We have left behind a very good week in the cryptocurrency markets. One of these was the Starknet Foundation’s official Airdrop announcement.
Now that the news is out, we might as well tell you more!
Starknet is about each of you. Every user, builder and member of our community – existing and future – is a critical piece to building our network into the future of decentralisation for generations to come. The success…
— Starknet Foundation (@StarknetFndn) December 8, 2023
Then we saw a lot of activity in the Avalanche ecosystem. While the memecoin named COQ experienced a 3540 percent increase, the ecosystem’s coin AVAX reached the level of 38 dollars.
We saw a sharp selling wave in Bitcoin (BTC) late at night. Among the reasons for this sudden decline, we can show the stablecoin supply rate (SSR), miners’ profit selling, more than 50 percent of the BTC supply in circulation being in profit, and long-term BTC holders reaching the resistance level.
On the macro side, we have entered the last central banks week of the year. The eyes of the markets will be on the interest rate decisions coming from the Federal Reserve (Fed), European Central Bank (ECB) and Bank of England (BoE). In particular, we will hear the Fed’s views on long-term growth, unemployment and interest rate decisions with the economic projection to be announced on Wednesday. Markets do not expect a new interest rate increase on Wednesday, but it is a matter of curiosity where the interest rate will be reduced. Then, Fed Chairman Jerome Powell will give his verbal guidance with his speech.
We will receive the Consumer Price Index Data (CPI) on Tuesday, just before the interest rate decision. The Fed is determined to reduce inflation to 2 percent, but while inflation has been trending downward for a while, there are also signs of slowing down in the labor market. In order to avoid the danger of a possible recession, interest rates should not remain high for a long time.
Economic Calendar
Tuesday, December 12, 2023
- USA – Consumer Price Index (CPI) (Annual) Expectation: 0.3% Previous: 0.2% – 16.30
- USA – Core Consumer Price Index (CPI) (Monthly) Expectation: 3.1% Previous: 3.2% – 16.30
Wednesday, December 13, 2023
- USA – Producer Price Index (PPI) (Monthly) Expectation: 0.1% Previous: -0.5% – 16.30
- USA – Interest Rate Decision Will Be Announced Expectation: 5.5% Previous: 5.5% – 21.00
- USA – FOMC Economic Projection Will Be Announced – 22.00
- USA – Fed Chairman Powell Speech Will Be Held – 22.30
Thursday, December 14, 2023
- EUR Region – Interest Rate Decision Will Be Announced. Expectation: 4.5% Previous: 4.5% – 16.15
- USA – Applications for Unemployment Benefits Expectation: 223k Previous: 220k – 16.30
Unlocks of the Week According to TokenUnlocks Data
While Bitcoin continued its horizontal movement at the levels of $ 42,200 – $ 44,700, it reached the level of $ 40,500 with the sharp sales at night. In order to progress to the $45,500 – $47,600 levels that I marked with the red box, daily candle closings should not be made above the $42,700 – $41,400 levels that I have marked with the black box. The loss of the black boxed area may push us to the previous support level, the yellow boxed area, i.e. $ 37,200 – $ 40,000.
