Crypto Daybook Americas will be on hiatus for a while starting Wednesday. We’ll be back on January 5 with your usual wake-up call on what shook the industry overnight and what’s coming the next day. I wish you and yours a wonderful holiday season!
By Omkar Godbole (All times ET unless otherwise noted)
The mood of the cryptocurrency market remains gloomy ahead of the US GDP data report due out today, which is expected to show the world’s largest economy held firm in the third quarter.
bitcoin The largest cryptocurrency by market value, fell to $87,500 after failing to sustain gains above $90,000 on Monday. All 16 CoinDesk indices fell in 24 hours, with the DeFi Select index falling 4% and the Metaverse index losing more than 3%. HASH and RAIN are the only top 100 tokens by market cap that have gained more than 6% in the last 24 hours.
The overall weak tone is confusing, given the continued decline in the dollar index, which generally bodes well for risk assets, including cryptocurrencies. The DXY has fallen below 98.00 and is about to hit its lowest level since early October.
“It is noteworthy that this occurred against the backdrop of a decisive rally in gold and other precious metals, as well as the momentum of the weakening dollar. This once again highlights the change in the underlying attitude towards risk, which is also confirmed by the global bond sell-off,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email.
“In the coming weeks we can expect an even steeper decline in cryptocurrencies, as well as a spread of risk aversion towards stocks and currencies of developing countries,” he said.
At 8:30 a.m., the U.S. Bureau of Economic Analysis will release its preliminary estimate for third-quarter gross domestic product. Most economists forecast an annualized growth rate of 3.2% for the period, with some predicting a rate as high as 3.5%.
Figures like these indicate a slowdown from the 3.8% pace of the second quarter, but still comfortably exceed the 2.6% average maintained since the end of 2021.
A weaker than expected print could reignite demand for BTC, although it will be interesting to see if it sustainably lifts prices above $90,000, a level that has acted as a ceiling lately.
In traditional markets, futures tied to the S&P 500 and Nasdaq are little changed, indicating a lack of directional clarity as the opening bell rings. Historically, these indices have performed well during the final days of the year.
Gold’s rally continues and the metal is approaching $4,500 an ounce. Meanwhile, the yen strengthened against the dollar on speculation that the Bank of Japan could intervene in currency markets to stop the currency’s recent slide. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- December 23, 8:30 am: October US Durable Goods Orders Monthly Est. -1.5%; Ex. Transportation MoM Est. 0.3%; Ex. Inter-monthly defense (previous 0.1%).
- Dec 23, 8:30am US Q3 PCE Prices QoQ (second estimate). Headline Est. 2.9%; Core est. 2.9%.
- December 23, 8:30 am: US Q3 GDP (initial estimate) (was 3.8%).
- December 23, 10 am: CB Consumer Confidence for December est. 92.
- Earnings (Estimates based on FactSet data)
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Yearn DAO is voting to rotate multi-signature signers (YIP-89) and enact a yETH (YIP-90) recovery plan that uses Treasury yield, a 10% revenue redirection, and lost claims to pay users. Voting ends on December 23.
- GMX DAO is voting to seed the new GMX-Solana implementation with $400,000 USDC, using half to purchase GMX tokens to create a balanced initial liquidity pool. Voting ends on December 23.
- Aave DAO is voting to regain full ownership of brand assets, including domains, social handles, and naming rights, from service providers like Aave Labs, transferring them to an entity controlled by the DAO to prevent private misuse. Voting ends on December 26.
- Unlock
- Token releases
- December 23: Aster’s Stage 5 buyback program begins.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.44% as of 4 pm ET Monday to $87,638.35 (24 hours: -2.41%)
- ETH is down 0.2% to $2,967.13 (24 hours: -2.47%)
- CoinDesk 20 is down 0.3% at 2,717.75 (24 hours: -2.16%)
- Ether CESR Composite Staking Rate Up 4 Basis Points to 2.84%
- BTC funding rate is 0.0046% (5.0315% annualized) on Binance
- DXY is down 0.39% at 97.90
- Gold futures rise 1.04% to $4,516.00
- Silver futures rise 1.66% to $69.70
- The Nikkei 225 closed little changed at 50,412.87
- Hang Seng closed down 0.11% at 25,774.14
- FTSE little changed at 9,869.30
- Euro Stoxx 50 barely changed at 5,742.58
- DJIA closed Monday up 0.47% at 48,362.68
- The S&P 500 closed up 0.64% at 6,878.49
- Nasdaq Composite closed up 0.52% at 23,428.83
- S&P/TSX Composite closed up 0.77% at 32,000.10
- The S&P 40 Latin America closed up 0.42% at 3,100.71
- The 10-year US Treasury rate fell 2.6 basis points to 4.145%
- E-mini S&P 500 futures unchanged at 6,932.75
- E-mini Nasdaq-100 futures unchanged at 25,706.00
- E-mini Dow Jones Industrial Average index futures unchanged at 48,687.00
Bitcoin Statistics
- BTC dominance: 59.58% (unchanged)
- Ether to bitcoin ratio: 0.03388 (-0.24%)
- Hashrate (seven-day moving average): 1,051 EH/s
- Hashprice (spot): $37.27
- Total fees: 2.55 BTC / $227,479
- CME Futures Open Interest: 112,885 BTC
- BTC priced in gold: 20.8 oz
- BTC market capitalization against gold: 5.86%
Technical analysis
- The graph shows the sunny one. Daily price swings in Japanese candlestick format.
- The token price recently broke below the week-long sideways consolidation pattern only to recover the next day, trapping the bears on the wrong side of the market.
- This is a classic “Wyckoff spring action,” pointing to seller fatigue, often the first sign of an impending bullish trend reversal.
- The bullish reversal, however, needs confirmation by a break above the upper boundary of the channel formation.
Crypto Stocks
- Coinbase Global (COIN): closed on Monday at $247.9 (+1.13%), premarket down 0.57% to $246.49
- Circle Internet (CRCL): closed at $87 (+1.01%), -1.44% to $85.74
- Galaxy Digital (GLXY): closed at $24.61 (+2.54%), -0.49% to $24.49
- Bullish (BLSH): closed at $45.52 (+2.06%), -2.16% at $44.58
- MARA Holdings (MARA): closed at $10.13 (-0.49%), -0.79% at $10.05
- Riot Platforms (RIOT): closed at $14.4 (-0.69%), -0.14% at $14.38
- Core Scientific (CORZ): closed at $15.79 (+1.22%), -0.16% to $15.77
- CleanSpark (CLSK): closed at $12.1 (+0.58%), -0.91% at $11.99
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $42.18 (+2.63%)
- Exodus Movement (EXOD): closed at $15.77 (+1.68%)
Crypto treasury companies
- Strategy (MSTR): closed at $164.32 (-0.3%), -0.45% at $163.52
- Semler Scientific (SMLR): closed at $17.41 (2.9%), unchanged
- SharpLink Gaming (SBET): closed at $9.57 (-2.45%), -0.52% at $9.52
- Upexi (UPXI): closed at $1.99 (-4.33%), -1.01% at $1.97
- Lite Strategy (LITS): closed at $1.41 (-1.4%), unchanged
ETF Flows
BTC Spot ETF
- Daily net flows: -$142.2 million
- Accumulated net flows: $57.25 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: $84.6 million
- Accumulated net flows: $12.55 billion
- Total ETH holdings ~6.09 million
Source: Farside Investors
while you were sleeping
