Daily Market Update: Dec 16, 2022

December 16, 2022

BTC is currently trading around $16,950 and ETH around $1,200. Notable gainers in the last 24 hours are OKB, OKT, and TON. The global crypto market cap is $859B, down 3.2% over the last day. DeFi Total Value Locked is ~$40b and BTC dominance is around 42%.

Global equity markets and crypto prices are down and rates are higher on continued recession fears after the Fed’s recent hawkish stance. Adding to worries for crypto, accounting firm Mazars has suspended all work with its crypto clients, after having just released proof of reserve reports for several exchanges including Binance, Crypto.com, and KuCoin.

In FTX news, investment bank Jefferies estimates that FTX creditors could recover up to 40% of lost funds; FTX has filed to sell four subsidiaries, namely Embed Technologies, Ledger X LLC, FTX Japan, and FTX Europe; a United States Trustee has announced nine creditors to the creditor committee in FTX’s bankruptcy case; SBF has submitted a new bid for bail after his first one was denied, and crypto trading firm QCP Capital revealed that it has at least $97m stuck on FTX.

Elsewhere, the EU finalized rules for DLT financial trading technology including for tokenized securities as it prepares to launch a pilot; Japan is set to ease tax requirements for local crypto firms as it pushes to stimulate growth; Sweden’s central bank is preparing to introduce a possible e-krona CBDC if and when Sweden’s legislature chooses to do so; New York state released guidance for regulated banks seeking to engage in crypto activities; crypto bank Silvergate was hit with a class action lawsuit over its FTX and Alameda dealings; bankrupt crypto hedge fund 3AC estimated its assets to be worth $1b in July; oracle provider Chainlink is now offering floor price feeds for Ethereum-based NFTs; and, former US President Donald Trump has released his first collection of NFTs.

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

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