December 7: News-driven
#Positive Factors: The market's expectations for a 25 basis point rate cut by the Federal Reserve in December are nearly 90%, and the Federal Reserve has ended QT and injected liquidity, providing core momentum for the rebound; Vanguard has opened cryptocurrency ETF trading to all customers, and the U.S. CFTC has approved spot cryptocurrency products for trading on compliant exchanges, which is a long-term positive for the market; the technical benefits of the Ethereum network upgrade have also boosted its long-term outlook.
Negative Factors: The Bank of Japan's governor hinted at interest rate hikes, triggering a chain liquidation of high-leverage positions in cryptocurrencies; the U.S. spot Bitcoin ETF has seen continuous net outflows from November to early December, bringing short-term funding pressure; multiple departments in China reiterated the ban on cryptocurrency-related businesses, putting pressure on regional market sentiment.
