Bitcoin sets another record
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 16th December 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Largest Crypto Surges Above $106,000
Bitcoin topped $106,000 overnight in Asian trading to reach a new record high. A pullback ensued, however, and so as of Monday at 8:30 a.m. (EST), the largest crypto was sitting just below $104K. Some analysts are pointing to the formal kick-in of a new rule for assigning a current fair value to BTC, a simple twist of standardized accounting fate, but one that could lead to more companies following the lead of MicroStrategy in terms of converting balance sheets to cold wallets.
Also hitting a new all-time high a few hours ago was HYPE, native token of Hyperliquid, a transaction-speed-centric decentralized exchange (DEX). HYPE hit $27.19 after a gain of 17% in 24 hours, according to CoinGecko.
What's down
A Slight Dip To Start Hectic Day
It's a joyous holiday season for crypto but suddenly the charts are red-faced, as if embarrassed about something.
Total crypto assets fell 1.1% in the past day to $3.83 trillion. No shame in that. The $4T mark actually has never been closer.
Most Big Ten coins are down today but not by much. For example, XRP shed 1.7% to $2.38. At one stage yesterday, the fourth-largest crypto flirted with $2.50.
BTC is said to be trading at a discount on Coinbase compared with Binance. That's a sign of weaker demand in the U.S., CryptoQuant said.
What's next
Next Year's Monetary Policy Comes Into Play
It's possible Bitcoin's surge to $106K is connected with expectations for a Fed rate cut in a couple of days. The cut is practically a sure thing. But is it a catalyst?
"Analysts increasingly view the monetary policy shift as confirmation rather than a catalyst for [BTC's] next moves," Decrypt said.
And yet macro considerations could have played a role in BTC's pullback to $104K earlier today.
That the largest crypto in mere hours swapped a swanky perch near $106K for something more affordable probably owes to concern the Fed's cut this Wednesday will be accompanied by explicit projections for fewer cuts next year (CoinDesk).
