Crypto and Economic Updates: Coinbase Update, Bank of Japan Rate Hike, and Key Market Events Ahead
Coinbase is set to roll out a system update that will likely include new features such as an in-house prediction market and tokenized stocks.
In monetary policy news, the Bank of Japan is expected to raise its policy rate by 25 basis points to 0.75%, marking its first increase in several years. Historically, a stronger yen has been associated with downside pressure on bitcoin prices, which are currently around $89,800.
The release of U.S. nonfarm payrolls data for December has been delayed due to a government shutdown. This payroll data is widely watched as a key indicator for risk assets. Earlier in the week, policy decisions were announced by the European Central Bank and the Bank of England, with expectations for rates at 2.15% and 3.75%, respectively.
Canada is set to publish its November inflation data, reporting a headline year-over-year increase of 2.2% and month-over-month growth of 0.2%. The core inflation numbers stand at 2.9% YoY and 0.6% MoM.
The upcoming U.S. macroeconomic calendar includes the ADP Employment Change and November employment data on December 16, as well as the University of Michigan sentiment index on December 19, alongside various PMI releases.
Multiple decentralized autonomous organizations (DAOs) are conducting governance votes throughout mid- to late December, including Sushi, Streamr, Moons, SSV, Lido, CoW, Arbitrum, BNB Chain, and The Sandbox. These votes cover proposals on emissions, platform upgrades, and leadership roles.
Several token unlock events are scheduled: CONX at 1.61% (~$21.99 million) and STRK at 5.07% (~$13.87 million) on December 15; ARB at 1.9% (~$19.88 million) on December 16; and ZRO at 6.79% (~$37.28 million) on December 20.
Additional crypto events from December 15 to 18 include the NEAR Mobile NPRO launch, the Neiro Woofer Pack NFT release on OpenSea on December 16, Binance delisting the tokens FIS, REI, and VOXEL, and the VSN quarterly token burn scheduled for December 18.
