The crypto roundup for Wednesday highlights trading inaction as market participants prepare for the Christmas holidays. Adding to the inaction are mixed U.S. data and a lack of macro news.
Bitcoin (BTC) price remains under pressure for the third consecutive day but lacks momentum around $86,800 early Wednesday morning in New York. That said, the spot gold (XAU/USD) price remains sidelined near $4,480, after hitting an all-time high near $4,526 earlier in the day. More importantly, the U.S. Dollar Index (DXY) bounced off an 11-week low, snapping a two-day losing streak, even as the quote seesaws around 97.95 as we write.
Let’s start with the U.S. statistics. Initial jobless claims for the week ended on December 19 hit a three-week low of 214K, versus 224K expected and prior readings. The downbeat weekly employment claims also dragged the 4-week average to 216.75K from 217.5K. Meanwhile, the weekly Continuing Claims rose to 1.923 million from a revised down previous reading of 1.885 million.
Elsewhere, the White House Economic Advisor Kevin Hassett said the Gross Domestic Product (GDP) report is a “great Christmas present” for the American people, emphasizing the effectiveness of the Trump administration’s trade agenda and trade deficit reduction.
That said, tensions between Israel and Iran remain high, although there have been no new escalations; however, uncertainty surrounding the Ukraine-Russia peace deal persists, and it is likely to continue for a longer period due to the recent start of the holiday season.
Crypto, Equity Update
Major cryptocurrency coins remain under pressure for the second consecutive day, despite lacking downside momentum, as traders brace for the Christmas holidays and the scheduled data failed to inspire any action.
Bitcoin (BTC), Binance Coin (BNB), and Ripple (XRP) are each down nearly 0.50%, while Ethereum (ETH), Solana (SOL), and Cardano (ADA) drop between 1.0% and 2.0% at the latest.
On a broader front, the crypto market capitalization (market cap) falls 0.41% on the day to $2.93 trillion, while the Bitcoin Dominance inches up to 59.1% from 59.0% during the last 24 hours, according to CoinMarketCap data.
That said, some of the top crypto news are as follows, while more updates like this could be traced to our Coin Bytes.
Ghana has made cryptocurrency trading legal after parliament approved a law that brings virtual asset activity under the direct oversight of the central bank. Bank of Ghana Governor Johnson Asiama said parliament had approved the Virtual Asset Service Providers Bill, opening the way for a licensing system for exchanges and other firms dealing in virtual assets and allowing the authorities to bring a fast-expanding market under formal supervision.
On the same line, the central bank of Russia rolled out a new regulatory framework aimed at expanding access to cryptocurrencies for both retail and professional investors, reflecting a shift in policy prompted by Western sanctions. Under the plan, nonqualified investors will be allowed to purchase the most liquid cryptocurrencies after passing a knowledge test, with an annual purchase cap of 300,000 rubles ($3,800).
Talking about equities, Wall Street benchmarks traded mixed during the initial trading hours of Wednesday, lacking momentum of late. The Dow Jones rises 0.20%, and the S&P 500 is up 0.10% intraday, but the Nasdaq Composite posts modest losses of 0.10% by press time.
On Tuesday, the U.S. stock market closed with modest gains, backed by news of a delay in U.S.-China chip tariffs, a dovish Fed bias, and a softer U.S. dollar, ignoring Tesla’s troubles.
Tesla’s sales in the UK and Europe have sharply declined, reflecting increased competition and weaker demand in the electric vehicle (EV) market. In the UK, Tesla registrations declined by 19%, signaling a slowdown in one of Europe’s key EV markets.
The U.S. has postponed the imposition of new tariffs on Chinese semiconductor imports until mid-2027, indicating a more measured approach to managing trade tensions with China while keeping the option for tougher measures open in the future.
- Gold retreats from a record high, easing from $4,526 to $4,485 at the latest.
- Bitcoin (BTC) extends pullback from a 10-day-high, down nearly 0.50% intraday to $86,500 at the latest.
- Ethereum (ETH) posts a two-day losing streak, down 1.6% to $2,915 as we write.
- U.S. Dollar Index (DXY) bounces off an 11-week low, posting modest daily gains around 97.95 as we write.
- U.S. equity benchmarks trade mixed, as the Dow Jones rises 0.20%, and the S&P 500 is up 0.10% intraday, but the Nasdaq Composite posts modest losses of 0.10% by press time.
- WTI Crude Oil hits a weekly high, up for the fourth consecutive day near $58.60 as we write.
Last Trading Day before Christmas, 2025
With no more data left for publishing and Christmas just around the corner, the global financial assets, including cryptocurrencies, precious metals, and stocks, might witness inaction during the rest of Wednesday.
The market’s lack of activity could allow traders to defend the current downside momentum in crypto, despite suggesting no major moves.
It’s worth noting that the crypto market will be open on Christmas, but a lack of liquidity could restrict the momentum. During such an illiquid market period, a few traders could govern the market moves, potentially generating wicks in the prices, and hence participants need to remain cautious before taking positions during holidays.
Also Read: Top 5 AI Coins Every Investor Should Know!
