Market Update 9th December 2024
By Shikha Singh
Bitcoin, the most valuable cryptocurrency, recently surpassed $100,000 but slightly dipped to $99,498.
Federal Reserve rate cuts, supply reductions from halving cycles, and strong long-term holder confidence fuel its bullish performance, with 116,259 BTC withdrawn from exchanges in 30 days.
Seasonal trends and institutional interest are also boosting Bitcoin, with $10 billion pouring into U.S. Bitcoin ETFs since Donald Trump became president-elect, pushing total assets in these funds to $113 billion.
Ethereum saw a minor decline to $3,946, down 0.67% over 24 hours. However, it has gained momentum thanks to Ethereum spot ETFs, which attracted $1.4 billion in inflows over two weeks, pushing its price past $4,000 for the first time since March.
Other altcoins saw mixed results. Solana traded at $232.37, down 2%; Ripple at $2.49, down 2%; Litecoin at $130, down 1.06%; and Dogecoin at $0.45, down 3%.
Chainlink (LINK) led gains, rising 7.35% to $26.66, while Peanut the Squirrel (PNUT) dropped 9%.
In a notable development, Amazon shareholders have proposed investing 5% of the company’s assets in Bitcoin as a hedge against inflation and to capitalize on its impressive growth—131% in 2024 and 1,200% over the past five years—far exceeding the returns of traditional assets like bonds. Supported by the National Center for Public Policy Research (NCPPR), the proposal follows in the footsteps of successful Bitcoin investments by companies like Tesla and MicroStrategy.
Set for a shareholder vote in April 2025, this move could represent a significant, though cautious, shift in Amazon’s financial strategy if approved.
Furthermore, the global cryptocurrency market cap stands at $3.64 trillion, down 0.77% in 24 hours. Despite minor dips, the market remains optimistic, with a Fear & Greed Index of 83 signaling extreme greed. Bitcoin continues to lead, supported by strong macro trends and institutional inflows.
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