BTC is currently trading around $16,900 and ETH around $1,300. Notable gainers in the last 24 hours are TWT, ETHW, and LUNC. The global crypto market cap is ~$889B, down ~1.0% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 40%.
Risk-off market sentiment returned as stronger-than-expected U.S. payroll and wage growth data sparked concerns that the Fed may need to pivot from the widely expected 50 bp hike in December. Despite the down move, a 50 bp hike is still the clear favorite, with Fed Funds futures indicating a ~70% probability, although that’s down from nearly ~80% yesterday. Global equities are falling, with the U.S. seeing the worst of it (Nasdaq -2.0%). Crypto and bonds are also down, with the U.S. 2Y yield 10 bps higher.
Notable news includes: Stripe debuted a fiat-to-crypto payment widget that’s directly embeddable into DEXs, NFT platforms, wallets, and other dapps; Italy revealed it will impose a 26% tax on crypto gains in 2023; FTX Japan is reportedly in the process of opening local customer withdrawals; troubled crypto exchange Zipmex was acquired by a Thai VC fund for $100m; Compass launched a Bitcoin miner protection plan; Fantom wants to cut its token burn rate by ~75% to fund dapp rewards programs instead; MakerDAO voted to hike DAI rewards to 1%; Magic Eden followed OpenSea and launched an NFT royalty enforcement tool; and, Ankr’s aBNB liquid staking derivative was exploited with the hacker siphoning off ~$5m USDC.