What happened in cryptocurrency this week? Analysis of the cryptocurrency crash

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This week, the Federal Reserve cut interest rates by 25 basis points, lowering borrowing costs to the range of 4.25%-4.5%; the U.S. GDP quarterly final index rose slightly from 3% in the second quarter to 3.1% in the third quarter; the number of initial jobless claims in the U.S. dropped significantly from 224,000 in the first week to 220,000 in the second week; the U.S. core PCE price monthly index fell from 0.3% in October to 0.1% in November.

In addition, several key indices were released this week. The New York Empire State Manufacturing Index for December fell from 31.2 points to 0.2 points. The U.S. S&P Global Composite PMI preview index for December rose sharply from 54.9 to 56.6.

The S&P Global Manufacturing PMI preview index for December declined from 49.7 to 48.3. Meanwhile, the U.S. S&P Services PMI preview index soared from 56.1 to 58.5. The U.S. retail sales monthly index fell from 0.5 in October to 0.7 in November. The U.S. industrial production monthly index slightly rebounded from -0.4% to -0.1%. The U.S. commercial investors monthly index rose to about 0.1 in October. The U.S. NAHB Housing Market Index remained unchanged at 46 points in December. The API crude oil inventory change index for the first week of December in the U.S. decreased from 1.232 million barrels in the last week of November to 4.7 million barrels; the new housing starts index dropped from 1.31 million units in October to 1.29 million units in November; the existing home sales index jumped from 3.96 million units in October to 4.15 million units in November.

This week, the U.S. dollar strengthened against almost all major currencies, including the euro, renminbi, yen, and Indian rupee, with the euro rising 0.70% against the dollar, the renminbi rising 0.27%, the yen rising 1.78%, and the rupee rising 0.20%.

Cryptocurrency market situation this week

The total market value of cryptocurrency fell by 8.2% this week. The market value of altcoins dropped from $1.55 trillion to $1.39 trillion. The total market value of cryptocurrencies excluding Bitcoin and Ethereum fell from $1.07 trillion to $969.31 billion. The total market value excluding the top ten cryptocurrencies decreased from $406.93 billion to $348.32 billion.

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