Jones DAO presyoJONES

When the curtain closes on 2024, investors will be singing Wall Street's praises. The rise of artificial intelligence (AI) and stock-split euphoria helped lift the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite to multiple record-closing highs. However, Wall Street's gains pale in comparison to the phenomenal year delivered by the cryptocurrencies. As of this writing in the late evening on Dec. 28, the aggregate value of the entire crypto market has surged from $1.71 trillion to $3.32 trillion on a year-to-date basis. This 94% gain triples the return of the growth-centric Nasdaq Composite in 2024.

Dow Jones weekly, If it closes like this, this week... Thats 3 Black crows....(if you know, you know) (if you don't, you will)

Bitcoin dominance surged this week, reaching 59.75% and extending its lead over the rest of the crypto market. Meanwhile, BTC made an attempt to break past its recent high of $69,500, a level it hasn’t touched since July. That push didn’t last long though. Bitcoin pulled back and found support around $65,000, now hovering as if biding time. This market action is bringing out the bulls and setting up for more volatility, especially with institutional investors ramping up their stakes. ETF inflows for last week stood strong at $997.7 million. That was the third consecutive week of net inflows. With BTC dominance surging, it’s squeezing altcoins and shaking up major pairs, especially Ethereum’s performance against BTC. ETH/BTC dips Ethereum struggled this week, with the ETH/BTC pair slipping 5.85% after breaking below its key support level of 0.03850. It hit a new low at 0.03625. Adding fuel to the fire, Tether (USDT), the largest stablecoin in circulation, took a nosedive following reports of a possible U.S. government investigation into the company. It fell to a low of 0.9965 before recovering to the 0.9980 range. Tether CEO Paolo Ardoino dismissed the allegations as unfounded. Ardoino’s words haven’t been enough to cool market fears, as this isn’t Tether’s first run-in with scrutiny this month. Overseas, geopolitical tension added to the uncertainty. In the Middle East, Israel launched retaliatory airstrikes on Iran following a missile attack around three weeks ago. These events pushed markets down further. U.S. stocks also took a hit, with the Dow Jones Industrial Average and S&P 500 falling by 0.61% and 0.03%, respectively. And Bitcoin briefly dropped to $65,500 amid the turmoil. Short-term holders anticipate higher profits Meanwhile, Bitcoin short-term holders (STH) are showing their confidence in the price growth. STH metrics are particularly useful for analyzing the behavior of investors who have held Bitcoin for less than 155 days. At this point, the market correction phase shows STH selling slightly above their entry points, a pattern which means that they’re seizing minor gains but largely holding for more upside. Historically, the average exit peak for STH profit-taking has been 1.23, while the current level hovers near 1, meaning most recent buyers are sitting at around a 1% profit. The few remaining sellers are either breaking even or making minimal returns, which only reinforces the trend of holding through these minor corrections. On-chain data shows just 2.3% of STH in a loss position. Next week’s non-farm payroll data is now a key focus as it could affect the Fed’s next move. Market bets on a November rate cut of 25 basis points have reached 95.1%, making it almost a given. That would likely keep institutional investors bullish on Bitcoin and could lead to another wave of inflows, as BTC continues to hold appeal against a weakening U.S. dollar. Permanent Ethereum holders, meanwhile, are still accumulating. These guys show no signs of panic. Data shows that even during that bearish phase in 2020, they continued to buy and hold ETH, ignoring short-term price action.

This week brought significant fluctuations in the crypto market. Bitcoin (BTC) nearly reached its July high of $69,500, peaking at $67,085 before pulling back to around $65,000, finding short-term support and entering a consolidation phase. Strong Inflows into Bitcoin ETFs Bitcoin ETFs saw a total inflow of $997.7 million this week, marking the third consecutive week of positive gains. This trend highlights strong institutional demand and investor interest. Bitcoin’s market dominance also increased, hitting 59.75%. Meanwhile, the ETH/BTC pair declined by 5.85%, breaking below a critical support level of 0.03850 to 0.03625. This drop underscores Bitcoin’s growing influence on the market in the short term. Tether Investigation Shakes the Market Reports of a U.S. government investigation into Tether (USDT) created a stir, temporarily dropping USDT to a weekly low of $0.9965. Though it recovered above $0.9980, market anxiety remains, fueled by Tether CEO Paolo Ardoino’s denial of the allegations and the ongoing scrutiny surrounding USDT. Middle East Tensions Impact Markets Escalating tensions in the Middle East also affected the crypto and broader financial markets. In response to missile attacks earlier this month, Israel retaliated against Iran, increasing regional instability. These developments, combined with the Tether concerns, led to a sell-off on Friday. The Dow Jones fell by 0.61%, while the S&P 500 slipped 0.03%. Bitcoin briefly dipped to $65,500 before stabilizing. Key Economic Data Awaited As we approach the weekend, attention turns to next Friday’s U.S. non-farm payroll data, expected to provide clues about the Fed’s future rate moves. The likelihood of a 25-basis-point rate cut in November is now at 95.1%, with no major surprises anticipated.

Dow Jones New York open. No wonder crypto reacted strong.