Daily Market Update: Dec 8, 2022

December 12, 2022

BTC is currently trading around $16,800 and ETH around $1,250. Notable gainers in the last 24 hours are XRD, FXS, and TWT. The global crypto market cap is ~$878B, up ~0.3% over the last day. DeFi Total Value Locked is ~$44b and BTC dominance is around 41%.

Notable news includes: Hong Kong announced crypto exchanges will be subject to the same laws that govern TradFi beginning in mid-2023; the Argentinian government created a national blockchain committee; Spain’s central bank revealed plans to experiment with wholesale CBDCs; USDC may get access to the Fed’s reverse repo program via its partnership with BlackRock; Genesis informed customers that its withdrawal freeze will likely last additional weeks; Binance.US reduced ETH trading fees to zero; BitMEX introduced a new ETH staking yield swap derivative; crypto options exchange Deribit generated record trading volume in November; Japanese banking giant SMBC is trialing soulbound tokens for identity verification; Blur offered a 50% refund to some NFT traders that realized losses due to a UI bug; Bitcoin miner Marathon is reportedly exploring a bid for hosting service provider Compute North; Canada’s largest pension fund is no longer considering crypto investments; and, a new group called ConstitutionDAO2 is trying to buy a copy of the U.S. Constitution, a year after the original attempt failed.