Daily Market Update: Dec 6, 2022

December 12, 2022

BTC is currently trading around $17,000 and ETH around $1,250. Notable gainers in the last 24 hours are AXS, FXS, and SNX. The global crypto market cap is ~$890B, down ~1.5% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 41%.

Notable news includes: the U.K. is expected to announce new rules governing the sale and marketing of crypto assets; SEC Chair Gensler will reportedly brief House Democrats ahead of the FTX hearing; Kentucky has opened a formal investigation into two proposed contracts offering discounted electricity prices to Bitcoin miners; Orthogonal Trading missed a $10m loan payment after being severely impacted by FTX’s collapse; Goldman Sachs is reportedly looking to buy crypto firms in the wake of the market contagion; Nexo revealed plans to phase out of the U.S. market due to regulatory uncertainty; Aave acquired web3 social gaming app Sonar to expand its decentralized social media protocol Lens; 15% of 1inch’s token supply worth over $100m will unlock on Dec 30th; crypto.com‘s CRO token surged as it launched World Cup NFTs with Coca-Cola; a record 66% of bitcoin supply hasn’t moved in over a year; Bitcoin mining difficulty fell 7.2%, its largest downward adjustment since China’s crackdown on mining ~18 months ago; Riot Blockchain switched mining pools after realizing worse-than-expected variance; and, Ethereum co-founder Vitalik Buterin wrote a blog post talking about the exciting applications he sees in Ethereum’s future.