Investors Starting to Eye Crypto

By ulriklykke | Bitcoin Global Macro | 1 Dec 2023

In Q3, the U.S. economy outpaced expectations, experiencing a robust growth with an annualised GDP growth of 5.2%.

This surpassed the estimate by Dow Jones of 4.9% by a good margin, and should be good for overall sentiment in the equities markets.

However, the driving force behind the growth was primarily the surge in government spending.

In contrast, there was a downward revision in consumer spending, now standing at 3.6% as opposed to the initial 4%.

Credit Card Debt at All-Time Highs
Despite the downward revision in consumer spending, credit card debts are off the roof, currently above $1.08 trillion.

The pressing question to this is what will happen should this trend continue? One thing that’s obvious is that credit will continue to be expensive with the Fed’s “higher for longer” policy on interest rates.

Crypto Funding Activity Gains Momentum

The positive investor sentiment for the crypto markets have reignited the trigger willingness of venture investors; deployment of capital has increased significantly month-on-month.

Venture funding in the blockchain sector experienced a 96% month-over-month increase, reaching its highest point in six months.
In the past week alone, digital asset investment products attracted inflows totaling $346 million, marking the most substantial weekly influx in this ongoing streak of nine consecutive weeks.

Source: The Block Pro

CZ Blocked From Leaving the U.S Until February

This week, a U.S. judge issued a ruling, stating that former Binance CEO Changpeng Zhao (CZ) will be required to stay in the U.S. until February 23, 2024, when a final ruling will be made on his charges.

This should be quite the surprise for team Binance, who were expecting to see CZ return to his residence in UAE.

In the filing submitted on November 24th by the U.S. DOJ, it is stated that a maximum prison sentence would be as much as 10 years.

Ulrik Lykke on X

Noteworthy Mentions

Major Crypto Adoption Trends of 2023

It's no secret that the majority of 2023 has been relatively quiet for the crypto market. However, despite the tough market conditions, there were still some notable adoption trends and paradigm shifts. In our latest research article, we cover the major crypto adoption trends of 2023 in detail. Here is the full link to the article.
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