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Coinbase shares are experiencing renewed demand as monetary policy takes center stage, with expectations of falling capital market interest rates benefiting crypto-sensitive assets. The recent US inflation data shows core inflation steady at 3.3%, while the ECB has lowered interest rates, setting the stage for the upcoming Federal Reserve meeting, where future monetary policy direction is highly anticipated. Investors remain optimistic, fueled by hopes of a crypto-friendly administration following the potential return of Trump to the White House.
Chainlink's price has surged to $29.4, its highest since November 2021, driven by significant whale accumulation and strategic partnerships, including collaborations with Coinbase and Emirates NBD. The coin has maintained a bullish trend, surpassing critical resistance levels, with potential to reach $50 as it secures over $38 billion in total value. In U.S. politics, French Hill has been elected as the next Chair of the House Financial Services Committee, promising to advance cryptocurrency legislation under a pro-crypto administration, signaling a shift in regulatory approaches as key figures in the SEC and CFTC are set to change.
Bitcoin's price surged past $102K as the cryptocurrency market valuation exceeded $3.5 trillion, rebounding 9.4% since the recent crash. In the last 24 hours, over 104,700 traders faced liquidation, with $172.7 million in long contracts closed. President-elect Donald Trump expressed support for the crypto sector, hinting at a Bitcoin strategic reserve during his appearance at the New York Stock Exchange, while his firm acquired $5 million worth of Ethereum. Chainlink and Avalanche emerged as top gainers in the altcoin market.
The Bank of Japan's monetary meeting on December 18-19, 2024, is poised for a potential rate hold at 0.25%, but strong forward guidance for a January hike is anticipated. Recent inflation dynamics and economic resilience support the case for tightening, while the strengthening yen reduces immediate urgency for action. The decision may hinge on balancing clear communication with market expectations to avoid surprises.
Wall Street experienced a downturn with the Dow Jones Industrial Average down about 0.5%, the S&P 500 off 0.4%, and the Nasdaq Composite falling roughly 0.5%. Investor confidence wavered following mixed inflation data, with a hotter-than-expected producer price index raising concerns about the Federal Reserve's interest rate decisions. Additionally, Adobe's disappointing revenue forecast, revealing struggles with AI investments, contributed to the negative sentiment, causing its shares to plummet by about 14%.
Martin Schlegel, the new President of the Swiss National Bank, made a notable debut at his first media conference, opting for a more open and engaging style compared to his predecessor. He announced a significant interest rate cut of half a percentage point and encouraged direct questions to his fellow Governing Board members, signaling a potential shift towards greater transparency in central bank communication. Schlegel's approach contrasts with the traditionally secretive nature of central banking, hinting at a new era of interaction with the media and the public.
Ethereum's price surged to $3,919, driven by bullish inflows and market optimism following the U.S. Consumer Price Index (CPI) data for November, which showed inflation at 2.7%. This aligns with expectations and raises hopes for a 25-basis-point rate cut by the Federal Reserve, favoring risk-on assets like Ethereum as investors seek higher returns.
The European Central Bank's trials for digital bond issuance revealed increased costs due to legal complexities and reliance on traditional banking systems for settlements. Moody's analyst Marat Faritov emphasized that reducing intermediaries and utilizing onchain mechanisms could lower these costs. Despite the challenges, the tokenized government securities market is expanding, with projections indicating significant growth in assets under management by 2024.
Binance has solidified its status as the leading crypto exchange in 2024, reporting $21.6 billion in customer deposits, outpacing its nearest competitors by 36%. The platform's growth is fueled by institutional interest, Bitcoin ETF approvals, and a surge in user adoption, reaching nearly 250 million users. CEO Richard Teng hailed 2024 as a landmark year for the crypto sector, highlighting Binance's role in driving innovation and shaping the future of trading.
The Swiss National Bank (SNB) has cut its benchmark interest rate by 50 basis points to 0.5% to combat low inflation, which is projected to fall further. Analysts anticipate additional cuts, potentially bringing rates to zero by mid-2025, as the SNB signals readiness for further monetary easing amid economic uncertainties.
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Coinbase Shares Surge Amid Optimism Over Monetary Policy and Inflation Trends
23:54 12.12.2024
chainlink price surges as whale accumulation and partnerships drive optimism
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23:49 12.12.2024
Trump backs cryptocurrency sector as altcoins surge following strategic moves
23:17 12.12.2024
Bank of Japan Faces Dilemma Ahead of December Monetary Policy Meeting
22:41 12.12.2024
stocks decline as inflation data raises interest rate concerns
20:56 12.12.2024
new snb president martin schlegel embraces transparency and communication shift
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19:23 12.12.2024
ethereum price surges to 3919 amid bullish market sentiment and inflation data
18:30 12.12.2024
ecb digital bond trials reveal rising costs despite tokenization growth
17:50 12.12.2024
Binance reports record deposits and user growth in 2024
17:25 12.12.2024
Swiss National Bank Cuts Interest Rate to Combat Low Inflation Risks
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17:00 12.12.2024
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