MICA Daily｜US stocks, gold, and silver hit new highs, while BTC and ETH are still hovering in place.

Yesterday, the market experienced some fluctuations due to the release of GDP and PCE data by the United States. The preliminary annualized quarter-on-quarter growth rate of real GDP for the third quarter in the U.S. reached 4.3%, significantly surpassing the market expectation of 3.3% and also higher than the previous value of 3.8%. Meanwhile, the preliminary annual growth rate of core PCE inflation was 2.9%, in line with expectations, and real personal consumption expenditures grew by 3.5% quarter-on-quarter, far exceeding expectations and the previous value. All data indicate that the economic situation in the U.S. is better than expected, leading to a big pump in U.S. stock indices, with the S&P 500 and Nasdaq nearly approaching new highs.

However, the performance of the cryptocurrency market is still disappointing. BTC is still hovering around $86,000 and $88,000, while ETH has yet to return above $3,000, fluctuating just like before in terms of market trends. In contrast, the gold trend discussed yesterday was fierce, having already broken through $4,500, and the price of silver has also surpassed the historical high of $70 per ounce for the first time. It is rare for precious metals and the stock market to experience a big pump together. Analysts believe that this wave of pump may be related to multiple factors such as inflation concerns, a weakening dollar, and increased industrial demand.

As the US stock market and commodity markets are thriving, the cryptocurrency market appears rather bleak. QCP Capital analysis indicates that due to the Christmas holiday and year-end settlements, the crypto market will maintain low fluctuation in the next two weeks, with expected flat trends. The implied volatility of BTC and ETH has dropped by over 5%, with medium to short-term declines exceeding 10%. Institutional deleveraging and year-end tax selling may increase short-term fluctuations, but without a clear breakthrough, the market is likely to remain volatile until the end of the year, only improving after the Federal Reserve's interest rate results are announced in January.

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Tags: BTC, ETH, PC, Silver, US GDP, Christmas Market, Inflation, Gold