By Omkar Godbole (All times Eastern unless otherwise noted)
Last week, CoinDesk noted potential action on cryptocurrency cross pairs despite lackluster performance against the U.S. dollar among major coins and the broader market. After this, the largest cross currency by market capitalization is Ethereum Priced in Bitcoin delivered, hit 0.036 today, the highest since October 27.
The ADA/BTC pair also rose, hitting its highest level since November 20. It briefly rose to $94,500 late Tuesday night before retreating. ETH, ADA and the privacy coins XMR and ZEC are all up more than 7% in 24 hours, while SOL, DOGE, XLM, LINK and HYPE are up around 2%.
The cross could extend its gains if the Fed cuts interest rates by 25 basis points as expected and, more importantly, if Chairman Jerome Powell adopts a dovish tone, rekindling hopes of further rate cuts next year. As of now, the market seems to be anticipating hawkish forward guidance, so the 10-year Treasury yield will continue to rise.
Beyond the Fed, an upcoming Supreme Court ruling on the legality of President Donald Trump’s “reciprocal” tariffs could add another layer of volatility. This decision is due at any time.
If the court invalidates the tariffs, it could remove sources of inflation concerns and trade uncertainty, encouraging a risk-on tone heading into year-end.
Several investment banks, including Goldman Sachs, noted that the Trump administration could still rely on other tools, such as Section 232 levies, to reassert trade pressure.
In other policy news, the International Monetary Fund warned that stablecoins could pose foreign exchange risks to emerging markets, although experts believe stablecoins are not large enough to have a real systemic impact. In Washington, D.C., teachers union AFT slammed the latest cryptocurrency market bill, warning that Americans face “significant risks” to their retirement plans.
In traditional markets, silver surged to a record high of $61.60 an ounce. That’s more than doubled this year. The U.S. dollar index remains near 99.00, while the 10-year Treasury bond yield has risen to its highest level since September 4. Stay vigilant!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- December 10: Celo’s Jello hard fork brings ZK-backed proof-of-failure to the network.
- Macro
- 7 am on December 10: Brazil’s overall inflation rate in November is expected to be 4.49% year-on-year, and 0.09% month-on-month.
- December 10, 9:45 a.m.: Bank of Canada interest rate decision. Base rate is expected. 2.25%. 10:30 a.m. press conference
- December 10, 2 pm: Federal Open Market Committee (FOMC) U.S. interest rate resolution (expected to cut interest rates by 25 basis points to 3.5%-3.75%) and economic forecast; 2:30 pm press conference (watch live broadcast).
- December 10, 4:30 pm: Brazilian Central Bank interest rate decision. Base rate (previously 15%).
- income (Estimate based on FactSet data)
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- MoonDAO is voting on MDP-204 to overhaul its project system by switching to quarterly voting and monthly reporting. Voting closes on December 10th.
- December 10: PancakeSwap and CoinW co-host an Q&A (AMA) session.
- December 10: Horizen celebrated the launch of its mainnet on Base with a live stream.
- Unlock
- December 10: Unlocking 6.76% of its circulating supply, worth $14.63 million.
- Token issuance
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is up 0.29% at $92,941.70 as of 4pm ET on Tuesday (24 hours: +3.02%)
- ETH up 1.37% to $3,347.76 (24 hours: +8.07%)
- CoinDesk 20 up 0.25% to 2,994.20 (24 hours: +4.48%)
- The comprehensive pledge rate of Ethereum CESR dropped by 1 basis point to 2.81%
- The BTC financing interest rate on Binance is 0.0014% (annualized 1.4925%)
- DXY fell 0.1% to 99.12
- Gold futures fell 0.27% to $4,224.60
- Silver futures rose 1% to $61.45
- The Nikkei 225 closed down 0.1% at 50,602.80 points
- The Hang Seng Index closed up 0.42% at 25,540.78 points
- The FTSE rose 0.12% to 9,653.16
- The Euro Stoxx 50 index fell 0.18% to 5,708.20
- The Dow closed down 0.38% on Tuesday at 47,560.29 points
- The S&P 500 closed unchanged at 6,840.51 points
- The Nasdaq Composite Index closed up 0.13% at 23,576.49 points
- The S&P/TSX Composite Index closed up 0.24% at 31,244.37 points
- S&P 40 Latin America Index closes 0.27% to 3,135.99
- The U.S. 10-year Treasury bond rate rose 1.9 basis points to 4.205%
- E-mini S&P 500 futures unchanged at 6,851.50
- E-mini Nasdaq 100 futures unchanged at 25,708.50
- E-mini Dow Jones Industrial Average futures were unchanged at 47,602.00
Bitcoin Statistics
- Bitcoin dominance: 59.14% (+0.08%)
- Ethereum-Bitcoin ratio: 0.03586 (0.16%)
- Hash rate (seven-day moving average): 1,043 EH/s
- Hash price (spot): $39.21
- Total fee: 2.98 BTC / $273,149
- CME Futures Open Interest: 123,905 BTC
- BTC in gold: 22 ounces.
- Bitcoin and gold market capitalization: 6.19%
technical analysis
- This chart shows solana’s Hourly price fluctuations in candlestick format.
- The Solana native token continues to trade in a sideways channel with an upper limit of $145 and a lower limit of $125.
- The next big move could be towards an eventual resolution of the range.
crypto stocks
- Coinbase Global (COIN): Tuesday’s close at $277.36 (+1.15%), pre-market close at $277.63, +0.1%
- Circle (CRCL): Closed at $88.88 (+5.86%), +0.24% at $89.09
- Galaxy Digital (GLXY): Closed at $29.45 (+12.88%), +0.2% at $29.51
- Bullish (BLSH): Closed at $46.11 (+0.39%), -0.46% at $45.90
- MARA Holdings (MARA): Closed at $12.25 (+1.66%), +0.24% at $12.28
- Riot Platforms (RIOT): Closed at $15.51 (+3.68%), unchanged pre-market
- Core Scientific (CORZ): Closed at $17.49 (-1.13%), +0.34% at $17.55
- CleanSpark (CLSK): Closed at $14.85 (+6.91%), -0.13% at $14.83
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $47.43 (+2.15%)
- Exodus Movement (EXOD): Closed at $15.28 (+2.96%)
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $188.99 (+2.89%), +0.69% at $190.30
- Semler Scientific (SMLR): Closed at $20.37 (+3.03%), +1.57% at $20.69
- SharpLink Gaming (SBET): Closed at $11.60 (+4.88%), -0.17% at $11.58
- Upexi (UPXI): Closed at $2.56 (-1.92%), unchanged pre-market
- Lite Strategies (LITS): Closed at $1.83 (+6.4%)
ETF flows
Spot BTC ETF
- Net daily traffic: $151.9 million
- Cumulative net flow: $57.69 billion
- Total Bitcoin holdings are approximately 1.3 million
Spot ETH ETF
- Net daily traffic: $177.7 million
- Cumulative net flow: $13.11 billion
- The total amount of ETH held is about 6.26 million
Source: Farside Investors
