Daily Market Update: December 22, 2023

December 22, 2023

BTC is currently trading around $43,800 and ETH around $2,300.  Notable gainers in the last 24 hours are OP, ARB, and ALGO.  The global crypto market cap is $1.74T, up 0.5% over the last day.  DeFi Total Value Locked is ~$53b and BTC dominance is around 53%.

Inflation in the US as measured by the PCE, the Fed’s preferred inflation gauge, increased 2.6% in November over the prior year, while core PCE increased 3.2%. Both measures came in slightly lower than expectations and show continued progress towards the Fed’s 2% target.

Notable crypto news includes: a UN internet governance forum group announced plans to create a DAO in a pilot project to demonstrate its applications in the public sector; Argentina legalized Bitcoin for use in contract settlements and payments; El Salvador passed a law enabling it to grant citizenship to individuals who donate bitcoin; the SEC reportedly held a “rare joint conference call” with prospective spot Bitcoin ETF filers yesterday, per Fox Business News; Prometheum received approval from FINRA to offer digital asset securities clearing services; Elon Musk stated that X will launch in-app payments by mid-2024; Ethereum announced a tentative testnet schedule for its Duncan upgrade that features proto-danksharding/EIP-4844; and, Bitcoin miner Core Scientific announced it will emerge from bankruptcy in January.

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

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