Today, the global crypto market cap stands at $849.32 billion, a fall of 1.37% over the previous day. The total crypto market volume stood at $33.56 billion, again a decrease of 26.68%. This was reflected by the likes of Solana dipping by 2.23% and Polygon falling by 1.42% in the last 24 hours. Most importantly, Bitcoin & Ethereum were down by 1.83 and 1.73% respectively!
The FED’s bearish economic projections continue to impact the crypto market, as focus shifted from inflation to the economic outlook. US economic indicators added to the grim picture, with retail sales falling by 0.6% in November versus a 1.3% increase in October. Chinese economic data also disappointed, showing that retail sales were down 5.9% year-over-year and industrial production up just 2.2% in November.
Therefore it was no surprise that the NASDAQ tumbled by 3.23% yesterday, and the S&P 500 was down by 2.49%. This morning, the NASDAQ mini was down 3.75 points, a performance correlating with that of the crypto market
Today, investors will focus on the preliminary December manufacturing and service sector PMI numbers due.