Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 84,192.0 | −3.03% |
| Ethereum (ETH) | 2,713.23 | −4.15% |
| Bitcoin Spot ETF | −902.20M | Net Outflow |
| Ethereum Spot ETF | −261.60M | Net Outflow |
| Nasdaq (NAS100) | 24,013.1 | +0.07% |
| S&P 500 (SPX) | 6,538.77 | −1.56% |
| Russell 2000 (RUT) | 2,304.3 | −0.13% |
| U.S. Dollar Index (DXY) | 99.720 | −0.14% |
| VIX Volatility Index (VIX) | 26.42 | +11.67% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.096 | −0.82% |
| Brent Crude Oil (BRENT) | 62.387 | −1.36% |
| LBMA Gold (XAU) | 4,030.12 | −1.13% |
| LBMA Silver (XAG) | 49.074 | −2.91% |
“Prepared at UTC 08.02 am”
Today’s Key Events
- Trump to Meet with New York City Mayor-Elect Zohran Mamdani
- US PMI Data to be Released
- US November University of Michigan Consumer Sentiment Index to be Released
- Fed Vice Chair Philip Jefferson to Speak
- Fed Governor Lisa Cook to Speak
- Cleveland Fed President Loretta Mester to Speak
- Dallas Fed President Lorie Logan to Speak
- New York Fed President John Williams to Speak
Statements from Fed Members
- Chicago Fed President Goolsbee (2025 voter, dovish): Said he assumed the labor market was “cooling slowly but steadily” when he voted for the October rate cut. She noted that inflation over the past three months has at best been flat, with some indicators worsening. She emphasized that it is “not wrong” to dissent if strongly divergent from other members.
- Cleveland Fed President Hammack (hawkish): Stated that inflation is still too high and “moving in the wrong direction,” arguing that policy should remain restrictive. He stated that the Fed must carefully weigh the data. He also warned that high inflation could persist if interest rates are cut too early and said that stablecoins and private credit markets must be closely monitored.
- Fed Chair Nominee Kevin Hassett (Trump’s nominee, hawkish): He argued that pausing interest rate cuts in December would be “very bad timing.” He said the government shutdown would drag down fourth-quarter GDP by 1.5% and that inflation data supported continued easing. Hassett noted that the economic downturn could deepen if the pace of rate cuts is not maintained. Federal Reserve Chair nominee Hassett: Pausing rate cuts in December would be “very bad timing.”
Federal Reserve Chair nominee Hassett
Hassett said that the Fed pausing interest rate cuts in December would be “very bad timing.” He stated that the government shutdown would reduce fourth-quarter GDP by approximately 1.5% and that this would make the economy fragile. He said inflation data supports easing, and that pausing would deepen the economic slowdown. He emphasized that despite the recovery in job growth, it is still not enough to offset macro pressures.
Trump Reinvigorates Relations with Pakistan
Trump is bringing Pakistan back to the forefront of US foreign policy as relations with India sour. Pakistani Chief of Army Staff Asim Munir offered cooperation in critical minerals and cryptocurrency during his meeting with Trump. Munir praised the relationship, saying Trump had stopped the crisis with India in May. The message was that ties weakened during the Biden era would be strengthened again.
JPMorgan: Retail ETF Sales Cause Bitcoin and Ethereum Decline
According to JPMorgan, the main reason for the recent decline in the crypto market is retail investors selling ETFs. Approximately $4 billion in outflows occurred this month, surpassing February’s record. The report states that the selling pressure is retail-driven, not institutional. This increases the market’s short-term fragility.
China–UAE Payment Cooperation Launch
PBoC Governor Pan Gongsheng attended the launch of the payment integration project with UAE officials in Abu Dhabi. China and the UAE deepened financial integration between the two countries by connecting their fast payment systems. The “UnionPay–Jaywan” dual-branded card began its first transaction. In addition, the multilateral digital currency bridge JISR was officially launched.
Japan Announces 21 Trillion Yen Stimulus Package
Prime Minister Sanae Takaichi approved the largest supplementary spending package since the pandemic began. More than half of the package consists of inflation relief and aims to reduce voter dissatisfaction. Following the announcement, the yen fell to its lowest level in 10 months. Long-term government bond yields, meanwhile, rose to historic highs.
SEC to Hold Crypto Privacy Meeting on December 15
The SEC’s Crypto Task Force will hold a roundtable meeting on December 15 to discuss growing privacy and surveillance concerns in the crypto ecosystem. The meeting comes at a time of heightened regulatory pressure following the Tornado Cash and Samourai Wallet cases. Leaders from the crypto sector will discuss solutions and risk mitigation proposals directly with SEC officials. The price increase in privacy coins has also been one of the factors driving regulatory interest.
September Nonfarm Payrolls and Fed Debate
September nonfarm payroll data sent mixed signals, splitting market expectations for a December rate cut. XTB argued that the rise in the unemployment rate could trigger a rate cut. Goldman Sachs noted that weak data and inflation near target support easing. TD Securities said the current pricing is “50-50.”
CFTC Chair Nominee Michael Selig Approved by Committee
The Senate Agriculture Committee approved Trump’s CFTC chair nominee Michael Selig by a vote of 12 to 11. The nomination will now proceed to a full Senate vote. Selig is known to advocate for a more active CFTC role, particularly in crypto regulation. This could reshape the regulatory authority map in the US.
US Government Transfers Seized Funds to New Wallet
The US government has transferred various seized crypto assets to new wallets in the last 6 hours. TRX, FTT, KNC, and FET assets originating from FTX-Alameda, as well as WETH from the Bitfinex attack, were transferred. The value of the transfers amounts to millions of dollars. Such movements are often associated with liquidation preparations or legal process arrangements.
JPMorgan: If Strategy Is Removed From the Index, There Could Be a Large Fund Outflow
According to JPMorgan, if MSCI removes Strategy, which is in the position of a Bitcoin vault, from its indices, there could be a fund outflow of up to $2.8 billion. If other index providers follow suit, the total outflow could reach $11.6 billion. This situation could increase both the price of MSTR and the volatility of the crypto market. The risk of being removed from the index is weakening investor confidence.
G20: Call for Global Regulation of Stablecoins and Private Credit
Andrew Bailey, Chairman of the G20 Financial Stability Board, emphasized the rapid growth of stablecoin and private credit markets. Bailey stated that global regulatory convergence must be strengthened. He warned that regulatory differences between countries could create systemic risks. He also noted the slow progress in Basel III implementations.
SEC Director: Even an Insecure Mechanism Requires a Secure Market
SEC Markets Director Selway stated that despite the “trustless” nature of crypto assets, healthy transactions require a reliable market infrastructure. He noted that the SEC aims to establish clear rules with “Project Crypto.” Selway emphasized the need to support competition and innovation without disruption. He added that the market ultimately determines its own value.
Aptos-Based Cross-Chain Engine Decibel Test Network Launched
Decibel launched the test network for its cross-chain transaction engine built on the Aptos infrastructure. The system aims to deliver programmable and composable transaction scenarios with on-chain reliability. It is supported by Aptos Labs and the Decibel Foundation. Several key functions have been activated on the test network.
