Price Action:

*BTC has shown significant upward momentum, with its price climbing from approximately $95,496 to $97,520, representing a 2.12% gain. The price fluctuated within a 3.07% range, hitting a low of $94,723 and a high of $97,520. While the overall trend remains bullish, driven by strong upward momentum, caution is warranted as short-term technical indicators signal overbought conditions.

*ETH saw a slight pullback, dipping from approximately $3,624 to $3,600. Price movements have been relatively steady, with a low of $3,532 and a high of $3,643. Despite the minor decline over the past 24 hours, the broader trend remains positive, supported by strong accumulation signals and robust support levels.

Friday

*U.S. equity futures and Treasuries advanced on Friday, while the dollar faced its steepest weekly decline in three months, driven by speculation that President-elect Donald Trump may soften his most extreme trade policies.

*S&P 500 futures climbed 0.3%, signaling modest gains for Friday’s shortened post-holiday trading session on Wall Street. The index has surged 5% in November, setting up its best monthly performance since February. Investors have poured a record $141 billion into U.S. equities over the past four weeks. 

*Optimism surrounding Trump’s Treasury secretary pick has eased concerns over aggressive tariffs, supporting U.S. stocks and bonds while weakening the dollar. The Bloomberg Dollar Spot Index extended its weekly drop beyond 1%, breaking an eight-week winning streak.

*Treasury yields declined as trading resumed after Thanksgiving, while European stocks showed little movement. However, miners like Anglo American Plc outperformed, buoyed by hopes for additional economic stimulus from China.

*In the crypto side of things, the highly anticipated Hyperliquid (HYPER) token generation event (TGE) and airdrop were completed today.

Thursday

*In monetary policy, a rise in the Fed’s preferred inflation gauge supports a cautious approach to further rate cuts. Markets are also assessing the inflationary impact of policies expected under Donald Trump’s administration picks.

*The Bloomberg Dollar Spot Index held steady but is set to break its eight-week winning streak as tariff concerns wane. Bitcoin traded below $96,000 after Wednesday’s rally.

*The Stoxx 600 rose 0.4%, led by tech stocks with their strongest rally in two weeks. Bloomberg reported that the US is considering lighter restrictions on semiconductor and AI memory chip sales to China than initially planned. US equity futures edged higher, with no cash trading due to Thanksgiving, and Treasury markets remained closed.

*French stocks and bonds fell amid political turmoil, with 3% yields on benchmark bonds matching Greece’s for the first time. French equities are on track for their worst underperformance against European peers since 2010, as a budget standoff threatens the government.

Wednesday

*US equity futures dipped as investors weighed Donald Trump’s new cabinet picks and awaited key US economic data for insights on interest rates. Nasdaq 100 futures fell 0.3%, while S&P 500 futures declined 0.2%. 

*Treasuries rallied, with the 10-year yield dropping four basis points to 4.26%, ahead of data releases including the Fed’s preferred inflation gauge and GDP updates.

*Trump’s tariffs agenda gained traction as Greer was named US Trade Representative and Hassett was tapped to lead the National Economic Council.

*The euro climbed after ECB cautioned against excessive rate cuts, though the currency remains vulnerable to Trump’s tariff plans. 

*Meanwhile, Middle East tensions eased as President Joe Biden announced a US-brokered cease-fire between Israel and Hezbollah.

Tuesday

*A relief rally that buoyed Treasuries and global equities at the start of the week lost momentum as President-elect Donald Trump escalated concerns with threats of additional tariffs, amplifying apprehensions about his “America First” agenda.

*Treasuries pared back gains from Monday’s rally, while the Bloomberg Dollar Spot Index climbed. U.S. stock futures stabilized after recovering from early losses.

*Trump announced plans for a 10% tariff on Chinese imports and a 25% levy on all goods from Mexico and Canada, citing the need to curb illegal immigration and drug trafficking across the U.S. border.

*The Canadian dollar slumped to a four-year low following the announcement, while the Mexican peso approached its weakest level since 2022. Europe’s Stoxx 600 index fell 0.6%, with Stellantis NV, a major carmaker with operations in Mexico, dropping 4.7%.

*Tuesday’s market movements reversed many gains from the prior session, which had been fueled by Trump’s nomination of hedge fund manager Scott Bessent as Treasury Secretary.

*MicroStrategy bought 55,500 more BTC over the past week for a total of $5.4B, with this purchase its holdings surpassed 386k BTC.

Monday

*Stocks and Treasuries climbed as traders reacted positively to Donald Trump’s selection of hedge fund manager Bessent as Treasury Secretary. Markets anticipate Bessent will bring a Wall Street perspective to the role and moderate Trump’s push for aggressive tax cuts and trade tariffs.

*US equity futures rose by at least 0.5%, while the yield on 10-year Treasuries fell five basis points to 4.35%. The dollar weakened, and Bitcoin rebounded from a weekend decline. These moves reflect a partial unwinding of the “Trump Trade,” characterized by a strong dollar and a Bitcoin rally, as traders scale back expectations for sweeping tax cuts and tariff increases that could keep interest rates elevated.

*Bessent’s nomination has eased fears over Trump’s inflationary policies, which previously triggered a selloff in government bonds and pushed benchmark Treasury yields to a four-month high. While Bessent has signaled support for tariffs and tax cuts, investors expect him to prioritize economic stability and market confidence.

*Looking ahead, traders are focused on the Federal Reserve’s November meeting minutes, consumer confidence, and personal consumption expenditure data for insights into next year’s rate cut prospects.

*In the crypto space, Cantor Fitzgerald is reportedly in talks with Tether to develop a multi-billion dollar program allowing clients to borrow against Bitcoin as collateral, according to WSJ.