![[Bitop Review] Bitcoin Consolidating Above $90K — Is a Rebound Coming?](/api/image-proxy?url=https%3A%2F%2Facademy-public.coinmarketcap.com%2Fsrd-optimized-uploads%2F3ed8e7d21939493bab63c52a667d35c3.jpg)
The S&P 500 and Nasdaq closed modestly higher as investors positioned themselves ahead of next week’s Federal Reserve rate decision. Bitcoin continues to consolidate above the $90,000 level, with market sentiment having exited the “extreme fear” zone but remaining cautious. Twenty-One, the U.S. Bitcoin company directly backed by Tether, the world’s largest stablecoin issuer, will begin trading on the NYSE under the ticker “XXI” next Monday, December 8. Its shares, currently trading under the ticker CEP, surged 22% yesterday. Meanwhile, Ethereum treasury company BitMine continues to aggressively accumulate ETH, with BMNR shares rising nearly 8% yesterday to close at $36.32.
Good Data = Good News, Bad Data = Still Good News — Fed Rate Cut Locked In?
Investors largely shrugged off Thursday’s latest weekly jobless claims report, which showed initial claims dropping to the lowest level since September 2022. For the week ending November 29, seasonally adjusted initial claims fell 27,000 to 191,000, well below the expected 220,000.
Orion Investment Chief Tim Holland commented:
“With each data point that tells us the bottom isn’t falling out, I think the markets breathe a sigh of relief. Even though the initial claims data today was skewed by the Thanksgiving holiday, I think that was very well received. I don’t think you’re going to get any data that knocks the Fed off of a cut next week between now and then.”
Other key economic releases are expected Friday. The Commerce Department will publish September personal income and spending data along with the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index. Additionally, the University of Michigan will release its final December consumer sentiment survey.
Bitcoin Still Consolidating Above $90K — Crypto Stocks Showing Strength
Bitcoin continues trading sideways above $90,000, with the total cryptocurrency market capitalization down 1.76% to $3.14 trillion. Market sentiment has moved out of the extreme fear zone but remains guarded.
Twenty-One announced that its business combination has been formally approved at the shareholder meeting. The company will officially list on the NYSE under the ticker “XXI” next Monday, December 8. Shares, currently trading under the ticker CEP, jumped 22% yesterday.
BitMine continues its aggressive accumulation of ETH, with BMNR shares up nearly 8% yesterday to $36.32.
MicroStrategy (MSTR) dipped 1% yesterday. However, JPMorgan noted in its latest report that the stock has already priced in the risk of potential index removal and has rebounded nearly 20% from its early-December low near $155.