Market Highlights and Hot Events

Macroeconomic Environment

The direction of the Federal Reserve's policy has drawn market attention.

This week's focus is on the Federal Reserve's FOMC meeting, which will be held on Wednesday and the interest rate decision and economic forecasts will be announced on Thursday. The market generally expects a 25 basis point rate cut in December, but is more concerned about the future direction of policies, expecting rate cuts to be more cautious next year. Around 25 central banks will hold meetings during the same period, which may trigger market fluctuations. Industry insiders point out that since the rate cut expectations have already been priced in, this policy adjustment has a limited direct impact on cryptocurrency prices.

Another state in the United States will launch "strategic Bitcoin reserve" legislation.

A senior executive from a certain organization revealed that the third state in the U.S. will officially launch "strategic Bitcoin reserve" legislation this week. He expects at least 10 states to introduce Bitcoin reserve bills, emphasizing that this trend will continue and more similar bills will be introduced in the future. This reflects the increasing recognition of Bitcoin at the state level in the United States.

Digital Asset Market

investment products continue to attract capital inflow

As of December 16, digital asset investment products have achieved net inflows for the 10th consecutive week, totaling $3.2 billion. The total inflow for the year to date has reached $44.5 billion. Bitcoin products saw inflows of $2 billion, while Ethereum received inflows for 7 consecutive weeks. Influenced by expectations for U.S. listed ETFs, altcoins such as XRP have also attracted significant funds. Regions including the United States, Switzerland, Germany, and Brazil have shown positive performance, indicating a general optimism in the market towards digital assets.

Bitcoin hits a new all-time high

On December 16, the price of Bitcoin surpassed $106,500, setting a new all-time high. The Bitcoin-to-gold ratio also reached a new high, further solidifying its status as "digital gold." A large holding company stated that it plans to continue accumulating even if the price exceeds $100,000. Although the impact of the central bank meeting is limited, if the Federal Reserve adopts an extremely dovish stance, it may provide further upward momentum for Bitcoin.

NFT Market Rebound

Pudgy Penguins popularity surges

As the issuance of the PENGU token approaches, the floor price of Pudgy Penguins NFTs continues to rise, nearing $140,000. The total market value of the top NFT series across the network exceeds $10 billion, with a 24-hour increase of 10.2%. The NFT trading volume within 24 hours reached $71.14 million, with an increase of 87.5%. The over-the-counter price of the PENGU token is $0.053, with an estimated market value of $4.7 billion. The L2 network under Pudgy Penguins' parent company is also set to launch its mainnet next year, with market expectations for token issuance. Multiple positive factors are driving the continued rise in the NFT market's heat.

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