Daily Market Update: Dec 22, 2022

December 22, 2022

BTC is currently trading around $16,800 and ETH around $1,200.  Notable gainers in the last 24 hours are LUNC, DOGE, and HT.  The global crypto market cap is $841B, down 0.4% over the last day.  DeFi Total Value Locked is ~$40b and BTC dominance is around 42%.

Equity markets are mixed, and crypto prices are little changed amidst a slow macro news day.  In FTX news, former Alameda Research CEO Caroline Ellison and former FTX co-founder Gary Wang plead guilty to fraud charges and are currently helping with the investigation of former FTX CEO Sam Bankman-Fried; an SEC filing declared that FTX’s exchange token FTT is a security; FTX creditors have hired law firm Paul Hastings; and, 94% of the funds FTX used to purchase Blockfolio were FTT tokens.

Other notable news includes: the ECB published its second report on the feasibility of a digital euro and will decide if the digital euro will move onto the rollout phase in the fall of 2023; the head of India’s central bank stated that cryptocurrencies should be banned; US senator Toomey introduced a new stablecoin bill that would create a regulatory framework for “payment stablecoins”; British Columbia imposed an18-month moratorium on new crypto mining operations, becoming the third Canadian province to do so; bankrupt bitcoin miner Core Scientific may sell up to 1 gigawatt of facilities; Twitter added crypto and stock prices to its search results; wash trading reportedly accounted for over half of all NFT trading volume in 2022 per a study by on-chain analyst hildobby; crypto marketplace Paxful delisted ETH as its CEO stated that ETH is another form of fiat money; and, Polygon’s zkEVM launched its second testnet, the last step before mainnet goes live.

December-22-2022

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

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