Crypto Daybook Americas will be on hiatus for a while starting Wednesday. We’ll be back on January 5 with your regular wake-up call on what shook the industry overnight and what’s happening in the day ahead. I wish you and yours a wonderful holiday season!
By Omkar Godbole (All times ET unless otherwise noted)
The mood in the crypto market remains gloomy ahead of the US GDP data report expected later today, which is expected to show the world’s largest economy held strong in the third quarter.
Bitcoin the largest cryptocurrency by market value, fell to $87,500 after failing to sustain its gains above $90,000 on Monday. All 16 CoinDesk indices are down over 24 hours, with the DeFi Select Index down 4% and the Metaverse Index down more than 3%. HASH and RAIN are the only tokens in the top 100 by market cap to gain more than 6% in the last 24 hours.
The overall weak tone is disconcerting, given the continued decline in the dollar index, which generally bodes well for risky assets, including cryptocurrencies. The DXY has fallen below 98.00 and is on track to hit its lowest since early October.
“It is worth noting 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 underlying attitude towards risk, which is also confirmed by the sell-off in global bonds,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email.
“In the coming weeks, we can expect an even sharper 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 American Bureau of Economic Analysis will reveal its preliminary estimate of gross domestic product for the third quarter. Most economists are forecasting an annualized growth rate of 3.2% for the period, with some eyeing a figure as high as 3.5%.
Figures like these indicate a slowdown from the 3.8% pace recorded in the second quarter, but they nevertheless far exceed the 2.6% average maintained since the end of 2021.
A weaker than expected figure could reignite demand for BTC, but it will be interesting to see if this will sustainably lift prices above $90,000, a level that has recently acted as a ceiling.
In traditional markets, futures contracts linked to the S&P 500 and Nasdaq were little changed, indicating a lack of directional clarity at the opening bell. Historically, these indexes have performed well during the last days of the year.
Gold’s rally continues, with the metal approaching $4,500 an ounce. At the same time, the yen strengthened against the dollar following speculation that the Bank of Japan could intervene in foreign exchange markets to stem the currency’s recent slide. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- December 23, 8:30 a.m.: Durable goods orders in the United States in October MoM Est. -1.5%; Ex. Transport MoM Est. 0.3%; Ex. Defense MoM (previous 0.1%).
- December 23, 8:30 a.m. Third Quarter US PCE Price QoQ (second estimate). Title East. 2.9%; East. basic. 2.9%.
- December 23, 8:30 a.m.: Third quarter US GDP (initial estimate) (previous 3.8%).
- December 23, 10 a.m.: Dec. CB Consumer Confidence Est. 92.
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Yearn DAO votes to rotate multisig signers (YIP-89) and adopt a yETH recovery plan (YIP-90) that uses Treasury yield, 10% revenue redirection, and lost claims to reimburse users. Voting closes on December 23.
- GMX DAO votes to seed the new GMX-Solana deployment with 400,000 USDC, using half to purchase GMX tokens to create a balanced initial liquidity pool. Voting closes on December 23.
- Aave DAO votes to reclaim 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 DAO to prevent misuse for private purposes. Voting closes on December 26.
- Unlocks
- Token Launches
- December 23: start of the Aster stage 5 buyback program.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.44% from 4 p.m. ET Monday at $87,638.35 (24 hours: -2.41%)
- ETH is down 0.2% at $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 are up 1.04% at $4,516.00
- Silver futures are up 1.66% at $69.70
- The Nikkei 225 closed little changed at 50,412.87
- Hang Seng closed 0.11% lower at 25,774.14
- The FTSE was little changed at 9,869.30
- The Euro Stoxx 50 moves little 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
- The Nasdaq Composite closed up 0.52% at 23,428.83
- The S&P/TSX Composite Index 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 U.S. Treasury yield is down 2.6 basis points at 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 futures unchanged at 48,687.00
Bitcoin Statistics
- BTC dominance: 59.58% (unchanged)
- Ether/bitcoin ratio: 0.03388 (-0.24%)
- Hashrate (seven-day moving average): 1,051 EH/s
- Hash price (spot): $37.27
- Total fees: 2.55 BTC / $227,479
- CME Futures Open Interest: 112,885 BTC
- BTC valued in gold: 20.8 ounces
- Market capitalization BTC vs gold: 5.86%
Technical analysis
- The chart shows Solana Daily price variations in candlestick form.
- The token’s price recently fell below the sideways consolidation pattern one week only to rebound the next day, trapping bears on the wrong side of the market.
- This is a classic “Wyckoff spring action,” highlighting seller fatigue, often the first sign of an impending uptrend reversal.
- The bullish reversal, however, must be confirmed in the form of a breakout above the upper boundary of the channel formation.
Crypto Stocks
- Coinbase Global (COIN): Closed Monday at $247.9 (+1.13%), down 0.57% premarket to $246.49
- Circle Internet (CRCL): close at $87 (+1.01%), -1.44% at $85.74
- Galaxy Digital (GLXY): closed at $24.61 (+2.54%), -0.49% at $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): close at $14.4 (-0.69%), -0.14% at $14.38
- Core Scientific (CORZ): closed at $15.79 (+1.22%), -0.16% at $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 Cash 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 Feed
Spot BTC ETF
- Daily net flows: -$142.2 million
- Cumulative net flows: $57.25 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: $84.6 million
- Cumulative net flows: $12.55 billion
- Total ETH holdings ~6.09 million
Source: Farside Investors
While you were sleeping
