November Inflation Data In Line with Expectations, Fed Rate Cut On Way
The U.S. consumer price index (CPI) for November rose 2.7% on an annual basis, matching economists’ forecasts and showing that inflation is still running above the Federal Reserve’s 2% target. Core inflation also held steady at 3.3%, with monthly increases of 0.2%. This data, along with the strong November jobs report, has reinforced expectations that the Fed will cut interest rates by a quarter point at its December 17-18 meeting. CME Group’s FedWatch tool puts the probability of that at 86%. The 227,000 increase seen in the labor market was well above expectations, supporting the need for easing monetary policy.
MicroStrategy to Join Nasdaq 100, $2.1 Billion in ETF Shares Expected
MicroStrategy will join the Nasdaq 100 Index on December 23, with the official announcement to be made on December 13. Its inclusion in the index is expected to lead to ETFs purchasing approximately $2.1 billion worth of MicroStrategy shares. This move could support the firm’s Bitcoin buying strategy. MicroStrategy is expected to have a 0.47% weighting in the Nasdaq 100, making it the 40th largest asset. However, it is stated that it will be more difficult to be included in the S&P 500 due to its lack of profitability. The new accounting rules could make the company eligible for the S&P 500 by 2025.
Brian Quintenz is a Leading Candidate for CFTC Chairmanship in Trump Administration
A16z Crypto Policy Chairman Brian Quintenz is reportedly a strong candidate for CFTC Chairman following interviews for Donald Trump’s incoming administration. Quintenz, who previously served as a CFTC Commissioner in both the Obama and Trump administrations, was involved in the implementation of the first regulated Bitcoin and Ethereum futures contracts.
Quintenz’s candidacy stands out due to his experience in crypto policy, as the CFTC is expected to play a critical role in regulating crypto assets in the new administration. Quintenz is reportedly working on crypto policies during the transition process alongside David Sacks, Trump’s AI and Crypto Czar.
El Salvador, Argentina Partner on Crypto Regulation
El Salvador and Argentina have signed an agreement to cooperate on crypto regulation. The partnership aims to support the regional development of the digital asset industry and encourage innovation and adoption of crypto technologies. The initiative, led by Juan Carlos Reyes (El Salvador CNAD) and Roberto Silva (Argentina CNV), emphasizes the importance of creating a well-regulated crypto ecosystem.
Ripple Receives New York Approval for RLUSD Stablecoin
Ripple has taken an important step towards expanding its digital asset services by receiving official approval from New York State for its RLUSD stablecoin. The company plans to obtain a limited purpose trust charter and BitLicense to comply with New York’s strict regulations. Ripple CEO Brad Garlinghouse said details about the launch of RLUSD will be announced soon. He also noted that regulatory uncertainty in the US could shift the industry to weakly regulated countries and called for clearer regulations.
Billionaire Ray Dalio Says to Invest in BTC and Gold
Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, has announced that he prefers “hard money” assets such as gold and bitcoin at a time when global debt levels are rising. Dalio argued that debt crises are inevitable and will lead to currency devaluation in major economies. Dalio, who has criticized bitcoin in the past, has drawn attention in investor circles with this new comment.
Italy Set to Ease Crypto Capital Gains Tax Hike
The Italian government is considering easing its decision to increase the planned tax on crypto capital gains from 26% to 42%. While statements were made in the parliamentary studies that the tax increase will be significantly reduced, it is stated that this step aims to calm the increasing public reactions. Members of Parliament Giulio Centemero and Federico Freni confirmed that the planned increase will be reduced. It was stated that the tax increase was inspired by the increasing popularity of crypto investments, especially with bitcoin exceeding the $ 100,000 level.
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BITCOIN (BTC)
BTC is priced at $ 100,995 levels with a 0.13% loss in value as of the morning hours. BTC, which rose to $ 101,880 levels yesterday, closed the day with a 4.69% increase. BTC, which started the new day with small pullbacks, is showing movement in a volumeless course by receiving rejection from the resistance zone seen in the chart. In the continuation of possible negative movement, $100,300 and then $99,270 are our important support levels. If these levels are broken and remain below, the $97,746-$96,283 band is our next support zone. In positive movement, $101,250, $101,875, $102,500 are our first resistance levels. Then the peak level of $ 104,000 maintains its resistance position. It will be important for investors to carefully monitor the determined critical support and resistance levels.
ETHEREUM(ETH)
ETH is priced at $3,930 as of the morning hours with a 2.59% increase in value. ETH, which closed yesterday with a 5.61% increase, is trying to recover from the rapid pullbacks experienced the previous day. If the positive trend continues for ETH, which broke the resistance level of $ 3,858 in the morning hours, 3,960 will be our first resistance level, and if it stays above this level, 4,020 and then 4,086 levels can be met as the next resistance levels. In case of a possible negative movement, the first support level is $ 3,858, and if this level is broken, the next support level can be met at $ 3,780. It will be important for investors to carefully monitor the determined critical support and resistance levels.
RIPPLE(XRP)
XRP is priced at $ 2.3645 as of the morning hours with a 2% gain in value. Continuing its two-day rising series on the new day, XRP shows horizontal movement when the 4-hour chart is examined. In a possible positive trend, $ 2.4935 is the first resistance, while $ 2.6747 can be met as the next major resistance level if candles close above this level. In a possible negative movement, it will be important to hold on to the 2.3645 level. If this level is broken, the $ 2.2305 and then $ 2.0741 levels are preserved as the next support position. It will be important for investors to carefully monitor the determined critical support and resistance levels.
AVALANCHE(AVAX)
AVAX is priced at $ 50.58 as of the morning hours with a 4.35% increase in value. AVAX, which closed yesterday with an 8.68% increase, started the new day positively. For AVAX, which is moving just above the support zone, it will be important for it to stay above $ 50 in order for the possible positive movement to continue. Then, the $ 52.45 and $ 55.83 levels can be met during the continuation of the rise. In case of possible negative movement, the 50.03-48.25 region appears as important support. If it remains below these levels, $ 45.08 and then $ 42.50 levels may work as support. For this reason, it is important for investors to carefully monitor the determined critical support and resistance levels.
SOLANA(SOL)
SOL is priced at $ 230 levels with a 1.49% gain as of the morning hours. SOL, which closed yesterday with a 6.41% increase, seems to have broken the resistance zone and maintained its permanence above it for now. While 233.34 is our first resistance level for the positive trend to continue, if this level is broken and maintained its permanence above it, the levels of $ 239.67 and then $ 245.45 can be met. In the event of a possible negative movement, the first support level is $ 226.51-222.35, and if this level is broken and remains below, a pullback to $ 214.72 and then $ 205 may be seen. It will be important for investors to carefully monitor the determined critical support and resistance levels.
