By Omkar Godbole (All times ET unless otherwise noted)
Last week, CoinDesk reported on the potential for action in crypto crossover pairs, even as major tokens and the broader market looked lackluster against the dollar. Since then, the biggest crossover in market value, ether priced in bitcoin kept its promises and reached 0.036 today, the highest since October 27.
The ADA/BTC pair also rose, reaching its highest level since November 20. Bitcoin fell after briefly hitting $94,500 late Tuesday. ETH, ADA, and privacy coins XMR and ZEC all jumped more than 7% in 24 hours, while SOL, DOGE, XLM, LINK, and HYPE rose about 2%.
The cross pairs could extend their gains if, as expected, the Fed cuts interest rates by 25 basis points and, more importantly, if Chairman Jerome Powell adopts a dovish tone, reviving hopes of further rate cuts next year. For now, markets appear to be expecting more hawkish forward guidance, hence the continued rise in the 10-year US Treasury yield.
Beyond the Fed, an expected Supreme Court ruling on the legality of President Donald Trump’s “reciprocal” tariffs could add another level of volatility. The decision is expected any day now.
If the court strikes down the tariffs, it could remove a source of inflation and trade uncertainty concerns, encouraging a risk-on attitude through the end of the year.
Several investment banks, including Goldman Sachs, have noted that the Trump administration could still rely on other tools, such as Section 232 levies, to reimpose trade pressure.
Separately, the IMF has warned that stablecoins could pose currency risks for emerging markets, although experts say they are not yet large enough to have a true systemic impact. In Washington DC, the teachers’ union, the AFT, criticized the latest crypto market bill, warning of “profound risks” to Americans’ retirement plans.
In traditional markets, silver hit a record high of $61.60 an ounce. It’s more than doubled this year. The dollar index holds near 99.00, while the 10-year Treasury yield rose to its highest level since September 4. 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
- December 10: Celo’s Jello hardfork will bring evidence of ZK-powered outages to the network.
- Macro
- December 10, 7 a.m.: Brazil, November headline inflation rate, est. 4.49%, MoM Est. 0.09%.
- December 10, 9:45 a.m.: decision on interest rates from the central bank of Canada. Reference rate Est. 2.25%. 10:30 a.m. press conference
- December 10, 2:00 p.m.: Decision of the Federal Open Market Committee (FOMC) on US interest rates (reduction of 25 basis points to 3.5%-3.75% expected) and economic projections; 2:30 p.m. Press conference (watch live).
- December 10, 4:30 p.m.: decision by the Brazilian central bank on interest rates. Reference rate (previous 15%).
- 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
- MoonDAO votes on CDM-204 to overhaul its project system by moving to quarterly voting and monthly reporting. Voting closes on December 10.
- December 10: PancakeSwap will host an ask me anything (AMA) session with CoinW.
- December 10: Horizen celebrates its mainnet launch on Base via livestream.
- Unlocks
- December 10: to unlock 6.76% of its circulating supply worth $14.63 million.
- Token Launches
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.29% from 4 p.m. ET Tuesday at $92,941.70 (24 hours: +3.02%)
- ETH is up 1.37% at $3,347.76 (24 hours: +8.07%)
- CoinDesk 20 is up 0.25% at 2,994.20 (24 hours: +4.48%)
- Ether CESR composite staking rate down 1bp to 2.81%
- BTC funding rate is 0.0014% (1.4925% annualized) on Binance
- The DXY is down 0.1% at 99.12
- Gold futures are down 0.27% at $4,224.60
- Silver futures are up 1% at $61.45
- The Nikkei 225 closed down 0.1% at 50,602.80
- Hang Seng closed 0.42% higher at 25,540.78
- The FTSE is up 0.12% at 9,653.16
- The Euro Stoxx 50 is down 0.18% at 5,708.20
- DJIA closed Tuesday down 0.38% at 47,560.29
- The S&P 500 closed unchanged at 6,840.51
- The Nasdaq Composite closed up 0.13% at 23,576.49
- The S&P/TSX Composite Index closed up 0.24% at 31,244.37
- The S&P 40 Latin America closed 0.27% to 3,135.99
- The 10-year US Treasury yield rose 1.9 bps 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 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
- Hash price (spot): $39.21
- Total fees: 2.98 BTC / $273,149
- Open Interest on CME Futures: 123,905 BTC
- BTC valued in gold: 22 oz.
- BTC vs. gold market capitalization: 6.19%
Technical analysis
- The chart shows Solana Hourly price fluctuations in candlestick form.
- 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 be in the direction in which the fork is ultimately resolved.
Crypto Stocks
- Coinbase Global (COIN): Closed Tuesday at $277.36 (+1.15%), +0.1% to $277.63 in pre-market
- Circle (CRCL): closed at $88.88 (+5.86%), +0.24% at $89.09
- Galaxy Digital (GLXY): closed at $29.45 (+12.88%), +0.2% to $29.51
- Bullish (BLSH): closed at $46.11 (+0.39%), -0.46% at $45.90
- MARA Holdings (MARA): closed at $12.25 (+1.66%), +0.24% to $12.28
- Riot Platforms (RIOT): close at $15.51 (+3.68%), unchanged pre-market
- Core Scientific (CORZ): closed at $17.49 (-1.13%), +0.34% to $17.55
- CleanSpark (CLSK): closed at $14.85 (+6.91%), -0.13% at $14.83
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $47.43 (+2.15%)
- Exodus Movement (EXOD): closed at $15.28 (+2.96%)
Crypto Cash 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% to $20.69
- SharpLink Gaming (SBET): closed at $11.60 (+4.88%), -0.17% at $11.58
- Upexi (UPXI): closed at $2.56 (-1.92%), unchanged in pre-market
- Lite Strategy (LITS): closed at $1.83 (+6.4%)
ETF Feed
Spot BTC ETF
- Daily net flow: $151.9 million
- Cumulative net flows: $57.69 billion
- Total BTC holdings ~1.3 million
ETH Spot ETF
- Daily net flows: $177.7 million
- Cumulative net flows: $13.11 billion
- Total ETH holdings ~6.26 million
Source: Farside Investors
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