Crypto Daybook Americas will be on hiatus for a while starting Wednesday. We’ll be back on January 5th with your regular wake-up call of what touched the industry overnight and what’s coming up in the day ahead. Wishing you and yours a wonderful holiday!
By Omkar Godbole (All times ET unless otherwise noted)
Sentiment in the crypto market remains gloomy ahead of the US GDP data report due later today, which is expected to show the world’s largest economy holding steady in the third quarter.
Bitcoin the largest cryptocurrency by market capitalization, fell to $87,500 after failing to hold gains above $90,000 on Monday. All 16 CoinDesk indices are down over the course of 24 hours, with the DeFi Select index down 4% and the metaverse index shedding over 3%. HASH and RAIN are the only top-100 tokens by market cap to have gained more than 6% over the last 24 hours.
The overall weak tone is puzzling given the continued decline in the dollar index, which generally bodes well for risk assets, including cryptocurrencies. DXY has fallen below 98.00 and is on the verge of hitting its lowest since early October.
“It is noteworthy that this occurred against the backdrop of a decisive rally in gold and other precious metals, as well as momentum from the weakened dollar. This once again highlights the change in the underlying attitude to risk, which is also confirmed by the sell-off in global bonds,” said Alex Kuptsikevich, chief market analyst at FxPro.
“In the coming weeks, we can expect an even more pronounced decline in cryptocurrencies, as well as spread of risk aversion to stocks and currencies in developing countries,” he said.
At 8:30 a.m., the US Bureau of Economic Analysis will reveal its preliminary estimate for third-quarter gross domestic product. Most economists predict an annual growth rate of 3.2% for the period, with some seeing a print as high as 3.5%.
Figures like these indicate a slowdown from the second quarter’s 3.8% pace, but still comfortably exceed the 2.6% average maintained since late 2021.
A weaker-than-expected print could reignite demand for BTC, though it will be interesting to see if it sustainably lifts prices above $90,000, a level that has acted as a ceiling of late.
In traditional markets, futures tied to the S&P 500 and Nasdaq are little changed, indicating a lack of directional clarity at the opening bell. Historically, these indices have performed well in the final days of the year.
Gold’s rally continues, with the metal approaching $4,500 per ounces. Meanwhile, the yen strengthened against the dollar on speculation that the Bank of Japan could intervene in foreign exchange markets to stop the currency’s recent slide. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- 23 December at 08:30: US-Oct. Orders of durable goods MoM Est. -1.5%; Ex. Transport MoM Est. 0.3%; Ex. Defense MoM (Previous 0.1%).
- 23 December at 08:30 PCE prices for the third quarter in the US QoQ (second estimate). Heading Est. 2.9%; Core Est. 2.9%.
- 23 December at 8:30 AM: US Q3 GDP (initial estimate) (previously 3.8%).
- 23 December at 10: Dec. CB Consumer Confidence Est. 92.
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Yearn DAO votes to rotate multisig signers (YIP-89) and adopt a yETH recovery plan (YIP-90) that uses Treasury dividends, a 10% redirect, and forfeited claims to refund users. Voting ends December 23.
- The GMX DAO votes to start the new GMX-Solana implementation with $400,000 USDC, half of which is used to purchase GMX tokens to create a balanced initial liquidity pool. Voting ends December 23.
- Aave DAO votes to reclaim full ownership of brand assets, including domains, social handles and naming rights, from service providers like Aave Labs, and transfer them to a DAO-controlled entity to prevent private abuse. Voting ends December 26.
- Unlocks
- The token is launched
- December 23: Aster’s Phase 5 buyback program begins.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.44% as of 16 ET Monday at $87,638.35 (24 hours: -2.41%)
- ETH is down 0.2% to $2,967.13 (24h: -2.47%)
- CoinDesk 20 is down 0.3% to 2,717.75 (24h: -2.16%)
- Ether CESR Composite Staking Rate is up 4 bps to 2.84%
- BTC funding rate is at 0.0046% (5.0315% annualized) on Binance
- DXY is down 0.39% to 97.90
- Gold futures are up 1.04% at $4,516.00
- Silver futures are up 1.66% at $69.70
- The Nikkei 225 closed little changed at 50,412.87
- The Hang Seng closed up 0.11% at 25,774.14
- The FTSE is little changed at 9,869.30
- The Euro Stoxx 50 is little changed at 5,742.58
- The DJIA closed Monday up 0.47% at 48,362.68
- The S&P 500 closed up 0.64% at 6,878.49
- The Nasdaq Composite closed up 0.52% at 23,428.83
- The S&P/TSX Composite closed up 0.77% at 32,000.10
- The S&P 40 Latin America closed up 0.42% at 3,100.71
- US 10-year Treasury is down 2.6 bps at 4.145%
- E-mini S&P 500 futures are unchanged at 6,932.75
- E-mini Nasdaq-100 futures are unchanged at 25,706.00
- E-mini Dow Jones Industrial Average Index futures are unchanged at 48,687.00
Bitcoin statistics
- BTC dominance: 59.58% (unchanged)
- Ether to bitcoin ratio: 0.03388 (-0.24%)
- Hashrate (seven-day moving average): 1,051 EH/s
- Hash price (spot): $37.27
- Total Fees: 2.55 BTC / $227,479
- CME Futures open interest: 112,885 BTC
- BTC priced in gold: 20.8 oz
- BTC vs Gold Market Cap: 5.86%
Technical Analysis
- The diagram shows solanas daily price fluctuations in candlestick format.
- The token price recently broke during the week-long sideways consolidation pattern only to reverse the following day and catch bears on the wrong side of the market.
- It’s a classic “Wyckoff spring action” that points to seller fatigue, often the first sign of an impending trend reversal higher.
- However, the bullish reversal needs to be confirmed in the form of a break above the upper limit of the channel formation.
Crypto stocks
- Coinbase Global (COIN): closed Monday at $247.9 (+1.13%), pre-market down 0.57% at $246.49
- Circle Internet (CRCL): closed at $87 (+1.01%), -1.44% at $85.74
- Galaxy Digital (GLXY): closed at $24.61 (+2.54%), -0.49% at $24.49
- Bullish (BLSH): closed at $45.52 (+2.06%), -2.16% at $44.58
- MARA Holdings (MARA): closed at $10.13 (-0.49%), -0.79% at $10.05
- Riot Platforms (RIOT): closed at $14.4 (-0.69%), -0.14% at $14.38
- Core Scientific (CORZ): closed at $15.79 (+1.22%), -0.16% at $15.77
- CleanSpark (CLSK): closed at $12.1 (+0.58%), -0.91% at $11.99
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $42.18 (+2.63%)
- Exodus Movement (EXOD): closed at $15.77 (+1.68%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $164.32 (-0.3%), -0.45% at $163.52
- Semler Scientific (SMLR): closed at $17.41 (2.9%), unchanged
- SharpLink Gaming (SBET): closed at $9.57 (-2.45%), -0.52% at $9.52
- Upexi (UPXI): closed at $1.99 (-4.33%), -1.01% at $1.97
- Lite Strategy (LITS): closed at $1.41 (-1.4%), unchanged
ETF Flows
Spot BTC ETFs
- Daily net flows: -$142.2 million
- Cumulative net flows: $57.25 billion
- Total BTC holdings ~1.31M
Spot ETH ETFs
- Daily net flows: $84.6 million
- Cumulative net flows: $12.55 billion
- Total ETH holding ~6.09 million
Source: Farside Investors
While you were sleeping
