Crypto market mix amid ETF & jobs data


  • Bitcoin’s 15% surge and ETF hopes create mixed crypto market sentiment.
  • Binance’s CZ pleads guilty, drawing regulatory attention.
  • Slower job growth impacts investor sentiment; crypto market cap rises.

The cryptocurrency market exhibited mixed trading sentiments on Wednesday as investors weighed the potential approval of Bitcoin exchange-traded funds (ETFs) and the impact of an upcoming Bitcoin mining reward halving. Bitcoin, the flagship cryptocurrency, experienced an impressive 15% surge in the past 72 hours but is currently trading with minimal fluctuations, hovering around the $44,000 mark.

Regulatory developments

In other developments, Binance founder Changpeng “CZ” Zhao recently entered a guilty plea for violating the Bank Secrecy Act. A federal judge accepted his plea, but the decision on whether Zhao can return to the United Arab Emirates before his sentencing in February is still pending. These legal proceedings have drawn attention within the cryptocurrency industry.

Jobs data and economic indicators

The US Labor Department released data revealing a deceleration in private sector job creation during November, with wages experiencing their slowest growth in over two years. According to a report by payrolls processing firm ADP, companies added a mere 103,000 workers in November, slightly lower than the revised figure of 106,000 recorded in October. These economic indicators played a role in influencing investor sentiment.

Market capitalization and stock market performance

The global cryptocurrency market cap has reached $1.60 trillion, marking a 1.18% increase in the last 24 hours. Concurrently, US stock markets faced a decline on Wednesday as investors analyzed data showing a decrease in inflation and awaited the release of the jobs report. The S&P 500 witnessed a 0.39% drop, reaching 4,549.34, while the Nasdaq Composite experienced a 0.58% decline, settling at 14,146.71. This marked the third consecutive day of losses for the 30-stock Dow and the S&P 500.

Analyst insights

Prominent cryptocurrency analyst Michael Van de Poppe issued a reminder to investors, emphasizing the inevitability of market corrections. He noted that while the approval of a spot Bitcoin ETF is a significant event, it does not guarantee an immediate surge to $200,000. Investors are advised to take profits and be prepared for market corrections.

Eli Taranto, Executive Director at EQI Bank, pointed out a shift in trader sentiment from Bitcoin to Ethereum, suggesting that investors may be securing positions in utility-based assets. Taranto also noted that while institutional mainstream interest is fueling retail FOMO (fear of missing out) in the crypto market, Bitcoin could still see lower levels of around $38,000 to $39,000 before resuming an upward trajectory.

Pseudonymous analyst Bluntz highlighted Bitcoin’s recent consolidation period below the $40,000 mark, spanning approximately 38 days from late October to the end of November. He expressed optimism about the “Santa rally” and predicted a minimum price target of $46,000 for Bitcoin.

Joe Vezzani, CEO and founder of LunarCrush, shared a significant Bitcoin mining chart indicating the network’s resilience. He noted that despite market fluctuations and bearish periods, the baseline demand for mining Bitcoin has consistently risen, signifying a bullish trend for the cryptocurrency.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Long Do CEO Anomaly Interview
Subscribe to CryptoPolitan