💵 💴 💶Tokenization: Wall Street’s New Buzzword💴 💶

In this context, tokenization—the creation of digital representations of real-world assets on the blockchain—has become one of the most popular terms of the year in both traditional finance and cryptocurrency circles. However, this excitement is sometimes considered overhyped, reminiscent of the excessive expectations surrounding blockchain projects a few years ago, ranging from Walmart’s lettuce tracking systems to attempts at digitizing stocks.

2024 Report from the People’s Bank of China: Cryptocurrencies Included

Despite banning cryptocurrencies, China, the world’s second-largest economy, continues to closely monitor this space. The People’s Bank of China (PBOC) addressed cryptocurrencies in its newly released “China Financial Stability Report.” The report highlights potential risks, noting that many countries are increasing cryptocurrency regulations, with 51 countries and jurisdictions worldwide imposing bans on cryptocurrencies.

GLOBAL MARKETS

Asian markets started the week on a negative note, while U.S. Treasury yields, hovering near eight-month highs, put pressure on highly valued U.S. companies. The high levels of U.S. Treasury yields also helped the dollar maintain its recent peak. Due to Christmas holidays, trading volumes in the markets remain low, and the data calendar is not busy. China’s Purchasing Managers’ Index (PMI) will be released on Tuesday, and the U.S. ISM indexes for December are scheduled for Friday.

Technical Overview

DXY

The U.S. Dollar Index (DXY) continues to trade within a descending wedge on the daily chart. Currently priced at 106.39, the index is holding above the 105.68 horizontal support level, suggesting the uptrend may persist for a while longer. If the trend continues, potential resistance levels are 107.34 and 110. A strong breakout above 107.34 could push the index towards 112.

Resistances: 108.00 / 110.00 / 115.76
Supports: 105.68 / 104.38 / 103.46

BTC/USD

The recovery process in Bitcoin continues to gain strength. Currently, it is trading at $94,691. Following yesterday’s declines, the recovery movements are ongoing. At this point, the critical level to watch is $87,956. As long as Bitcoin stays above this support level, the upward trend is likely to continue towards the $108,995 level. However, if the $95,540 support is lost, a potential downtrend could push the price down to $88,362.

Resistance levels: 108,985 / 118,500 / 123,550
Support levels: 95,000 / 88,362 / 83,365

ETH/USD

In Ethereum, the anticipated target of $4,086 was reached, followed by a sharp pullback. Currently, it is trading at $3,256. At this point, the critical level to watch closely is $3,110, which serves as a horizontal support point. As long as there is no significant close below this level, the outlook will remain positive. However, if a close occurs below this support level, a potential downtrend could push the price down to $2,808.

Resistance levels: 3,539 / 4,086 / 4,782
Support levels: 3,110 / 2,808 / 2,134

NASDAQ

The Nasdaq index continues its uptrend within a rising channel on the weekly chart. However, a wedge formation within the channel has rejected the price at the resistance level, with the index currently trading at 21,368. If the 21,700 level is surpassed and maintained, the index could break the main channel resistance and extend its rally to 22,500. On the downside, breaking below the critical 20,695 support may invite selling pressure, potentially pulling the index down to 20,000.

Resistances: 23,117 / 24,380 / 26,200
Supports: 20,694 / 18,788 / 17,291

BRENT

Brent crude has shown mid-term recovery, regaining its previously lost channel structure. Having surpassed the 76.98 resistance level, the price is likely to rise towards the 80.00–82.00 range if it maintains this level. Key support stands at 72.37, where buyers are expected to step in to sustain the trend.

Resistances: 76.15 / 85.84 / 95.53
Supports: 70.17 / 69.00 / 67.80

EURUSD

The Euro formed a double top at 1.11 and entered a downtrend. Losing the 1.10 support led to a pullback to the lower channel boundary at 1.07. After breaking the rising support level, the Euro slid to 1.046. At this critical support level, buyers are likely to re-enter the market. However, if the support is broken, the Euro may face deeper declines, potentially reaching 1.099. Price action at these levels will be pivotal in determining the next directional move.

Resistances: 1.0575 / 1.1043 / 1.1213
Supports: 1.0180 / 0.9936 / 0.9542

XAUUSD

Gold recovered from the 2608 level and successfully reached the anticipated target. With the breakout of the descending channel resistance, gold managed to rise back above the 2710 resistance level. As long as it maintains its position above this resistance level, it is expected to sustain its upward momentum and preserve the potential to rise toward the 2756 region.

Resistances: 2757 / 2790 / 2800
Supports: 2608 / 2622 / 2590

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