Market Overview - Bitcoin (BTC) is trading at $86,800, down 5% over 24 hours, with a low of $85,732 during early Asian hours, indicating a weak start to December [1] - The CoinDesk 20 and CoinDesk 80 Indices are down more than 6%, reflecting a broader risk-off sentiment in the crypto market [1] Economic Influences - Concerns over potential Bank of Japan rate hikes and disappointing Chinese economic data are impacting risk appetite across regional equities and digital assets [2] - QCP Capital highlights that markets are questioning the easing of global liquidity, with potential selling of BTC holdings if shares fall below net-asset value [2] Security Concerns - Yearn, a DeFi platform, suffered a $9 million loss due to a hack, contributing to a total of over $9 billion lost to scams, hacks, and exploits in the past year [3] - Recovery from hacks remains low, with only $154 million recovered over the same period, raising significant concerns about security in the crypto space [3][4] Investor Sentiment - The lack of adequate security measures and recovery technologies is damaging investor confidence, prompting calls for institutional-grade security in the crypto market [4] - The upcoming speech by Federal Reserve Chair Jerome Powell is anticipated to influence market direction, with bulls hoping for dovish signals to support BTC [4] Upcoming Events - Key events include the trading debut of 21Shares Core XRP Trust on Cboe BZX Exchange and the mainnet upgrade of Ontology, which reduces ONG supply from 1 billion to 800 million [5] - The Federal Reserve is ending quantitative tightening, which may stabilize financial markets amid tightening liquidity conditions [5][6]