Daily Market Update: Dec 7, 2022

December 12, 2022

BTC is currently trading around $16,900 and ETH around $1,250. Notable gainers in the last 24 hours are XRD, FXS, and SNX. The global crypto market cap is ~$878B, down ~1.4% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 41%.

Equities and crypto are both down modestly this morning. Yesterday afternoon saw a meaningful divergence between equities and crypto, as equities realized a large down move while crypto prices were more resilient. The move was likely attributed to pessimistic comments from a slew of bank CEOs that sparked increased recession concerns. It continues to be a light week on the data front heading into a heavy week of prominent releases including CPI and FOMC next week.

Notable news includes: the House Financial Services Committee is reportedly weighing a subpoena to compel Sam-Bankman Fried to testify in front of Congress; Russia is reportedly on the verge of legalizing crypto mining; Chainlink staking went live; SushiSwap’s head chef controversially proposed allocating 100% of xSUSHI revenue to the treasury for one year to bolster team funding; Circle pivoted and no longer plans to go public in the near future; Tether launched a stablecoin pegged to the Chinese Yuan; Gate.io pledged $100m toward a fund to invest in budding crypto projects and rebuild investor confidence; Fir Tree sued Grayscale in an effort to force changes to GBTC; ConsenSys updated its privacy policy for MetaMask and Infura following community backlash; Signature Bank revealed plans to reduce crypto-tied deposits by as much as $10b; Ledger tapped the co-creator of the iPod for its latest hardware wallet; more than $30m poured into ApeCoin staking in its first day; Nike’s RTFKT unveiled web3 sneakers with walk detection potentially offering a move-to-earn system popularized by Stepn; DJs Steve Aoki and 3LAU will use their CryptoPunks to form a new group known as Punx; and, FatManTerra alleged Terraform Labs dumped ~$450m UST in the three weeks prior to its collapse.

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

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