Crypto Daily Report – December 1

Stocks are mixed after a bullish opening early in the session. The Dow Jones dropped 0.8%, while the S&P and Nasdaq fell 0.1%. An initial bullish reaction was triggered by a below consensus PCE print of 0.2% month over month, below Dow Jones’ 0.3% estimate, and in line with annual forecast. Investors are eying a significant jobs data release this Friday, which will be critical in the Federal Reserve’s pace of rate hikes as the labor market has yet to show signs of softening, unlike recent inflation prints. BTC has continued to show strength, rising by 1.7% over the last day, while ETH rose 1.0%.FTM has been a notable performer increasing 6.6% over the previous day and 37.7% over the last week, making it the top weekly gainer among the 100 largest coins. The bullish price action has followed a blog post by star DeFi developer and key FTM contributor Andre Cronje, which detailed how the FTM team took the foundation’s treasury from less than $5m in December 2018 to an estimated $340m today, primarily through DeFi farming.