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Bitcoin is at the pivotal 50-day SMA support, and a drop below this level could result in accelerated selling of BTC and altcoins.
One analyst pointed out the $27,000 level could be a short-term target for bitcoin amid the lack of positive news.
The balance kept in addresses that hold coins for at least 155 days has increased by $1.87 billion this month.
XRP price is down today, like other top crypto assets, as traders anticipate a Federal Reserve rate hike this week.
One token zoomed 1,200% even though its related project closed in May, data shows.
Bitcoin whales account for the most exchange inflows volumewise since June 2022 as short-term holders become increasingly active.
The highly anticipated project co-founded by OpenAI's Sam Altman launched its token on Monday.
The spot market is in the driver's seat as perpetual futures open interest to market cap ratio remains low, one observer said.
Launch of the token comes alongside protocol launch and prior release of the wallet.
Bitcoin begins to fulfill traders’ downside targets as BTC price action retraces its steps in a crucial macro week.
- 09:05dappOS launches spot trading based on its intent networkOn December 19, dappOS announced the launch of IntentEX, a spot trading use case based on its intent network, providing users with CEX-level on-chain trading experience. IntentEX can also capture professional institutional-level liquidity through dappOS network nodes based on its internal order book.
- 09:04SoSoValue: Today, the market risk sentiment VIX index has climbed to its highest point since early August (when the Bank of Japan raised interest rates). The market may be overreacting, it is recommenAccording to the macro sector display of SoSoValue, at the interest rate meeting on December 18th, the Federal Reserve cut interest rates by 25 basis points as scheduled, lowering the target range for federal funds rate to 4.25%-4.50%. Regarding next year's pace of rate cuts, the Fed adjusted its expectations from "four times" to "twice" through its latest dot plot chart. In addition, it raised its forecasts for future core PCE inflation and GDP growth rates which is consistent with Powell's remarks and all convey a more hawkish signal than market expectations. Data shows that today's market risk sentiment VIX index has climbed to its highest point since early August (when Bank of Japan hiked interest rates). Analysts at SoSoValue stated that FOMC proposed an unexpected plan for cutting interest rates along with Powell’s “hawkish” remarks led to a shift in market sentiment towards panic; US bonds are even overreacting while U.S stock markets have corrected accordingly and dollar has appreciated significantly. Overall, all risky assets have strongly reacted to FOMC’s latest signals. Based on macroeconomic data analysis we believe that current fundamentals of US economy remain unchanged and dollar remains strong; consensus-strong assets like cryptocurrencies continue being destinations for capital inflow; every pullback brought about by market sentiment is a good entry point suggesting maintaining exposure currently.
- 09:03Bitwise CIO: This BTC pullback is just a short-term fluctuation and has not changed the long-term bullish trend of the crypto marketOn December 19, Bitwise Chief Investment Officer Matt Hougan analyzed that the Federal Reserve's announcement of a 25 basis point rate cut and reducing next year's expected cuts from four to two triggered a significant pullback in risk assets. The S&P 500 fell by 3%, the Russell 2000 small-cap index dropped by 4.4%, and Bitcoin prices fell from about $106,000 to below $99,000 before slightly rebounding. At the same time, approximately $600 million in leveraged long positions in the crypto market were liquidated, exacerbating market volatility. Matt Hougan believes this pullback is only temporary volatility and does not change the long-term bullish trend of the crypto market. He pointed out that while the influence of the Federal Reserve on the crypto market has weakened, internal driving forces within cryptocurrency are stronger including Washington policy shifting towards supporting cryptocurrencies, increased institutional investment and ETF inflows into cryptocurrencies, government and corporate purchases of Bitcoin as well as major breakthroughs in blockchain technology. In addition to this he mentioned that Bitcoin’s ten-day moving average (around $102k) remains higher than its twenty-day moving average (around $99k), indicating an ongoing positive trend for bitcoin. Overall he believes that despite short term interest rate adjustments; they will not alter this multi-year bull run for cryptocurrency markets.
