Crypto market cap surpasses $1.6T, led by Bitcoin and Ethereum
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The surge was attributed to the US Federal Reserve's decision to maintain unchanged interest rates and its prediction of potential cuts in 2024.
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Fed Chairman Jerome Powell indicated that interest rates may be at or near their peak in the current tightening cycle.
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Policymakers indicated their intention to implement 75 basis points (bps) in cuts to their benchmark interest rate in 2024.
Major Events To Watch:
Crypto Fear and Greed:
Over the past day, the cryptocurrency markets experienced an upward trend, leading to a 7-point increase in the "Greed and Fear Index." As a result, the current reading on the index now stands at 65 on its 0 to 100 scale.
Latest Market Update:
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Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, surpassed the $42,000 mark for the second time this week.
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Popular altcoins such as Ethereum, Solana, Ripple, Litecoin, and Dogecoin experienced significant gains.
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Among them, the BONK token emerged as the top performer, recording a remarkable 24-hour jump of over 38 percent.
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Conversely, Aptos (APT) faced the largest decline, being the biggest loser with a 24-hour loss exceeding 3.75 percent.
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Total crypto market volume in the past 24 hours stands at $81.30 billion, reflecting an 8.75% decrease.
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DeFi contributes $7.55 billion to the total volume, constituting 11.56% of the overall 24-hour crypto market volume.
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Stablecoins collectively account for $59.11 billion in volume, representing a significant 90.50% share of the total crypto market 24-hour volume.
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Bitcoin's dominance is presently at 53.43%, marking a 0.55% increase over the course of the day.
Major Worldwide News Update:
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The US Federal Reserve, maintaining interest rates at 5.25-5.50% for the third consecutive meeting, emphasized a watchful approach, citing elevated but easing inflation. Anticipating a shift, policymakers projected three 2024 rate cuts, signaling a departure from tightening. The central bank aims to assess economic conditions before considering further policy adjustments.
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Goldman Sachs anticipates a significant surge in cryptocurrency trading volumes in the coming years, citing factors like potential approval of a Bitcoin ETF, Bitcoin Halving, and US Federal Reserve interest rate cuts. The bank's global head of digital assets, Mathew McDermott, sees a substantial uptick in on-chain trading within one to two years. The recent Fed decision to maintain interest rates contributed to a nearly 5% rise in Bitcoin prices, aligning with predictions of a $100,000 valuation by 2025 from experts like Dan Tapiero and Standard Chartered.
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The SEC postponed its decision on Invesco's Ethereum ETF to December 23rd. Invesco seeks approval for a physically-backed Ethereum ETF, differentiating it from futures ETFs. The SEC also extended Grayscale's Ethereum Trust spot ETF deadline to January 25, 2024. Expectations rise for SEC rulings on multiple crypto ETFs, including Bitcoin ETFs from BlackRock, Fidelity, and WisdomTree, signaling potential U.S. approval.
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Yearn Finance suffered a major setback as a script malfunction led to a 63% loss in its treasury assets. The incident, on December 11, involved the unintended swap of lp-yCRVv2 tokens. Although customer funds were unaffected, Yearn is enhancing safety measures, segregating funds, improving scripts, and enforcing stricter trade thresholds. This follows a previous attack in which $11 million was stolen. The DeFi community is urged to return profits from the recent error, emphasizing the collaborative nature of decentralized finance.
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SEC Chair Gary Gensler deflected questions on a Bitcoin ETF, emphasizing the significance of the $26 trillion Treasury market. He downplayed the relevance of crypto, highlighting its minimal impact on the U.S. economy and questioning its contribution to government funding. The SEC's stance on spot Bitcoin ETF approval remains uncertain.
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Iota Foundation collaborates with Fireblocks to streamline asset tokenization, leveraging Iota's ShimmerEVM and Fireblocks' robust infrastructure. Amidst increasing demand for tokenized real-world assets, this partnership enhances Iota's global presence and addresses institutional needs for seamless custody and transactions.
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Gemini Earn creditors express outrage over a proposed reorganization plan slashing Bitcoin payouts to approximately 30% of current market values. Critics, including Bloomberg analyst James Seyffart, deem the plan harsh, prompting fierce opposition from users urging a "VOTE NO" stance on Gemini's X post.
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Coinbase prioritizes Brazil in its global growth strategy, recognizing the nation's importance in the crypto market with a favorable regulatory environment and high adoption rates. The exchange aims for active collaboration with Brazilian authorities as part of its goal to reach 1 billion users globally.
COIN GABBAR Views: Is the recent Bitcoin jump from $43,000 signaling the end of the correction? Will BTC possibly sliding below $40,000? With Powell playing the role of Santa in this Christmas rally, will BTC reach $50,000 following the Fed's decision? To get latest news Stay tuned us at coingabbar
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
For More News: Crypto Daily Roundup, 13 Dec: Cryptos Dance on the Edge Amid FOMC Dip
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