Cryptocurrencies were mostly down on Friday, with the exception of a few highlights such as Terra’s LUNA token, which has risen by around 9% in the past 24 hours. Bitcoin was trading at the lower end of its one-week trading range around $ 53,000 at the time of publication, which is below its market cap of $ 1,000 billion.
BTC, the world’s largest cryptocurrency by market cap, rose around 2% over the past week, compared to a 7% gain for Ether and a 13% gain for Solana’s SOL token. during the same period. The scattering of weekly returns suggests that alternative cryptocurrencies (altcoins) are starting to outperform.
Bitcoin (BTC): $ 53,528, -6.2%
Ether (ETH): $ 4,218, -7.2%
S&P 500: -0.9%
Gold: $ 1,783, + 0.8%
The 10-year Treasury yield closed at 1.36%
Headwinds for risky assets
Some analysts are paying particular attention to the slowdown in global monetary easing, which could reduce investor appetite for speculative assets like cryptocurrencies and stocks.
“In our opinion, the speed at which global liquidity contracts are the most important factor for the performance of the cryptocurrency in the coming weeks and possibly even early in 2022,” Coinbase wrote in a newsletter. to institutional clients on Friday. The U.S. crypto exchange noted that overall market performance may be mixed ahead of the U.S. Federal Reserve’s (FOMC) Open Market Committee (FOMC) meeting on December 14-15.
“The continued unwinding of monetary accommodation in 2022 indicates both lower returns for stocks and losses for bonds, as well as greater volatility than in the past 20 months,” wrote MRB Partners, a global investment research firm, in a report released Friday.
Ether takes a break
Ether, the world’s second largest cryptocurrency by market cap, continues to struggle below its all-time high of $ 4,865. ETH’s current pullback may stabilize around the $ 4,000 support level, although the price rally from the July low around $ 1,740 is starting to fade.
On a relative basis, Ether is set to outperform bitcoin if a break above 0.08 in the ETH / BTC ratio is confirmed next week. The charts still show significant resistance, which preceded ETH / BTC declines during the crypto bear market in 2018.
“This [pending] The breakout is essential as it represents a resistance line going back to the high of 2017 when an ETH was 0.15 BTC. The monthly close on the ETH / BTC chart was the highest bullish close in 45 months, ”wrote Lukas Enzersdorfer-Konrad, product manager at Bitpanda, in an email to CoinDesk.
For now, the options market remains bullish on the ether. The graph below shows the highest number of calls with a strike price of $ 5,000 ETH.
Altcoin balance sheet
Terra’s LUNA token hits a new all-time high after a big week of earnings: Competitor Ethereum’s token hit an all-time high of $ 69.91 on Friday afternoon after starting the week at around $ 49. The token became the 11th largest cryptocurrency by market cap, overtaking the token of another Ethereum competitor, Avalanche, and the shiba inu coin, according to data from CoinGecko.
Blockchain.com to introduce the NFT market: Crypto exchange and digital wallet provider Blockchain.com is developing a market for non-fungible tokens (NFTs) due to increased interest in the sector, reported Jamie Crawley of CoinDesk. The Luxembourg-based company has opened a waiting list for the new platform, which will allow users to buy, sell and store NFTs. The current process of buying an NFT is “complex and not very intuitive,” Blockchain.com said. The company aims to make it simpler and more user-friendly by adding the NFT functionality directly to its portfolio.
Celsius crypto lender admits losses in $ 120 Million BadgerDAO Hack: Cryptocurrency lender Celsius Network has confirmed that the company has lost money due to the latest Decentralized Finance (DeFi) hack on BadgerDAO, CoinDesk’s Muyao Shen reported. During a live stream on YouTube Ask Me Anything (AMA) on Friday, Celsius CEO Alex Mashinsky said the company “lost money” in the BadgerDAO hack without specifying the value of losses.
Most of CoinDesk 20’s digital assets ended the day lower.
Notable Winners at 9:00 p.m. UTC (4:00 p.m. ET):
Uniswap (UNI): -11.4%
Cardano (ADA): -8.8%