Performance of the Cryptocurrency Market

Currently, the total market capitalization of cryptocurrencies is $3.54 trillion, with BTC accounting for 54.2491%, which is $1.92 trillion. The market capitalization of stablecoins is $196.8 billion, with a 7-day increase of 4.3%, of which USDT accounts for 69.64%.

This week, the price of BTC has shown a fluctuating upward trend, with the current price of BTC at $100,266; ETH has shown a fluctuating upward trend, with the current price of $3,993.

Among the top 200 projects on CoinMarketCap, most have increased, and a small portion have decreased, including: CVX with a 7-day increase of 141.33%, CRV with a 7-day increase of 132.92%, and HBAR with a 7-day increase of 105.01%.

This week, BTC has broken through the $100,000 mark and stabilized, and its market share has also declined to some extent, while the leading projects in the Ethereum-centric track have also seen certain increases.

This week, the net inflow of the US Bitcoin spot ETF was $2.775 billion; the net inflow of the US Ethereum spot ETF was $803.4 million.

The "Fear & Greed Index" on December 7th was 75 (lower than the previous week), and the sentiment this week was 5 days of greed and 2 days of extreme greed.

Market trend forecast: BTC may fluctuate in a range, and you can focus on profitable protocols or new public chains.

Understand the Present

Review of the Week's Major Events

1. On December 2nd, South Korea postponed the implementation of the 20% Cryptocurrency tax for the third time;

2. Sonic Labs: has completed snapshots of wallets holding six different Sonic Shard types;

3. Coinbase has integrated Apple Pay into its deposit service;

4. 10x Research: Retail trading volume in the South Korean Cryptocurrency market has surged, with Altcoins becoming the focus of the market;

5. Sonic Labs' mainnet has generated its first block, and the token airdrop snapshot has been completed;

6. Nike's Cryptocurrency fashion brand RTFKT has announced that it will gradually cease operations;

7. Analysis: The US government's transfer of Bitcoin to Coinbase or a custodian may be a custodial act;

8. The Trump administration may open the IPO market to Cryptocurrency companies;

9. The Chief of Staff and Chief Secretary of the South Korean President's Office have collectively resigned;

10. On December 4th, the South Korean Martial Law Command issued Alert Level 1;

11. On December 5th, Trump confirmed that Paul Atkins has been selected as the new SEC Chairman;

12. Meteora has launched the M3M3 mode, encouraging users to stake MEME coins to earn fee rewards;

13. OpenAI: will hold 12 new product launch events in 12 days;

14. On December 5th, the Magic Eden airdrop eligibility and distribution query tool has been launched;

15. Trump has appointed David Sacks as the Cryptocurrency sector lead;

16. Pudgy Penguins has launched its native token PENGU, based on the Solana network;

17. Molecule has led the establishment of a DeSci ecosystem fund, and has already repurchased RIF and URO to support Pump.science.

Macroeconomic

1. On December 2nd, according to market news, the global ETF provider WisdomTree has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) for an XRP ETF;

2. On December 6th, according to FOX Business reporter Eleanor Terrett, the SEC has notified at least two of the five potential issuers that it will reject their 19b4 applications for SOL spot ETFs. The current situation is that under the leadership of the current administration, the US Securities and Exchange Commission (SEC) will not accept any new Cryptocurrency ETFs;

3. On December 6th, according to the CME "Fed Watch", the probability of a 25 basis point rate cut by the Federal Reserve in December is 72.1%, and the probability of a 50 basis point rate cut is 27.9%;

4. On December 6th, Eric Merlis, Managing Director and Co-Head of Global Markets at Citizens, stated that the November nonfarm payroll report showed the expected rebound in hiring, with no major surprises. The slight rise in the unemployment rate and the decline in participation should convince the Federal Reserve to continue its gradual easing path at its December meeting.

ETF

According to statistics, during the period from December 2nd to December 6th, the net inflow of the US Bitcoin spot ETF was $2.775 billion; as of December 6th, GBTC (Grayscale) has a total outflow of $20.778 billion, and currently holds $21.619 billion, while IBIT (BlackRock) currently holds $52.173 billion. The total market value of the US Bitcoin spot ETF is $114.346 billion.

The net inflow of the US Ethereum spot ETF was $803.4 million.

Foresee the Future

Event Preview

1. The Bitcoin MENA Summit will be held from December 9th to 10th in Abu Dhabi, and Trump's son will attend the Bitcoin MENA Summit in December;

2. Bitcoin MENA 2024 will be held from December 9th to 10th at the Abu Dhabi National Exhibition Centre;

3. Blockchain Season Finale 2024 will be held from December 12th to 13th in Dubai;

4. Taipei Blockchain Week will be held from December 12th to 14th, 2024.

Project Progress

1. The Magic Eden Foundation has announced that the ME token will undergo a TGE on December 10th;

2. The Bitcoin re-pledging protocol Babylon will open Cap-3 pledging on December 10th, 2024 at 19:00, lasting for 1000 blocks, with a minimum pledge of 0.005 BTC per transaction and a maximum pledge of 5,000 BTC;

3. The Sui ecosystem lending protocol Suilend will launch the token SEND on December 12th.

Important Events

1. The Brazilian digital bank NuBank has temporarily suspended trading of its native token Nucoin, and is providing customers with the option to convert it to Bitcoin or the stablecoin USDC before December 9th.

Token Unlocks

1. Bitget Token (BGB) will unlock 5.38 million tokens on December 10th, worth approximately $8.6 million, accounting for 0.38% of the circulating supply;

2. Cheelee (CHEEL) will unlock 11.66 million tokens on December 10th, worth approximately $114 million, accounting for 1.17% of the circulating supply;

3. Aptos (APT) will unlock 11.31 million tokens on December 12th, worth approximately $169 million, accounting for 1% of the circulating supply.

Coins will be a reliable partner for you to understand and grasp market opportunities.