The crypto market saw a surge on Thursday evening thanks to economic factors indicating a cooling.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +1.59% | $44,142 |
| Ethereum (CRYPTO: ETH) | +2.82 | $2,253 |
| Dogecoin (CRYPTO: DOGE) | +4.36% | $0.095 |
What Happened: According to the Bureau of Labor Statistics, the number of initial jobless claims rose slightly from the previous week’s revised level. In the week ending December 16, it hit 205,000, compared to the prior week’s 202,000.
Moving on to the economy, the U.S. GDP managed to grow in the third quarter at an annualized rate of 4.9%, slower than the Census Bureau’s previous estimate of 5.2%.
In other news, El Salvador’s Congress has backed a migration bill allowing instant citizenship to foreign individuals making “donations” in Bitcoin to government social and economic development programs. The unicameral legislature passed this reform with support from President Nayib Bukele’s New Ideas party, which controls Congress, in a surprise vote late Wednesday evening. The law is anticipated to be put into effect in the next few days, reported Reuters.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| NEAR Protocol (CRYPTO: NEAR) | +34.12% | $3.75 |
| Algorand (CRYPTO: ALGO) | +23.60% | $0.24 |
| BONK (CRYPTO: BONK) | +20.67% | $0.000022 |
The global crypto market cap has reached $1.64 trillion, marking a 2.14% increase in the last 24 hours.
Stocks rebounded on Thursday, following the S&P 500’s worst day since September. The year-end rally resumed as both the Nasdaq Composite and the S&P 500 ended the day with gains. The Nasdaq advanced 1.26%, closing at 14,963.87, while the S&P 500 added 1.03% to reach a value of 4,746.75.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe states that Bitcoin is fighting to continue its upward trend.
“I’m expecting $48-51K pre-ETF to be reached, but also a peak on Bitcoin in January, through which money quickly shifts towards Altcoins.”
#Bitcoin fighting to continue going upwards here. I’m expecting $48-51K pre-ETF to be reached, but also a peak on Bitcoin in January, through which money quickly shifts towards #Altcoins. pic.twitter.com/dnrluz5U9G
— Michaël van de Poppe (@CryptoMichNL) December 21, 2023
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