Daily Market Update: Dec 1, 2022

December 1, 2022

BTC is currently trading around $17,200 and ETH around $1,300. Notable gainers in the last 24 hours are FTM, GMX, and ETHW. The global crypto market cap is ~$899B, up ~1.0% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 40%.

Risk markets jumped higher yesterday afternoon following positive comments from Fed Chair Powell. Powell’s comments reiterated that rates need to remain restrictive for some time and that they’ll continue to move higher, but the pace of hikes will slow down. Core PCE, the Fed’s preferred measure of inflation, came in slightly better than expectations this morning (0.2% vs. 0.3% consensus). Positively in China, Beijing announced a shift in a key feature of its Covid Zero policy, now allowing low-risk patients infected with Covid to isolate at home instead of the previously mandated quarantine sites.

Notable news includes: Canada’s Manitoba province enacted an 18-month crypto mining moratorium; Kraken laid off ~1,100 employees representing ~30% of its total staff; Huobi and Poloniex announced a strategic partnership despite initial merger denials; crypto custodian Digivault is reportedly for sale following Eqonex’s liquidation; crypto exchange AAX revealed its unlikely to reopen; Secret Network resolved its network vulnerability following a white hat disclosure; Auros missed a $3.1m loan payment on Maple; Uniswap launched an NFT marketplace with a $5m airdrop for its Genie users; OpenSea revealed NFT creators earned ~$1.1b in royalties this year; Timex announced plans to create limited edition BAYC watches; Pudgy Penguin’s ‘Snowed In’ collection sold out at Sotheby’s; TON network looks to draw projects to its ecosystem with  a ~$126m rescue fund; and, crypto market maker Keyrock closed a $72m funding round.