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Phemex Crypto Market Daily: Crypto Market Drops as BTC, ETH Lead Declines Amid ETF Outflows and Macro Uncertainty (Dec 05)
Key Takeaways:
1. Macro Environment The US Federal Reserve is widely expected to cut rates next week, boosting liquidity expectations. The CFTC's approval of spot and leveraged crypto trading on regulated US exchanges marks a major regulatory milestone. The Indian rupee's record low and Cyprus deflation highlight shifting capital flows and inflation risks. 2. Crypto Market The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.4% to $97,474 and Ethereum dropping 9.3% to $3,144. Altcoins also fell, led by Solana (-8.7%), Zcash (-4.0%), and TRON (-2.1%). Tether Gold (XAUT) was more resilient, down just 0.5%. The sell-off was driven by renewed ETF outflows, weak spot demand, and risk-off macro sentiment. 3. Today's Outlook Today, the US PCE Price Index and Eurozone Q3 GDP data releases will provide key inflation and growth signals ahead of the Federal Reserve meeting, likely influencing near-term crypto market volatility and risk appetite.
