Investor Caution Drives Gold Up, Crypto Down: Americas Crypto Daybook

The Crypto Daybook Americas will be taking a temporary break starting Wednesday, resuming on January 5 with its regular updates on overnight market movements and upcoming events. Wishing you a joyful holiday season! By Omkar Godbole (Times are ET unless otherwise specified) The cryptocurrency market remains subdued ahead of the US GDP report, expected to show the world's largest economy maintained its strength in the third quarter. Bitcoin, valued at $92,022.67, dipped to $87,500 after failing to sustain gains above $90,000 on Monday. All 16 CoinDesk indexes have declined over the past 24 hours, with the DeFi Select index and metaverse index down 4% and 3%, respectively. HASH and RAIN are the only top-100 tokens to have seen gains exceeding 6% in the past day. Despite the dollar index continuing to decline, which typically supports risk assets like cryptocurrencies, the market's overall weak tone is puzzling. The DXY has fallen below 98.00 and is nearing its lowest point since early October. "The rally in gold and other precious metals, alongside the dollar's decline, highlights a shift in risk attitude, also reflected in the global bond sell-off," according to Alex Kuptsikevich, FxPro's chief market analyst. "In the coming weeks, we anticipate a more pronounced decline in cryptocurrencies, as well as increased risk aversion spreading to stocks and currencies of developing countries," Kuptsikevich added. At 8:30 a.m., the US Bureau of Economic Analysis will release its preliminary estimate for the third-quarter GDP, with most economists predicting a 3.2% annualized growth rate, and some expecting up to 3.5%. These figures indicate a slowdown from the second quarter's 3.8% pace but still surpass the 2.6% average since late 2021. A weaker-than-expected GDP print could boost demand for BTC, although it remains to be seen if this will sustainably push prices above $90,000. In traditional markets, S&P 500 and Nasdaq futures show little change, indicating a lack of clear direction at the opening bell. Historically, these indexes have performed well in the final days of the year. Gold's rally continues, approaching $4,500 per ounce, while the yen strengthened against the dollar on speculation of potential Bank of Japan intervention in FX markets to halt the currency's recent decline. Read more: For analysis of today's altcoin and derivatives activity, see Crypto Markets Today. Key Events to Watch: For a comprehensive list of this week's events, see CoinDesk's Crypto Week Ahead. Token Events: See CoinDesk's Crypto Week Ahead for a more comprehensive list. Conferences: Refer to CoinDesk's Crypto Week Ahead for a full list. Market Movements: Bitcoin Statistics: Technical Analysis: Crypto Equities: Crypto Treasury Companies: ETF Flows: Spot BTC ETFs: Spot ETH ETFs: Source: Farside Investors Overnight Developments