MARKET SUMMARY
Latest Situation in Crypto Assets
| Assets | Last Price | 24h Change | Dominance | Market Cap |
|---|---|---|---|---|
| BTC | 106,489.03$ | 1.43% | 56.58% | 2,11 T |
| ETH | 4,008.70$ | 1.37% | 12.96% | 482,68 B |
| XRP | 2.515$ | 4.76% | 3.86% | 143,81 B |
| SOLANA | 214.88$ | -3.26% | 2.76% | 102,95 B |
| DOGE | 0.3992$ | -1.16% | 1.58% | 58,78 B |
| CARDANO | 1.0624$ | -1.61% | 1.00% | 37,27 B |
| TRX | 0.2930$ | 3.28% | 0.68% | 25,26 B |
| AVAX | 48.70$ | -2.48% | 0.53% | 19,93 B |
| LINK | 28.31$ | -2.13% | 0.48% | 17,75 B |
| SHIB | 0.00002695$ | -1.74% | 0.43% | 15,89 B |
| DOT | 8.663$ | -1.96% | 0.36% | 13,25 B |
*Prepared on 12.17.2024 at 07:00 (UTC)
WHAT’S LEFT BEHIND
Bitcoin Reaches a New High, Ethereum in Pursuit!
Bitcoin hit an all-time high of $107,822, up 5.5% from Friday. Ethereum hit its highest level since December 2021 at $4,081.
Trump to Use $200 Billion of US Treasury Funds for Bitcoin Reserves
Trump is reportedly planning to establish a strategic Bitcoin reserve using the Exchange Stabilization Fund (ESF). The fund’s total assets exceed $200 billion. If the plan comes to fruition, the US could become the leader in the global Bitcoin reserve race. In addition, some states, including Pennsylvania and Texas, are taking action for Bitcoin reserve legislation, while similar proposals are being discussed in countries such as Brazil, Poland and Japan.
FTX Restructuring Plan
FTX announced that its court-approved Chapter 11 reorganization plan will become effective on January 3, 2025. The first distribution is expected to be completed within 60 days of the effective date.
Riot Platforms Buys 667 BTC, Increases Assets to $1.8 Billion
Riot Platforms bought 667 BTC at a price of $101,135, bringing its total Bitcoin holdings to 17,429 BTC. The total market capitalization of the company’s BTC holdings reached $1.8 billion. With this move, Riot’s BTC return per quarter was 36.7% and 37.2% since the beginning of the year.
Semler Scientific Increases BTC Holdings to 2,084
Semler Scientific of the US bought 211 BTC, bringing its total Bitcoin holdings to 2,084 BTC. The purchase cost was $21.5 million, while the company’s average purchase price per BTC was $80,916.
OpenAI ChatGPT Search Feature Opens to All Users
OpenAI announced that ChatGPT’s search functionality is now available to all free users. The new feature includes real-time search, advanced voice mode and map integration. Search efficiency has been increased by more than 40% thanks to mobile optimization.
Ripple’s Stablecoin RLUSD to Launch on December 17
Ripple will launch its dollar-pegged stablecoin RLUSD on December 17. RLUSD will be backed by USD deposits, government bonds and cash equivalents. Monthly reserve confirmations will be made by an independent auditing firm.
Avalanche 9000 Upgrade Reaches Main Network
Avalanche launched the Avalanche 9000 upgrade, significantly reducing subnetting and smart contract costs. The C-Chain base fee was reduced from 25 nAVAX to 1 nAVAX. The upgrade responds to different regulatory needs with the Etna Module supporting independent chain operation.
Lido Terminates Operations on Polygon Network
Following a community vote, Lido announced that it will cease operations on the Polygon network in the coming months. Lido’s strategic focus on Ethereum and Polygon POS’ scalability issues are cited among the reasons for this decision.
Vana Completes Testnet Airdrop Rewards
Vana has completed the airdrop process of testnet community rewards. Users can check their airdrop rights by adding the Vana network to their wallet.
Ethena Launches BlackRock-Backed Stablecoin USDtb
Ethena launched its new stablecoin USDtb, which uses BlackRock’s BUIDL product as a reserve fund. USDtb reached a high of 90% of its total reserves dedicated to BUIDL allocation.
Pudgy Penguins PENGU Tokens Available to Claim on December 18
Pudgy Penguins announced that its ecosystem token PENGU will be available to be claimed as of December 18th. The claim period will last for 88 days, after which unused tokens will be burned.
