The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Wednesday! Here’s what you need to know in crypto today. |
- Bitcoin trades at around $98,400.
- Traders await a signal from U.S. inflation data due at 8:30 a.m. ET.
- XRP leads market gains following Ripple stablecoin's regulatory approval.
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CoinDesk 20 Index: 3,712.43 +2.54% Bitcoin (BTC): $98,416.422 +1.27% Ether (ETH): $3,729.57 +1.38% S&P 500: 6,034.91 -0.3% Gold: $2,695.15 +0.04% Nikkei 225: 39,372.23 0.01% |
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Bitcoin held its own above $98,000 as traders awaited inflation data for November from the U.S. The largest crypto asset has gained around 1.95% since 4 p.m. ET on Tuesday to trade at $98,400, while the broader digital asset market measured by the CoinDesk 20 Index is around 3% higher, fueled by a rally in XRP. Having recovered from the plunge at the start of the week, BTC is in wait-and-see mode with bulls and bears locked in a tug of war and neither clearly in the ascendancy. The November CPI report, due 8:30 a.m. ET, may provide a clue of which way bitcoin is about to move. |
The November CPI report is expected to show an uptick in price pressures, but a softer-than-forecast reading will likely validate Fed interest-rate cut bets. This could be the signal bitcoin bulls need for a sustained move above $100,000. But if the data comes in hotter than estimated, especially the core figure, it could add to the dollar's bull momentum and energize bitcoin bears, who have an advantage heading into the data release. The U.S. Treasury market has been a picture of calm recently, with its volatility gauge, MOVE, plunging to 85 from 136. One way or another, the data could bring some energy back into financial markets. XRP surged during U.S. afternoon hours on Tuesday after Ripple CEO Brad Garlinghouse said the company's much-anticipated stablecoin obtained regulatory approval from the New York Department of Financial Services. "This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon," Garlinghouse posted on X. XRP rallied 10% following Garlinghouse's announcement in a broader crypto market bounce, erasing earlier losses. The rally extended into the European morning, with XRP trading at $2.36 shortly after 7 a.m. ET, over 11% higher in the last 24 hours to lead gains among major tokens. |
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Market Insight: Bitcoin’s $100K Breakout Pause and Nvidia's Stalled Rally
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For the third week, bitcoin (BTC) remains locked in a price range between $90,000 and $100,000, punctuated only by Dec. 5's short-lived rise into six figures. One reason for this, somewhat overlooked by pundits, is the slowdown in chipmaker Nvidia's share-price rally. Since the debut of ChatGPT in late 2022, NVDA, the world's biggest company, has emerged as a bellwether for all things AI and risk assets in general. While BTC has risen 130% this year, NVDA has gained 172%, according to TradingView data. "Same psychology; winners like winners. BTC has 'caught up' to NVDA. They have little fundamentals in common but are driven by similar psychology," analysts at TheMarketEar said in a note to clients, adding that NVDA is one of the few stocks that has outperformed BTC this year. NVDA's climb, however, has run out of steam since mid-November, with prices now teasing a bearish reversal pattern for heads and shoulders. Besides, the one-year put-call skew now shows calls trading at par with puts — a neutral sentiment — as opposed to a strong call (bullish) bias early this year, according to data source Market Chameleon. |
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- The Truflation index, which uses data from over 30 sources including Amazon, Walmart and Zillow, to create an index of prices for goods and services, has surged to 2.84%, the highest since September 2023.
- Its a sign of sticky price pressures that may soon show up in the official CPI figures.
- Source: Truflation
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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