In this week’s Market Review: Bitcoin (BTC) and Ethereum (ETH) continue to outperform traditional equities, boasting impressive year-to-date gains of 126% and 71%, respectively. The NASDAQ and S&P 500 show more modest gains of 37% and 19%.

Binance Settlement Impact

• Binance’s historic $4.3 billion settlement with US authorities and CEO Changpeng Zhao’s resignation have sent shockwaves through the crypto market.
• Outflows from Binance and a nearly 10% drop in BNB value are observed.
• The settlement is seen as a potential derisking factor for the broader crypto space.

Spot Bitcoin ETFs and Institutional Onslaught:

• Anticipation grows for spot Bitcoin ETF approvals by January 10th, 2024, with major institutions like Fidelity and BlackRock poised to enter the market.
• The upcoming Bitcoin halving in April 2024 is identified as a significant catalyst for BTC.

Market Sentiment and Performance:

• The Crypto Fear & Greed Index stands at 71.0, indicating greed in the digital asset market.
• The Total Cryptocurrency Market Cap rises by over 2.8%, reaching $1.43 trillion.
• Ethereum’s dominance is around 17%, while Bitcoin maintains dominance just above 50%.

Economic Indicators and Monetary Policy Outlook:

• US inflation projections from the Federal Reserve Bank of Cleveland and October 2023 CPI figures are scrutinized.
• The report explores the implications of upcoming monetary policy meetings by the Federal Reserve and the European Central Bank.

What to Watch For:

• FED Monetary Policy Meeting: December 12 – 13^th, 2023
• ECB Monetary Policy Meeting: December 14^th, 2023
• Eurozone headline and core CPI figures for November 2023 will be released on November 30^th, 2023, at 11:00 AM CET.
• US headline and core CPI figures for November 2023 will be released on December 12^th, 2023, at 08:30 AM ET.

Read full report here!