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Crypto Daily Roundup, 11 Dec: Cryptos Wobble Ahead of US Economic Data

11-Dec-2023 By: Lokesh Gupta
Crypto Daily Roundup

Cryptocurrencies with the Worst Performance in the Past 24 Hours

TOP 5 Losers Coins

Indices LTP Change (%)
Kava $0.7731 11.01%
ApeCoin $1.67 10.85%
Flow $0.7715 10.84%
Sei $0.2442 10.66%
Theta Network $1.06 10.64%

Crypto News Key Highlights:

  • The upcoming FOMC decision in December is poised to keep rates steady at 5.25-5.50%, even with Chair Powell's inclination towards further policy tightening. Market sentiment, however, suggests an inclination towards rate cuts in 2024. Economists extend rate projections until July 2024, but market dynamics hint at a potential cut as soon as March. Lingering concerns center around the market's dovish pricing and the Federal Reserve's communication strategy amid ongoing inflation challenges.

  • Consumer Price Index data for November 2023, out on December 12 at 8:30 am ET, is expected to reveal slowed inflation due to lower energy prices. Forecasts predict a 3% yearly rise in headline CPI and a 4% annual increase in core CPI, possibly prompting a Federal Reserve rate cut by spring.

  • November's US job additions surpassed expectations at 199,000 (vs. 180,000 consensus), lowering the unemployment rate to 3.7% from 3.9%. Higher-than-expected average hourly earnings at 0.4% (vs. 0.3% consensus) suggest positive trends, but sustained inflation and labor strength are needed for potential Federal Reserve tightening.

  • Following a festive surge on Satoshi Street, Bitcoin and altcoins now face a 3%+ market correction. Bitcoin's 7.5% dip to $40,521 led to $300 million in liquidations, reflecting broader market declines. Altcoins, including Ether, XRP, and Polkadot, experienced over 4% drops, marking the most significant decline since November 22.

  • HTX (formerly Huobi) faced a challenging period, witnessing $258 million in net outflows since resuming operations post-hack. Founder Justin Sun, linked to Poloniex and HECO Bridge, promises compensation for losses. Bitcoin comprises 33% of HTX's reserves.

  • VanEck warns past Bitcoin performance doesn't guarantee future results amid exploring its impact on traditional portfolios. The caution, supported by a Morningstar chart, emphasizes the need for careful interpretation. VanEck's active engagement in crypto includes innovative approaches in BTC ETF filings.

  • Google will permit cryptocurrency trust ads targeting the United States starting January 29, 2024, coinciding with potential spot Bitcoin ETF approvals in the U.S. Advertisers must be Google-certified, comply with local laws, and meet legal requirements. This policy change aligns with broader crypto ad allowances by Google.

  • Google's Gemini AI demo, lauded for its human-like interactions, faces criticism for being "basically entirely fake." Critics allege the video was edited, shortened, and misrepresented the AI's capabilities. Google employees expressed concern, pointing out the discrepancy between the demo and Gemini's actual performance.

  • M&G Plc's asset management arm, M&G Investments, invests $20 million in UK crypto derivatives platform GFO-X, signaling renewed institutional confidence in digital assets. The move follows FTX's collapse in 2022, with GFO-X planning to launch LCH DigitalAssetClear in Q1 2024. Other traditional players, like South Korea's National Pension Service, are also entering the crypto space.

  • MetaMask expands its presence in six countries through partnerships with VietQR, Mobile Money, GCash, QRIS, Thai QR, Vodafone Cash, and Webpay. The collaborations offer localized payment options, strengthening MetaMask's global reach. Recent alliances in Vietnam, Malaysia, Japan, and South Korea enhance support for local transfers. Despite recent transaction issues, MetaMask swiftly addressed and fixed the bug, emphasizing user security and experience.

Also read - 24 Crypto Update,10 Dec: Crypto Market Holds Steady Before Data Deluge

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