🚨 Fed’s December Rate Cut: The Catalyst Bitcoin Needs to Hit $100K?

Author

CoinGape Media
December 03, 2024

News

Coinbase CEO Brian Armstrong shared a firm message to all crypto firms who have hired individuals with anti-crypto activities in the past. Armstrong said that his company would stop working with such law firms hiring individuals from the outgoing administration of the U.S. Securities and Exchange Commission (SEC).

Bitcoin price has encountered strong resistance at the $100,000 level, with crypto investors eagerly awaiting the potential Fed rate cut in December to fuel the rally. According to the CME FedWatch tool, the probability of an interest rate cut during the upcoming FOMC meeting on December 18 has risen to 72.5%. Analysts are predicting a 25 basis point cut at this meeting.

👉 Pepe Unchained and Pepeto – The most impressive project to surpass Pepe and Shiba for the bull run

As Bitcoin flirts with the $100K milestone, the crypto market is gearing up for the next cycle. Historically, this surge in BTC’s value leads to altcoins pumping, followed by liquidity flowing into the memecoin sector. With this momentum, memecoins offering compelling narratives and valuable utilities become the focal point for investors. Pepeto, the God of Frogs, is emerging as a standout contender, nearing $1 million in its presale phase and attracting holders of Pepe, Shiba Inu, and Dogewithat. Positioned to adopt all next-generation memecoins through its dedicated exchange, Pepeto is shaping up to be a project that cannot be overlooked.

Markets

The crypto market remains bullish as Bitcoin (BTC) continues to consolidate within a $93,000-$99,000 range over the past 10 days. Among the top 10 coins, XRP leads with an 18% gain in the last 24 hours. Meanwhile, Hedera surged 58%, and Ondo rose 36%, standing out as top performers during this period.

The 24-hour trading volume surged to $284 billion, marking a 65% increase, reflecting heightened activity. However, the global crypto market cap dipped slightly by 0.4% to $3.47 trillion from the previous day. Notably, November witnessed the biggest inflow in the crypto market, with approximately $1 trillion added during the month, highlighting growing investor confidence. Let’s delve deeper into the price movements and trends for top cryptocurrencies on December 3.

In an effort to further uplift market sentiment, crypto exchange behemoth Binance issued a vital update on Stellar (XLM), KAIA, The Sandbox (SAND), EOS, and Ethena (ENA) tokens. Notably, the crypto exchange revealed on Tuesday that it is adding new trading pairs and trading bots services for the mentioned tokens. In turn, crypto market enthusiasts are thoroughly monitoring the tokens, expecting further gains in light of enhanced offerings.

As noted in previous CoinGape publication, US Government has moved $1.9 billion worth of BTC to Coinbase, likely to sell. This transfer has caused BTC to remain skittish. Bitcoin price today is down -1.36% and trades at $94,428.0. The recent downtrend hints that BTC has not yet found a stable support level to bounce from.

As BTC climbs down, the distance to $100k increases, highlighting the case of crypto volatility. Will Bitcoin price today recover or continue its descent?