By Omkar Godbole (All times ET unless indicated otherwise)The sentiment reset in the crypto market continues, with bitcoin BTC$92,891.05 gaining 1.6% since midnight UTC to trade above $93,000 alongside signs of a bear-trap in ether ETH$3,074.59, whose price feigned a breakdown below the lower boundary of a descending channel before staging a bounce.The action reflects revved up interest in the broader market, leading to several altcoins such as SUI, PUMP, ENA, LINK, PUMP and AAVE posting double-digit gains in the past 24 hours. The bullish mood is evident from the 6%-7% advances in the CoinDesk 20 (CD20) and CoinDesk 80 (CD80) indexes in the same period.Still, it’s a nervous upswing because of uncertainty over leadership at the Fed ”For now, crypto remains stable, but it is the uneasy kind of stable that waits for clarity,” QCP Capital’s market insights team noted. “With macro catalysts muted and Fed leadership uncertainty building, digital assets are effectively in pause mode until policymakers deliver the next decisive signal.” Speaking of the Fed, prediction markets currently favor Kevin Hassett, as potential new Fed chairman, which if it materializes, will shift the FOMC panel more dovish. Hassett is widely seen as the most pro-rate cut candidate currently in the running to be the next central bank chief. A 25 basis-point interest-rate cut is baked in for next week, with investment banks calling a couple more for next year.However, both Treasury yields and the dollar aren’t budging amid signs of fiat liquidity stress. All this only adds to the uneasy feeling described by QCP.Market confidence is expected to grow once bitcoin tops $100,000, according to FxPro’s chief market analyst, Alex Kuptsikevich.”The $98K-100K range contains three psychologically significant levels: the 50-day average, early November support, and 61.8% of the decline from the peak,” Kuptsikevich noted. “Consolidation above this level could convince buyers that crypto winter has not arrived.” In traditional markets, gold seems to be struggling despite the recent bullish breakout, a type of price action usually seen before price corrections. A potential pullback could revive hopes for rotation of funds into BTC. Stay alert!Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets TodayWhat to WatchFor a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.CryptoMacroDec. 3, 8 a.m.: Brazil Nov. S&P Global PMI. Services (Prev. 47.7), Composite (Prev. 48.2).Dec. 3, 8:15 a.m.: U.S. Nov. ADP Employment Change Est. 5K.Dec. 3, 9:30 a.m.: Canada Nov. S&P Global PMI. Composite (Prev. 50.3), Services (Prev. 50.5).Dec. 3, 9:45 a.m.: U.S. Nov. S&P Global (Final) PMI. Composite Est. 54.8, Services Est. 55.Dec. 3, 10 a.m.: U.S. Nov. ISM Services PMI Est. 52.1.Earnings (Estimates based on FactSet data)Token EventsFor a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.Governance votes & callsUnlocksToken LaunchesDec. 3: HumidiFi’s WET goes live on Jupiter’s DTF.Dec. Sandbox’s SAND launches on Base.ConferencesFor a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.Market MovementsBTC is up 1.75% from 4 p.m. ET Tuesday at $93,213.23 (24hrs: +6.18%)ETH is up 2.23% at $3,063.59 (24hrs: +8.16%)CoinDesk 20 is up 1.82% at 2,984.67 (24hrs: +7.99%)Ether CESR Composite Staking Rate is down 3 bps at 2.87%BTC funding rate is at 0.0052% (5.70% annualized) on BinanceDXY is down 0.34% at 99.02Gold futures are up 0.30% at $4,233.30Silver futures are up 0.20% at $58.82Nikkei 225 closed up 1.14% at 49,864.68Hang Seng closed down 1.28% at 25,760.73FTSE is down 0.14% at 9,687.88Euro Stoxx 50 is up 0.54% at 5,717.05DJIA closed on Tuesday up 0.39% at 47,474.46S&P 500 closed up 0.25% at 6,829.37Nasdaq Composite closed up 0.59% at 23,413.67S&P/TSX Composite closed down 0.17% at 31,049.28S&P 40 Latin America closed up 1.46% at 3,209.63U.S. 10-Year Treasury rate is down 0.7 bps at 4.081%E-mini S&P 500 futures are up 0.17% at 6,851.75E-mini Nasdaq-100 futures are up 0.11% at 25,634.00E-mini DJIA futures are up 0.19% at 47,633.00Bitcoin StatsBTC Dominance: 59.67% (+0.15%)Ether-bitcoin ratio: 0.0329 (0.22%)Hashrate (seven-day moving average): 1,085 EH/sHashprice (spot): $39.59Total fees: 3.9 BTC / $346,701CME Futures Open Interest: 121,675 BTCBTC priced in gold: 22.1 oz.BTC vs gold market cap: 6.23%Technical AnalysisBTC/Gold ratio. (TradingView) The chart shows hourly changes in the ratio between the dollar price of bitcoin and gold in candlestick format. The ratio has formed a bullish double bottom pattern and probed the pattern’s neckline resistance as of writing. A breakout would confirm a bearish-to-bullish trend change, Crypto EquitiesCoinbase Global (COIN): closed on Tuesday at $263.26 (+1.32%), +2.6% at $270.10 in pre-marketCircle (CRCL): closed at $77.44 (+1.98%), +2.98% at $79.75Galaxy Digital (GLXY): closed at $25.36 (+2.26%), +1.5% at $25.74Bullish (BLSH): closed at $43.06 (+4.95%), +2.14% at $43.98MARA Holdings (MARA): closed at $11.91 (+3.39%), +2.85% at $12.25Riot Platforms (RIOT): closed at $15.22 (-1.68%), +2.43% at $15.59Core Scientific (CORZ): closed at $15.82 (-4.64%)CleanSpark (CLSK): closed at $13.71(-2.63%), +3.28% at $14.16CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $43.68 (-7.58%)Exodus Movement (EXOD): closed at $14.48 (-2.16%), +1.66% at $14.72Crypto Treasury CompaniesStrategy (MSTR): closed at $181.33 (+5.78%), +2.63% at $186.10Semler Scientific (SMLR): closed at $19.98 (+1.16%)SharpLink Gaming (SBET): closed at $9.97 (+3.85%), +3.31% at $10.30Upexi (UPXI): closed at $2.89 (+9.04%), +2.25% at $2.96Lite Strategy (LITS: closed at $1.80 (+5.26%)ETF FlowsSpot BTC ETFsDaily net flows: $58.5 millionCumulative net flows: $57.75 billionTotal BTC holdings ~1.31 millionSpot ETH ETFsDaily net flows: -$9.9 millionCumulative net flows: $12.88 billionTotal ETH holdings ~6.24 millionSource: Farside InvestorsWhile You Were Sleeping
Uneasy Stability: Crypto Daybook Americas
