🚀 Crypto Market Recap – December 18, 2024

The cryptocurrency market experienced notable fluctuations on December 18, with major cryptocurrencies retreating from recent highs:

🔥 Market Highlights

1. Bitcoin (BTC):

BTC reached an all-time high of $108,267 on December 17 but declined by approximately 5.3% to around $100,752 on December 18. This pullback is attributed to investor caution ahead of the Federal Reserve’s interest rate decision. 

2. Ethereum (ETH):

ETH mirrored Bitcoin’s trend, experiencing a decline of about 6.1% to approximately $3,646.98. The intraday high was $3,896.33, with a low of $3,618.26.

3. Solana (SOL):

SOL decreased by approximately 7.2%, trading around $207.98. The intraday high reached $224.86, with a low of $204.80.

4. XRP (XRP):

XRP fell by about 9.3% to $2.34, following a significant surge the previous day due to Ripple’s announcement of its new stablecoin, RLUSD. 

5. Dogecoin (DOGE):

DOGE declined by approximately 8.4%, trading at $0.361135. The intraday high was $0.395636, with a low of $0.357254.

🌍 Key News

• Federal Reserve’s Stance: The Federal Reserve is expected to cut interest rates by 25 basis points, with Chair Jerome Powell indicating a potential easing of the monetary cutting cycle in 2025. This has influenced investor sentiment, leading to a cautious approach in the crypto market. 

• Hong Kong’s Regulatory Approvals: Hong Kong’s Securities and Futures Commission approved four additional cryptocurrency exchanges, aiming to establish the city as a global hub for digital asset trading. This brings the total number of regulated virtual asset trading platforms in Hong Kong to seven. 

📈 Market Sentiment

Despite recent declines, the overall sentiment in the crypto market remains cautiously optimistic. Investors are closely monitoring regulatory developments and macroeconomic indicators that could influence market dynamics in the coming weeks.