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

ETH Price Hits 18-Month High, Ethereum Hardfork Due January 2024

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  Unemployment claims rose by 1,000 to 220,000 in the week ending December 2, meeting analyst expectations, as reported by the Labor Department on Thursday.

• Nonfarm Payrolls in the US are expected to increase by 180,000 in November, following a rise of 150,000 in October.

• Ethereum prepares for the Dencun fork on Goerli testnet in January 2024, with developers focusing on expanding the Goerli shadow network.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency market experienced consolidation, leading to price stabilization and a neutral position on the "Greed and Fear Index." Currently at 72 on a scale of 0 to 100, the index reflects a moderate level of investor sentiment.

Latest Market Update: 

• Ether and Solana reached new highs for 2023, while Bitcoin experienced a dip, falling to $43,000.

• Prominent altcoins such as BONK, GALA, Injective and Sui are exhibiting indications of buying interest.

• BONK takes the lead with an impressive 36.50% surge in the last 24 hours.

• Terra Classic experienced the most significant loss on Thursday, dipping by 9.34% in the same period.

• Total crypto market volume in the past 24 hours is $100 billion, reflecting a 13.76% increase.

• DeFi contributes $7.04 billion to the total volume, constituting 9.98% of the overall crypto market 24-hour volume.

• The volume of all stablecoins now stands at $62.44 billion, representing 88.45% of the total crypto market 24-hour volume.

• Bitcoin's dominance is currently at 53.64%, marking an increase of 0.80% over the course of the day.

Major Worldwide News Update:

• Financial markets await key economic data releases, including Friday's Non-Farm Payroll data for insights into the US job market. US inflation figures on Tuesday will be closely watched, preceding the Federal Reserve's meeting next week, where Jerome Powell's comments and economic projections could impact expectations for potential interest rate cuts starting in March.

• In the week ending December 2, seasonally adjusted initial claims rose by 1,000 to 220,000, with the previous week's level revised up to 219,000. The 4-week moving average increased by 500 to 220,750, and the previous week's average was revised up to 220,250.

• Solana , Ethereum's Layer-1 rival, surged 15%, surpassing the crucial $71 resistance to hit $72.75, with a market cap exceeding $30 billion. The rally is tied to Solana's DeFi progress, notably the Jito platform's $225 million airdrop, distributing tokens globally. Over 54 million of the 90 million JTO tokens have already been claimed by eligible participants, including JitoSOL holders, Solana validators using Jito MEV clients, and users of Jito’s MEV services. Jito plans additional token airdrops in the future as outlined in its roadmap.

• Ethereum (ETH) surges 4.60% to $2,375 with a $285 billion market cap, nearing an 18-month high. Non-exchange wallets hold a record 54.6 million ETH, while exchange holdings drop to a 5-year low at 9.3 million ETH. Anticipation builds for the Dencun upgrade in January 2024, aiming to enhance data availability, reduce transaction costs, and improve scalability.

• Binance founder Changpeng Zhao (CZ) must stay in the U.S. until his February 2024 sentencing after pleading guilty to money laundering charges. U.S. District Judge Richard Jones expressed doubts about his return if allowed to travel, citing the substantial bail package. CZ faces a potential 18-month sentence.

• Fidelity's global macro director, Jurrien Timmer, suggests adding a small Bitcoin allocation to portfolios, citing its unique risk-to-return ratio compared to assets like S&P 500 and Gold. Fidelity's spot Bitcoin ETF, $FBTC, is listed on the Depository Trust & Clearing Corporation, anticipating SEC approval.

• Binance withdraws its application for an investment fund license in Abu Dhabi amid escalating regulatory scrutiny. The move by its subsidiary, BV Investment Management, comes as Binance reassesses its global licensing needs. Despite the withdrawal's claim to be unrelated to recent enforcement actions, the exchange faces challenges, including a proposed $4.3 billion settlement with the U.S. Department of Justice.

• VanEck predicts a U.S. recession in 2024 but anticipates the launch of a spot Bitcoin ETF in Q1, driving $2.4 billion into the ecosystem. It dismisses Ethereum flipping Bitcoin and foresees Binance losing its top exchange spot. The broader market benefits, witnessing significant crypto fund inflows.

• Uphold introduces Vault, a self-custody wallet addressing key security concerns in cryptocurrency management. Initially supporting XRP, Vault allows users to replace lost keys, enhancing asset recovery. The phased rollout includes Bitcoin support in early 2024, emphasizing Uphold commitment to user-friendly and secure digital asset management.

COIN GABBAR Views: Is the current surge in Bitcoin prices, stalling just below the $45,000 peak, signaling a potential opportunity to take profits in the crypto market? Are there indications that the market will sustain its upward trend, and is the Santa Claus rally expected to persist? In light of these developments, should one consider investing at this juncture or contemplate liquidating their position? 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.