Investors eye US Jobless Claims, RBI decision, and Nonfarm Payrolls
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The upcoming release includes the weekly unemployment claims report. The expected figure is 224 thousand, a slight increase from the previous week's 218 thousand.
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On Thursday, the crypto market experienced a downturn as traders reacted to subdued private jobs data.
Major Events To Watch:
Crypto Fear and Greed:
In the last 24 hours, the cryptocurrency market experienced a consolidation, leading flat in the "Greed and Fear Index." The index now sits at 72 on a scale of 0 to 100, reflecting a moderate level of investor sentiment.
Latest Market Update:
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Bitcoin, the world's oldest and most valuable cryptocurrency, maintains a position near $44,000.
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Notable altcoins like Doge, Pepe, SHIB, and LTC show signs of selling.
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BitTorrent (New) takes the lead with an impressive 47.20% surge in the last 24 hours.
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Sei experienced the most significant loss on Wednesday, dipping by 10.50% in the same period.
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Crypto market cap decreases by 0.80% to $1.66 trillion.
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24-hour trading volume sees a significant 23.48% decrease to $87.90 billion.
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DeFi volume stands at $8.74 billion, comprising 10.43% of the total 24-hour crypto market volume.
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Stable coins dominate with a volume of $74.31 billion, representing 88.61% of the total 24-hour crypto market volume.
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Bitcoin's dominance strengthens to 53.67%, marking a 0.66% increase in a day.
Major Worldwide News Update:
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FTX, amidst bankruptcy proceedings, will submit a reorganization plan in mid-December. The Official Committee of Unsecured Creditors responds to FTX 2.0's concerns, highlighting the plan's aim for compromise. Anticipating favorable terms, the Committee stays open to enhancing the proposed plan and awaits a detailed blueprint in December.
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Binance CEO Richard Teng counters Jamie Dimon's criticism of crypto, emphasizing the need for a narrative shift on illicit activities. Teng points out the vast disparity, citing fiat's $3.2 trillion in annual illegal activities compared to crypto's $20 billion.
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Ripple's XRP cryptocurrency is gaining bullish momentum, with increased whale activity noted. Recent large transactions, totaling 132.61 million XRP, led to price pumps. Notably, a wallet moved 24.80 million XRP to Bitstamp and 17.80 million XRP to Bitso. Another whale transferred 90.01 million XRP between unknown wallets. XRP's price surged by 4.55% in 24 hours, reaching $0.6495, with a weekly increase of 7.34%. Analysts suggest a potential new all-time high as the coin aims to break out of a Descending Channel.
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Robinhood disrupts the European crypto market with commission-free trading of over 25 cryptocurrencies, including Bitcoin and Ethereum. The move, following its successful UK stock-broking entry, introduces a cashback-style loyalty program, backed by a robust revenue model. The expansion aligns with rising crypto prices, marking a significant stride for Robinhood in the evolving digital asset landscape.
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Cathie Wood's Ark Invest continues profit booking in Coinbase and Grayscale Bitcoin Trust shares amid the market rally. On December 6, Ark Invest sold $25 million worth of Coinbase shares, following earlier sales. Wood remains bullish on Bitcoin, with prices trading at $44,000.
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The European Union moves closer to regulating generative AI tools like ChatGPT and Google's Bard, reaching a consensus in negotiations involving the European Commission, Parliament, and member countries. The proposed AI Act aims to set global standards, highlighting the challenge of balancing startup protection and addressing societal risks.
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Former Binance CEO Changpeng Zhao (CZ) has his guilty plea accepted by Judge Richard Jones in the U.S. District Court. The plea, related to charges on anti-money laundering laws, was entered in November 2023. CZ faces sentencing in February 2024 and has consented to return to the U.S., with potential implications for Binance's regulatory environment.
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Bloomberg's ETF analyst, Eric Balchunas, predicts the U.S. market will see around 500 approved exchange-traded funds (ETFs) this year. With 478 ETF launches and 208 closures so far, he expects at least 2 new ETFs per day, reflecting a positive trend driven by the $2 billion/day in cash ETFs. Notably, no spot Bitcoin ETFs have been approved in the U.S. yet, but regulatory conversations suggest a changing trend with potential approvals in the near future.
COIN GABBAR Views: Is Bitcoin on track for $50K, or will there be a retracement first? Can a short squeeze drive BTC to $48K? Will BTC reach $50K before hitting $40K? 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 Roundup, 06 Dec: Is Crypto's Magic Set to Spark Frenzy
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