By Omkar Godbole (All times ET unless specified)
The crypto market sentiment continues to shift, with bitcoin rising by 1.6% since midnight UTC to trade above $93,000, indicating a potential bear trap for ether , which momentarily appeared to break down below the lower boundary of a descending channel before bouncing back.
This activity reflects a heightened interest in the broader market, with several altcoins like SUI, PUMP, ENA, LINK, PUMP, and AAVE achieving double-digit gains in the past 24 hours. The optimistic sentiment is evident from the 6%-7% increases in the CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indexes during the same time frame.
However, the increase comes with a sense of caution due to uncertainty regarding the Fed’s leadership.
“Currently, crypto is holding steady, but it’s a concerning kind of stability awaiting clarity,” noted QCP Capital’s market insights team. “With macro catalysts muted and increasing uncertainty about Fed leadership, digital assets are in a holding pattern until policymakers provide their next clear signal.”
Regarding the Fed, prediction markets are currently favoring Kevin Hassett as a potential new Fed chair, which could create a more dovish FOMC panel. Hassett is viewed as the candidate most inclined towards rate cuts among the current contenders for the role.
A 25 basis-point interest rate cut is anticipated for next week, with several investment banks predicting additional cuts for next year.
Meanwhile, both Treasury yields and the dollar are remaining stable despite indications of fiat liquidity stress. This scenario contributes to the unease expressed by QCP.
Market confidence is expected to increase once bitcoin surpasses $100,000, according to Alex Kuptsikevich, Chief Market Analyst at FxPro.
“The $98K-100K range includes three psychologically significant levels: the 50-day average, early November support, and 61.8% of the decline from the peak,” Kuptsikevich observed. “Holding above this range could reassure buyers that a crypto winter is not imminent.”
In traditional markets, gold appears to be facing struggles despite a recent bullish breakout, a type of price movement often seen before corrections. A potential pullback could renew hopes for funds rotation into BTC. Stay vigilant!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a broader list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Crypto
- Macro
- Dec. 3, 8 a.m.: Brazil Nov. S&P Global PMI. Services (Prev. 47.7), Composite (Prev. 48.2).
- Dec. 3, 8:15 a.m.: U.S. Nov. ADP Employment Change Est. 5K.
- Dec. 3, 9:30 a.m.: Canada Nov. S&P Global PMI. Composite (Prev. 50.3), Services (Prev. 50.5).
- Dec. 3, 9:45 a.m.: U.S. Nov. S&P Global (Final) PMI. Composite Est. 54.8, Services Est. 55.
- Dec. 3, 10 a.m.: U.S. Nov. ISM Services PMI Est. 52.1.
- Earnings (Estimates based on FactSet data)
Token Events
For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls
- Unlocks
- Token Launches
Conferences
For a more detailed list of events this week, see CoinDesk’s “Crypto Week Ahead”.
Market Movements
- BTC is up 1.75% from 4 p.m. ET Tuesday at $93,213.23 (24hrs: +6.18%)
- ETH is up 2.23% at $3,063.59 (24hrs: +8.16%)
- CoinDesk 20 is up 1.82% at 2,984.67 (24hrs: +7.99%)
- Ether CESR Composite Staking Rate is down 3 bps at 2.87%
- BTC funding rate is at 0.0052% (5.70% annualized) on Binance
- DXY is down 0.34% at 99.02
- Gold futures are up 0.30% at $4,233.30
- Silver futures are up 0.20% at $58.82
- Nikkei 225 closed up 1.14% at 49,864.68
- Hang Seng closed down 1.28% at 25,760.73
- FTSE is down 0.14% at 9,687.88
- Euro Stoxx 50 is up 0.54% at 5,717.05
- DJIA closed on Tuesday up 0.39% at 47,474.46
- S&P 500 closed up 0.25% at 6,829.37
- Nasdaq Composite closed up 0.59% at 23,413.67
- S&P/TSX Composite closed down 0.17% at 31,049.28
- S&P 40 Latin America closed up 1.46% at 3,209.63
- U.S. 10-Year Treasury rate is down 0.7 bps at 4.081%
- E-mini S&P 500 futures are up 0.17% at 6,851.75
- E-mini Nasdaq-100 futures are up 0.11% at 25,634.00
- E-mini DJIA futures are up 0.19% at 47,633.00
Bitcoin Stats
- BTC Dominance: 59.67% (+0.15%)
- Ether-bitcoin ratio: 0.0329 (0.22%)
- Hashrate (seven-day moving average): 1,085 EH/s
- Hashprice (spot): $39.59
- Total fees: 3.9 BTC / $346,701
- CME Futures Open Interest: 121,675 BTC
- BTC priced in gold: 22.1 oz.
- BTC vs gold market cap: 6.23%
Technical Analysis
- The chart depicts hourly changes in the bitcoin-to-gold price ratio in candlestick format.
- The ratio has established a bullish double bottom pattern and is testing the pattern’s neckline resistance as of this writing.
- A breakout would confirm a shift from a bearish to a bullish trend.
Crypto Equities
- Coinbase Global (COIN): closed at $263.26 (+1.32%), +2.6% at $270.10 in pre-market
- Circle (CRCL): closed at $77.44 (+1.98%), +2.98% at $79.75
- Galaxy Digital (GLXY): closed at $25.36 (+2.26%), +1.5% at $25.74
- Bullish (BLSH): closed at $43.06 (+4.95%), +2.14% at $43.98
- MARA Holdings (MARA): closed at $11.91 (+3.39%), +2.85% at $12.25
- Riot Platforms (RIOT): closed at $15.22 (-1.68%), +2.43% at $15.59
- Core Scientific (CORZ): closed at $15.82 (-4.64%)
- CleanSpark (CLSK): closed at $13.71(-2.63%), +3.28% at $14.16
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $43.68 (-7.58%)
- Exodus Movement (EXOD): closed at $14.48 (-2.16%), +1.66% at $14.72
Crypto Treasury Companies
- Strategy (MSTR): closed at $181.33 (+5.78%), +2.63% at $186.10
- Semler Scientific (SMLR): closed at $19.98 (+1.16%)
- SharpLink Gaming (SBET): closed at $9.97 (+3.85%), +3.31% at $10.30
- Upexi (UPXI): closed at $2.89 (+9.04%), +2.25% at $2.96
- Lite Strategy (LITS): closed at $1.80 (+5.26%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $58.5 million
- Cumulative net flows: $57.75 billion
- Total BTC holdings ~1.31 million
Spot ETH ETFs
- Daily net flows: -$9.9 million
- Cumulative net flows: $12.88 billion
- Total ETH holdings ~6.24 million
Source: Farside Investors
