Crypto Pulse——12/10 Market Trends and Hot Project Analysis

Preface:
Bitcoin and Ethereum experienced declines of 0.87% and 5.13%, respectively, over the past 24 hours, with current prices at $97,966 and $3,766. The ETH/BTC ratio remains steady at 0.038. The Crypto Fear & Greed Index stands at 78, indicating greed.

Market Trending

Yesterday, the crypto market saw a pullback, with major tokens posting losses across the board. BTC failed to hold above $100,000, dropping to a low of $94,148 and currently trading within the $97,500–$98,200 range. ETH, after breaching $4,000, quickly retraced, briefly dipping below $3,500 intraday.
Sectors like RWA, DeFi, and DeSci, which had shown strength earlier, also experienced corrections. The stronger-than-expected nonfarm payrolls and unemployment data released last Friday suggest continued Fed rate cuts. According to CME’s FedWatch Tool, there’s a 14.2% probability of rates remaining unchanged by December and an 85.8% probability of a cumulative 25-basis-point cut. This could provide additional liquidity, potentially setting the stage for significant market gains.

• Public Chain Sector: Tokens in this sector followed the broader market’s downward trend. SUI dropped below $3.9, SOL fell below $220, and XRP dipped under $2.3.
• DeFi Sector: The sector failed to sustain its previous strength, with UNI falling 10% after reaching a yearly high. AAVE, CRV, and COMP each posted losses exceeding 10%.
• Meme Sector: PEPE defied the trend, surging to a new all-time high of $0.00002835. Other meme coins, including DOGE (after surpassing $0.47), as well as WIF, BOME, and NEIROETH, saw gains quickly reversed amid the broader market pullback.

Spot Bitcoin ETF Flows

Yesterday, U.S. Bitcoin spot ETFs recorded a net inflow of $483.22 million, with IBIT receiving a net inflow of $398.6 million, FBTC gaining $1.7 million, and GBTC experiencing a net outflow of $24.44 million.
Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Daily Spotlight

Today’s spotlight is PEPE, with a 24-hour gain of 15.12%.
PEPE is a deflationary meme coin launched on Ethereum on April 17, 2023. It pays homage to the popular internet meme character Pepe the Frog, created by Matt Furie. With no taxes or utility, PEPE aims to stand out as a foundational digital asset in the meme category, emphasizing its unique connection to the Pepe character.
After consolidating for a month post-breaking $0.00002, PEPE surged yesterday, gaining over 15% in 24 hours and hitting an all-time high. Its market cap briefly exceeded $11.3 billion.
Check Out the Latest Prices, Charts, and Data of PEPE/USDT Spot and PEPEUSDT Perp!

The Word on the Street

SEC Commissioner Offers Three Suggestions for New Crypto Regulations Under New SEC Leadership
On December 10, FOX Business journalist Eleanor Terrett reported that SEC Commissioner Hester Peirce shared three recommendations during an interview for how the new SEC under the Trump administration should approach crypto regulation:

1. Eliminate regulatory bottlenecks: Stop hindering cryptocurrency access to essential services like custody.
2. Clarify jurisdictional boundaries: Define what falls outside SEC oversight, what is not a security, and what does not need to consider SEC frameworks.
3. Collaborate with crypto entities: Work collectively to determine how existing rules apply and what adjustments are necessary, involving public participation for transparency and inclusivity.
   

Airdrop Claiming

The ME token airdrop will be available for claiming starting December 10.
Magic Eden previously announced its ME tokenomics, with a total supply of 1 billion tokens. Of this, 12.5% (125 million tokens) will be unlocked immediately for eligible users as airdrops. An additional 22.5% (225 million ME tokens) will be allocated to incentivize future use of protocols and platforms supported by the ME Foundation.
The ME token is designed to reward users of SOL, BTC, and EVM wallets, with allocation based on three key criteria: organic users, cross-chain activity, and loyalty.