Crypto Daybook Americas Takes a Break Until January
Crypto Daybook Americas will be pausing its operations starting Wednesday and is scheduled to resume on January 5th. The team wishes everyone a joyful holiday season and looks forward to providing insights on the latest happenings in the crypto industry upon their return.
Market Sentiment Remains Cautious Ahead of U.S. GDP Data Release
The atmosphere within the cryptocurrency market is currently pessimistic, particularly as investors await the U.S. Gross Domestic Product (GDP) report set to be released today. This report is anticipated to reveal that the largest economy in the world remained resilient during the third quarter. Bitcoin, the leading cryptocurrency by market capitalization, experienced a downturn, dropping to approximately $87,500 after it struggled to maintain its position above $90,000 earlier this week. All 16 CoinDesk indexes have noted declines over the last 24 hours, with the DeFi Select index seeing a decrease of 4% and the metaverse index losing over 3%. Nonetheless, HASH and RAIN have been the only top-100 tokens to register gains exceeding 6% during this period.
The prevailing weak market sentiment is surprising, especially given the ongoing decline of the dollar index, which typically supports risk assets like cryptocurrencies. The DXY has fallen below 98.00, nearing its lowest point since early October. Alex Kuptsikevich, the chief market analyst at FxPro, commented that this situation unfolds against a backdrop of significant rallies in gold and other precious metals, as well as the trend of a weakening dollar. He emphasized that this shift indicates a change in risk appetite, corroborated by a sell-off in global bonds.
Looking ahead, Kuptsikevich predicts a sharper decline in cryptocurrency values, which may extend to stocks and currencies in emerging markets as well.
U.S. GDP Data Anticipated Today
At 8:30 a.m., the U.S. Bureau of Economic Analysis will release its initial estimate for the third-quarter GDP. Most economists estimate an annualized growth rate of 3.2% for this period, with some projections reaching as high as 3.5%. While these figures suggest a slowdown from the second quarter’s 3.8% pace, they still comfortably exceed the average growth rate of 2.6% since late 2021. Should the results come in lower than expected, it could revive interest in Bitcoin, although it remains to be seen if prices will sustainably breach the $90,000 mark, which has recently served as a resistance level.
In traditional financial markets, futures linked to the S&P 500 and Nasdaq are showing little change, reflecting a lack of clear direction as the market prepares to open. Historically, these indexes have performed well during the year’s final days. Gold continues its upward trajectory, nearing $4,500 per ounce, while the yen has appreciated against the dollar amid speculation that the Bank of Japan may intervene to halt the currency’s recent depreciation.
Economic Calendar Highlights
For a detailed overview of upcoming events this week, readers can consult CoinDesk’s "Crypto Week Ahead".
Macro Events to Monitor:
- Dec. 23, 8:30 a.m.: U.S. October Durable Goods Orders Month-over-Month Estimate: -1.5%; Excluding Transport: 0.3%; Excluding Defense (Previous: 0.1%).
- Dec. 23, 8:30 a.m.: U.S. Q3 Personal Consumption Expenditures Prices Quarter-over-Quarter (second estimate). Headline Estimate: 2.9%; Core Estimate: 2.9%.
- Dec. 23, 8:30 a.m.: U.S. Q3 GDP (initial estimate) (Previous: 3.8%).
- Dec. 23, 10 a.m.: December Consumer Confidence Estimate: 92.
Token Governance Votes:
Yearn DAO is conducting a vote to change multisig signers (YIP-89) and implement a yETH recovery plan (YIP-90) that includes Treasury yield, a 10% revenue redirect, and forfeited claims to reimburse users. Voting concludes on December 23.
GMX DAO is also voting to allocate $400,000 USDC for the new GMX-Solana deployment, with half of the funds aimed at purchasing GMX tokens to establish a balanced initial liquidity pool, with voting ending on December 23.
Aave DAO is considering a vote to regain full ownership of brand assets, which include domains, social media handles, and naming rights, transferring these to a DAO-controlled entity to prevent private misuse. Voting ends on December 26.
Upcoming Token Launches and Conferences:
Aster’s stage 5 buyback program is set to commence on December 23. For a complete list of events this week, see CoinDesk’s "Crypto Week Ahead".
