MARKETS DAILY: Crypto Update | What Triggered Bitcoin's Jump Above $40K?

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CoinDesk

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4.7 • 698 Ratings

🗓️ 4 December 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores strong crypto moves, oil price pessimism, bitcoin criticism and more. Today's episode is sponsored by CME Group and Harpie. To get the show every day, follow the podcast here. Today’s Stories: Bitcoin Tops $42K as Crypto Market Recovers to Pre-Terra Levels Bitcoin Going From Boiling the Oceans to Draining Them, According to Critic - From our sponsors: CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin and ether trading. These cash-settled contracts give full exposure to crypto performance without the hassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in a transparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more. Disclaimer: This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation. - Harpie is the most advanced on-chain security solution for monitoring and protecting your crypto wallet from theft in real time. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Secure your wallet for free at harpie.io. - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by CME Group and Harpy.
0:09.0	It's Monday, December 4th, 2003, and this is Markets Daily from CoinDesk.
0:16.1	My name is Noel Acheson, CoinDesk collaborator and author of the Crypto's Macrono newsletter on Substack.
0:22.5	On today's show, we're talking about strong crypto moves, Bitcoin criticism and more.
0:33.1	So you don't miss an episode, be sure to follow the podcast on your platform of choice and turn on notifications.
0:39.5	And just a reminder, CoinDesk is a new source and does not provide investment advice.
0:45.4	Now, a markets roundup.
0:47.9	Cryptomarkets were active during the weekend, building on Friday's positive momentum.
0:53.4	Then, during Asian trading hours today, interest picked up even further,
0:58.0	briefly pushing Bitcoin through $42,000 for the first time since early April of last year.
1:06.0	It has since settled back some, but seems for now to be holding within a new range.
1:18.4	According to CoinDesk indices, at 9 a.m. Eastern Time today, Bitcoin was trading up 5.2% over the past 24 hours at $41,750. Ether was up 3.5%, trading at $2,233.
1:30.3	What triggered this jump?
1:31.3	Truthfully, it's always hard to pin down any specific catalyst.
1:35.3	It could be one or several large orders, it could be short covering, it could be a rumor getting traders excited, or maybe all of the above.
1:43.3	As we've been discussing
1:45.2	here regularly, the backdrop is positive for crypto assets more broadly. Growing institutional
1:51.0	interest, the imminent likelihood of a US Bitcoin spot ETF, declining interest rate expectations, and
1:57.5	increasing monetary liquidity, all of these are positive drivers for crypto assets,
2:02.4	and we could be seeing more large investors wake up to this new environment.
2:07.0	For now, this still seems to be a Bitcoin-led rally, as Bitcoin's market dominance is heading up.
2:13.7	Bitcoin currently accounts for over 54% of the total crypto market cap up from less than 52% just a couple of weeks ago.
	...

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