FameEX Weekly Market Trend | December 30, 2024

1. BTC Market Trend

From December 26 to December 29, the BTC spot price swung from $92,834.02 to $99,956.9, a 7.67% range. In the past four days, the European Central Bank (ECB) has made the following important statement:

On December 29, ECB Governing Council member Holzmann stated that the ECB may consider waiting longer before the next interest rate cut.

Recent aviation accidents have occurred in multiple regions around the world:

1) On December 29, Azerbaijani President Aliyev stated that the crash of a passenger plane, which resulted in 38 deaths, was caused by an accidental ground-to-air missile strike by Russia. He added that some Russian officials had lied about the cause of the disaster. On December 28, Russian President Putin apologized to Aliyev for the “tragic event” involving Azerbaijan Airlines flight J2-8243, which occurred in Russian airspace on December 25. The incident involved a confrontation between Russian air defense forces and Ukrainian drones.

2) At South Korea’s Muan International Airport, a passenger plane collided and caught fire. Two crew members were rescued, but the remaining 179 people on board have been confirmed dead. The aircraft involved was a Boeing 737-800, and parts of the black box were damaged, which will affect the investigation. The South Korean government has declared a national mourning period from now until 24:00 on January 4.

3) On the evening of December 28, a Boeing 737-800 operated by KLM Royal Dutch Airlines experienced hydraulic failure shortly after takeoff. The aircraft made an emergency landing, but no injuries have been reported.

4) On the evening of December 28, a passenger plane operated by Canada Jetlines caught fire while landing at Halifax Airport. Some passengers sustained minor injuries. The airline issued a statement stating that the fire was likely caused by a landing gear issue, and the plane was unable to reach the terminal.

Source: BTCUSDT | FameEX 

From December 30 to January 1 of next year, continue to monitor trading opportunities for the ETH spot. Keep the sell order at $5,125, buy orders at $2,040 and $1,730 for bottom fishing, and the sell order for BTC spot at $169,400, along with the buy orders at $73,970, $59,935, and $45,900 for bottom fishing. It is also recommended to continue increasing positions in altcoin spot trading!

2. CMC 7D Statistics Indicators

Overall market cap and volume, source: https://coinmarketcap.com/charts/

Altcoin Season Index and Bitcoin Dominance: https://coinmarketcap.com/charts/

Crypto ETFs Net Flow: https://coinmarketcap.com/charts/

CoinMarketCap 100 Index: https://coinmarketcap.com/charts/cmc100/

(Used to measure the overall performance of the top 100 cryptocurrency projects by market capitalization on CoinMarketCap)

Fear & Greed Index, source: https://coinmarketcap.com/charts/

3. Perpetual Futures

The 7-day cumulative funding rates for major exchanges’ mainstream cryptocurrencies are generally positive.

Source: CoinAnk

In the past four days, the open interest for BTC and ETH contracts has been fluctuating back and forth, with little change in the overall values.

Exchange BTC Contract Open Interest:

Source: CoinAnk

Exchange ETH Contract Open Interest:

Source: CoinAnk

Note: All the above information is provided for reference purposes only and should not be construed as specific investment advice.

4. Industry Roundup

1) On December 26, Turkey introduced stricter anti-money laundering regulations for cryptocurrencies.

2) On December 26, the Russian Central Bank developed a new monitoring platform to combat illegal over-the-counter cryptocurrency trading services. Russia’s Finance Minister stated that Russia is using Bitcoin in foreign trade.

3) On December 26, South Korea imposed sanctions on North Korean cryptocurrency hackers and IT personnel.

4) On December 26, the U.S. focused on key cryptocurrency legislative issues for 2025, including stablecoin legislation and the FIT21 bill.

5) On December 26, Google released its annual year-end search trends, with Donald Trump topping the list of most searched personalities.

6) On December 26, the probability of the Fed keeping interest rates unchanged in January 2024 is 91.4%.

7) On December 27, Global blockchain technology rankings displayed that Singapore, Hong Kong, and Estonia hold the top three positions.

8) On December 27, a CryptoQuant analyst stated that Bitcoin investors holding for 6-12 months have been the most active sellers recently.

9) On December 27, Japan’s unemployment rate for November was 2.5%, matching expectations.

10) On December 27, the U.S. saw 219,000 initial jobless claims for the week ending December 21, slightly below the market expectation of 224,000.

11) On December 27, two former FTX executives received reduced sentences.

12) On December 28, the IRS required “DeFi brokers” to collect transaction information from users.

13) On December 28, the People’s Bank of China released the “China Financial Stability Report (2024)”, recommending a moderately loose monetary policy to align social financing and money supply growth with economic growth and inflation targets.

14) On December 28, Santiment reported a 64% drop in cryptocurrency trading volume over the past week, with speculative altcoins seeing the largest decrease.

15) On December 28, the U.S. National Institute of Standards and Technology (NIST) proposed extending the AES encryption standard to address quantum threats.

16) On December 28, PBOC Governor Pan Gongsheng emphasized strengthening and improving the precision of monetary policy control.

17) On December 28, the State Administration of Foreign Exchange (SAFE) of China released a report on high-risk transactions related to illegal cross-border financial activities involving virtual currencies.

18) On December 29, President Putin signed a law allowing the removal of the Taliban from Russia’s list of designated terrorist organizations. Intense clashes occurred between Afghan and Pakistani border forces, resulting in the deaths of 19 Pakistani soldiers and 3 Afghans.

19) On December 29, Bitcoin mining pool Foundry refunded a transaction fee of 8.18 BTC that was “accidentally” paid to an address.

20) On December 29, due to the New Year holiday, financial markets in many regions around the world are beginning to enter holiday mode.

21) On December 29, U.S. jobless claims data will be released next Thursday.

22) On December 29, according to Token Unlocks, significant token unlocks are expected next week for tokens like SUI, OP, ZETA, AI, DYDX, and ENA.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.