Market Performance Overview
Bitcoin has decreased by 0.44% since 4 p.m. ET on Monday, now priced at $87,638.35, reflecting a 24-hour drop of 2.41%. Ethereum has seen a slight decline of 0.2%, now at $2,967.13, with a 24-hour decrease of 2.47%. The CoinDesk 20 index has also dipped by 0.3%, currently at 2,717.75, down 2.16% over the last 24 hours. The Ether CESR Composite Staking Rate has increased by 4 basis points to 2.84%.
Bitcoin’s funding rate stands at 0.0046%, which translates to an annualized rate of 5.0315% on Binance. The DXY index is down 0.39%, currently at 97.90. Gold futures have risen by 1.04%, reaching $4,516.00, while silver futures are up 1.66% at $69.70.
Asian markets have shown mixed results, with the Nikkei 225 closing relatively unchanged at 50,412.87, while the Hang Seng saw a minor decline of 0.11%, finishing at 25,774.14. The FTSE index is also largely unchanged at 9,869.30, and the Euro Stoxx 50 remains steady at 5,742.58.
In U.S. markets, the Dow Jones Industrial Average increased by 0.47% to close at 48,362.68, while the S&P 500 and Nasdaq Composite also recorded gains of 0.64% and 0.52%, respectively. The S&P/TSX Composite rose by 0.77% to 32,000.10, and the S&P 40 Latin America index gained 0.42%, finishing at 3,100.71.
The U.S. 10-Year Treasury rate has decreased by 2.6 basis points, currently standing at 4.145%. E-mini S&P 500, Nasdaq-100, and Dow Jones Industrial Average futures are all unchanged.
Bitcoin Metrics:
- Bitcoin Dominance: 59.58% (unchanged)
- Ether to Bitcoin Ratio: 0.03388 (-0.24%)
- Hashrate (7-day moving average): 1,051 EH/s
- Hashprice (spot): $37.27
- Total Fees: 2.55 BTC / $227,479
- CME Futures Open Interest: 112,885 BTC
- Bitcoin Priced in Gold: 20.8 oz
- Bitcoin Market Cap Relative to Gold: 5.86%
Technical Analysis of SOL
The daily chart for Solana (SOL) shows recent price movements, which have broken below a consolidation pattern but bounced back the following day. This price action is indicative of a "Wyckoff spring action," suggesting seller exhaustion and possibly signaling the beginning of a bullish trend reversal. Nonetheless, confirmation of this reversal would require a breakout above the upper boundary of the current channel.
Crypto Equities Performance
Coinbase Global (COIN) closed on Monday at $247.9, marking a gain of 1.13%, but has seen a slight decline in pre-market trading, now at $246.49. Circle Internet (CRCL) closed at $87, up 1.01%, but is down 1.44% in pre-market to $85.74. Galaxy Digital (GLXY) finished at $24.61 with a 2.54% increase, though it has dipped 0.49% to $24.49 pre-market.
Bullish (BLSH) closed at $45.52, a rise of 2.06%, while pre-market trading shows a decrease of 2.16% to $44.58. MARA Holdings (MARA) ended at $10.13, down 0.49%, and is slightly down to $10.05 in pre-market. Riot Platforms (RIOT) closed at $14.4, a decline of 0.69%, with a minor drop to $14.38 pre-market.
Core Scientific (CORZ) saw a 1.22% increase, closing at $15.79, and pre-market trading reflects a slight dip to $15.77. CleanSpark (CLSK) closed at $12.1, a modest increase of 0.58%, but has decreased to $11.99 in pre-market. The CoinShares Valkyrie Bitcoin Miners ETF (WGMI) closed up 2.63% at $42.18, while Exodus Movement (EXOD) rose by 1.68% to $15.77.
Crypto Treasury Companies Update
Strategy (MSTR) closed at $164.32, with a slight drop of 0.3% to $163.52 in pre-market trading. Semler Scientific (SMLR) ended at $17.41, up 2.9%, remaining unchanged in pre-market. SharpLink Gaming (SBET) closed at $9.57, down 2.45%, with a small decline to $9.52. Upexi (UPXI) finished at $1.99, down 4.33%, now at $1.97 pre-market. Lite Strategy (LITS) closed at $1.41, down 1.4%, remaining unchanged in pre-market.
ETF Flows
Spot Bitcoin ETFs reported daily net outflows of -$142.2 million, bringing cumulative net flows to $57.25 billion, with total Bitcoin holdings around 1.31 million. Spot Ethereum ETFs saw daily net inflows of $84.6 million, with cumulative net flows totaling $12.55 billion and total Ethereum holdings at approximately 6.09 million.
