Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 86,889.0 | +0.57% |
| Ethereum (ETH) | 2,835.10 | +0.10% |
| Bitcoin Spot ETF | +458.66M | Net Inflow |
| Ethereum Spot ETF | -22.40M | Net Outflow |
| Nasdaq (NAS100) | 24,797.8 | +0.33% |
| S&P 500 (SPX) | 6,721.42 | -1.16% |
| Russell 2000 (RUT) | 2,497.1 | +0.10% |
| U.S. Dollar Index (DXY) | 97.997 | 0.00% |
| VIX Volatility Index | 17.62 | +6.92% |
| U.S. 10-Year Yield | 4.14941 | +0.02% |
| Brent Crude Oil (BRENT) | 60.439 | -0.75% |
| LBMA Gold (XAU) | 4,332.80 | -0.11% |
| LBMA Silver (XAG) | 66.334 | +0.43% |
“Prepared at UTC 07.53 am”
Today’s Key Events
- US President Trump’s Executive Order, Intelligence Briefing, and Christmas Reception
- US Inflation Data and Jobless Claims
- ECB Interest Rate Decision (December) and Christine Lagarde Press Conference
- UK Central Bank Interest Rate Decision
- Q&A Event on the X Platform Hosted by CZ BNBChain
Divides Deepen at the Fed
- Fed member Christopher Waller said there is room for an additional 50-100 basis points of cuts from current interest rates and that he prefers a gradual easing process. Noting that the labor market has weakened but not collapsed, Waller emphasized that signals from employment indicate that interest rate cuts should continue. Stating that inflation is under control and continuing its downward trend, Waller indicated that there is no need for hasty or aggressive easing. In contrast, Atlanta Fed President
- Raphael Bostic said he sees inflation as a greater risk than employment and expects strong economic growth to continue. Bostic added that current Fed policy has limited impact on resolving structural problems in employment.
Trump: New Fed Chair Will Advocate Lower Interest Rates
Donald Trump announced in his address to the nation that the new Fed Chair would be announced soon. Trump said this person would strongly advocate low interest rates. Emphasizing that the economy was entering a new period of prosperity, Trump said reforms targeting the housing market were also on the way. The statements raised expectations of looser financial conditions in the market. This environment is seen as potentially supporting risk appetite in crypto markets.
China’s Financial Data Points to Continued Economic Pressure
In China, general public budget revenues rose 0.8% year-on-year in the January-November period, while November revenues showed a slight decline. The increase in tax revenues slowed in November, with corporate and stamp taxes remaining in negative territory. State fund budget revenues fell 4.9% during the same period, and the 26.8% decline in land transfer revenues reflected weakness in the real estate sector. Although public spending continued to increase year-on-year, a slight contraction was seen in November. Markets expect fiscal spending to pick up again early next year.
US-Russia Contacts and Sanctions Pressure on the Agenda
It has been reported that the US and Russia are planning to hold talks in Miami this weekend, but the details have not yet been finalized. Kirill Dmitriev is expected to be part of the Russian delegation, while Steve Witkoff and Jared Kushner are expected to represent the US. Meanwhile, Trump threatened to impose new sanctions on Russia, saying that the “shadow fleet” of tankers carrying Russian oil could be targeted. It is noted that these sanctions could be implemented if Moscow rejects a possible peace agreement with Ukraine. Trump also expanded the pressure to the Latin American front by declaring a full naval blockade against Venezuela.
Japan’s Central Bank Expected to Make Its Most Aggressive Interest Rate Move in 30 Years
The Bank of Japan (BOJ) is expected to raise its policy interest rate by 25 basis points to 0.75% at its meeting ending on Friday. This move would be the first interest rate hike since January, bringing rates to their highest level since 1995. Strong wage growth and the limited impact of US tariffs have reinforced expectations of a rate hike. Markets are currently pricing in a roughly 95% probability of a rate hike. Investors are now focusing on signals the BOJ will give regarding its future interest rate path.
Michael Saylor: Quantum Threat Will Strengthen Bitcoin
Michael Saylor argued that quantum computing will have a transformative, not disruptive, effect on Bitcoin. According to Saylor, network upgrades will move active coins to new addresses, while lost or dormant Bitcoins will be permanently removed from circulation. This situation could increase network security while also reducing the actual supply. Some in the community see this view as a factor that strengthens Bitcoin’s scarcity. However, others point to the difficulty of achieving consensus during the upgrade process and the risks of centralization.
New Guidance from the SEC on Crypto Asset Custody
The SEC’s Division of Trading and Markets has published new guidance on broker-dealers holding crypto asset securities in custody. According to the guidance, broker-dealers will not be challenged for having “de facto control” over crypto assets, provided they comply with appropriate security policies and industry standards. The guidance also covers tokenized equity and debt instruments. This step provides a clearer regulatory framework for institutions seeking to offer custody services. SEC Commissioner Hester Peirce called for the updating of existing rules.
SEC Seeks Input on Trading Crypto Assets on Exchanges
SEC Commissioner Hester Peirce announced that market opinions will be sought on how crypto assets should be traded on national exchanges and alternative trading systems. The announcement focuses on crypto securities and non-securities crypto asset pairs. It questions whether the current Reg ATS and Reg NMS rules are sufficient for crypto markets. The SEC aims to strengthen investor protection without hindering innovation. This approach is seen as a sign of a more open stance toward market structure reforms within the agency.
Circle Announces Arc Builders Fund
Circle has introduced the Arc Builders Fund for the Arc Layer-1 blockchain ecosystem. The fund aims to support projects that can leverage Arc’s low latency and high scalability advantages. RWA markets, on-chain foreign exchange transactions, and autonomous systems are particularly prominent. With this fund, Circle aims to combine payment infrastructures with blockchain innovation. The initiative is seen as a step that could accelerate corporate blockchain adoption.
Special Stablecoin Service from Coinbase
Coinbase has launched a new service that allows businesses to create their own branded stablecoins. Stablecoins are backed by 1:1 collateralized assets and hosted by Coinbase. The service offers cross-chain interoperability and access to a global distribution network. Users will also be able to earn revenue from transaction and usage activities. This step aims to popularize corporate stablecoin usage.
Third Fee Key Vote Begins on LayerZero
LayerZero announced that it will launch its third fee key vote on December 20. The vote aims to decide whether protocol fees will be activated. If approved, the fees will be used for $ZRO token buybacks and burns. For the vote to be valid, 40.59% of the circulating $ZRO must participate. LayerZero Labs and affiliated parties will not participate in the vote.
