Ether climbs back above $4,100 but the direction of crypto markets at the start of the week remains uncertain.
Good morning. Here’s what’s happening this morning:
Market moves: Bitcoin returned above $50,000 after the S&P 500 rose to a near record high.
Technician’s take (Editor’s Note): First Mover Asia replaces the usual Technician’s Take today with CoinDesk’s annual list of the most influential people in cryptocurrency. This year’s group of 50 influencers encompasses developers and entrepreneurs behind the projects already transforming the way we consider money and our way of doing business; thinkers trying to make sense of the rapidly emerging industry; and regulators and politicians trying to set reasonable boundaries that will protect consumers without crimping crypto’s remarkable innovations. The nature of end-of-year lists invites disagreement, sometimes controversy and often speculation. So read CoinDesk’s selections with an eye to whom you would have chosen and who might make the 2022 list.
Prices
Bitcoin (BTC): $50.290 +2%
Ether (ETH): $4,158 +2.5%
Markets
S&P 500: $4,712 +0.9%
Dow Jones Industrial Average: $35,970 +0.6%
Nasdaq: $15,630 +0.7%
Gold: $1,783 +0.3%
Market moves
Bitcoin has recovered most of its losses in the past week and rose back above $50,000 on Sunday. The rebound followed two days after the S&P 500 closed Friday at a level close to its all-time high level.
Trading volume across major centralized exchanges remained low over the weekend, far from the high level a week ago when the oldest cryptocurrency tumbled to as low as $42,333 on Dec 4. The subdued trading volume indicates that the price recovery will be less sustainable, meaning that it remains uncertain where bitcoin is headed once markets open in Asia.
Credit: CoinDesk/CryptoCompare
Prices for alternative cryptocurrencies also rose: ether, the No. 2 cryptocurrency by market cap, rose above $4,100 on Sunday.
The U.S. stock market rallied on Friday as the inflation reading by the Labor Department was not as high as many investors anticipated, according to CNBC.
Important events
7:50 a.m. HKT/SGT (23:50 p.m. UTC, Dec. 12): Japan machinery orders (Oct. YoY/MoM)
7:50 a.m. HKT/SGT (23:50 p.m. UTC Dec. 12): Japan large manufacturing index/outlook (Q4)
7:50 a.m. HKT/SGT (23:50 p.m. UTC Dec. 12): Japan non-manufacturing index/outlook (Q4)
3 p.m. HKT/SGT (7 a.m. UTC): German whole price index (Nov. YoY/MoM)
7 p.m. HKT/SGT (11 p.m. UTC): European Blockchain Conference (virtual)
