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“There’s a lot of demand for Bitcoin yield,” Hougan added. “Even if you’re getting a 3% yield, it’s attractive compared to other options.”
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“Everything aligns for Bitcoin staking being a significant market,” Matt Hougan, Bitwise’s head of research, told Cointelegraph.
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The growth potential for BTC staking is especially strong, with a total addressable market in the hundreds of billions of dollars, two of the executives said. As of Dec. 30, Bitcoin staking commands roughly $5.5 billion in TVL, according to Staking Rewards.
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The Fed’s “preferred” inflation gauge, the Personal Consumption Expenditures (PCE) index, is due for release after the FOMC on Dec. 20, with initial jobless claims coming a day prior.
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“This week, the Fed will cut rates by 25 basis points again as the labor market weakens,” Kobeissi continued.
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Kobeissi reported the latest findings from asset manager Apollo, which released a warning that the Fed could conversely begin to raise rates again in 2025.
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“Fed and market-implied measures of inflation are now all above the Fed’s 2% target,” trading resource The Kobeissi Letter wrote in part of an X thread on the topic.
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Inflation data remains troublesome for the Fed, with labor market weakness combined with some price indexes beating forecasts — potentially creating an environment known as “stagflation.”
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The Federal Open Market Committee (FOMC) will convene on Dec. 18 and is widely expected to enact a 0.25% rate cut.
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The Fed is in the spotlight more than ever this week as officials meet to decide on interest-rate changes.
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Bitcoin’s market value to realized value (MVRV) metric — something already on the radar — still has room to grow before profitability of hodled coins becomes unusually large.
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Bitcoindata21 flagged several indicators that should all hit classic “top” areas at around the same time, coinciding with the $140,000 target.
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“My onchain indicator (upper orange line) at $128,693 and rising by $500 a day, should get to $140k in early January. Combine that with the pi cycle line in blue, in a similar area.”
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The crypto market’s ongoing gains align with the huge capital flows into the spot exchange-traded (ETF) funds.
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Nevertheless, the season is quite bullish for cryptocurrencies, and with President-elect Trump expected to foster a crypto-friendly environment, prices are expected to move even higher toward the end of the year.
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Market participants expect the latest core Personal Consumption Expenditures (PCE) price index reading this week, which is the Fed’s preferred measure of inflation. This reading will reveal whether the recent upticks in consumer price inflation are coincidences or signs of a genuine inflation rebound.
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Meanwhile, the US Federal Reserve is expected to reduce the benchmark borrowing cost by 25 basis points to the 4.25% to 4.5% range, marking a total of 1% interest rate reduction since Sept. 18.
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Porter added he expects at least 10 states to introduce a Bitcoin reserve bill in total.
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There are also possibilities of a third Bitcoin reserve bill at the state level, which would follow Texas and Pennsylvania’s lead, said Satoshi Action Fund CEO Dennis Porter during an X Space on Dec. 15.
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“It wouldn’t be the size and scale of 1 million coins, but it would be a significant position,” Mallers said.
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