules and the EU advancing stablecoin integration.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with BTC down 4.43% to $97,474 and ETH dropping 9.27% to $3,144.86, pressured by ETF outflows and weak risk sentiment. Altcoins also fell, with ICP down 5.76%, ASTER down 8.40%, and HYPE down 3.60%. ICP's DeFi activity and ASTER's trading competition provided some support, but overall risk-off flows dominated.

Today's Outlook

A global Cloudflare outage is disrupting major crypto services, potentially impacting trading and liquidity. Solana ETFs recorded a net inflow of $8.26M as VanEck's VSOL launched, signaling continued institutional interest in Solana despite broader market weakness.

II. Industry Updates

Macro-economic Policies

ADP Research reports that U.S. firms averaged 2,500 weekly layoffs in the past month, signaling labor market weakness and potentially reducing consumer spending, which may dampen crypto market liquidity and risk appetite.

Spot gold prices rose to $4,060 per ounce, up 0.36% on November 18, reflecting increased demand for safe-haven assets amid economic uncertainty, which could drive capital flows away from risk assets like Bitcoin and DeFi protocols.

Solana-backed ETFs attracted $390 million in net inflows over 15 days, while Bitcoin and Ether ETFs saw significant outflows, indicating a shift in institutional capital allocation that may impact overall crypto market structure and liquidity.

Metavesco reported a $1.78 million Q3 profit, driven by unrealized digital asset gains and a new fair value measurement method, highlighting the impact of accounting policy changes on crypto-related corporate earnings and market sentiment.

Cryptocurrency Regulatory Trends

SEC Chair Paul Atkins announced a renewed focus on cryptocurrency regulation and tokenized equities, aiming to finalize new crypto rules by 2027. This signals increased regulatory scrutiny, potentially impacting market compliance and investor sentiment.

Deutsche Börse integrated Societe Generale's MiCA-compliant euro and DOLLAR stablecoins into its core infrastructure, aligning with EU crypto regulations. This move enhances regulated digital asset adoption and may boost institutional confidence in the crypto market.

Dr. David Uzker, former U.S. Treasury expert, warned that 60-75% of daily crypto revenues are from centralized tokens, urging stricter regulation and transparency. This could prompt tighter oversight, affecting DeFi protocols and investor trust.

Internet Computer (ICP): ICP surged 11% in 24h to $5.29, with trading volume up 148% to $895M. The rally is driven by strong DeFi activity and renewed developer interest in its on-chain AI and multi-chain DeFi capabilities.

Aster (ASTER): ASTER rose 10% in 24h to $1.35, with $1.23B trading volume. The price jump is fueled by a $10M trading competition, Stage 4 airdrop launch, and technical signals pointing to a bullish reversal after a recent 50% decline.

Hyperliquid (HYPE): HYPE gained 6% in 24h to $40.03, with $618M volume. The token reclaimed the top DEX ranking by 24h trading volume ($9.6B), and saw a 27% jump in protocol revenue, highlighting strong user and trading activity.

Smart Money Movements

Hyperscale Data increased its Bitcoin holdings to 332.25 BTC, acquiring 283.35 BTC from the open market and 48.90 BTC via mining, and allocated $41.25M for further BTC purchases.

Cypherpunk Technologies purchased 29,869.29 ZEC for $18M, raising its total Zcash holdings to 233,644.56 ZEC, representing 1.43% of the network supply.

A whale address acquired 134,680 SOL for $17.85M during a market slump, accumulating 324,568 SOL ($44M) in the past month, now facing an $8M unrealized loss.

17.681 million POL tokens, valued at $2.57M, were transferred from an anonymous address to Coinbase Prime, indicating potential trading or liquidity activity.

Galaxy Digital deposited 1,474 BTC worth $133.13M into Coinbase Prime, raising speculation about potential asset reallocation or sale amid market volatility.

Events to Watch

Nov 18 (Tue)

Cloudflare global outage disrupts major crypto services; Solana ETFs see $8.26M net inflow as VanEck VSOL launches.

Nov 19 (Wed)

No major global economic data or large token unlocks confirmed for this date within the last 24 hours.

Nov 20 (Thu)

No major global economic data or large token unlocks confirmed for this date within the last 24 hours.

III. Phemex Market Focus

New Listings

Nov 18: (PIEVERSE/USDT)

PIEVERSE, ALLO, and BEAT are now officially listed on Phemex Futures with a $30,000 prize pool event.

Nov 15: (SENT/USDT)

New Pre-Market futures listing for SENTUSDT with 20X leverage and hedge mode support.

Nov 14: (PIEVERSE/USDT)

New spot trading pair PIEVERSE/USDT listed, enabling Web3 payment compliance infrastructure.

Nov 13: (BEAT/USDT)

New futures trading pair BEATUSDT listed with 20X leverage and hedge mode support.

Nov 12: (ALLO/USDT)

New spot trading pair ALLO/USDT listed, offering an open intelligence platform for AI systems.

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