FOMC

KuCoin Token

Core

Bitcoin

Grayscale Bitcoin Trust

<h2 id="span-style-font-size-20px-crypto-braces-for-macro-risks-fomc-ecb-boe-meetings-loom-br-span">Crypto Braces for Macro Risks: FOMC, ECB, BOE Meetings Loom. </h2>
<ul>
 <li>After an unprecedented 8-week streak of green candles, Bitcoin has started a correction, finding support around the $40k mark.</li>
 <li>The US Consumer Price Index is expected to increase by 3.1% YoY in November, slightly lower than October's 3.2% rise.</li>
 <li>The Annual Core CPI inflation is anticipated to remain stable at 4% for the month of November.</li>
</ul>
<h3 id="span-span-style-font-size-18px-major-events-to-watch-span-span-style-font-size-20px-span-span">Major Events To Watch:</h3>
<h4><img src="https://lh7-us.googleusercontent.com/ITEUqfYrO8p61P279PqLfU59lUaFyzwsqxjpe_kAOJlGV8vTfoddQFCaVkc8mRGeeV7fv6O27NqNH803jTwDFPpjQFNUJzoTf9yWlOkT8DVKELhjkjWr-Onb0Erp8nL5CQ1liQMSjHqVuQL3lxz8NEY" width="465" height="398"></h4>
<h4>Crypto Fear and Greed:</h4>
<img src="https://lh7-us.googleusercontent.com/t94rCHVIzPO5oKvxXheBGbupWXfhO72Ln1QAYYbGCKf6kKGnBmwwwFPwTGACPsCc1VcY-EQRiHN_aUlzk4ck-xW8eeY2wCJ9dlxSRMiydW78cEBb5gjPh942iYbDKxSk9xmQBf5u3OJYJkTe6ucSdVc" width="577" height="243">
Over the past 24 hours, the cryptocurrency market saw a round of profit-taking, resulting in a seven-point drop in the "Greed and Fear Index." The index currently stands at 67 on a scale from 0 to 100, indicating a moderate level of investor sentiment.
<h4>Latest Market Update:&nbsp;</h4>
<ul>
 <li>Bitcoin, the world's oldest and most valuable cryptocurrency, experienced a drop below the $42,000 mark on Tuesday.</li>
 <li>Popular alternative cryptocurrencies, including Ethereum, Solana, Ripple, Litecoin, and Dogecoin, also saw minor declines during the same period.</li>
 <li>KuCoin Token emerged as the top performer, with a notable 24-hour gain exceeding 29 percent.</li>
 <li>Conversely, Terra recorded the largest loss among major cryptocurrencies, with a 24-hour decline of over 6.30 percent.</li>
 <li>The total crypto market volume in the last 24 hours is $104 billion, reflecting a 23.80% increase.</li>
 <li>DeFi contributes $10.1 billion to the total volume, constituting 12.19% of the overall crypto market 24-hour volume.</li>
 <li>Stable coins hold a volume of $76.36 billion, representing 92.16% of the total crypto market 24-hour volume.</li>
 <li>Bitcoin's dominance is presently at 53.17%, experiencing a 0.50% decrease throughout the day.</li>
</ul>
<h4>Major Worldwide News Update:</h4>
<ul>
 <li>The US Consumer Price Index (CPI) is anticipated to rise 3.1% YoY in November, slightly down from October's 3.2%. Annual Core <a href="https://www.coingabbar.com/en/crypto-currency-news/crypto-update-oct-crypto-market-slips-due-to-september-cpi-data" rel="noopener noreferrer nofollow">CPI</a> inflation is predicted to remain steady at 4%. This data release is eagerly awaited, as it could impact the valuation of the US Dollar ahead of the Federal Reserve's policy announcements. The softening inflation supports the view that the Fed may conclude its rate hikes in its last meeting of the year.</li>
 <li>The Federal Reserve is expected to maintain interest rates at 5.25-5.50% in the upcoming <a href="https://www.coingabbar.com/en/crypto-currency-news/crypto-daily-roundup-nov-us-feds-fomc-meeting-all-eyes-on" rel="noopener noreferrer nofollow">FOMC</a> meeting, marking the third consecutive steady decision. Under Jerome Powell's leadership, the Fed aggressively raised rates 11 times since March 2022 to combat inflation, impacting various sectors. Despite economic challenges, signs of recovery include accelerated job growth and a lowered unemployment rate of 3.7% in November.</li>
