Keywords: ETH, ETF, BTC
The cryptocurrency market has been volatile recently. Despite the market's expectations for a "Santa Claus bounce", Bitcoin fell due to reduced buying activity by large investors. Concerns that the Federal Reserve may take a tougher stance and expectations of reduced interest rate cuts also led to a weak performance in the cryptocurrency market over the weekend. Notably, tokenization platform Allo received $100 million in financing to strengthen its Bitcoin-backed lending business. Although Ethereum failed to set a new all-time high, it still shows strong growth potential.
Analyst Justin Bennett pointed out that BTC's current bullish pattern is similar to the previous surge, and based on historical trends, it is predicted that Bitcoin may break through $168,500. Institutional, MicroStrategy continues to be optimistic about Bitcoin, increasing its holdings of 5,262 BTC for $561 million, which is also the company's seventh consecutive week of purchases. At the same time, Senator Ted Cruz expressed his support for Bitcoin at the Turning Point Americafest conference.
However, the market also faces some challenges. The Wall Street Journal raised concerns that Bitcoin may be threatened by quantum computing, and based on historical patterns, BTC's price adjustment could reach 30%. The current average trading volume of Bitcoin is $31 billion, which is still far below its historical highs. Deribit CEO Luuk Strijers pointed out that $84,000 is the "greatest pain" level for Bitcoin before the expiration of major options in December. Despite this, key indicators of on-chain activity still indicate that the Web3 field is expected to achieve sustainable growth.
S&P 500: 6,040.04 (+26.50% year-to-date)
Nasdaq: 20,031.13 points (+32.88% year-to-date)
10-year Treasury yield: 4.591% (+70.4 basis points this year)
US dollar index: 108.095 (+6.63% year-to-date)
Bitcoin: $98,173.47 (+128.0% year-to-date), with a daily spot volume of $46.935 billion
Ethereum: $3,489.17 (+53.50% year-to-date), with a daily spot volume of $23.267 billion
Bitcoin ETF: -$150 million (Dec. 24 EST)
Ethereum ETF: +$131 million (Dec. 23 EST)
With the Christmas holiday approaching, Hong Kong stocks and financial markets in many European countries will be closed for two and a half days starting from Tuesday (24th), and US stocks will be closed for one and a half days.
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