I. Crypto Market Overview

Key Takeaways

1.

Macro Environment

Expectations of a US Federal Reserve rate cut are rising, with imminent CPI and PPI data releases in focus. The ECB is likely to keep rates steady, while a dovish Fed may strengthen the US dollar and pressure crypto. Eurozone banks plan a euro stablecoin for 2026, aiming to boost DeFi liquidity.
2.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.43% to $97,474 and Ethereum falling 9.27% to $3,144.86, pressured by weak spot demand and ETF outflows. Altcoins also dropped, with Cardano -8.39%, PUMP.fun -8.03%, and MYX Finance -13.58%, as risk-off sentiment dominated.
3.

Today's Outlook

Ethereum's Fusaka upgrade launches today, aiming to enhance speed and reduce costs, supporting high-volume Layer-2 activity. This major network overhaul may drive renewed interest and volatility in ETH and related ecosystems.
Fear and Greed Index
94.00% Annual Percentile
16 Fear
Total Crypto Market Cap
$3.10T
5.62%
Total Market Trading Volume
$157.31B
6.10%
Altcoin Season Index
16.67%
Quarterly Percentile
22 / 100
Total Futures Market Open Interest
4.30B
2.12%
Futures
769.10B
0.30%
Perpetuals

II. Industry Updates

Macro-economic Policies

1.

A consortium of ten major European banks, including BNP Paribas, announced plans to launch a euro-pegged stablecoin by H2 2026, aiming to enhance onchain payments and digital asset utility in Europe. This move is expected to boost euro liquidity in DeFi markets and may increase competition with USD stablecoins.

2.

Bitcoin surged above $90,000, driven by a broad rally in tech stocks and easing bond market pressures. The positive macro environment and increased risk appetite have improved crypto market sentiment, supporting BTC price recovery and DeFi trading volumes.

3.

The Dow Jones, S&P 500, and Nasdaq all closed higher, reflecting renewed investor confidence amid expectations of imminent US Federal Reserve rate cuts. Lower interest rates are likely to stimulate capital inflows into risk assets, including cryptocurrencies and DEFI protocols.

4.

Tether minted an additional $1 billion in USDT to meet growing stablecoin demand, increasing liquidity across crypto exchanges. Enhanced USDT supply typically supports higher trading volumes and can facilitate capital movement into DeFi and NFT markets.

5.

The S&P 500 is projected to rally in December as the Federal Reserve concludes quantitative tightening and implements further rate cuts. This macro shift may pressure Bitcoin in the short term but is expected to provide long-term support for digital asset valuations and onchain activity.

Cryptocurrency Regulatory Trends

1.

The US FDIC will release its first regulatory framework for stablecoin issuers under the GENIUS Act by the end of December, aiming to establish federal licensing and compliance standards. This move is expected to boost market confidence and encourage institutional participation.

2.

The US SEC confirmed it will introduce a nationwide "Innovation Exemption" for crypto firms in January 2026, allowing easier rollout of on-chain products under regulatory oversight. This policy shift is likely to stimulate blockchain innovation and attract new projects to the US market.

3.

Japan's government has backed a flat 20% tax on crypto profits, aligning digital asset taxation with equities and investment funds. The reform is designed to increase domestic trading activity and reduce capital outflows, potentially strengthening Japan's crypto market.

4.

Pakistan has drafted new AML and CTF regulations for virtual asset service providers, mandating strict reporting and cybersecurity standards. These measures are intended to curb illicit financial flows and enhance oversight, which may increase compliance costs for local crypto businesses.

5.

South Korea's parliament plans to pass a new digital asset law in January 2026, including a stablecoin framework that allows banks to issue won-based stablecoins. The law aims to provide regulatory clarity and support innovation, likely improving investor confidence in the Korean crypto sector.

Trending Tokens

1.

PUMP.fun (PUMP): PUMP.fun surged 14.9% in the past 24 hours, leading Top Gainers as trading volume spiked and social sentiment drove rapid price appreciation.

2.

MYX Finance (MYX): MYX Finance jumped 13.6% today, fueled by increased DeFi activity and new liquidity incentives, pushing its daily trading volume to new highs.

3.

Cardano (ADA): Cardano rose 11.8% in the last 24 hours, supported by strong staking inflows and positive network development updates, boosting investor confidence.

Smart Money Movements

1.

Pump.fun transferred an additional $75 million USDC to Kraken, bringing total ICO outflows to $555 million since November 15.

2.

A whale purchased 2,996,000 ASTER tokens for approximately $3 million in USDC/USDT on Aster DEX, with each token priced at $1.

3.

GIGA Inc increased its Bitcoin holdings by 27.96 BTC, raising its total reserves to 1,209.89 BTC, as part of its ongoing crypto asset strategy.

4.

Tether Treasury minted 1 billion USDT on the Tron network, supporting market liquidity and stablecoin demand across exchanges.

5.

A whale transferred 439,938 SOL, valued at $56 million, from Coinbase Institutional to an unknown wallet, signaling potential accumulation.

Events to Watch

Dec 2 (Tue)

Eurozone November CPI data and Euro Short Term Rate will be released; MultiversX enables Staking V5 upgrade at 17:00 UTC; Eigencloud (EIGEN) unlocks $19.55M tokens (10.79% supply).

Dec 3 (Wed)

Ethereum Fusaka upgrade launches, aiming to boost speed and reduce costs; major network overhaul to support high-volume Layer-2 activity.

Dec 4 (Thu)

Nockchain will launch its bridge to the Base network, enhancing cross-chain interoperability and liquidity.

Dec 5 (Fri)

Cetus relaunches after previous hack; Delysium releases market maker strategy agent on Lucy, both events may impact DeFi and trading activity.

Dec 7 (Sun)

PulseChain Peacock deploys Railgun contract, enabling privacy-focused asset transfers between PulseChain and Railgun.

III. Phemex Market Focus

New Listings

1.

Dec 02: (RLS/USDT)

Rayls is a financial infrastructure blockchain designed to connect traditional finance with decentralized finance.
2.

Dec 02: (IRYS/USDT)

New futures trading pair IRYSUSDT with up to 20x leverage, supporting hedge mode.
3.

Dec 02: (MON/USDT)

Monad is a high-performance, Layer 1 blockchain compatible with Ethereum Virtual Machine.
4.

Nov 27: (BOB/USDT)

New futures trading pair BOBUSDT with up to 20x leverage, supporting hedge mode.

Phemex Promotions

1.

Trade MON, TRUTH and EUL to share 30,000 USDT!

Participate in trading MON, TRUTH, and EUL to share a total of 30,000 USDT in rewards.
2.

Trade BOB, LAB and CLO to share 30,000 USDT!

Join the trading of BOB, LAB, and CLO to earn a share of 30,000 USDT.
3.

Phemex 6th Anniversary Event

Celebrate Phemex's 6th Anniversary with special events and rewards.
4.

Phemex 6th Anniversary Futures Celebration

Join the Futures Trading celebration as part of Phemex's 6th Anniversary.
5.

Comprehensive Upgrade of Copy Trading Homepage

Explore the new features and improvements in the Copy Trading Homepage.