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By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market mood remains somber, with bearish analyst projections circulating amid price weakness. Bitcoin’s BTC$87,058.23 bounce from Monday’s dip below $84,000 stalled near $87,000, while major altcoins including XRP, ETH, SOL and DOGE continue to press near their Monday lows.
The CoinDesk 20 and CoinDesk 80 Indices have added less than 1% in the past 24 hours.
“This is a dangerous lull following downward momentum, with the risk of reverting to a sell-off at any moment,” said Alex Kuptsikevich, the chief market analyst at FXPro, who noted that the market cap is just below $3 trillion. “All attention is now focused on whether the bulls in the crypto market will be able to defend the late November lows near $2.83 trillion,” he said in an email to CoinDesk.
One bright spot: The ETF dumping has paused. The 11 U.S.-listed spot ETFs saw inflows of $8.48 million on Monday, extending a three-day streak, according to SoSoValue. However, the combined four-day figure of $229 million is still a far cry from the billions in outflows since early October and will need to grow significantly to lift valuations.
Meanwhile, some observers called for reassessment of panic over prospects of higher interest rates in Japan and their destabilizing impact on cryptocurrencies and the wider financial market.
“If the Japanese government allows interest costs as a percentage of GDP to rise, widening the budget deficit while potential GDP growth is near zero, it will be forced to give up on the welfare state,” Blokland Smart Multi-Asset Fund founder Jeroen Blokland said on X. “In a society that is among the oldest in the world. That just isn’t going to happen. Yield Curve Control will become part of the Bank of Japan’s monetary policy again.”
In other key news, KAS, the native token of the layer-1, proof-of-work Kaspa blockchain, which employs the blockDAG structure and GHOSTDAG protocol to achieve high throughput, showed weakness.
The token rose 8% last month, bucking the broader market weakness, as investors cheered verified programmability (vProgs), which brings native, lightweight programmability directly on Kaspa’s layer 1 without compromising speed, security or decentralization.
In traditional markets, Treasury yields remain elevated, putting a floor under the dollar index. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
