Bitcoin Stablizes at $90K, Vanguard Embraces Crypto, Ethereum Hard Fork Implemented: Weekly Overview

After a turbulent few months, the cryptocurrency sector welcomed December, but the start was not without its challenges. Initially, Bitcoin began its decline post its all-time high from early October, suffering significantly in November when prices dropped below $81,000—a seven-month low. The asset managed to recover and flirt with the $90,000 threshold before a significant plunge occurred on December 1, dropping from roughly $91,000 to under $84,000 in just hours. However, the bulls acted quickly, preventing a drop below the $80,000 support level and pushing the price to about $94,000 later in the week. Currently, Bitcoin is trading at approximately $90,000, reflecting a slight decline over the week.

The upcoming FOMC meeting, expected to take place soon, is drawing attention as the Federal Reserve is likely to announce changes to interest rates with a high probability of a reduction by 25 basis points, a move that could positively influence Bitcoin and other risky assets.

In the broader market, many altcoins faced significant declines, with XRP falling over 6% and others like ZEC dropping almost 20%.

Market Data

Market Cap: $3.180T | 24H Vol: $116B | BTC Dominance: 57.1%

BTC: $90,400 (-1.2%)
ETH: $3,090 (+2%)
XRP: $2.06 (-6.2%)

Notable Crypto News This Week

Vanguard Embraces Cryptocurrency: The second-largest asset manager has taken a significant step by allowing its 50 million clients to trade crypto ETFs.
Fusaka Hard Fork Activated on Ethereum: This upgrade enhances data availability and scalability on Ethereum’s network, contributing to its recent rally.
XRP ETFs Outperform Other Crypto ETFs: Newly available XRP ETFs have shown better trading performance compared to Bitcoin and Ethereum funds.
Saylor’s Strategy Purchases More Bitcoin: Bringing its holdings to 650,000 BTC, this strategic move also includes setting up a significant USD reserve.
CZ vs. Peter Schiff in Crypto Debate: The Binance CEO and gold advocate debated over investment preferences during a recent crypto conference, with many viewers favoring CZ’s arguments.
Tom Lee Predicts Ethereum Surge: His recent multi-million-dollar ETH purchases support his optimistic forecast for Ethereum’s price rise.

Chart Analysis

This week features detailed analyses covering Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid. Explore the full price analysis here.

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