#GovShutdownOfficiallyEnded #BitcoinPriceAnalysis #XRPSpotETFs #DecemberRateCutForecast

Uncertainty surrounding the Fed and weakening risk appetite continue to weigh on the crypto market.

Bitcoin, the leading cryptocurrency, opened the new day at $96,830, while Ethereum traded at $3,155. The crypto market's market size has fallen to $3.27 trillion.

The cryptocurrency market declined, tracking a global weakening in risk appetite as expectations for a Fed interest rate cut strengthened in December. This outlook stemmed from news that October's employment and inflation data would not be released following the approximately 43-day US government shutdown. This data shortage is causing the Fed to prepare for its final meeting of the year amid uncertainty. Therefore, the central bank is likely to maintain its cautious stance and leave interest rates unchanged. CME FedWatch data shows that markets are pricing in a 45.4% chance of a 25 basis point rate cut at the December 10-11 meeting. This rate was 63.8% last week.

The total cryptocurrency market capitalization fell to $3.27 trillion, while Bitcoin opened the day at $96,830. Ethereum was trading at $3,155, XRP at $2.28, and Solana at $140.98. Yesterday, Bitcoin ETFs saw a net outflow of $870 million, while Ethereum ETFs saw a net outflow of $260 million.

XRP ETF achieves strongest opening volume of the year

An exchange-traded fund offering direct spot exposure to XRP experienced its most notable outflow of the year upon its launch on Thursday.

XRPC reached $58 million in total trading volume on its opening day, the highest first-day volume among the approximately 900 ETFs launched this year. The fund traded $26 million in its first hour alone. This performance surpassed the Solana ETF, which previously reached $57 million in volume on its first day. SOL continued its strong performance, reaching $72 million in trading volume on its second day.

FDIC Prepares for Tokenized Deposit Insurance and Stablecoin Regulations

The acting chairman of the Federal Deposit Insurance Corporation (FDIC), responsible for overseeing the US banking sector, announced that they have prepared guidance on tokenized deposit insurance and plan to launch an application process for stablecoins by the end of the year.

FDIC Acting Chairman Travis Hill, who has previously made positive statements about tokenization, stated at the Philadelphia Fed Fintech Conference on Thursday that moving deposits to the blockchain should not change their legal nature. The FDIC acts as the agency that protects depositors and safeguards accounts at insured banks in the event of bankruptcy.

Regulators and Wall Street have shown significant interest in the tokenization of real-world assets (RWA) this year. According to the report, the tokenized RWA market, excluding stablecoins, surpassed $24 billion in the first half of the year. Private credit and US Treasury bonds account for the largest share of this market. The world's largest asset manager made one of the most significant moves in this area by launching a tokenized money market fund called BUIDL in 2024. Hill also stated that the institution is working on a framework for stablecoin issuance and aims to publish a draft application process under the GENIUS Act by the end of 2025.

CleanSpark Accelerates Growth Plans with Completion of $1.15 Billion Bond Issuance

Bitcoin mining company CleanSpark successfully completed a total of $1.15 billion in zero-coupon convertible bond issuances to expand its operations.

Bitcoin (BTC)

Bitcoin opened the new day at $96,830, and the pullback appears to have deepened compared to previous days. Selling pressure has increased significantly following failed attempts to hold onto the $103,000 range. In downtrends, $96,500 is being monitored as the first short-term support level. A sustained hold below this level risks deepening the decline to $95,200 and then $93,800, a strong sideways demand zone. Closes below $95,000, in particular, could lead to accelerated selling. On the uptrend, the first resistance level is at $98,200. A recovery from this level could see the 100,500 and 101,500 levels become targets again. However, the current outlook suggests that short-term buying momentum remains weak and the market is moving with a selling focus. BTC is generally trading within the 95,200-100,500 range, with weakening momentum. The trend structure maintains its downward trend.

Ethereum (ETH)

Ethereum is trading at $3,155 at the time of analysis. Short-term weakness has been clearly revealed by the breakout of the congestion zone in the 3,480-3,550 range. Initial support for downside movements is at $3,120. A drop below this level could lead to continued selling pressure towards the $3,060 and $3,000 psychological zones. Closing below $3,000 could accelerate the decline towards the $2,930 region. For upward attempts, the $3,220 level stands out as the first resistance level. Breaking this level could lead to a recovery towards $3,280 and $3,350, the lower band of the previous congestion zone. However, the current price structure remains weak and bearish. The overall outlook suggests that ETH is fluctuating within the 3,060-3,220 range, but with diminishing momentum.

Ripple (XRP)

XRP is currently trading at $2.28. The price has continued to trade below the $2.40 support level in recent days, reaffirming structural weakness. In downtrends, the 2.25 and 2.22 levels are being monitored as initial support zones. A drop below these levels could push the price towards the critical $2.15 level. A close below $2.15 could lead to sellers taking complete control. On uptrends, the initial resistance level is $2.32. Breaking this level could lead to a recovery towards $2.36 and the critical reversal zone of $2.40. However, unless a sustained hold above $2.40 is achieved, further gains are expected to be limited. The overall outlook suggests that XRP is trading within a weak range between $2.22 and $2.36.