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By Omkar Godbole All times ET unless indicated otherwise)

Last week, CoinDesk flagged the potential for action in crypto cross pairs even as major tokens and the broader market looked lackluster against the dollar. Since then, the biggest cross by market value, ether (ETH) priced in bitcoin (BTC), has delivered, and today touched 0.036, the highest since Oct. 27.

The ADA/BTC pair also advanced, touching its strongest level since Nov. 20. Bitcoin (BTC) dropped back after briefly popping to $94,500 late Tuesday. ETH, ADA and privacy coins XMR and ZEC all jumped more than 7% in 24 hours, while SOL, DOGE, XLM, LINK and HYPE rose around 2%.

The cross pairs could extend gains if, as expected, the Fed cuts interest rates by 25 basis points and, more importantly, Chair Jerome Powell strikes a dovish tone, reviving hopes of more rate reductions next year. As of now, markets seem to be anticipating a hawkish forward guidance, hence the continued uptick in the 10-year U.S. Treasury yield.

Beyond the Fed, a pending Supreme Court decision on the legality of President Donald Trump’s “reciprocal” tariffs could add another layer of volatility. The decision is due any day.

If the court invalidates the tariffs, it could strip out a source of inflation concerns and trade uncertainty, encouraging a risk-on tone into the year-end.

Several investment banks, including Goldman Sachs, have noted that the Trump administration could still lean on other tools, such as Section 232 levies, to reimpose trade pressure.

In other policy news, the IMF warned that stablecoins may pose foreign-exchange risks to emerging markets, although experts argue they are not yet large enough to have a truly systemic impact. In Washington D.C., the teachers’ union, AFT, slammed the latest crypto market bill, warning of “profound risks” for Americans’ retirement plans.

In traditional markets, silver surged to a record high of $61.60 per ounce. It's more than doubled this year. The dollar index is holding near 99.00, while the 10-year Treasury yield has risen to its highest level since Sept. 4. Stay alert!

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Overnight Flows

What to Watch

For a more comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead".

• Crypto
  • Dec. 10: Celo’s Jello hardfork to bring ZK-powered fault proofs to the network.
• Macro
  • Dec. 10, 7 a.m.: Brazil Nov. headline inflation rate YoY Est. 4.49%, MoM Est. 0.09%.
  • Dec. 10, 9:45 a.m.: Canada central bank interest-rate decision. Benchmark rate Est. 2.25%. 10:30 a.m. press conference
  • Dec. 10, 2 p.m.: Federal Open Market Committee (FOMC) U.S. interest-rate decision (25-basis-point cut to 3.5%-3.75% expected) and economic projections; 2:30 p.m. press conference (watch live).
  • Dec. 10, 4:30 p.m.: Brazil central bank interest-rate decision. Benchmark rate (Prev. 15%).
• Earnings (Estimates based on FactSet data)
  • Nothing scheduled.

CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.

L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.