Daily Market Update: December 18, 2023

December 18, 2023

BTC is currently trading around $41,400 and ETH around $2,150.  Notable gainers in the last 24 hours are STX, INJ, and TKX.  The global crypto market cap is $1.62T, down 1.7% over the last day.  DeFi Total Value Locked is ~$50b and BTC dominance is around 53%.

Traditional markets and crypto prices are little changed to start the week.  Investors will be watching the Bank of Japan’s policy announcement tomorrow and US PCE inflation readings on Friday.

Notable news includes: Belgium will reportedly push for a European blockchain network that can store drivers licenses and property titles during its EU Council presidency; the Financial Stability Oversight Council renewed calls for US Congress to pass crypto legislation in its annual report; Kazakhstan successfully completed a CBDC pilot project; the estate of collapsed crypto exchange FTX submitted an amended reorganization plan; Coinbase stated it will appeal a denial by the US SEC of its petition asking for new digital assets regulations; the Ethereum community approved a new ERC-3643 token standard for compliant tokenization; Arbitrum suffered a two-hour partial outage on Friday after experiencing a significant surge in traffic; gas spent on inscriptions on EVM-compatible chains skyrocketed over the weekend; Algorand developers have forked the code for a new blockchain called Voi that intends to better reward contributors to the chain; the token for decentralized storage platform Arweave fell following a debate around a possible hard fork of the network; Metis announced that it expects to decentralize its sequencer early next year; the OKX NFT marketplace surpassed Blur and OpenSea in trading volume; and, MilkyWay introduced liquid staking on Celestia’s TIA token.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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