Let’s explore the latest crypto market updates today, on Nov. 7.
Bitcoin BTC $88 072 24h volatility: 0.7% Market cap: $1.76 T Vol. 24h: $40.26 B is trading below the $102K level, meaning it has lost nearly 1% over the last 24 hours. The total cryptocurrency market capitalization is also down by around 1%, currently standing at $3.7 trillion. What key events could influence the crypto market today, on Nov. 7?
A new study from Columbia University researchers revealed that nearly one in four transactions on Polymarket over the past three years were the result of wash trading.
The study detailed the extent of wash trading across the following market categories: 45% of all-time volume in sports markets, 17% in election markets, 12% in politics, and 3% in crypto-related markets.
However, the researchers clarified that Polymarket itself was not directly responsible for the manipulation. Nevertheless, the platform may have facilitated such behavior.
Bitwise updated its S-1 registration for its spot Dogecoin ETF to remove a “delaying amendment,” invoking a process under Section 8(a) of the Securities Act.
This means that the filing will automatically become effective after 20 days unless the US Securities and Exchange Commission (SEC) intervenes to delay or halt it.
According to the current timelines, this spot DOGE ETF can be launched around Nov. 26.
Bitcoin managed to hold above the critical $100,000 support level after a sharp 16% weekly drop. On Nov. 6, spot Bitcoin ETFs ended their six-day outflow streak, recording $240 million in net inflows.
However, CryptoQuant analysts note that Bitcoin hasn’t yet reached a “true capitulation point.” Binance exchange reserves continue to rise. This indicates that traders are still sending BTC to exchange.
Want to learn more? Read this report on Coinspeaker.