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Bitcoin 
$103,575‘s price is struggling to surpass $98,400, with a daily close above this level potentially triggering increased altcoin activity. Investors have significantly lost their risk appetite following frequent declines, but the frenzy caused by the circulation of hundreds of thousands of new tokens seems to be subsiding. What is really happening?
JPMorgan and Cryptocurrencies
JPMorgan analysts noted that the weakening institutional demand for CME BTC and ETH futures has made the downside risks in crypto more apparent. However, even during record trading volumes, there have not been massive movements in altcoins, suggesting that the decline may not be as severe as it seems.
On December 17, the total value of cryptocurrencies reached a new peak of $3.7 trillion, hosting weeks of ongoing corrections. JPMorgan analysts predict that the volume loss on the CME could trigger pullbacks similar to those seen in June and July.
First Spot XRP ETF and Other Developments
One significant development in the last 24 hours is Hashdex’s approval for an XRP ETF from Brazil’s SEC. The first XRP ETF is targeted for launch on the B3 exchange, although the exact date remains unclear. In light of changes in U.S. SEC management, players like 21Shares, Bitwise, and Grayscale have become more active, with over 33 altcoin ETFs currently in process, making XRP one of the most applied cryptocurrencies.
Metaplanet purchased an additional $6.6 million in BTC, increasing its holdings to 2100 BTC. This shift may encourage more public companies to build crypto reserves as it turns into a stock marketing narrative similar to MSTR’s strategy.
Next week, the U.S. PCE data will be released, and important details were observed in today’s statements from Fed members. The PCE data may not be as negative as expected, potentially supporting the market next week. Additionally, some Fed members assert that the balance sheet contraction should come to an end, indicating that a policy change might occur sooner than market expectations.
