By Omkar Godbole (All times ET unless otherwise noted)
Last week, CoinDesk pointed out the potential for action in cryptocurrency cross pairs, even as major tokens and the broader market appeared lackluster against the dollar. Since then, the largest exchange by market value, ether price in bitcoin has complied and today touched 0.036, the highest level since October 27.
The ADA/BTC pair also advanced, reaching its highest level since November 20. fell again after briefly rising to $94,500 on Tuesday night. ETH, ADA, and privacy coins XMR and ZEC rose more than 7% in 24 hours, while SOL, DOGE,
Peers could extend their gains if, as expected, the Federal Reserve cuts interest rates by 25 basis points and, more importantly, Chairman Jerome Powell takes a dovish tone, reviving hopes for more rate cuts next year. For now, markets appear to be anticipating aggressive forward guidance, hence the continued rally in the US 10-year Treasury yield.
Beyond the Federal Reserve, a pending Supreme Court decision on the legality of President Donald Trump’s “reciprocal” tariffs could add another layer of volatility. The decision must be made any day.
If the court invalidates the tariffs, it could remove a source of concerns about inflation and trade uncertainty, fostering a risk-on tone toward the end of the year.
Several investment banks, including Goldman Sachs, have signaled that the Trump administration could still turn to other tools, such as Section 232 taxes, to reimpose trade pressure.
In other policy news, the IMF warned that stablecoins may pose currency risks for emerging markets, although experts maintain they are not yet large enough to have a truly systemic impact. In Washington DC, the teachers union, AFT, criticized the latest cryptocurrency market bill, warning of “profound risks” to Americans’ retirement plans.
In traditional markets, silver rose to an all-time high of $61.60 an ounce. This year it has more than doubled. The dollar index remains near 99.00, while the 10-year Treasury yield has risen to its highest level since September 4. 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
- December 10: Celo’s Jello hardfork to bring ZK-powered failure tests to the network.
- Macro
- December 10, 7 am: Brazil Headline inflation rate for November Year-on-year est. 4.49%, est. intermonthly. 0.09%.
- December 10, 9:45 am: Canadian central bank interest rate decision. Est. reference rate 2.25%. 10:30 press conference
- December 10, 2 pm: Federal Open Market Committee (FOMC) US interest rate decision (25 basis point cut expected to 3.5%-3.75%) and economic projections; 2:30 p.m. press conference (watch live).
- December 10, 4:30 pm: Decision on interest rates from Brazil’s central bank. Reference rate (previously 15%).
- 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
- MoonDAO is voting MDP-204 to overhaul its project system by switching to quarterly voting and monthly reporting. Voting ends December 10.
- December 10: PancakeSwap will host an Ask Me Anything (AMA) session with CoinW.
- December 10: Horizen will celebrate the launch of its mainnet on Base via a livestream.
- Unlock
- December 10: to unlock 6.76% of its circulating supply worth $14.63 million.
- Token releases
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.29% since 4 pm ET on Tuesday to $92,941.70 (24 hours: +3.02%)
- ETH is up 1.37% to $3,347.76 (24 hours: +8.07%)
- CoinDesk 20 rose 0.25% to 2,994.20 (24 hours: +4.48%)
- Ether CESR Composite Staking Rate is down 1bp to 2.81%
- BTC funding rate is 0.0014% (1.4925% annualized) on Binance
- DXY is down 0.1% at 99.12
- Gold futures fall 0.27% to $4,224.60
- Silver futures up 1% to $61.45
- The Nikkei 225 closed down 0.1% at 50,602.80
- Hang Seng closed up 0.42% at 25,540.78
- The FTSE rises 0.12% to 9,653.16
- The Euro Stoxx 50 falls 0.18% to 5,708.20
- DJIA closed Tuesday down 0.38% at 47,560.29
- The S&P 500 closed unchanged at 6,840.51
- Nasdaq Composite closed up 0.13% at 23,576.49
- S&P/TSX Composite closed up 0.24% at 31,244.37
- S&P 40 Latin America closed higher 0.27% to 3,135.99
- The 10-year US Treasury rate rises 1.9 basis points to 4.205%
- E-mini S&P 500 futures unchanged at 6,851.50
- E-mini Nasdaq-100 futures unchanged at 25,708.50
- E-mini Dow Jones Industrial Average index futures unchanged at 47,602.00
Bitcoin Statistics
- BTC dominance: 59.14% (+0.08%)
- Ether-bitcoin ratio: 0.03586 (0.16%)
- Hashrate (seven-day moving average): 1,043 EH/s
- Hashprice (spot): $39.21
- Total fees: 2.98 BTC / $273,149
- CME Futures Open Interest: 123,905 BTC
- BTC priced in gold: 22 oz.
- BTC market capitalization against gold: 6.19%
Technical analysis
- The graph shows the sunny one. hourly price swings in Japanese candlestick format.
- The native Solana token continues to trade in a sideways channel, with $145 as the upper limit and $125 as the lower limit.
- The next big move will likely develop in the direction where the range finally resolves.
Crypto Stocks
- Coinbase Global (COIN): Closed Tuesday at $277.36 (+1.15%), +0.1% at $277.63 in premarket
- Círculo (CRCL): closed at $88.88 (+5.86%), +0.24% at $89.09
- Galaxy Digital (GLXY): closed at $29.45 (+12.88%), +0.2% at $29.51
- Bullish (BLSH): closed at $46.11 (+0.39%), -0.46% to $45.90
- MARA Holdings (MARA): closed at $12.25 (+1.66%), +0.24% at $12.28
- Riot Platforms (RIOT): closed at $15.51 (+3.68%), unchanged from the previous market
- Core Scientific (CORZ): closed at $17.49 (-1.13%), +0.34% at $17.55
- CleanSpark (CLSK): closed at $14.85 (+6.91%), -0.13% to $14.83
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $47.43 (+2.15%)
- Exodus Movement (EXOD): closed at $15.28 (+2.96%)
Crypto treasury companies
- Strategy (MSTR): closed at $188.99 (+2.89%), +0.69% at $190.30
- Semler Scientific (SMLR): closed at $20.37 (+3.03%), +1.57% at $20.69
- SharpLink Gaming (SBET): closed at $11.60 (+4.88%), -0.17% to $11.58
- Upexi (UPXI): closed at $2.56 (-1.92%), unchanged in the premarket
- Lite Strategy (LITS): closed at $1.83 (+6.4%)
ETF Flows
BTC Spot ETF
- Daily net flows: $151.9 million
- Accumulated net flows: $57.69 billion
- Total BTC holdings ~1.3 million
ETH Spot ETF
- Daily net flows: $177.7 million
- Accumulated net flows: $13.11 billion
- Total ETH holdings ~6.26 million
Source: Farside Investors
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