Biggest Crypto Gainers Today on Uniswap – METIS, INJ, OX
Blue-chip cryptocurrencies continue to pull lower from multi-month/year highs hit earlier in the month amid profit-taking ahead of what is expected to be a somewhat calmer and lower volume run in to the end of the year, as major market participants take time off for the Christmas holidays.
Bitcoin was last trading around $41,500, down 1.3% in the past 24 hours as per CoinMarketCap, whilst Ether was last down around 3.0% in the mid-$2,100s.
Most major altcoins are also lower, with the likes of BNB (BNB), XRP (XRP), Solana (SOL), Cardano (ADA), Avalanche (AVAX) and Dogecoin (DOGE) all down between 2-6% over the same time period.
Major recent developments generating discussion in the crypto space include 1) the recent Ledger vulnerability which sparked renewed concerns about wallet safety in DeFi, 2) a spike in layer-1 blockchain transaction fees amid renewed meme coin mania sparking fresh concerns about scalability and 3) hawkish commentary from a Fed official at the end of last week, which has muddied the waters regarding when the Fed will start cutting interest rates in 2024.
Optimism about near-term expected spot Bitcoin ETF approvals remains a reason for dip-buyers to want to continue entering the market.
But price risks remain tilted to the downside this week for major cryptos, with Bitcoin having recently dropped below a short-term uptrend and its 21DMA, a technical sign a short-term dip back to $38,000 could be on the cards.
The release of US Core PCE inflation data on Friday will trigger volatility in the market – if it indicates that the deflation trend in the US continues, then that could be a positive catalyst.
But ahead of that, expect conditions to remain subdued.
As a result, traders looking to book quick exponential
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