By Omkar Godbole (All times ET unless otherwise noted)
The crypto market rallied on Monday on expectations of a Federal Reserve rate cut stoking risk appetite across the board. Bitcoin rose to nearly $92,000, up 3% in the past 24 hours, while the CoinDesk 20 and CoinDesk 80 indices rose around 3.5%.
That said, bulls may want to exercise caution as there are at least three yellow flags being waved. First, this rate cut is basically a done deal, so all eyes are on Fed Chairman Jerome Powell’s forward guidance and whether he will signal further cuts in 2026. Some market watchers are betting against aggressive easing. Case in point: The 10-year yield is rising ahead of the meeting, suggesting bond traders are sensing a hawkish mood.
The momentum is also bearish. The CoinDesk Bitcoin Trend Index is reporting a strong downtrend, and its ether equivalent is not far behind. The latter turned bearish in mid-November, setting the timing for the price decline that followed.
The feeds don’t scream “buy” either. U.S.-listed spot bitcoin ETFs disclosed a net $87.77 million last week, with spot ether ETFs losing $65.59 million, according to SoSoValue.
“This band is constructive beneath the surface as large portfolios accumulate and FX supply is historically low, but the market is politically and macro-sensitive this week,” said Timothy Misir, research analyst at BRN.
Misir added that a hawkish Fed taper, large-scale ETF exits or a reacceleration of FX inflows and data that weaken bets on a rate cut could play spoilsport.
Also watch for volatility in the broader market, as token unlocks for CONX, APT, STRK, CHEEL, LINEA and BB, each worth over $5 million, are planned for the next seven days, as noted by newsletter service LondonCryptoClub.
In traditional markets, gold’s rise paused around $4,200 per ounce. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Cryptocurrency markets today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- December 8: EstateX (ESX) platform goes live for Unicorn Club members (1 million ESX required) and NFT holders; first property put up for sale.
- December 8 (market open): ProCap Financial Inc. (BRR), resulting from the merger of Columbus Circle Capital Corp. I and ProCap BTC, LLC, begins trading on the Nasdaq Global Market.
- December 8, 11:30 a.m.: Enjin (ENJ) activates the Senotsa upgrade on Relaychain and Matrixchain mainnet.
- December 8, 1:30 p.m.: Hivemapper (HONEY) AMA on X Spaces.
- Macro
- 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
- December 8: to welcome the community, call for an update on the Mesa upgrade at 11:00 a.m.
- Celo Public Goods votes on the December allocation for “Support Streams Season 1,” distributing CELO and OP to projects based on stCELO votes. Voting closes on December 8.
- Aave DAO votes to integrate the USDG stablecoin issued by Paxos into the Aave V3 Core instance. Voting closes on December 8.
- Unlocks
- Token Launches
- Stable listings (STABLE) on various exchanges including Bitfinex and KuCoin.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 3.32% from 4 p.m. ET Friday at $92,192.06 (24 hours: +3.27%)
- ETH is up 4.63% at $3,160.68 (24 hours: +3.98%)
- CoinDesk 20 is up 3.75% at 2,945.01 (24 hours: +3.59%)
- Ether CESR composite staking rate up 1bp to 2.85%
- BTC funding rate is 0.0039% (4.242% annualized) on Binance
- The DXY is unchanged at 98.95
- Gold futures are down 0.17% at $4,235.70
- Silver futures are down 0.29% at $58.88
- The Nikkei 225 closed up 0.18% at 50,581.94
- Hang Seng closed 1.23% lower at 25,765.36
- FTSE is unchanged at 9,664.29
- The Euro Stoxx 50 is unchanged at 5,725.95
- DJIA closed Friday up 0.22% at 47,954.99
- The S&P 500 closed up 0.19% at 6,870.40
- The Nasdaq Composite closed up 0.31% at 23,578.13
- The S&P/TSX Composite Index closed down 0.53% at 31,311.41
- The S&P 40 Latin America closed down 3.98% at 3,126.05
- The 10-year US Treasury yield is up 1.2 bps to 4.151%
- E-mini S&P 500 futures are up 0.11% at 6,886.00
- E-mini Nasdaq-100 futures are up 0.2% at 25,784.00
- E-mini Dow Jones Industrial Average futures unchanged at 47,991.00
Bitcoin Statistics
- BTC dominance: 59.38% (-0.12%)
- Ether-bitcoin ratio: 0.03434 (1.41%)
- Hashrate (seven-day moving average): 1,025 EH/s
- Hash price (spot): $38.75
- Total fees: 1.99 BTC / $178,769
- CME Futures Open Interest: 121,060 BTC
- BTC valued in gold: 21.8 ounces.
- BTC vs. gold market capitalization: 6.16%
Technical analysis
- The chart shows daily fluctuations in the 10-year U.S. Treasury yield.
- The benchmark yield continues to rise despite the Fed’s impending rate cut and has charted a bullish inverse head-and-shoulders pattern.
- A break above the pattern’s resistance line (yellow) could accelerate the uptrend, potentially adding volatility to traditional and digital asset markets.
Crypto Stocks
- Coinbase Global (COIN): closed Friday at $269.73 (-1.58%), +2.11% to $275.42 in pre-market
- Circle (CRCL): closed at $85.62 (-2.1%), +0.15% at $130.04
- Galaxy Digital (GLXY): closed at $25.51 (-7.47%), +1.92% to $26
- Bullish (BLSH): closed at $46.45 (-4.07%), +1.42% at $47.11
- MARA Holdings (MARA): closed at $12.47 (+4.7%), +2.56% to $12.04
- Riot Platforms (RIOT): close at $14.94 (-4.17%), +2.01% to $15.24
- Core Scientific (CORZ): closed at $17.11 (+0.18%)
- CleanSpark (CLSK): closed at $13.72 (-8.75%), +2.59% to $14.07
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $45.53 (-3.72%)
- Exodus Movement (EXOD): closed at $14.61 (-5.25%), +2.94% at $15.04
Crypto Cash Companies
- Strategy (MSTR): closed at $178.99 (-3.77%), +2.23% to $182.98
- Semler Scientific (SMLR): closed at $17.11 (+0.18%)
- SharpLink Gaming (SBET): closed at $10.72 (-3.94%), +3.26% to $11.07
- Upexi (UPXI): closed at $2.66 (-6.67%), +2.63% to $2.73
- Lite Strategy (LITS: closed at $1.67 (-4.57%)
ETF Feed
Spot ETF BTC
- Daily net flows: $54.8 million
- Cumulative net flows: $57.6 billion
- Total BTC holdings ~1.31 million
ETH Spot ETF
- Daily net flows: -$75.2 million
- Cumulative net flows: $12.9 billion
- Total ETH holdings ~6.25 million
Source: Farside Investors
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