By Omkar Godbole (All times ET unless otherwise noted)
Last week, CoinDesk flagged the potential for action in crypto-cross pairs, even as major tokens and the broader market looked weak against the dollar. Since then, the largest cross by market capitalization is ether priced in bitcoin has delivered, reaching 0.036 today, the highest since October 27th.
The ADA/BTC pair also rose, reaching its strongest level since November 20. Bitcoin fell back after briefly rising to $94,500 late Tuesday. ETH, ADA and privacy coins XMR and ZEC all rose more than 7% in 24 hours, while SOL, DOGE, XLM, LINK and HYPE rose around 2%.
The crosses could extend gains if the Fed cuts interest rates by 25 basis points as expected and, more importantly, Chairman Jerome Powell strikes a dovish tone, reviving hopes for more rate cuts next year. Right now, markets seem to be anticipating hawkish forward guidance, hence the continued rise in the 10-year US Treasury yield.
Beyond the Fed, a pending Supreme Court ruling on the legality of President Donald Trump’s “reciprocal” tariffs could add another layer of volatility. The decision will be made any day.
If the court invalidates the tariffs, it could remove a source of inflation worries and trade uncertainty, prompting a risk-on tone into the end of the year.
Several investment banks, including Goldman Sachs, have noted that the Trump administration could still lean on other tools, such as Section 232 tariffs, to reintroduce trade pressures.
In other political news, the IMF warned that stablecoins could pose currency risks to emerging markets, although experts say they are not yet big enough to have a truly systemic impact. In Washington DC, the teachers’ union, AFT, slammed the latest crypto market law, warning of “profound risks” to Americans’ pension plans.
In traditional markets, silver rose to a record high of $61.60 per ounces. It has more than doubled this year. The dollar index is holding close to 99.00, while the 10-year Treasury yield has risen to its highest level since September 4. 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
- December 10: Celo’s Jello hardfork to bring ZK-powered bug proofs to the network.
- Macro
- 10 December at 07.00: General inflation rate in Brazil Nov. YoY Est. 4.49%, MoM Est. 0.09%.
- December 10, 9:45 a.m.: Bank of Canada interest rate decision. Benchmark rate Est. 2.25%. 10.30 press conference
- 10 December at 14: Federal Open Market Committee (FOMC) US interest rate decision (25 basis point cut to 3.5%-3.75% expected) and economic projections; 14.30 press conference (watch live).
- 10 December at 16.30: Brazil’s central bank’s interest rate decision. Benchmark rate (Previous 15%).
- 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
- MoonDAO votes on MDP-204 to revise its project system by switching to quarterly voting and monthly reporting. Voting ends December 10.
- December 10: PancakeSwap to host an AMA session with CoinW.
- December 10: Horizen celebrates its mainnet launch on Base through a live stream.
- Unlocks
- December 10: to unlock 6.76% of its circulating supply, worth $14.63 million.
- The token is launched
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 0.29% as of 16 ET Tuesday at $92,941.70 (24 hours: +3.02%)
- ETH is up 1.37% to $3,347.76 (24h: +8.07%)
- CoinDesk 20 is up 0.25% to 2,994.20 (24 hours: +4.48%)
- Ether CESR Composite Staking Rate is down 1bp to 2.81%
- BTC funding rate is at 0.0014% (1.4925% annualized) on Binance
- DXY is down 0.1% to 99.12
- Gold futures are down 0.27% at $4,224.60
- Silver futures are up 1% at $61.45
- The Nikkei 225 closed up 0.1% at 50,602.80
- The Hang Seng closed up 0.42% at 25,540.78
- The FTSE rose 0.12% to 9,653.16
- The Euro Stoxx 50 is down 0.18% to 5,708.20
- The DJIA closed down 0.38% on Tuesday at 47,560.29
- The S&P 500 closed unchanged at 6,840.51
- The Nasdaq Composite closed up 0.13% at 23,576.49
- The S&P/TSX Composite closed up 0.24% at 31,244.37
- S&P 40 Latin America closed up 0.27% to 3,135.99
- US 10-year Treasuries are up 1.9 bps at 4.205%
- E-mini S&P 500 futures are unchanged at 6,851.50
- E-mini Nasdaq-100 futures are unchanged at 25,708.50
- E-mini Dow Jones Industrial Average Index futures are unchanged at 47,602.00
Bitcoin statistics
- BTC Dominance: 59.14% (+0.08%)
- Ether to bitcoin ratio: 0.03586 (0.16%)
- Hashrate (seven-day moving average): 1,043 EH/s
- Hash price (spot): $39.21
- Total Fees: 2.98 BTC / $273,149
- CME Futures open interest: 123,905 BTC
- BTC priced in gold: 22 oz.
- BTC vs Gold Market Cap: 6.19%
Technical Analysis
- The diagram shows solanas hourly price fluctuations in candlestick format.
- Solana’s native token continues to trade in a sideways channel with $145 as the upper limit and $125 as the lower limit.
- The next big move is likely to unfold in the direction where the row is ultimately resolved.
Crypto stocks
- Coinbase Global (COIN): closed Tuesday at $277.36 (+1.15%), +0.1% at $277.63 in premarket
- 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 in 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 Miners ETF (WGMI): closed at $47.43 (+2.15%)
- Exodus Movement (EXOD): closed at $15.28 (+2.96%)
Crypto Treasury Companies
- 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 in pre-market
- Lite Strategy (LITS): closed at $1.83 (+6.4%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $151.9 million
- Cumulative net flows: $57.69 billion
- Total BTC holdings ~1.3m
Spot ETH ETFs
- Daily net flows: $177.7 million
- Cumulative net flows: $13.11 billion
- Total ETH holdings ~6.26 million
Source: Farside Investors
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