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Asia-Pacific markets trade in red on Thursday, tracking the fallsell-off on Wall Street overnight, as the Fed reduced interest rates by 25 bps but signaled a softer pace of rate cuts next year. Investors assessed the Bank of Japan’s decision to keep its policy rate unchanged at 0.25% for the third straight meeting . Meanwhile, caution mounted ahead of Friday`s decision on key lending rates from the Chinese central bank. Japan ( NKY:IND ) fell -0.71% to below 38,700, while the broader Topix Index fell 0.5% to 2,706 on Thursday, reaching their lowest levels in three weeks. The Japanese yen fell past 155 per dollar on Thursday, reaching a one-month low, after the Bank of Japan left its policy rate unchanged at 0.25%, as widely expected . Investors are now focused on BOJ Governor Kazuo Ueda’s post-meeting press conference for insights into the timing of future rate hikes. China ( SHCOMP ) fell -0.49% to around 3,360 while the Shenzhen Component lost 0.5% to 10,528 on Thursday, reversing gains from the previous session amid a strong intervention from the People’s Bank of China. On Thursday, the central bank set the currency’s daily reference rate significantly stronger than market expectations, marking the widest gap since July. China Vanke Co. plunged by 4.5% after Bloomberg News said that the Chinese regulator had requested the country`s largest insurers to disclose their financial exposure to the troubled builder. Hong Kong ( HSI ) fell -0.74% to 19,653 in the morning trade on Thursday, following a notable rise the previous day. The Hong Kong Monetary Authority slashed its base rate by 25bps to 4.75% on December 19th, after the US Federal Reserve trimmed interest rates by the same margin but projected fewer reductions next year. India ( SENSEX ) fell -1.18% to 79,321 in morning trade on Thursday, declining for the fourth session while hitting its lowest level in three weeks due to losses from banking, financial services, metals, and tech sectors. The Indian rupee weakened past 85 per USD, hitting a fresh all-time low, pressured by a strong dollar amid a hawkish outlook from the Federal Reserve. Australia ( AS51 ) fell -1.70% to close at 8,168 on Thursday, marking a six-week low. Consumer inflation expectations in Australia increased to 4.2% in December 2024 from 3.8% in the previous month, marking the highest level since September. However, the trimmed Mean CPI rose 3.5% y/y, surpassing the central bank`s 2-3% target. In the U.S., on Wednesday, all three major indexes ended lower as the Federal Reserve reduced interest rates by 25 bps but signaled fewer cuts than previously projected for next year, sparking a market sell-off. U.S. stock futures stabilized on Thursday after a sharp selloff on Wall Street the previous day, triggered by the Federal Reserve`s revised outlook for interest rates in 2025: Dow +0.10% ; S&P 500 -0.03% ; Nasdaq -0.17% . Bitcoin ( BTC-USD ) fell below the $100,000 mark on Thursday, retreating sharply from recent all-time highs following signals from the US Federal Reserve of fewer interest rate cuts in 2025. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Bank of Japan keeps policy rate unchanged at 0.25%, as widely expected Japan`s Nov export growth accelerates to three-month high, while imports unexpectedly fall China`s Nov retail sales slows as stimulus impact fades; unemployment rate held steady Japan`s factory activity shrinks for sixth straight month, services activity improves in December China`s trade surplus largest in 5 months; exports slow while imports fall amid trade uncertainties
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Crypto Expert Predicts Major Altcoin Season As Market Cap Eyes Record Levels
Market expert Lark Davis has recently taken to social media to assert that the much-anticipated altcoin season is far from over despite short-term corrections and challenges the broader crypto market faces. Davis believes that significant opportunities lie ahead for altcoins, particularly as their total market capitalization (excluding Bitcoin and Ethereum) hovers around $1.05 trillion. Key Factors For Impending Altcoin Season The expert points out that the current altcoin market cap is nearing its previous high of $1.13 trillion from November 2021. He recalls a similar scenario from February 2021, when the altcoin market cap tested the highs from January 2018 before breaking through. This breakout resulted in an impressive surge from $360 billion in February 2021 to $1.13 trillion by November 2021—an increase of over 200%. Davis firmly believes that once the altcoin market cap surpasses the $1.13 trillion threshold again, we could witness one of the largest altcoin seasons in the history of cryptocurrency. Related Reading: Whales Snap Up 30 Million XRP As Ripple Launches Its RLUSD Stablecoin Several key factors contribute to Davis’s optimism regarding the impending altcoin surge: Bitcoin’s Performance: Currently at all-time highs, the Bitcoin price strength often catalyzes interest in altcoins. Political Transition: With Donald Trump set to take office in just 34 days, market sentiment may shift favorably towards cryptocurrencies. Global Rate Cuts: Central banks worldwide are reducing interest rates, which typically increases liquidity in the market. Increased Capital Investment: An influx of cheap capital is making its way into the cryptocurrency space, setting the stage for potential growth. Risk-On Environment: The current market conditions are among the strongest for risk-on assets, creating an ideal backdrop for altcoin investment. Rally Anticipated As Bitcoin Dominance Rises Echoing Davis’s sentiments, crypto analyst Miles Deutscher emphasizes that the real altcoin season has yet to commence. He points to compelling historical evidence suggesting that alt-seasons are not mere coincidences but rather distinct seasonal phenomena backed by statistical patterns. Historically, Ethereum (ETH) has shown impressive returns from January to May, often outperforming Bitcoin during this period. During these months, Ethereum averages about 28% monthly returns, compared to a mere 3% for the rest of the year. Related Reading: MicroStrategy’s Bankruptcy Risk: CEO Warns Bitcoin Must Drop To $16,500 To Trigger Collapse In addition, the analyst asserts that the current environment is particularly favorable for this rotation, as Ethereum has historically outperformed Bitcoin by approximately 20% per month during alt-seasons. As Bitcoin’s performance strengthens, so too does the likelihood of capital flowing into Ethereum and other altcoins. This rotation is already observable in the recent surge in Bitcoin dominance, which has mirrored patterns seen in previous alt-seasons around 2017 and 2021. At the time of writing, ETH, the largest altcoin on the market, is trading at $3,686, down 4.4% over the 24-hour period and nearly 6% over the week. Featured image from DALL-E, chart from TradingView.com Seeking Alpha
Fed’s Rate Cut Triggers Significant Volatility in Bitcoin and Crypto Markets
The Fed`s rate cut led to significant volatility in Bitcoin and crypto markets. Altcoins suffered sharper losses, with a total liquidation of $860 million. Continue Reading: Fed’s Rate Cut Triggers Significant Volatility in Bitcoin and Crypto Markets The post Fed’s Rate Cut Triggers Significant Volatility in Bitcoin and Crypto Markets appeared first on COINTURK NEWS . Seeking Alpha
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