Daily Market Update: Dec 13, 2022

December 13, 2022

BTC is currently trading around $17,900 and ETH around $1,350. Notable gainers in the last 24 hours are OKT, TON, and OKB. The global crypto market cap is ~$913B, up ~4.1% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 41%.

Risk markets are moving sharply higher following this morning’s U.S. CPI release that came in lower than expected (7.1% vs. 7.3%). The NASDAQ is up more than 3%, BTC and ETH are up ~5% and ~6.6%, respectively, and bond yields are meaningfully lower, with the U.S. 10Y sitting around 3.43%, its lowest level of the past three months. Turning towards the latest in the FTX / Alameda saga, the Attorney General of the Bahamas announced the arrest of FTX’s ex-CEO Sam Bankman-Fried yesterday after receiving formal notification from the U.S. that criminal charges against SBF were filed. The announcement further stated that the Bahamas would promptly comply with a U.S. extradition request once formally received. The SEC followed and charged SBF with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The U.S. Attorney’s Office for the Southern District of New York and the CFTC are expected to follow with separate charges.

Notable news includes: Canada revealed a prohibition on leveraged crypto trading; Binance enabled access to Binance Pay for U.S.-based customers; withdrawals on Binance surged following concerns over its reserves; Justin Sun deposited $100m to Binance in relation to a deal bringing BUSD to the TRON blockchain; MakerDAO is set to execute eight governance proposals covering its most important deployments of the year; SushiSwap’s head chef revealed the DEX lost $30m on LP incentives during the year; Bitcoin miner Argo’s stock resumed trading as it continues to seek an external capital raise to avoid filing for bankruptcy; Illuvium released Overworld as it attempts to bring a AAA quality game to web3; Reddit users have already minted more than 5m NFT avatars on Polygon; a Bloomberg report claimed ~$73m of FTX’s political donations are at risk of recall; blockchain security firm CertiK said that the Lodestar exploit copied the methods used in the Mango exploit; and, a federal judge ordered the CFTC to serve at least one identifiable Ooki DAO token holder if possible, in this case requiring the CFTC to serve the two founders in their role as identifiable token holders of the DAO. 

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TelegramLinkedIn

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