24 Crypto Update,10 Dec: Crypto Market Holds Steady Before Data Deluge

Crypto Markets Mixed Before US Inflation Data, Fed Decision.

• Asian markets showed divergence as investors awaited crucial US data and the Federal Reserve's policy decision.

• Anticipated data includes a +0.1% Y/Y increase in headline CPI for November, with core CPI expected to rise +0.2% M/M.

• Non-farm payrolls for November surpassed expectations at 199k, with a lower unemployment rate of 3.7%.

• Average hourly earnings rose by 0.4% MoM, exceeding the expected 0.3%, and the participation rate increased to 62.8%.

Major Events To Watch:

Crypto Fear and Greed:

Over the past day, the cryptocurrency market underwent a phase of consolidation, resulting in price stabilization and a neutral stance on the "Greed and Fear Index." Presently registering at 74 on a scale ranging from 0 to 100, the index indicates a moderate degree of investor sentiment.

Latest Market Update: 

• Bitcoin, the world's oldest and most esteemed cryptocurrency, maintained its position below the $43,500 mark on early Monday.

• Despite minor losses in other leading cryptocurrencies, popular altcoins such as Ethereum, Solana, Ripple, Litecoin, and Dogecoin experienced slight declines across the board.

• BitTorrent (New) has surged to the forefront with an impressive 25.00% gain in the past 24 hours.

• Apecoin, on the other hand, suffered the most substantial loss, declining by 11.36% over the last 24 hours.

• Total crypto market volume in the last 24 hours: $84 billion, marking a 16% decrease.

• DeFi (Decentralized Finance) volume: $7.95 billion, constituting 10.70% of the total crypto market 24-hour volume.

• Volume of all stable coins: $65.8 billion, representing 88.52% of the total crypto market 24-hour volume.

• Bitcoin dominance: 53.42%, experiencing a 0.33% decrease over the day.

Major Worldwide News Update:

• In November, nonfarm payrolls recorded a growth of 199,000, exceeding the anticipated 190,000. The unemployment rate saw a decline to 3.7%, surpassing the predicted 3.9%. The positive figures were influenced by increased government hiring and the return of workers from strikes. These results underscore the job market's robustness, alleviating worries about recent upticks in the unemployment rate.

• The FOMC is expected to maintain rates at 5.25-5.50% in December. Despite Chair Powell's readiness to tighten policy further, the market anticipates a shift towards rate cuts in 2024. Economists project rates to stay until July 2024, but markets price in a potential cut as early as March. Concerns linger about the market's dovish pricing and the Fed's communication strategy amid persistent inflation.

• The upcoming Consumer Price Index data for November 2023, scheduled for release on December 12 at 8:30 am ET, is expected to show a slowdown in inflation. This is attributed to the decline in energy prices. Market forecasts indicate a steady monthly and 3% yearly rise in headline CPI. Core CPI, excluding food and energy, is anticipated to increase by 0.3% on a monthly basis and 4% annually—exceeding the Federal Reserve's 2% target. These projections contribute to the growing belief in the market that a potential Federal Reserve rate cut may occur by spring.

• MicroStrategy's (MSTR) shares have soared since adopting a Bitcoin strategy in August 2020, outperforming S&P 500, Nasdaq, Gold, Silver, bonds, and even Bitcoin. With a 385% growth compared to Bitcoin's 274%, MicroStrategy's steadfast Bitcoin holdings and recent market events contribute to its impressive surge.

• Venus Protocol addresses rumors of an exploit, attributing concerns to a short-term pricing issue from the Binance Oracle affecting a specific pool. The incident underscores the importance of transparency in the decentralized finance space, amid recent security challenges, including KyberSwap's $46 million exploit.

• Comedian Owen Benjamin ignites debate by labeling Bitcoin a "decentralized Ponzi scheme." Ripple CTO David Schwartz questions spending behavior amid a declining dollar, while author Saifedean Ammous defends Bitcoin's scarcity. The ongoing discourse reflects the evolving nature of the crypto space and regulatory scrutiny.

• Google is updating its crypto ads policy, requiring advertisers offering Cryptocurrency Coin Trusts in the US to obtain certification. Effective January 29, 2024, the certification process ensures adherence to Google's standards, promoting trustworthy cryptocurrency-related ads. Global compliance with local laws is emphasized, extending the policy to NFT advertisements.

• Bitcoin and Ether led a crypto rally, with Bitcoin resilient at $43,700 after a minor dip. Ether sustained monthly gains of almost 25% and a year-to-date rise of about 95%. Optimism around the April 2024 Bitcoin halving and potential ETF approvals contributed to a 56% gain since October 2023. The debut of JTO governance token and Solana's 11% increase indicated broader market trends. Analysts foresee a cycle where Bitcoin takes the lead, followed by Ethereum, Solana, and other altcoins.

COIN GABBAR Views: Will Bitcoin overcome resistance, or is a correction looming below $40,000? Could $50,000 be the next target, and will the Santa Claus rally endure? In light of these dynamics, is it prudent to invest now, or should one weigh the option of liquidating their position? To get latest news Stay tuned us at coingabbar

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 8 Dec: Altcoins Sparkle, Bitcoin Takes a Siesta