 <li>Ark Invest, led by Cathie Wood, sold over $12.8 million in Grayscale Bitcoin Trust (GBTC) shares during a market sell-off. They also adjusted their position in Coinbase, selling $1.8 million in shares. Despite recent sales, Coinbase still constitutes a significant portion of Ark's ETF portfolios.S</li>
 <li>Coinbase adds SEAM, Seamless Protocol's governance token, in a pivotal move. This Base-based token joins Coinbase's exclusive day-one listings, reflecting the exchange's commitment to emerging assets. SEAM, part of the decentralized lending platform, emphasizes a fair launch with a community-centric airdrop strategy.</li>
 <li>Senator Warren's bill aims to curb crypto's involvement in illicit activities, proposing enhanced regulations under the Bank Secrecy Act. With support from financial groups, it could impact the approval of the first US spot Bitcoin ETF. Warren emphasizes global misuse concerns, citing countries like North Korea funding nuclear weapons programs through cryptocurrencies.</li>
 <li>BlockFi's bankruptcy concludes, with its legal team, led by Kirkland &amp; Ellis, set to earn approximately $40 million in fees. The payment, though significant, pales in comparison to Ripple Labs' $200 million, spent over a three-year legal battle with the SEC.</li>
 <li>FTX's bankruptcy faces IRS challenge over a $24 billion tax claim, initially filed for $44 billion. The fluctuating claim heightens complexity in the ongoing proceedings, impacting potential payouts to creditors. FTX's legal team deems the IRS's claim "absurd and meritless," advocating for a fair and expedited resolution process. A critical hearing is set for December 13.</li>
 <li>Cardano Foundation unveils a W3C-compatible Identity Wallet, enhancing interaction with Cardano's DApps and supporting diverse identity standards. The user-friendly wallet promotes self-sovereign identities and interoperability, featuring the Key Event Receipt Infrastructure for secure identity management. Cardano celebrates this pivotal launch amid other milestones, including ADA entering the top 10 Total Value Locked list.</li>
 <li><a href="https://www.coingabbar.com/en/crypto-currency-news/el-salvador-leads-volcano-powered-bitcoin-mining" rel="noopener noreferrer nofollow">El Salvador</a> approves Bitcoin Volcano Bonds, set for issuance in Q1 2024. The Digital Assets Commission granted regulatory approval for the bonds, part of El Salvador's Bitcoin-friendly initiatives. President Nayib Bukele envisions raising $1 billion for Bitcoin City and BTC investments. A new residency program, the "El Salvador Freedom Visa," offers citizenship for substantial BTC or USDT investments.</li>
</ul>
COIN GABBAR Views: What factors are contributing to the current decline in Bitcoin, and what is the potential bottom for its value? Will BTC stabilize around the $40,000 level, or is a return to $50,000 more likely? How are the CPI data and FOMC decisions influencing the market, and are they meeting or falling short of market expectations? Is the crypto market currently experiencing a retracement, or is the decline indicative of profit booking? To get latest news Stay tuned us at <a href="https://www.coingabbar.com" rel="noopener noreferrer nofollow">coingabbar</a>
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
For More News: <a href="https://www.coingabbar.com/en/crypto-currency-news/crypto-daily-roundup-dec-crypto-wobble-ahead-of-us-economic-data" rel="noopener noreferrer nofollow">Crypto Daily Roundup, 11 Dec: Cryptos Wobble Ahead of US Economic Data</a>

24 Crypto Update, 11: Crypto Feels the Heat, Awaits CPI, FOMC Reports

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