December 24th, the global financial market's impact on the virtual currency market
The US stock market continued its strong performance with four consecutive gains, with the S&P 500 index closing at 6909.79 points, setting a new historical high. The Dow and Nasdaq rose by 0.16% and 0.57%, respectively, with technology stocks leading the market sentiment positively. However, the cryptocurrency market failed to benefit similarly, with Bitcoin and Ethereum oscillating and weakening in light holiday trading, forming a stark divergence from the traditional financial market trends.
As of the afternoon of the same day, #比特币 87698.4 dollars, the 24-hour decline was 0.38%, and the total market capitalization shrank to 2.95 trillion dollars, significantly retreating from the 90000 dollar high earlier in the week. The spot market trading volume shrank to around 100 billion dollars. Ethereum performed even weaker, with the price fixed at 2931.97 dollars, a 24-hour decline of 1.53%, continuing to struggle around the 2900-3000 dollar range without breaking through the key resistance level.
The core driving factors come from macro data and capital flows: the US third-quarter GDP growth of 4.3% far exceeded expectations, strengthening the Federal Reserve's expectations to delay interest rate cuts, which suppresses the attractiveness of non-interest-bearing assets. At the same time, the US dollar index hit a two-month low of 97.95, but funds did not flow into the cryptocurrency market, instead shifting towards traditional safe-haven assets like gold, which set a historical high, highlighting the trend of capital withdrawal under the high-risk attributes of cryptocurrencies. In addition, the 28 billion dollar cryptocurrency options are set to expire at the end of the year, further exacerbating short-term volatility uncertainty.