HIGHLIGHTS OF THE DAY
Important Economic Calender Data
| Time | News | Expectation | Previous |
|---|---|---|---|
| – | Avalanche (AVAX): Etna Upgrade | – | – |
| – | Stacks (STX): SBTC Launch | – | – |
| – | Arbitrum (ARB): 92.65MM Token Unlock | – | – |
| – | Stacks (STX): Stacks L2 Update | – | – |
| – | Aleph Zero (AZERO): Validator Finalization | – | – |
| – | The Sandbox (SAND): Attack on Titan Avatar Collection Vol.1 Launch | – | – |
| – | Solana (SOL): Web3.js v2.0 Release | – | – |
| 13:30 | US Core Retail Sales (MoM) (Nov) | 0.4% | 0.1% |
| 13:30 | US Retail Sales (MoM) (Nov) | 0.6% | 0.4% |
INFORMATION:
*The calendar is based on UTC (Coordinated Universal Time) time zone.
The economic calendar content on the relevant page is obtained from reliable news and data providers. The news in the economic calendar content, the date and time of the announcement of the news, possible changes in the previous, expectations and announced figures are made by the data provider institutions. Darkex cannot be held responsible for possible changes that may arise from similar situations.
MARKET COMPASS
Bitcoin prices have hit new record highs following recent rises in the wake of statements made by US President-elect Trump. The largest cryptocurrency broke above the $107,000 level yesterday after the start of the US session.
While the possibility of a US crypto regulation continues to be priced in on the digital assets front, expectations that the US Federal Reserve (FED) will announce an interest rate cut decision tomorrow play an important role in pricing behavior in global markets. In Europe, both the monetary policies of central banks and political developments are on the agenda. German Chancellor Scholz failed to win a vote of confidence in the Bundestag and early elections have begun in the country. This continental indices are expected to start the new day horizontally and generally slightly negative.
The US retail sales data to be released today ahead of the FED’s critical interest rate decision may have an impact on asset prices and risk appetite in the markets. We think that Bitcoin may continue to present a more positive picture than other major digital assets.
From the short term to the big picture.
The victory of former President Trump on November 5, which was one of the main pillars of our bullish expectation for the long-term outlook in digital assets, produced a result in line with our predictions. Afterwards, the appointments made by the president-elect and the expectations of increased regulation of the crypto ecosystem in the US continued to take place in our equation as a positive variable. Although Powell gave cautious messages in his last speech, the continuation of the FED’s interest rate cut cycle and the volume in BTC ETFs indicating an increase in institutional investor interest (in addition to MicroStrategy’s BTC purchases, BlackRock’s BTC ETF options started trading…) support our upward forecast for the big picture for now.
In the short term, given the nature of the market and pricing behavior, we think it would not be surprising to see occasional pauses or pullbacks in digital assets. However, at this point, it is worth emphasizing again that the fundamental dynamics continue to be bullish.
TECHNICAL ANALYSIS
BTC/USDT
With the inauguration of US President D. Trump, activity on the Bitcoin front continues unabated. Finally, Trump’s claim that he plans to use $200 billion from the US Currency Stabilization Fund to create a Bitcoin reserve has caused a great resonance in the markets. On the other hand, institutional companies such as Riot Platforms and Semler Scientific, following MicroStrategy, continued to make significant BTC purchases, once again demonstrating the institutional interest in crypto assets.
When we look at the technical outlook with all these developments, we see that BTC raised its ATH level to $107,780. After completing the consolidation phase, BTC, which formed a bullish channel again, tested the upper line of the channel. Currently trading at 106,400, BTC has settled above the channel midline. Although technical oscillators continue to give sell signals, positive developments on the fundamental side continue to move the price up. In the continuation of upward movements, the channel upper line of 108.600 will be followed as resistance, while the channel lower line of 104.500 will be followed as critical support in a possible selling pressure.
Supports: 104,500 – 102,900 – 101,400
Resistances 107,780 – 108,600 – 110,000
ETH/USDT
ETH, which rose to 4,093 resistance as expected yesterday, managed to rise above the $4,000 level again after retreating with selling pressure from this region. During this movement, the increasing volume and rise of ETH betas attracted attention.
Cumulative Volume Delta (CVD) reveals that volatility is evident in the spot market during the uptrend and retracement. From a technical perspective, the fact that the price remains above the Tenkan and Kijun levels supports the positive outlook. In addition, the upward acceleration of the Chaikin Money Flow (CMF) indicator into the positive zone and the increase in momentum also strengthen the positive structure.
