Crypto Daily Roundup, 8 Dec: Altcoins Sparkle, Bitcoin Takes a Siesta

Best-performing cryptocurrency in the last 24 hours.

TOP 5 Gainers Coins

Crypto News Key Highlights:

• With a quiet corporate earnings calendar, market attention turns to Friday's non-farm payrolls report. Forecasts anticipate a 180,000 rise in November, impacting the 3.9% unemployment rate. The Federal Reserve monitors labor market tightness, linking it to potential inflation and rate hikes, influencing equity reactions. Recent data, including the JOLTS survey and ADP Employment Report, hints at a softer US job market, aligning with Fed sentiments.

• Jobless claims in the U.S. increased by 1,000 to 220,000 for the week ending Dec. 2, meeting analyst forecasts. However, the overall number of individuals collecting unemployment benefits dropped by 64,000 to 1.86 million, marking the second decline in 11 weeks.

• Fidelity Investments' spot Bitcoin ETF, listed as FBTC on DTCC, signals a significant step in securing approval for the first spot Bitcoin ETF in the U.S. The anticipation boosts BTC prices, while Fidelity's Jurrien Timmer predicts Bitcoin reaching $1 billion by 2038, citing its potential as an inflation hedge.

• Coinbase (NASDAQ:COIN) is set to list JITO, a governance token on the Solana network, following a 60% rally in Solana's price. JITO, governing the Jito Network, addresses decentralized governance and MEV issues. Coinbase CEO Brian Armstrong praised Solana's performance. JITO trading against USD on Coinbase begins today, with the Jito Network planning a 10% token airdrop.

• Ethereum (ETH) hits an 18-month high, trading at $2,375, up 4.60%, with a $285 billion market cap. Bullish sentiment surrounds ETH, targeting $3,500. On-chain data reveals non-exchange wallets holding a record 54.6 million ETH, while exchange wallet holdings drop to a 5-year low at 9.3 million ETH. Anticipation builds for Ethereum's Dencun upgrade in January 2024, set to enhance data availability, reduce transaction costs, and improve scalability through rollups.

• Binance founder Changpeng "CZ" Zhao is ordered to stay in the U.S. until his February 2024 sentencing for money laundering. A federal judge cites flight risk due to Zhao's substantial wealth abroad and lack of U.S. ties. Zhao, who pleaded guilty, faces up to 18 months in prison.

• El Salvador launches the "Adopting El Salvador Freedom Visa Program," offering citizenship to 1,000 individuals investing $1 million in Bitcoin or Tether. President Nayib Bukele reports a $3.6 billion profit from Bitcoin holdings. Critics note higher costs but highlight the nation's pro-Bitcoin policies may attract crypto investors.

• Tesla CEO Elon Musk is urging the U.S. Supreme Court to overturn a settlement that mandates pre-approval for his Tesla-related Twitter posts, citing a violation of his free speech rights. Musk's legal team contends the conditions are unconstitutional, seeking a reversal and paving the way for a significant legal showdown.

• MicroStrategy's Michael Saylor polls the Bitcoin community on when they'd consider selling, with surprising results. While 18.8% and 14.1% favor $250,000 and $500,000 thresholds, 36.3% envision holding until $1 million or never selling, reflecting strong long-term faith in Bitcoin.

Also read - 24 Crypto Update, 7 Dec: BTC Takes a Nap as Altcoins Ignite the Market