In a dramatic display of market volatility, Bitcoin (BTC) has experienced a rollercoaster weekIt began on December 5, when the cryptocurrency surged to an all-time high (ATH) of $104,088. This significant spike was short-lived; by December 6, BTC faced a sharp decline, plummeting to a low of $90,000 early in the morningThe price soon entered a correction phase, with the asset bouncing back above $100,000 several timesHowever, by the early hours of December 10, Bitcoin began another steep descent, landing at a low of $94,800, representing a weekly drop exceeding 13%. As of now, BTC is oscillating around the $97,000 markThis volatility has also negatively impacted altcoins, with many cryptocurrencies witnessing a downward trend alongside Bitcoin’s fluctuations.

According to data from Coinglass, the cryptocurrency market saw a staggering liquidation of $1.574 billion in contracts over the past 24 hours, affecting 511,000 traders

Long positions accounted for $1.388 billion of the liquidations, while short positions contributed $185 million.

Market analysts are keeping a close eye on the current state of the U.Sstock market, which appears to be approaching levels not seen since the bubble economy of 2000. Despite the downturn, there remains an optimistic outlook for U.SequitiesAs of yesterday's market close, the three major stock indices saw collective declines; the Dow Jones fell by 0.54%, the S&P 500 dropped by 0.61%, and the NASDAQ slipped by 0.62%. From a macroeconomic perspective, investors are waiting for this week’s inflation report, hoping to gauge the Federal Reserve's future policy adjustmentsThe regulatory troubles faced by NVIDIA amid antitrust investigations contributed to its 4% drop during trading hours, subsequently dragging down technology stocksConversely, Chinese concept stocks have been on a positive trajectory.

Financial experts speculate that these conditions might drive the U.S

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Dollar Index (DXY) to new heightsStrategists at Société Générale have suggested that re-inflationary policy could propel the S&P 500 index to reach 6,500 points by April next year, up from its previous close of 6,052.85 points.

Despite the turbulence in the market, institutional enthusiasm for Bitcoin seems undeterredMicroStrategy, a key player in Bitcoin investments, announced on December 9 its acquisition of an additional $2.1 billion worth of Bitcoin, bringing its total holdings to over $41 billionThe company has garnered attention for financing these purchases through issuing stocks and fixed-income securities, becoming one of the top-performing assets of the yearMichael Saylor, the co-founder of MicroStrategy, has intentions to raise $42 billion over the next three years to expedite a strategic pivot towards Bitcoin.

Simultaneously, analysts from Bernstein, a research and brokerage firm, maintain their bullish stance on Bitcoin, predicting that $100,000 is not the ultimate threshold for Bitcoin

They foresee BTC potentially reaching a cycle peak of $200,000 by the end of 2025.

On an international scale, Russian lawmakers have proposed the establishment of a national Bitcoin reserve to counter economic sanctionsAccording to reports by Rhythm Information, Anton Tkachev, a member of the Russian parliament, suggested positioning Bitcoin as a tool against sanctions and a means to ensure financial stabilityIn a formal appeal to the finance minister, he recommended creating a Bitcoin reserve akin to traditional foreign currency reserves, arguing that cryptocurrency offers unique advantages in mitigating risks associated with sanctions, inflation, and currency volatilityThis proposition aligns with broader moves by the Central Bank of Russia to incorporate digital assets into its international payment systems.

In the context of macroeconomic data, the U.Sjob market exhibited a complex picture in November, with non-farm payrolls increasing by 227,000 jobs, marking the largest gain since March 2024. While this superficially appears encouraging, underlying weaknesses are evident

Last month’s dismal data reflected merely a gain of 12,000 jobs with minimal revisions, highlighting a troubling undercurrent in the employment landscape.

Furthermore, the trend in initial jobless claims indicates a gradual cooling in the U.Slabor marketThe Department of Labor reported a rise of 9,000 new claims in the week ending November 30, bringing the total to 224,000, which surpassed the anticipated figure of 215,000. Although the unemployment rate has ticked slightly higher, indicating a slower job market, it has yet to result in significant deterioration.

In anticipation of impending economic reports, the core inflation rate for the U.Sis set to be released on December 13, serving as a crucial element for the market's interpretation of the Federal Reserve's forthcoming economic directionBased on the existing non-farm payroll data, there is an increasing likelihood of an interest rate cut by the Fed in December, with market expectations indicating an 85% probability of a 25 basis points cut