Recap
- US 3Q GDP growth reached 4.3%, outstripping consensus estimates, although figures were distorted by earlier import swings warped by trade tariff threats and changes.
- Binance suffered a reputational setback after a Financial Times report identified large volumes of cryptocurrency flows through accounts that showed compliance red flags even after Binance agreed to pay $4.3bn and pleaded guilty to criminal charges related to anti-money laundering and sanctions controls failures.
- Certain countries continued to ease access to crypto. Ghana legalized crypto through legislation on virtual asset service providers in a bid to capture what its central bank estimates is a $3bn shadow economy, while Russia moved to formalize crypto trading under state control, according to Interfax. Hong Kong reportedly plans to open crypto markets to insurers under strict capital rules, even as the special administrative region of China introduces new licensing requirements for virtual asset dealers and custodians following a two-month consultation.
- JPMorgan edged towards greater interest in crypto trading, while crypto exchange operator Coinbase leaned towards gambling with an agreement to acquire onchain prediction markets platform The Clearing Company.
Macro Summary
The coming week is expected to be quiet as the holiday season continues across much of the world.
On the economic front, the US Federal Reserve's FOMC will issue minutes from its December meeting, while most economies will see partial or full market closures on New Year’s Eve and New Year’s Day.
Meanwhile, at a time when many people are thinking about the prospect of peace and prosperity (or not) in the year ahead, political leaders are still wrestling with tense geopolitical security issues.
Ukrainian President Volodymyr Zelenskyy said a peace plan is "90% agreed" after talks with US President Donald Trump in Florida. Trump had earlier flagged "thorny issues". Trump is also hosting Israeli Prime Minister Benjamin Netanyahu on Monday to discuss a US-brokered ceasefire in Gaza while, separately, continuing to put pressure on Venezuela.
Top Gainers
- CC (Canton) +46%
- ZEC (Zcash) +20%
- DASH (Dash) +15%
Top Losers
- MNT (Mantle) -12%
- AB (AB) -8.1%
- NIGHT (Midnight) -7.4%
Market Metrics
- Total Market Cap: $3.02tn (+0.3% vs last week)
- BTC Dominance: 59.1% (vs 59.0% last week)
- Fear and Greed Index: 30/100 (vs 28 last week)
- Alt Season Index: 18/100 (vs 17 last week)
ETF Flows
- BTC (Bitcoin): -$782.0mn (vs -$497.1mn previous week)
- ETH (Ether): -$102.4mn (vs -$643.9mn previous week)
Futures (CME)
- BTC (Bitcoin): $87,830 (-0.3%) (as at Friday close)
- ETH (Ether): $2,937 (-2.1%) (as at Friday close)
This week, we’ll be monitoring (all times UTC):
Monday 29 December
Crypto event (token unlock)
- (HYPE) Hyperliquid unlocks 9.9mn tokens worth about $257mn.
Tuesday 30 December
Central Banks
19:00 FOMC Minutes: the committee issues minutes from the 9-10 Dec policy meeting, during which policymakers decided to cut rates by 25 basis points to a target range of 3.50%-3.75%.
Wednesday 31 December
Holidays
Japan, UK, Euro Area: partial or full day key exchange closures.
Thursday 1 January
Holidays
US, China, Japan, UK, Euro Area: main exchange closures for New Year’s Day.