On the other hand, the Relative Strength Index (RSI) is still trending negative. In light of this data, if the price maintains above $4,000, it is likely to test the 4,093 resistance once again during the day. However, a close below this level could pull the price back down to 3,893.
Supports 3,893 – 3,793 – 3,670
Resistances 4,093 – 4,299 – 4,440
XRP/USDT
Following the news that Ripple’s stablecoin Ripple USD (RLUSD) will be listed on global exchanges as of December 17, XRP made a significant bullish move. However, the price is currently stuck between the 2.54 and 2.47 levels.
Looking at the technical indicators, the buy signal on the Ichimoku indicator stands out. This supports the bullish expectations of market participants. At the same time, the positive structures in the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) indicators indicate that the uptrend may gain momentum if the price exceeds the 2.54 level.
Breaking the 2.54 resistance level may strengthen the upward movement of the price and bring new target levels to the agenda. The 2.47 support level is critical to maintain the current positive structure. In summary, the technical outlook for XRP remains positive. If the price maintains above the 2.47 level, a new uptrend can be expected to start. However, if the 2.47 level is lost, the technical outlook may deteriorate and the price may retreat to 2.30 levels.
Supports 2.4710 – 2.2741- 1.1484
Resistances 2.5398 – 2.6567 – 2.8456
SOL/USDT
The UK FCA flagged Retardio Solana for operating without a license. Pump Fun has also been placed under surveillance by the regulator in the same manner as the related summons. The regulator said Retardio Solana promoted and provided financial services or products without authorization.
SOL lost its bullish momentum and started to decline. The asset is in the middle of a broad downtrend and volume remains low. This means that neither buyers nor sellers are ready for a sharp move. On the 4-hour timeframe, the 50 EMA (Blue Line) coincided with the 200 EMA (Black Line). Will this end the bull in this asset? This will depend on the overall market direction and how investors and traders will take action going forward, but the metrics do not point to a definite direction at the moment. Although there is upside momentum from the support level, volume has started to fall again. As a matter of fact, the asset is trying to set a direction by making the 200 EMA and 50 EMA as resistance. When we analyze the Chaikin Money Flow (CMF)20 indicator, the negative trend continues even though money inflows increase. However, Relative Strength Index (RSI)14 is moving from the neutral zone to the overbought zone. The 237.53 level stands out as a very strong resistance point in the rises driven by both the upcoming macroeconomic data and the news in the Solana ecosystem. If it breaks here, the rise may continue. In case of retracements for the opposite reasons or due to profit sales, the support levels of 189.54 and 181.75 can be triggered again. If the price hits these support levels, a potential bullish opportunity may arise if momentum increases.
Supports 209.93 – 200.00 – 189.54
Resistances 222.61 – 237.53 – 247.53
DOGE/USDT
4.9 billion DOGE was withdrawn from a centralized exchange to an unknown wallet. This could boost the DOGE price. On the other hand, as the Dogecoin (DOGE) price consolidates around $0.4000, bullish catalysts for the world’s largest meme coin continue to form in the background. However, DOGE futures funding rates are currently at very low levels, indicating that the speculative excess that has accumulated in recent weeks has largely disappeared, reducing short-term sell-off risks.
DOGE successfully unwound from overbought levels. Relative Strength Index (RSI) 14 on the chart returned to the neutral zone. This suggests that the token has relieved the overbought pressure and paved the way for another potential leg upwards. Since December 8, the asset has been in a downtrend, reversing BTC’s downtrend from the usual market rallies. The asset moved sideways but failed to break the 0.42456 level to the downside. The asset is very close to using the 200 EMA (Black Line) as support. On the 4-hour timeframe, the 50 EMA (Blue Line) is above the 200 EMA (Black Line). However, when we examine the Chaikin Money Flow (CMF)20 indicator, there is a small amount of money outflows and suppresses the price. The 0.50954 level stands out as a very strong resistance point in the rises driven by both the upcoming macroeconomic data and the innovations in the Doge coin. If DOGE maintains its momentum and rises above this level, the rise may continue strongly. In case of possible retracements due to macroeconomic reasons or negativities in the ecosystem, the 0.33668 support level is an important support level. If the price reaches these support levels, a potential bullish opportunity may arise if momentum increases.
Supports 0.36600 – 0.33668 – 0.28164
Resistances 0.42456 – 0.45173 – 0.50954
LEGAL NOTICE
The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided individually by authorized institutions taking into account the risk and return preferences of individuals. The comments and recommendations contained herein are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations.
