Crypto Daybook Americas: Economic Concerns Impact Bitcoin Trends
A daily briefing on the evolving crypto market landscape, highlighting the significant impact of inflation worries on Bitcoin prices.
Crypto Daybook Americas: Economic Concerns Impact Bitcoin Trends
Your Day-Ahead Look for Jan. 8, 2025
What You Need to Know:
This is your new daily briefing on overnight happenings in the crypto markets and what’s expected today. In coming weeks, this update will replace the First Mover Americas newsletter, delivered to your inbox at 7 a.m. ET for valuable insights.
Recent market movements indicate that risk assets, including Bitcoin, are on the defensive following changes in sentiment. Bitcoin (BTC) is down about 5% in the past 24 hours, but altcoins like Ethereum (ETH) and Cardano (ADA) are seeing even larger losses.
Data from BloFin indicates that expectation for future gains in the altcoin market may be over, as the ETH/BTC futures ratio has shifted to backwardation, suggesting altcoins may underperform in the coming months.
In the macroeconomic landscape, the probability of a Federal Reserve rate cut in March is under 50%, which is not providing much reassurance to the investors. Inflation fears are reigniting, caused by recent data indicating rising costs in U.S. services, prompting traders to reconsider their positions on cryptocurrencies, especially ETH.
Furthermore, there's an anticipated speech by Fed’s Christopher J. Waller today, which could offer insights into the central bank's views on inflation and monetary policy.
Key Events to Watch
- Crypto: Various token events including Bybit's service changes and schedule for new token releases.
- Macro: Fed’s release of meeting minutes may stir market reactions.
Market Movements
- BTC is down 1.9% to $94,688.17.
- ETH is down 1.96% at $3,327.97.
- CoinDesk 20 Index decreased by 0.79%.
Continued Monitoring
Stay up-to-date with the latest shifts in the market and prepare for upcoming changes that may impact your investments.
