Most cryptocurrencies were trading in the red earlier today, as the global cryptocurrency market cap fell by 1.81% to $841.11 billion within 24 hour.

The total crypto market volume also increased by 26.98% to $30.35 billion over the last 24 hours. However, the general market performance couldn’t prevent Bitcoin and Ethereum from shedding 1.4% and 2.2% respectively.

Meanwhile, the total value locked (TVL) in the decentralized finance (DeFi) sector has also decreased in the past 24 hours. DeFiLlama noted a TVL of under $42 billion, a fall of around a percentage during the period.

The correlation between U.S. equities and crypto may still linger, as the former closed trading day lower on Friday. The S&P 500 Index and the Nasdaq Composite Index both lost 0.7%, while the Dow Jones Industrial Average lost 0.9%, capping off its weekly drop at 2.8%, its worst trading week since September.

What you should know

According to reports, the U.S. will release its November inflation figures this week to decide the course of the Federal Reserve’s policy decision for the rest of 2023.

The U.S. Federal Open Market Committee (FOMC) announced its decision to hike interest rates on December 14 with a 75% probability of doing so by 50 basis points. This comes after six significant hikes this year. At the same time, the central banks of Europe and Great Britain will also publish their interest rate decisions in the week. Therefore, investors will be monitoring developments in this “Super Central Bank Week”!

Aso, all eyes are on Tuesday's meeting with the House Financial Services Committee, in which Sam Bankman-Fried of FTX and Alameda Research is expected to testify to unpack how his crypto exchange collapsed last month.

Bitcoin's current price is $16,988, with a 24-hour trading volume of $17 billion. The BTC/USD pair has gained nearly 1.4% in the last 24 hours, and maintained a market cap of $325 billion, down from $360 billion yesterday.

Data indicates that the BTC price has dropped by over 16% in the month of November. Bitcoin’s price shrunk under the investor cost basis which stands at $17,860. However, Bitcoin price closed at the $17,100 level.

On the technical side, Bitcoin price failed to clear the $17,300 zone and corrected lower. Analysts have predicted that BTC could find a strong buying interest near $16,900 or $16,700 in the coming days.

What you should know

ARK Invest reported that despite increased volatility in the crypto market due FTX collapse, the supply held by Bitcoin long term holders closed flat for the month of November. Meanwhile, net outflows from the crypto exchanges touched a time high (ATH).

As Bitcoin price dropped to a 2 year low due to low market confidence, long term holders stood strong. The report also mentions that the total long term holder supply stabilized at 13.8 million Bitcoin, which is close to its all time high!

Amidst a similar fall for the cryptocurrency market as a whole, the Ethereum price has fallen by 2% in the past 24 hours, dropping to $1,254. This price represents a 2.5% decline in a week and a 3.5% decrease in the last 30 days, as wider macroeconomic pressures and continued negative sentiment continue to squeeze prices downwards.

Also, data has revealed that whales have begun accumulating ethereum again, possibly because they believe it has hit a bottom and can only rise again from this point forwards.

On-chain activity on the Ethereum network increased significantly over the weekend, a reliable sign that Ethereum is about to switch back into deflationary issuance!

This activity has resulted in more gas being used which means more ETH being burnt. According to the Ultrasound.Money, the XEN token network is one of the highest gas consumers at the moment. Over the past 24 hours, XEN has burnt more than 210 ETH, or approximately $260,000 -  more than OpenSea, Tether, and Unisoft’s gas consumption. As a result, Ethereum issuance is close to zero (around 0.0011% per year).

For the second day in a row, most altcoins are in the red.

In the last 24 hours, the top altcoin gainer is Toncoin (TON), with gains of about 5.51% and a trading volume of more than $49 million. Bitcoin SV (BSV) and Apecoin (APE) aren't too far behind, with gains of 4.67% and 4.47% respectively.

Major altcoins such as BNB, XRP, ADA, MATIC, DOT, and ATOM are all charting declines between 2% and 3%, while others, such as LTC, SHIB, TRX, SOL, UNI, and AVAX, are down even more. Of the major altcoins, Dogecoin lost the most, down more than 8.5%!