In the crypto market report covering the week of December 23-30 prepared by the ICRYPEX Research team, we have compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report immediately below and access all the developments that took place in the 7-day period from Weekly Crypto Market Reports: December 23, 2024.
December 23 Weekly Crypto Market Report Overview
This week, financial markets face a busy schedule with significant developments in both the crypto space and traditional economic data. In the crypto market, Monday stands out as the deadline for European securities exchanges to delist Tether. On the same day, 3.42 million WLD tokens will be unlocked, potentially causing price volatility. On Tuesday, the Israel Securities Authority will launch six Bitcoin investment funds, a move that could positively impact the market by increasing institutional access to Bitcoin.
On Wednesday, U.S. stock markets will be closed due to the New Year holiday, potentially reducing trading volumes. Meanwhile, 8.35 million DYDX tokens will be unlocked. The most significant crypto development of the week is set for Friday, when FTX’s Chapter 11 restructuring plan will take effect. On this date, FTX is also expected to resume operations, marking a pivotal moment that could reignite its influence in the crypto market while initiating a 60-day repayment process for creditors.
In traditional economic calendars, attention is focused on data from China and the U.S. On Tuesday, China’s Manu- facturing PMI is expected to remain steady at 50.3, suggesting a neutral outlook for the manufacturing sector with minimal market impact. On Thursday, U.S. initial jobless claims are projected to come in at 220K, indicating continued strength in the labor market. However, the Manufacturing PMI and ISM Manufacturing PMI are anticipated to remain in contraction territory at 48.3 and 48.4, respectively.
These figures could signal weakness in the U.S. manufacturing sector and weigh negatively on the USD. Additionally, the Energy Information Administration’s crude oil inventory report may cause fluctuations in energy markets. On Friday, the ISM Manufacturing PMI is forecasted to show a slight decline but remain in the contraction zone, further highlighting challenges in the sector. Changes in energy inventories could also influence oil prices.
Overall, this week is expected to bring significant developments in both crypto and macroeconomic spheres. In crypto, events such as the Tether delisting, FTX restructuring, and token unlocks should be closely monitored. Mean- while, traditional markets may see mixed impacts from China’s steady PMI data and the U.S.’s mixed indicators. Investors should focus on risk management and adjust their strategies accordingly in light of these developments.
Those who want to get more comprehensive information about the week covering December 23-30 can review Weekly Crypto Market Reports: December 23, 2024.
