Bitcoin is currently priced at $106,450, with expectations of an accelerated rise in cryptocurrencies as U.S. markets open positively. With the anticipated end of the shutdown, there is hope for a strong weekly start. Recent statements from the Fed and Binance’s delisting announcements have been significant topics of discussion.
Fed and Binance: Breaking Developments
Binance has announced its continued efforts to clean up its futures platform. On November 14, MYROUSDT and 1000XUSDT will be delisted. Due to low interest and volume, these cryptocurrencies add unnecessary burden to exchanges. Unlike spot announcements, futures delistings do not always have the same impact, and speculative price surges may occur.
For example, after the announcement, MYRO rapidly increased by 50% and continues to find demand well above its daily average price. Such movements can result from the end of futures price guidance, position concentration on the short side, and the need to close positions by November 14. However, in the long run, this is not considered beneficial.
The same scenario applies to 1000XUSDT, which saw a 25% price increase. MYRO experienced short liquidations totaling $104,000 in the last hour. Open interest is approximately $4.8 million, with further liquidations likely.
Fed’s Influential Commentary
Meanwhile, Fed member Daly recently concluded her statements, highlighting: “The interest rate cuts implemented so far have supported the labor market and continue to exert downward pressure on inflation. As the labor market slows, productivity and GDP are on the rise.
We must not lose sight of inflation. We are monitoring whether productivity gains continue. I do not want to make the mistake of keeping interest rates steady for too long. Slowing wage growth indicates a negative demand shock in the labor market. If firms were struggling to find workers, wages would be increasing.
We are definitely in a period of low layoffs and low hiring.”