In the crypto market report covering the week of December 2 – 9, prepared by the ICRYPEX Research team, we 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 below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: December 2, 2024.
Weekly Crypto Market Report Overview December 2
This week’s economic data and developments in the cryptocurrency sector provided important signals for investors. In global economic data, Japan’s quarterly GDP growth exceeded expectations but fell short of the previous period. Germany’s November CPI decline indicated easing inflationary pressures in Europe, while the U.S. annual CPI at 2.6% suggested that inflation remains under control. The central banks of Canada, Switzerland, and the Eurozone kept interest rates unchanged, with Canada’s robust building permits data reflecting strong economic activity. In contrast, the UK’s GDP contracted by 0.1%, signaling economic slowdown, while France’s CPI increase showed inflation persists moderately across Europe. In the cryptocurrency market, XRP surged by 30%, surpassing Tether to become the world’s third-largest cryptocurrency. Spot Ethereum ETFs in the U.S. recorded $333 million in inflows, signaling growing institutional interest. Regulatory developments gained momentum, with Grayscale filing for a spot Solana ETF and Charles Hoskinson calling for collaboration on U.S. crypto regulations. Vladimir Putin highlighted the inevitability of Bitcoin’s development, while Donald Trump appointed a crypto advisor, reflecting growing attention from global leaders. On the corporate front, Worksport added Bitcoin and XRP to its treasury reserves. However, events like Mt. Gox transferring 24,000 BTC to an unidentified wallet underscored the persistent uncertainties in the sector. Overall, the economic data revealed an environment where inflation appears under control, but growth trends remain fragile. In the cryptocurrency market, regulatory steps, institutional investments, and shifting market dynamics boosted confidence in the sector, though volatility and uncertainties persist. This dual landscape continues to present both opportunities and risks for investors in the weeks ahead.
Those who want to get more comprehensive information about the week covering December 2 – 9 can review the Weekly Crypto Market Reports: December 2, 2024.
