Bitcoin’s Bullish Trajectory Intact, But December Pump to $100K Looks Unlikely
  The latest moves in crypto markets, in context Edited by Omkar Godbole December 2, 2021 Sponsored by  Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning:
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.
– Omkar
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainers: Top Losers: The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
A Message from Bybit It's always a good time to join Bybit's global community of traders, but there's simply no better time than right now! With Bybit Rewards Hub, you can earn up to $200 for completing simple tasks while making trades.
There are several rewards currently available, including 'A Big Deal'. If you are a new user, all you have to do is make a first time deposit of selected asset(s) to receive a $50 coupon*.
Plus, make it a win-win when you invite your friends to join Bybit! For every successful referral, both you and your friend will be entitled to a $20 bonus.
Kickstart your trading journey with Bybit and get rewarded for it. *Terms and conditions apply.
Market Moves by Omkar Godbole Bitcoin traded under pressure, having faced rejection near $59,000 for the third straight day on Wednesday. While the cryptocurrency's overall trend remains constructive, analysts are unsure if a December pump to $100,000 is still plausible, as called for in some price-prediction models.
According to Laurent Kssis, a crypto exchange-traded fund (ETF) expert and director of CEC Capital, the largest cryptocurrency remains vulnerable to price pullbacks fueled by leverage washouts and potential liquidation of long positions by institutional investors.
"With the end of year fast approaching, most investors will probably unwind their risk-on position, allowing them to present decent yearly performance," Kssis said. "We do not see a bull run in December."
Matthew Dibb, COO and co-founder of Stack Funds, said the chance of bitcoin rallying to $100,000 is getting slimmer by the day since the macroeconomic environment doesn't appear price supportive, especially with Federal Reserve Chairman Jerome Powell's recent hawkish turn.
Dibb added that traders are showing renewed interest in ether and other coins associated with layer 1 blockchains. The ether-bitcoin (ETH/BTC) ratio has broken out of its multi-month consolidation, signaling ether leadership ahead or rotation out of bitcoin into ether and other alternative cryptocurrencies in coming weeks.
Technician's Take by Omkar Godbole  Bitcoin Stuck Between Key Fibs  Bitcoin's daily chart with Fibonacci retracements of the rally from the July low to November high (Source: TradingView)
A Message from Amber  Amber Group is an integrated digital asset platform serving retail and institutional clients by providing deep liquidity, attractive yields, and sophisticated portfolio management tools. With 12 offices on three continents, and nearly a trillion dollars in volume traded, Amber Group offers clients personalized, compliant, and secure service across dozens of digital assets.
Find out more at www.ambergroup.io
BOLO Be on the lookout for the following events today:
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Venture Capital Investor Tim Draper on Crypto, Investment Strategy and the State of Economy
"First Mover" hosts speak to prominent venture capitalist Tim Draper for his insights on the crypto markets, the booming NFT space, the state of the economy, and his investment strategy. Plus, NFT Ecosystem Enjin CTO Witek Radomski shares details behind the $100 million metaverse fund for Efinity.
Latest Headlines
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved. 250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions | Unsubscribe from all CoinDesk email |
