BTC is currently trading around $17,900 and ETH around $1,350. Notable gainers in the last 24 hours are TON, RUNE, and XRD. The global crypto market cap is ~$912B, up ~1.4% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 41%.
It’s a calm start to the day with little movement across traditional markets heading into the Fed’s interest rate decision and subsequent press conference beginning at 2 pm EST. Forgoing any deviations from the expected 50 bp hike, investors will carefully dissect the verbiage in the statement and press conference to gauge the anticipated trajectory of future hikes. In other data releases, U.K. inflation came in beneath its November peak (11.1%), beating consensus expectations as it fell to 10.7% versus the 10.9% expected.
Notable news includes: Apple will reportedly allow external app stores on iOS 17 due to EU regulation; a judge approved the sale of Celsius’s self-custody platform to Galaxy Digital; Tether revealed it will reduce secured loans to zero next year; BUSD supply dipped below $20b as Binance was hit with a wave of withdrawals topping $3.6b over the last week; Binance resumed USDC withdrawals after a temporary pause; ConsenSys launched a zkEVM private beta testnet; Ledger integrated a DeFi tracking feature for its hardware wallets; Anchorage landed a $100m custody opportunity from M31 Capital; CowSwap launched ‘surplus-capturing’ limit orders; GBTC’s discount grew to a record ~50%; and a Bahamas’ Magistrate Court judge denied SBF’s request for bail.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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