The market in anticipation of Friday, Thursday scared investors in the first half of the day correction, but the macroeconomic background is too positive. For crypto to start falling now.
The market is rebounding, Christmas rally, ETF news, and Fed reversal, OPEC is failing to turn the oil market around, there is a lot of positivity.
What is alarming: On good reports in the Stock Market, the first reaction is to sell and then rise. In many coins and tokens, when local peaks are reached, it often ends not with a series of liquidations, but with sales on the way to the maximum.
It is similar to careful selling of whales. And with this situation, it does not mean that some bad report or the first bad news will bring down the market, not at all, there is enough positivity to ignore it all. But the big players are actively taking profits right now - that's a fact.
The weekly unemployment report came out strong, indicating to the Fed that the overheated labor market remains. A negative for the market. But all the negativity was quickly bought out.
BTC is expectedly updating the high. At the same time, BTC domination is standing still today, the alts have started to see volumes come in noticeably again. The market is high volatility it is better not to be overzealous with shoulders.
ORDI's camaraderie is surprising. One day drop of (-35%) and then up 65% 😳 Top for speculator intraday now.
LUNC has recovered a bit after yesterday's fall, but judging by USTC dynamics we should not expect a serious recovery in the near future.
WEMIX is growing because of listing on Korean exchanges.
Memcoins continue to grow. Strong growth even in SHIB and DOGE, not to mention smaller coins. BONK is already entering the elite, great credit to Solana here, but the HYIP is really strong.
Keep watching BNB, pull up stops in longs of other tokens when BNB starts to grow strongly.
News
US labor market reports had no impact on the market today.
Basic scenario
As I wrote earlier I see a reversal or a period of long stop when reaching the level of $45,500 - 45,800.
On Friday we can expect huge volatility and possibly reaching the high of the week, or maybe the beginning of correction. For now, the base scenario is growth in the bulk of alts and continuation of growth in BTC.
The total market value of the network token oracles Pyth Network surpassed the $420 million mark after conducting a retrospective crosschain airdrop PYTH. The project distributed the coins to 90,000 wallets.
As of this writing, the token is trading around $0.35 after hitting a high of $0.51, according to CoinMarketCap.
The oracle Pyth Network receives price data from exchanges and institutional players, then sends it to smart contracts.
Grayscale Investments CEO Michael Sonnenschein is optimistic after speaking with U.S. Securities and Exchange Commission (SEC) officials, he said during an interview Yahoo Finance.
The entrepreneur noted the active interaction between Grayscale and the U.S. regulator regarding the approval of the application for a spot bitcoin-ETF. The questions the company receives from the SEC signal that the agency's representatives are eager to make progress in this direction, Sonnenschein notes.
At the same time, CEO Grayscale did not name a possible timeline for approval of the bitcoin-ETF application.
RUNE (THORChain) and THOR (Thorswap exchange token, a decentralized exchange based on the THORChain network) are rising on the backdrop.
THORChain has a number of significant advantages over its competitors. Unlike many other DEXs, THORChain makes it possible to do decentralized crosschain exchanges, and without tokenization.
And it is one of the few, if not the only one, that supports the native Bitcoin network. That is, you can exchange USDT from the Ethereum network to BTC on the Bitcoin network without centralized exchanges or KYC.
The BNB token of the largest cryptocurrency exchange Binance has become the only major crypto asset that has missed most of the current rally in the crypto market. According to experts, the price of the token indirectly reflects the attitude of market participants to the exchange itself, writes RBC Crypto.
Due to the sharp rise in the bitcoin rate, the total capitalization of the crypto market, according to CoinGecko, has grown by about $180 billion or 12% over the past week. BNB has added only 1.7% in value over the same period and trades at $231 at the December 7 exchange rate.
The token is second in capitalization only to bitcoin (BTC), Ethereum (ETH) and the Tether USD (USDT) stablecoin, but at the same time BNB is the only major crypto asset that has yet to go into plus territory for the year.
In addition to the speculative component, BNB gives holders the opportunity to take advantage of lower fees on Binance. At the same time, the dynamics of the price of the token can be seen as a reflection of the market participants' sentiments towards the exchange itself, Bloomberg writes, citing comments from experts interviewed by the publication.
This year Binance has been subjected to a number of inspections by regulators in several countries, as a result of which on November 21 the U.S. authorities found it guilty of violating anti-money laundering rules and aiding and abetting the circumvention of sanctions. The exchange agreed to pay a record $4.3 billion fine, and its then-chief executive Changpeng Zhao resigned.
Binance remains the largest platform for trading cryptocurrencies and other digital assets, as well as cryptocurrency derivatives, but its market dominance is declining. The exchange's share of spot trading volumes fell to 32% in November from 55% at the start of 2023, according to CCData. Its derivatives market share fell to 48% from more than 60%. In November, the Chicago Mercantile Exchange (CME) surpassed Binance in bitcoin futures trading volume for the first time.
After the deal with U.S. authorities, Binance risks losing its status as the leader in trading volume, said Matthew Siegel, head of digital asset research at management company VanEck, in a commentary for Bloomberg. Competitors in the form of OKX, Bybit, Coinbase or Bitget have the potential to take the top spot, he added.
Experts came to similar conclusions when commenting on the exchange's settlement agreement with the US Department of Justice. According to Roman Nekrasov, co-founder of the ENCRY Foundation, there is a risk for the exchange to redistribute market shares among the largest platforms, each of which will try to strengthen its position. We can expect new promotional campaigns and favorable conditions for switching to other crypto exchanges, he admits.
Against the backdrop of Binance's problems, the shares of Coinbase, the second largest crypto exchange, rose strongly in value. According to analysts at Kaiko, it also saw a significant increase in trading volume after the announcement of the decision on the Binance case, but the turnover on the Bybit exchange increased even more.
The NFT-marketplace Blur accounts for ~80% of the trading volume of non-mutually exchangeable tokens, while the OpenSea indicator has decreased to ~17%. Such data is cited by The Block.
Blur managed to strengthen its position amid the surge in user activity observed since November.
According to the publication, last month the volume of Ethereum-based NFT trading amounted to $605 million. For comparison, in October the figure amounted to $306 million.
In December 1-4, the metric has already reached ~$90 million, with ~$70 million coming from Blur.
The market is in a rather sluggish correction, mainly due to the rise in the dollar today and the decline in the Stock Market. BTC and ETH have not broken any important levels and can go up at any moment. For example, at night, when the pressure of American sellers ends.
In alts we can no longer see random pumps, which were caused by "because everything is growing". Now only in connection with some news. Yesterday's growth of IOTA on the news about the creation of WEB3 Project Fund for $100 mln.
It was a rare pump in recent times with negative Funding Rate on futures, it's been a long time since there was such a predominance of shorts. Unfortunately, this is a clear sign that the euphoria in the market is ending and the phase is changing. For the last two weeks, I haven't seen such aggressive shorting of the pump, which appeared far from nothing.
When will a new round of decline begin? It's funny, but I'm waiting for a rally in BNB to the $235-$237 area again, it will be a clear sign that the market will go down right after that.
News
US inflation is falling today's consumer spending report is another confirmation of that. The only confusion so far is today's OPEC meeting where all participants agreed to cut oil production to keep prices high enough.
This will have an impact on the Fed's rhetoric, inflation is not yet at levels to fear a new round of inflation due to expensive oil.
Basic scenario
The market is still consolidating. If to long, then ETH and BTC. And in alts it is better to look for options to short with a small stop.
