From yesterday to today, the global markets have barely given anyone a break. Things are pretty lively over in the US stock market—the Dow Jones surged by 408 points, with energy and financial stocks leading the charge, showing strong momentum. However, the tone shifted for Chinese concept stocks; the Nasdaq Golden Dragon China Index dropped 1.38%, and star stocks like NIO and XPeng fell over 4%, completely out of sync with the broader market. The logic behind this isn’t complicated—US private sector employment data for November came in unexpectedly weak, and the market immediately picked up on it. Now nearly 90% of people are betting that the Fed will cut rates in December (the probability has shot up to 89%). US Treasury yields and the dollar responded by dropping, while gold took the opportunity to climb a bit—the main New York gold contract rose by 0.28%. On the geopolitical front, things haven’t quieted down either. Over in Russia and Ukraine, an oil pipeline was bombed, sending oil prices sharply higher at the open. In this environment, the crypto market is also moving in line with macro expectations, so it’s worth keeping an eye on the price movements of major coins like XRP, SOL, and BNB. Next week’s Fed policy meeting is the main event. How long can this rally, driven by rate cut expectations, last? Can market sentiment hold up when policies are actually implemented? We’ll just have to wait and see.

Short sellers just got wrecked. Bitcoin, Ethereum, and XRP all surged right before the Fed's big call. Timing couldn't be worse for bears betting against the rally.

The XRP army seems stronger on social media than ever before