ASIC Market Analysis This Week Nov 4–8

Current Events Background

There have been several major events this week, and I'll choose two related to the crypto and mining industries to discuss.

First, Trump, representing the Republican Party, has won the election. As the first U.S. president to show support for the crypto community, his victory is cause for celebration among crypto enthusiasts, alongside his running mate, Tesla's CEO Elon Musk. As a result, BTC and Dogecoin, among other tokens, saw rapid short-term increases, with BTC reaching new all-time highs.

Secondly, at 3 a.m. last night(Beijing time), the Federal Reserve announced an interest rate cut of 25 basis points. Although it didn't reach the expected 50 basis points, it aligned with overall market expectations. The rate cuts since the second half of this year indicate a gradual shift toward an accommodative monetary policy. This increased liquidity has positively impacted asset prices, with a noticeable effect on cryptocurrencies as well.

Litecoin & Dogecoin

• The prices of Doge and LTC mining machines have increased significantly, the spot inventory of L7 in Hong Kong is tight, and the futures prices of L9 in November, December and January have increased accordingly. This is related to the Trump campaign's success leading to the surge in Musk's concept #Doge #Tesla.

• Dogecoin is still the second-largest token in terms of daily output, with a 24-hour output of $2.8 million.

Bitcoin

• The hash rate of the entire BTC network continues to rise. As the bitcoin price rises, miners choose to start mining with their rigs in hand. However, the prices of new models of machines such as the S21 do not rise significantly.

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