Market Recovery on December 17
The crypto market showed signs of recovery on December 17, with Bitcoin climbing back to $87,000. However, caution remains as analysts warn of a disconnect between market optimism and underlying data.
Price Movements
Bitcoin saw a 2% increase, reclaiming the $87,000 mark, while Ethereum hovered around $2,900. The market saw gains across various sectors, including SocialFi, PayFi, RWA, and Layer 1, with notable performance from TON, TEL, OM, and SUI. However, AI and NFT tokens lagged behind.
Historic HashKey IPO
In a historic move, HashKey Holdings listed on the Hong Kong Stock Exchange under the stock code 3887.HK, becoming the city’s first digital asset IPO. The listing was supported by major investors such as UBS Asset Management Singapore, Fidelity, and CDH Investments.
Analyst Insights
On‑chain analyst Murphy noted that Bitcoin’s short‑term volatility risk is contained, with holdings concentration at 11%, below the 13% warning threshold. The market is now looking ahead to macro catalysts, including the upcoming U.S. CPI data and the Bank of Japan’s interest rate decision.
Fear & Greed Index
Despite the tentative rebound, the crypto fear and greed index remains at 16, indicating ‘extreme fear’ among investors. The market continues to navigate through cautious optimism and underlying data concerns.
