Daily Market Update: Dec 21, 2022

December 21, 2022

BTC is currently trading around $16,900 and ETH around $1,200. Notable gainers in the last 24 hours are TON, TKX, and ETC. The global crypto market cap is ~$845B, up ~0.1% over the last day. DeFi Total Value Locked is ~$40b and BTC dominance is around 42%.

Notable news includes: the largest Bitcoin miner by hash rate, Core Scientific, filed for bankruptcy with more than $1b of liabilities; competing Bitcoin miner Greenidge said its continued viability remains in ‘substantial doubt’; Gemini announced that a Genesis and DCG creditor committee proposed a plan to resolve the current liquidity issue and they expect a response this week; Celsius revealed it has attracted 30 potential bidders for various parts of its business; FTX unearthed ~$1b worth of assets, including ~$720m of cash spanning hundreds of bank accounts; SBF signed extradition papers and is set to return to the U.S. and face charges; 3Commas denied accusations that it leaked API data resulting in ~$15m of unauthorized trades; Coinbase’s stock fell to an all time low and is now valued less than the market cap of Dogecoin; Australian crypto exchange Swyftx abandoned its merger with trading platform Superhero; Uniswap partnered with Moonpay to allow users to buy cryptocurrencies on its web app via debit/credit cards and bank transfers; Aptos-based Mojito Market suspended operations because of the FTX crash; Dogecoin slid as Elon Musk confirmed he would eventually resign as CEO; the state of Alaska added ‘virtual currency’ to its regulatory regime; transactions of ‘designated crypto assets’ will be qualified for the Investment Manager Exemption in the U.K. from the 2022 tax year onward; the U.K.’s advertising regulator ruled against NFT promotions by Crypto.com; the floor price of Trump NFTs are down 70% from their peak; Christie’s NFT sales fell ~96% in 2022; and, wallets attributed to the defunct crypto exchange QuadrigaCX unexpectedly moved ~104 BTC, and the court appointed Trustee (Ernst & Young) confirmed they did not initiate the transfer but they did not comment further. 

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

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