Bitcoin 
$89,476‘s price is holding at $88,000, while the downturn in altcoins has momentarily halted. Ethereum 
$2,969 is edging towards reclaiming the $3,000 mark. At the time of writing, the community is awaiting the remarks from the New York Fed President Williams within minutes. The short-term turmoil in the cryptocurrency market seems to be over, but what lies ahead today?
Has the Decline in Cryptocurrencies Truly Ended?
Following Japan’s interest rate decision, the nightmare in the cryptocurrency market has momentarily ceased. However, with massive options expiring next week and adverse news expected in January, the final days of the year might not be so pleasant. It is crucial to understand that every upward movement is likely temporary.
Oracle’s shares surged over 4% in pre-market trading, and the company has recently been a focal point in discussions about the AI bubble. Its recovery is a positive sign for risk markets. Next week marks the holiday season, leading to a reduction in news flow. Additionally, a record nominal open position of $7.1 trillion in the US options market will expire.
Amid a Fed rate cut, a resilient economy, and weakening inflation, the unemployment rate reaching record levels in recent years is positive for risk markets.
What Awaits Cryptocurrencies?
After the US markets opened yesterday, we experienced one of the typical stock market-induced declines. It’s uncertain if the same will happen today, but at 6:00 PM, the Michigan expectations will be announced. In this data, we will see 1 and 5-year inflation forecasts and consumer sentiment. If this week’s below-expectation inflation figures are supported by the Michigan consumer expectations, it could be supportive for cryptocurrencies on the final trading day of the week.
At 4:30 PM, likely before this article is published, NY Fed President Williams will start speaking on CNBC, which is beneficial. Williams is known for his dovish statements within the institution in recent times. The NY Fed, the institution that will implement monetary expansion, could make statements that would greatly benefit cryptocurrencies. Recall how his comments before the last interest rate decision skyrocketed the rate cut expectation from 30% to over 80% — a testament to his significant influence.
At 9:00 PM, Trump is expected to make a statement. Putin has also mentioned a readiness for peace today, but given his past, these words carry little weight. We might witness increased volatility due to large options at the US market close today, making the night potentially eventful.
