The day ahead in crypto: Dec. 6, 2024
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The glass-half-full perspective is supported by bitcoin spot ETFs, which managed to pull in a net $766 million despite the chaos. In other news, President-elect Donald Trump's appointment of David Sacks as Crypto and AI Czar is being viewed positively for Solana’s ETF prospects. Why? Because at one point, Sacks was associated with the crypto hedge fund Multicoin, one of Solana's early investors. It seems farfetched, but hey it's a typical bull-market narrative.
That's a lot to take in for today. So, as trader Alex Kruger said on X, "If you're not a full-time trader, focus on portfolio construction." Stay alert out there!Average Hourly Earnings MoM Est. 0.3% vs Prev. 0.4%.Main refinancing operations interest rate Prev. 3.4%.Solana's Jito to release 105% of JTO circulating supply on Dec. 7 at 10 a.m., worth nearly $500 million at current prices.
The memecoin is known for its distinctive branding around the meme of a cat laughing with tears and sporting Pit Viper sunglasses. This token doesn't boast any intrinsic utility, thriving instead on its community-driven ethos and the virality of meme culture within the cryptocurrency space. The open interest-normalized cumulative volume delta has declined for most major tokens in the past 24 hours, indicating that the sell-off primarily resulted from the unwinding of long positions rather than fresh shorts.
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