Seeds of Wisdom RV and Economic Updates Monday Morning 12-02-24
Good Morning Dinar Recaps,
KEY US ECONOMIC EVENTS TO WATCH THIS WEEK WHICH WILL IMPACT THE CRYPTO MARKET
The crypto market has reached a new high, surpassing $3.4 trillion, as many altcoins outperform Bitcoin. This marks a significant moment for the market. With major economic reports on US jobs, employment claims, and manufacturing due this week, all eyes are on how these events could affect the crypto space. These reports could influence market sentiment and potentially drive the value of both Bitcoin and altcoins.
Key US Economic Event For This Week
Crypto markets gained last week after Donald Trump chose hedge fund expert Scott Bessent as Treasury Secretary. Now, crypto markets are closely watching key US economic data set to be released this week.
Dec 2: ISM Manufacturing PMI Report
The ISM Manufacturing PMI report for November, set to be released on Monday, Dec 2, will shed light on the U.S. manufacturing sector and overall economic trends. This comes after weak data from the Eurozone, where the Euro dropped to a 23-month low of $1.0336.
As the U.S. ISM index is forecasted to rise slightly from 46.5 to 47.5, a weaker USD could drive investors toward Bitcoin and other cryptocurrencies.
Dec 3: JOLTS Job Openings
On December 3, the U.S. Bureau of Labor Statistics will release October’s JOLTS report, showing job openings, layoffs, and quits. Job openings have steadily fallen since March 2022 but rose to 8.4 million in August before dropping to 7.44 million in September.
Meanwhile, October’s forecast is a slight uptick to 7.49 million, as labor market trends remain crucial for Fed policy decisions.
Dec 4: National Employment Report
On December 4, the ADP National Employment Report will reveal November’s job growth in the private and public sectors. October’s report surprised markets with just 12,000 jobs added, far below expectations. While hiring has been slowing, September showed improvement, with 233,000 jobs added.
Earlier weak data has fueled expectations of a Fed rate cut, keeping market attention on this week’s report.
Dec 5: Jobless Claims Report
The upcoming jobless claims report on December 5 will provide fresh insights into the U.S. labor market. Last week recorded 213,000 claims, with a slight increase to 215,000 expected.
Despite fewer initial claims, rising continuing claims suggest employers are holding onto workers, but those laid off are struggling to secure new jobs.
Dec 6: US Employment Report
On Friday, December 6, all eyes will be on the November employment report, expected to show over 250,000 new jobs. The numbers will reflect the return of Boeing workers and recovery from Hurricane Milton.
This comes after weaker PCE data, hinting at a possible Fed rate cut ahead of its December 18 meeting.
In addition to this, Friday will also see the preliminary Michigan Consumer Sentiment Index and Inflation Expectations for December, providing a snapshot of consumer confidence and long-term inflation views.
@ Newshounds News™
Source: CoinPedia
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CURRENCY: WHAT’S HAPPENING WITH INDIAN RUPEE AND THE US DOLLAR?
The rupee has once again dropped, hitting a record low against the US dollar, slumping to hit 84.71 against the USD. The US dollar is currently sitting at 106, up 0.42% in the early, around 12:26 IST time.
Currency Update: Indian Rupee Records New Lows, What Happened?
The Indian rupee recorded a new blow to its valuation on Monday. The early hours of trading reported a staggering outlook of the rupee, displaying a noteworthy drop in its valuation. The INR is currently sitting at 84.61, hitting a new low against the USD.
The drop in INR has been primarily spurred by the slow economic growth data that has recently been released. The fresh statistics have revealed that the Indian economy has slowed much more than the anticipated markers, likely pushing the Reserve Bank of India to intervene and cut rates. The INR is already battered due to equity outflows that are triggered by the recent election win prompting Donald Trump to take the presidential lead.
This development represents a striking contrast, adding to how the Indian economic domain is experiencing slow growth, disrupting its earlier trajectory of becoming one of the world’s fastest-growing economies.
The ANZ bank, in a note released recently, shared how the RBI may cut rates as early as December 2024 to stabilize the current economic pillars of the nation.
Trump Fires BRICS on Twitter, Warns of New Tariffs
In the meantime, the president-elect, Donald Trump’s new statements concerning BRICS are also weighing on the Indian economy. Trump, in a new tweet, shared how he may impose 100% tariffs on BRICS nations in particular if they went ahead with their plans to launch a new currency against the US dollar.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency. Nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs. And should expect to say goodbye to selling into the wonderful U.S. Economy.
They can go find another “sucker. There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”
@ Newshounds News™
Source: Watcher Guru
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XRP'S SIX-YEAR HIGH OF $2.50 — WHAT MADE IT HAPPEN?
XRP has seen a remarkable surge, reaching highs of $2.50 in today's trading session, a level not seen since Jan. 8, 2018. This nearly seven-year high has captured the attention of the cryptocurrency community and the market alike.
According to on-chain analytics platform Santiment, whale accumulation might have contributed to this price surge. Whales and small retail holders accumulating together have contributed to XRP making history, reaching highs not seen since January 2018.
Santiment noted that the six-year or nearly seven-year high for XRP comes as wallets with 1 million to 10 million XRP have accumulated 679.1 million tokens in just three weeks. This accumulation is currently valued at approximately $1.66 billion.
According to Ki Young Ju, CryptoQuant CEO, Coinbase whales might be driving the XRP price rally. Over the past 30 days, during the surge, Coinbase's minute-level price premium has ranged from 3% to 13%. Meanwhile, Upbit — a Korean exchange with more XRP investors than Binance — has shown no significant premium so far.
XRP is also experiencing increased wallet activity. For the first time in the coin's eight-year lifetime, the total number of non-empty XRP wallets has exceeded 5.5 million.
Since Nov. 9, there have been 119,820 non-empty XRP wallets. Traders are increasingly rotating money out of Bitcoin and into other cryptocurrencies. Since Nov. 21, BTC's dominance rate, or share of the cryptocurrency market, has fallen from 61.5% to 56.5%.
At the time of writing, XRP was up 20.36% in the last 24 hours to $2.32 and up 54% in the previous seven days. XRP becomes third largest cryptocurrency in $100 billion rally XRP has vaulted rivals Solana and USDT, Tether’s stablecoin, to become the third-largest cryptocurrency following a $100 billion rally.
On Monday, the token climbed up to 20% to $2.50. In the process, its market value increased to $139 billion, up from less than $30 billion on Nov. 5.
XRP has been rising since Nov. 28, when it fell to lows of $1.28; taken from this date, XRP will mark the sixth day of gains if today closes in green. Broadly speaking, XRP has steadily climbed from Nov. 5 lows of $0.50 and has skyrocketed 353% in 30 days.
The cryptocurrency's remarkable surge has propelled it above the leading dollar-pegged stablecoin, Tether's USDT, to become the world's third-largest digital asset. XRP trading volumes have increased globally. Upbit, South Korea's largest cryptocurrency exchange, had a record $4.25 billion volume in the XRP-won pair in the last 24 hours. CoinMarketCap data shows that this accounts for almost 28.8% of the exchange's overall trading volume.
@ Newshounds News™
Source: U Today
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CREEPY BROADCAST ALERTS THAT WARNED YOU | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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