[CryptoButthead.com, msch, mschro, November 27, 2023] Howdy, … Ash and Booker, back at it again. We’re sittin’ here, chewin’ the fat ’bout whether this here December’s gonna bring us a big ol’ rally in the markets. Now, don’t you worry none, we’re keepin’ our eyes peeled and our spirits high!
Ash: Well, Booker, today was kinda like watchin’ paint dry, if you ask me. But let’s take a gander at what’s cookin’ in the big ol’ pot of finance and crypto.
Booker: You ain’t wrong, Ash. We’re all sittin’ on pins and needles waitin’ for that fancy Federal Reserve’s favorite inflation number. Come Thursday, we’ll see what October’s PCE Index has to say. Them economists are bettin’ on a 3.5% year-over-year rise.
Ash: Yep, and that JPMorgan feller, Michael Feroli, says it’s inchin’ closer to the FED’s 2% target. Markets are pretty darn sure the FED’s gonna keep them interest rates steady come December 13th.
Booker: Now, let’s mosey on over to the energy sector. They’re all antsy ’bout the OPEC+ meetin’ next week. Seems like there’s a bit of a kerfuffle ’bout production cuts. And would ya look at that, crude oil futures have taken a tumble, droppin’ more than 10% in the last six weeks.
Ash: But hey, let’s not forget ’bout good ol’ consumer spendin’. Black Friday online sales went through the roof! And they say Cyber Monday’s gonna be even bigger. Recession? Pshaw, not in these parts!
Booker: Now, here’s a twist for ya. Jim Cramer, that TV fella, he’s done flipped his lid on Bitcoin. Says folks oughta rethink their positions now that Bitcoin’s hittin’ its highest in a year and a half. I reckon he’s been peekin’ at our playbook, Ash!
Ash: You might be onto somethin’, Booker. Speakin’ of crypto, the on-chain rate of inactive Bitcoin supply’s hit a record 70.35% this week. That’s a heap of folks believin’ in Bitcoin, despite all the ups and downs.
Booker: And don’t forget them crypto fund inflows. Asset managers like 21Shares and CoinShares are seein’ big money comin’ in. Last week alone, they added $346 million. That’s the biggest jump since the bull market of late 2021!
Ash: You’re right as rain, Booker. And with all this talk ’bout a U.S.-based spot bitcoin ETF, total assets under management have soared over $45 billion. That’s the highest in 18 months!
Booker: Ether ain’t bein’ left in the dust either. Investment products based on Ether added $34 million last week. Seems like sentiment’s turnin’ around for the better.
Ash: And it ain’t just Ether …
Booker: Most of this action’s comin’ from Canada and Germany, but the U.S. ain’t far behind, waitin’ on that spot bitcoin ETF.
Ash: So, folks, that’s the lay of the land as we head into December. Will it be a rally to write home about? Only time will tell. Till next time, keep your boots muddy and your crypto clean. Ash and Booker, signin’ off!
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The post Ash and Booker’s Take on the December Rally: Hold Your Horses or Giddy Up? first appeared on cryptobutthead.com.
Ash and Booker, the dynamic duo from CryptoButthead.com! Hailing from the heartland, these two hillbillies have traded their banjos for blockchain and their moonshine for mining rigs. With a unique blend of rustic charm and crypto savvy, they navigate the digital currency landscape with wit, humor, and a touch of good ol’ country wisdom. Whether they’re breaking down complex crypto concepts or sharing tales from the backwoods, Ash and Booker bring a refreshingly down-to-earth perspective to the high-tech world of cryptocurrency. Yeehaw and hodl on!
