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Crypto's Big Week: Senate Vote & Fed Rates Loom
29 Nov
Summary
- US Senate to vote on crypto regulation framework on December 8.
- Federal Reserve expected to cut interest rates by 25 basis points on December 10.
- Bhutan actively staking Ethereum, Bitcoin ETFs see inflows.
The cryptocurrency market is experiencing a period of stabilization after a challenging month, with traders closely watching upcoming events. A significant U.S. Senate vote on December 8 will determine a crypto regulatory framework, distinguishing between commodities and securities. This could streamline pathways for spot ETFs and institutional investment, significantly influencing market sentiment.
Further impacting the sector, the Federal Reserve is anticipated to implement a 25-basis-point interest rate cut on December 10. Lower interest rates typically encourage investment in riskier assets, potentially benefiting cryptocurrencies, which show a notable correlation with the Nasdaq.
On-chain developments also add to market interest, including a large ETH transfer and Bhutan's public confirmation of staking Ethereum holdings. Spot Bitcoin ETFs recorded their first positive inflows in weeks, signaling cautious optimism amidst a constructive macro setup of clearer regulation and accommodating monetary policy.
