The cryptocurrency market has experienced some significant fluctuations this week, with both traditional and digital asset markets facing challenges. Let’s take a closer look at the latest developments in the US market and the cryptocurrency market.
In the US market, the S&P 500 index has seen a decline of 2.02%, with major markets in Europe, China, Japan, India, South Africa, and Australia also witnessing drops. The US Federal Reserve cut interest rates by 25 basis points, bringing borrowing costs to the range of 4.25% to 4.5%. Despite this, the US GDP Growth Rate QoQ Final index saw a slight increase from 3% in Q2 to 3.1% in Q3. The US Initial Jobless Claims index fell sharply to 220K in the second week of December from 224K in the first week.
Various key indices were released this week, including the NY Empire State Manufacturing Index, US Retail Sales MoM index, US Industrial Production MoM index, US Housing Starts index, and US Existing Home Sales index. The US dollar has shown strength against major currencies like the Euro, Chinese Yuan, Japanese Yen, and Indian Rupee.
In the cryptocurrency market, the total market cap has declined by 8.2% this week, with altcoins experiencing a drop from $1.55T to $1.39T. Bitcoin and Ethereum have also seen losses, with Bitcoin dropping by at least 7.77% and Ethereum slipping by over 12.97%.
Among the top ten cryptocurrencies, almost all have displayed drops, with Dogecoin showing the highest 7-day drop of 19.1%. Cardano, Solana, Ethereum, Bitcoin, XRP, and BNB have also seen declines ranging from 3.9% to 13.4%.
Trending this week are categories like Binance HODLer Airdrops, Circle Ventures Portfolio, Binance Launchpool, Binance Labs Portfolio, and Coinbase Ventures Portfolio. Hyperliquid, LUKSO, Pudgy Penguins, Ethena, and Sui are the top five trending cryptos, with Hyperliquid showcasing the highest seven-day change of 54.6%.
In conclusion, this week has been challenging for both traditional and digital asset markets, with declines seen across global markets. Stay tuned for more updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more with Coinpedia’s Crypto Market Weekly Report.