This Week 2 Data May Bring Volatility
The two key indicators for the market going into next year are the Fed’s latest decision on interest rates and the release of US inflation figures for November. Speculation about the two events is driving volatility on the stock market as traders try to gauge market sentiment heading into 2024, according to Bloomberg. The central bank is now expected to hold interest rates steady after an unprecedented series of rate hikes since March 2022. According to Bloomberg, inflows of $6.8 billion into the US stock market last week were the highest level since March.
Tether Freezes 161 Wallets
Tether, the world’s largest stablecoin company, announced that it will freeze tokens in wallets belonging to individuals on the US Office of Foreign Assets Control’s (OFAC) sanctioned persons list. In its announcement, Tether described the move as a voluntary step to “proactively prevent potential misuse of Tether tokens and increase security measures.” Blockchain data accessed via Etherscan shows that Tether froze 161 Ethereum wallets yesterday, but 150 of those wallets are currently devoid of USDT tokens. It is unclear if any of the wallets held USDT tokens at some point, or how many there were. The remaining 11 wallets hold more than 3.5 million USDT tokens, but almost all of them (3.4 million) are held at a single address.
Core Wallet Project from Ava Labs
Ava Labs is retiring Avalanche Web Wallet on January 23rd to make way for Core Wallet, a forward-looking solution designed specifically for advanced AVAX staking. This move is not seen as a setback, but rather as a strategic step to provide a more comprehensive crypto experience. Core Wallet will offer features such as verification, authorization and cross-chain transfers.
VanEck’s IMX Expectation
Investment manager VanEck said he expects Immutable’s IMX token to “rank among the top 25 coins in terms of market capitalization” thanks to the release of new big-budget video games like Illuvium.
VanEck Updates Spot Bitcoin ETF Application
Asset manager VanEck has filed a fifth amended application for a spot Bitcoin exchange-traded fund (ETF). The amendment to the S-1 form with the United States Securities and Exchange Commission (SEC) highlights updates to the “VanEck Bitcoin Trust,” according to the regulator’s database. VanEck is expected to list its ETF under the name “HODL”.
Fidelity Meets with SEC on Spot Bitcoin Fund
Asset management giant Fidelity held a meeting with the Securities and Exchange Commission on December 7 about its proposed spot Bitcoin ETF, according to a note on the regulator’s website. “Arbitrage and hedging are more efficient with physical creations,” the presentation said. Bitcoin’s price has surged in recent weeks as the market anticipates what could be the final steps towards the SEC’s decision on the applications it is reviewing for proposed spot ETFs. Among the many changes to the files and notes on the meetings, regulators and asset managers appear to be focusing on the technical aspects of how the proposed funds would work if approved.
Chainlink Staking Program Receives $600 Million in Demand
Chainlink has seen strong demand for its expanded crypto staking program, with $632 million worth of LINK tokens staked for the program and capacity filled just six hours after the early access period began, the company said in a press release. According to a Chainlink spokesperson, there are currently 4.125 million LINK tokens in the node operator pool, with a capacity of 1.8 million.
Solana Beats Ethereum in NFT Sales
Solana surpassed Ethereum in terms of NFT sales volume. The data shows that Solana’s sales increased by 2.78% to nearly $16 million. Ethereum’s sales fell to $11.4 million. While Ethereum has been leading the NFT market for a long time, Solana seems to have taken the lead with the latest data.
Impressive Growth Performance from Cardano
IOG proudly announced the launch of 152 projects and 1,307 projects under construction, reflecting a vibrant and expanding ecosystem. The platform announced that 79.7 million transactions took place, showing that the Cardano network is increasingly being adopted and used.
Former SEC Chairman Challenges Court Ruling in Ripple Case
The ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs took a new turn when former SEC Chairman Jay Clayton publicly criticized a recent court ruling in favor of Ripple. Clayton’s comments were quickly dismissed by Ripple supporters, including John E. Deaton, a prominent crypto industry figure who has defended Ripple’s XRP token. Deaton took to social media to counter Clayton’s claims, arguing that the former SEC chairman misrepresented the facts of the case.
Global Web3 Usage Expands as MetaMask Partners with Six Countries
MetaMask announced Web3 partnerships in Vietnam, the Philippines, Indonesia, Thailand, Egypt and Chile, integrating with local payment platforms to increase user accessibility. MetaMask will expand its support for local transfers in Vietnam, Malaysia, Japan and South Korea through partnerships with Unlimit and TransFi.
Bitcoin is priced at $ 41,991 with a 4.15% loss in value as of today morning hours. During the overnight hours, there was a decline to $ 40,400, then it quickly recovered and reached up to $ 42,000. 42,000 dollars is a very important level, and this time the level of 39,750 dollars can be seen in the down break. If this is a correction, a rise up to $45,000 could be seen, followed by a move towards $48,000.
ETH, which lost 4.40% as of morning hours, is priced at $ 2248. After falling to $ 2150 in the night hours, there was a reaction from this region, but pricing above $ 2250 is very important for the upward trend. In pricing below $2150, the retreat will deepen and we can see $2100 and then $2025. In the continuation of the upward movement, the 2500 dollar level can be seen.
XRP is priced at $0.6214 with a 6.30% depreciation as of morning hours. After a 10% decline in the overnight hours to $ 0.60, pricing above $ 0.62 is seen again. Staying above $0.62 is very important and should be maintained for the continuation of the upward movement. In the continuation of the upward movement, an increase to $ 0.6740 can be seen again. In the continuation of the decline, $ 0.56 seems to be a suitable support.
AVAX is priced at $ 35.23 with a 4.98% loss in value as of morning hours. AVAX recovered the best after a 15% drop overnight. After falling to $ 31, it was able to rise up to $ 35. 35.40 is a very important level. In pricing above this point, an increase up to $ 40 can be seen. If this place does not work as support, $29 seems to be the first strong support.
SOL is priced at $69.49, down 7.55% as of morning hours. When we examine the eight-hour chart, we see that with the upward break of $ 70, there was an increase up to $ 78, but there was no permanence at this level. With the decline in the early morning hours of Monday, there was a retreat to the level of 64 dollars. When the support levels are examined, the level of $ 66 and $ 64.50 appear as important support points. If the rise materializes, the $ 70 level can be followed as resistance.
As of morning hours, LINK is pricing at 15.110 with a 7.72% gain in value. When we examine the four-hour chart, the resistance level of 16,600 was broken upwards on Friday, but this movement did not continue. We see that the 14.800 region, which we follow as a support level with the retreat, was tested. If this level is broken downwards, 14,300 levels may be tested. The 15,300 level seems important as resistance.
IMX is priced at $2.0098 with a 9% gain as of morning hours. When we examine the eight-hour chart, we see that the resistance zone of 1.50 is broken upwards. With this movement, there was an increase towards the $ 2 level. If the movement continues, the 2.10 level can be followed as resistance. In case of a pullback, the 1.90 level can be followed as support.
LEO is priced at $3,811 with a 0.45% gain as of morning hours. When we examine the daily chart, we see that the 3.635 level, which is the support zone, is important and the price receives upward reactions from this level. The 3.85 level seems important as resistance. In case of a persistence above this level, a rise towards 3.95 may be possible. The 3.75 level can be followed as a short-term support point.