After the brutal past couple of months, the crypto community welcomed December with open arms, but its first day brought nothing but pain before the market-wide structure finally improved.
But before we head into detail for the December 1 sudden crash, let’s first quickly recap what took place before that. Recall that bitcoin began its substantial correction after the ATH in early October, but the worst occurred in November when the bears had complete control of the market for weeks and drove it to a seven-month low of under $81,000 on November 21.
The asset bounced and flirted with $90,000 before it finally reclaimed that level at the end of the month. However, as mentioned above, December 1 brought another immediate and violent nosedive, in which BTC’s price tumbled in a matter of hours from around $91,000 to under $84,000.
Nevertheless, the bulls were alert this time and didn’t allow another retest of the $80,000 support. In fact, bitcoin rebounded almost as quickly and even surged to $94,000 on a couple of occasions during the business week.
The overall market weakness, though, turned out to be too solid at the moment, and BTC was rejected there. It has lost over three grand since then and now sits at around $90,000, which actually means that it’s slightly in the red weekly.
The community’s attention has now turned to next week’s FOMC meeting, the last for the year, in which the US Federal Reserve will make its highly anticipated interest rate move. The probability for another 25 bps reduction stands at over 90% at Polymarket, which could be bullish for BTC and riskier assets.
Nevertheless, the weekly scale is quite painful for most altcoins. XRP is down by over 6%, HYPE has plunged by 12%, while ZEC has lost its momentum and has dumped by almost 20%.
Market Data
Cryptocurrency Market Overview Weekly. Source QuantifyCrypto
Market Cap: $3.180T | 24H Vol: $116B | BTC Dominance: 57.1%
BTC: $90,400 (-1.2%) | ETH: $3,090 (+2%) | XRP: $2.06 (-6.2%)
This Week’s Crypto Headlines You Can’t Miss
Vanguard ‘Finally Caves’ Allowing Crypto ETF Trading For 50M Clients. After years and years of criticizing the industry or ignoring it at best, the world’s second-largest asset manager decided to allow its 50 million client base to trade exchange-traded and mutual funds tracking Bitcoin and “select other cryptos” on its platform.
Fusaka Hard Fork Goes Live On Ethereum with Massive Data Availability Boost. The other notable development in the cryptocurrency industry in the past week was the successful activation of Ethereum’s Fusaka Hard Fork. The update, which led to an immediate price increase of the underlying asset, is designed to improve data availability and scalability across the network.
Ripple (XRP) ETFs Reign Supreme as Total Inflows Surpass Bitcoin, Ethereum Funds. It’s been a few short weeks since US investors received the opportunity to trade spot XRP ETFs, but the initial numbers are quite impressive. The financial vehicles are on a 14-trading-day green streak, and they have outperformed their BTC, ETH, and SOL counterparts in the meantime.
Strategy Boosts Its Bitcoin Stack to 650,000 BTC as Price Falls Below $85K. Aside from announcing another BTC purchase, which brought its total stack to 650,000 units, Saylor’s Strategy also established a USD Reserve worth $1.44 billion to “support the payment of dividends on its preferred stock and interest on its outstanding indebtedness.”
CZ vs. Peter Schiff: Who Dominated the Bitcoin vs. Gold Battle in Dubai? Crypto X anticipated this gold-vs-bitcoin debate during the Binance Blockchain Week conference this week, in which Peter Schiff and Changpeng Zhao engaged in a verbal battle, each defending their preferred investment asset. The majority of users commented below the countless videos online that CZ got the upper hand.
Tom Lee Forecasts Ethereum Rally to $20K on 2026 Tokenization Boom. After completing a few more multi-million-dollar ETH purchases in the past week or so, Tom Lee doubled down on his big price predictions for the asset, claiming that it could rocket to $20,000 next year.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
The post BTC Steadies at $90K, Vanguard Joins the Crypto Craze, ETH Fusaka Hard Fork Activated: Your Weekly Recap appeared first on CryptoPotato.