Morning Minute | The Crypto Santa Rally Is Cancelled

TylerD's Market Summary

📉 Bitcoin, Crypto Majors Go Lower in Powell's Aftermath

It's a bloody morning out there.

Stocks are set to open down 1-2%, a minor drop compared to where crypto prices are this morning.

And now the primary question on everyone's mind - how low do we go?

What Happened?

Crypto majors have fallen 8-12% in the bloodiest day since the election.

In the past day:

• Bitcoin -8% to $93,700
• ETH -12% to $3,240
• SOL -11% to $184

Those are the majors. And remember, Bitcoin was at $108,000 on Tuesday. A full 15% correction in 2.5 days.

Memecoins? Maybe don't look.

The memecoin market has seen $57B in market cap wiped out in the past 12 days. It's a nightmare in those meme streets. And several are likely to never recover.

The new Crypto AI sector took a similar beating, with it's market cap falling from $10.7B to $7.4B in just a handful of days.

But there are some glimmers of hope.

Strength In The Blood

It's always important to look at what's holding up well during this significant correction.

HYPE's strength has been to big to ignore. 

It's currently at $25.40 and down just 2% on the day (while Bitcoin is down 8%). It's up 8x since it launched less than a month ago, and doesn't appear to be slowing down with several catalysts in front of it and a well capitalized team.

FARTCOIN is also showing serious strength. It's trading at $1.10 right now, slightly green on the day. 

It's a memecoin, and memes have been decimated - but that's the signal. It's green with all other majors down 20-40%. Plus TradFi continues to meme it every single day.

The other strength is in some of the AI leaders. 

ZEREBRO is up 11% on the day after announcing its deal with Eliza Labs to expand open-source AI frameworks. That feels significant, and Zere also have several big launches coming up including its AI agent launchpad. 

ARC is in a similar situation, having announced its Rust-based AI Agent launchpad on Solana and speed running to $200M in a week on the back of the news (though -3% today).

All of those coins are standing out to me.

Where Do We Go From Here?

My current view - this is a blip on the radar.

The Trump pump sent us from Bitcoin $65k to $100k+ in a month.

Markets all soared, and are now correcting as uncertainty into how Trump's policies (like tariffs) will impact the global economy.

And that makes sense.

Powell himself said they want to see how things play out for a bit and will re-evaluate with more data - a very logical approach.

But from a crypto lens, the set up has never been better than it is right now.

• We have the first crypto-friendly administration ever coming into office.
• The Trump family is literally buying ETH and DeFi coins for its upcoming WLF project.
• More and more companies are putting Bitcoin on their balance sheets.
• The ETF flows continue to be significant and more ETFs are coming next year.
• And nation states, including the USA, may step up to the plate to build Strategic Reserves as soon as next year.

It's a setup for a golden bull run. And the upside in that scenario is asymmetric to the downside if some of those predictions don't play out.

We haven't seen the top of this cycle. Far from it.

But the next few weeks might be a little rocky.

Enjoy the holidays, spend time with friends and family and recharge for 2025. It's going to be big.

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $48M on the day; Solana was next with $4M and then Bitcoin with $3M
• ETH NFT leaders were mixed, led by Doodles; Punks -3% at 39 ETH, Pudgy -9% at 16.3, BAYC -4% at 17.4 ETH, Azuki +6% at 10.9 ETH, Doodles +54% to 6.75 ETH
• Doodles (+53%), Dooplicators (+133%) and Genesis Boxes (+550%) led top movers in the wake of the Doodles token tease from Burnt Toast that a "Token Is Coming"
• BTC NFT leaders were very red; Bitcoin Puppets -9%, NodeMonkes -8%, OMB -11%, Quantum Cats -8%
• The Runes leaders were very red; DOG -25% at $560M mc, PUPS -30% at $105M, BDC -24% at $52M, GIZMO -35% at $13M
• Wab.eth's Omnia game announced it will launch on Monad

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Macro Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are red this morning as crypto continues its downtrend post-FOMC; BTC -9% at $93,500, ETH -13% at $3,200, SOL -13% at $182, XRP -12% at $2.10
• Memecoin majors are more red, down about 20% across the board; DOGE -22%, SHIBA -19%, PEPE -21%, WIF -20%, BONK -15%, MOG -18%, PENGU -23%
• The SEC approved Hashdex's new Bitcoin and ETH ETF, the first of its kind to include both majors
• MetaMask announced the launch of its MetaMask card, allowing users to spend crypto from their MM wallets via the credit card
• Aptos Labs CEO and Co-Founder Mo Shaikh stepped down on Thursday to "start a new chapter", with CTO Avery Ching taking over

🚀 Memecoin Movers 

• $SWARMS (+48,000% to $48M market cap, SOL)
• $YNE (+13,500% to $13M market cap, SOL)
• $seahorse (+4,100% to $10M market cap, SOL)
• $ZODS (+38% to $14M market cap, SOL)
• $AIMONICA (+23% to $22M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Genesis Boxes (550%, 0.12 ETH Floor)
• Cryptoon Goonz (250%, 0.19 ETH Floor)
• Shadow Wolves (200%, 0.16 ETH)
• Dooplicator (140%, 0.4 ETH)
• Cool Pets (120%, 0.09 ETH)

🗓 Upcoming Mints and Events

Folks - my source for daily mints and events has shut down operations.

Given the general lack of interest in new mints on a daily basis, I'll be discontinuing this section of the newsletter, at least for now.

If I can find a good source for daily events, I will look at turning it back on.

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