Bitcoin consolidates above 90,000; is DAT poised for a rebound?

The S&P 500 and Nasdaq indices edged higher as investors prepared for the Fed’s rate decision next week. Bitcoin consolidated above 90,000, and while market sentiment has moved out of the extreme fear zone, caution still prevails. Twenty One, a US Bitcoin company backed directly in Bitcoin by the world’s largest stablecoin issuer Tether, will begin trading on the New York Stock Exchange under the ticker “XXI” next Monday (12/8), with its share price up 22% yesterday. Ethereum reserve company BitMine continues to purchase ETH, and BMNR shares also rose nearly 8% yesterday, closing at $36.32.

Good data is good news, bad data is still good news—Will the Fed cut rates?

On Thursday, investors largely shrugged off the latest weekly jobless claims, which showed that the number of first-time unemployment claims fell to its lowest level since September 2022. For the week ending November 29, seasonally adjusted jobless claims were 191,000, down 27,000 from the previous period and below the expected 220,000.

Tim Holland, CIO of Orion, said:

“Whenever there’s data showing the market isn’t collapsing, I think the market breathes a sigh of relief. Although today’s initial jobless claims were affected by the Thanksgiving holiday, I still think it’s good news for the market. I don’t think there will be any data between now and next week that can stop the Fed from cutting rates.”

Other key economic data will be released on Friday, when the US Commerce Department will publish September’s consumer spending and income data, as well as the Fed’s key inflation gauge, the Personal Consumption Expenditures Index (PCE). The University of Michigan will also release its December consumer sentiment survey.

Bitcoin consolidates above 90,000—Is DAT poised for a rebound?

Bitcoin remains range-bound above 90,000, with total crypto market cap down 1.76% to $3.14 trillion. While market sentiment has left the extreme fear zone, it remains cautious.

Twenty One, a US Bitcoin company backed in Bitcoin by the world’s largest stablecoin issuer Tether, announced it has officially approved a business merger at its shareholder meeting and will begin trading on the NYSE under ticker “XXI” next Monday (12/8). The share price (currently under the code CEP) jumped 22% yesterday.

(Tether and SoftBank-backed Bitcoin company Twenty One to officially list as XXI next week)

Ethereum reserve company BitMine continues to buy ETH, with BMNR shares up nearly 8% yesterday, closing at $36.32.

MicroStrategy (Strategy) fell 1% yesterday, but JPMorgan noted in its latest report that MSTR’s share price has already priced in the risk of index removal, rebounding nearly 20% from its early December lows around $155.

(JPMorgan: MicroStrategy’s drop has priced in index removal risk, Bitcoin target price $170,000)

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