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First Mover Americas: Bitcoin Stays Near $17K Ahead of Jobs Report
The latest price moves in crypto markets in context for Dec. 2, 2022.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk Market Index (CMI) 868.43 −2.5 ▼ 0.3% Bitcoin (BTC) $17,011 −114.7 ▼ 0.7% Ethereum (ETH) $1,290 +2.3 ▲ 0.2% S&P 500 futures 4,080.25 +NaN ▲ NaN% FTSE 100 7,544.88 −13.6 ▼ 0.2% Treasury Yield 10 Years 3.53% ▼ 0.2 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
STORY CONTINUES BELOW
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Bitcoin was roughly flat at around $17,000 early Friday ahead of the November jobs report due at 8:30 a.m. ET. The U.S. employment report for November is expected to show a sizable slowdown in hiring, but the labor market remains too tight, according to Federal Reserve Chairman Jerome Powell. Ether was climbing ahead of the report, up slightly on the day.
Derivatives marketplace Chicago Mercantile Exchange and cryptocurrency index provider CF Benchmarks this month will introduce reference ratesand real-time indexes for aave (AAVE), curve (CRV) and aynthetix (SNX). The new rates will be calculated and published starting on Dec. 19. They aren’t tradable futures products now.
Binance’s chief strategy officer said the company's centralized exchange may not exist in 10 years because the crypto market is moving toward decentralized finance. For now, the exchange is trying to keep customers' trust after the collapse of rival exchange FTX by implementing "proof of reserves," which is a way to show customers that their assets are fully backed by liquid assets.
Chart of the Day
- The chart shows a renewed uptick in the U.S. consumer inflation expectations tracked by the Conference Board and University of Michigan.
- The data suggests the consumer price index may moderate slower than markets anticipate, delaying the potential Federal Reserve pivot away from liquidity tightening.
- Risky assets, including cryptocurrencies, have taken a beating this year predominantly because of the Fed's liquidity tightening.
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Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
