BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Bitcoin was roughly flat at around $17,000 early Friday ahead of the November jobs report due at 8:30 a.m. ET. The U.S. employment report for November is expected to show a sizable slowdown in hiring, but the labor market remains too tight, according to Federal Reserve Chairman Jerome Powell. Ether was climbing ahead of the report, up slightly on the day.
Bitcoin price chart
Derivatives marketplaceChicago Mercantile Exchange and cryptocurrency index provider CF Benchmarks this month will introduce reference ratesand real-time indexes for aave (AAVE), curve (CRV) and aynthetix (SNX). The new rates will be calculated and published starting Dec. 19. They aren’t tradable futures products now.
Binance’s chief strategy officer saidthe company’s centralized exchange may not exist in 10 years because the crypto market is moving toward decentralized finance. For now, the exchange is trying to keep customers’ trust after the collapse of rival exchange FTX by implementing “proof of reserves,” which is a way to show customers that their assets are fully backed by liquid assets.
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Market Insight: Cryptos May Be Bitten
DOGE price spikes have consistently foreshadowed BTC price slides over the past 12 months (Santiment)
While bitcoin and the broader crypto market seem to have found a footing despite the heightened credit risk faced by major industry players in the wake of FTX’s collapse, there’s still one factor that suggests the downtrend isn’t over.
Meme cryptocurrency dogecoin (DOGE) has rallied 40% in the past 10 days, outpacing ether’s18% gain and bitcoin’s 8% rise. Total market capitalization has increased by 10% to $808 billion, CoinDesk data shows.
The discrepancy is significant because, historically, outsized gains in DOGE and other meme coins like shiba inu (SHIB) have portended a marketwide sell-off.
The chart shows a renewed uptick in the U.S. consumer inflation expectations tracked by the Conference Board and the University of Michigan.
The data suggests the consumer price index may moderate slower than markets anticipate, delaying the potential Fed pivot away from liquidity tightening.
Risky assets, including cryptocurrencies, have taken a beating this year predominantly due to the Fed’s liquidity tightening.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
