Daily Market Update: December 8, 2023

December 8, 2023

BTC is currently trading around $43,900 and ETH around $2,350.  Notable gainers in the last 24 hours are BTT, BONK, and ADA.  The global crypto market cap is $1.70T, up 2.8% over the last day.  DeFi Total Value Locked is ~$52b and BTC dominance is around 54%.

Global equity markets are little changed while interest rates are higher after US jobs data showed a continued strong labor market.  Specifically, the US added 199,000 jobs in November, slightly higher than expected, while the unemployment rate fell sequentially and came in lower than expectations.  Average hourly earnings, a key inflation gauge, increased 4.0% over the last year, down 0.1 percentage point from the prior month and in line with the consensus.

Notable news includes: El Salvador partnered with Tether to launch a Freedom Visa Program encouraging Bitcoin investors to become citizens of the country; discussions between the SEC and US spot Bitcoin ETF applicants have reportedly advanced to discussing key details; a judge deemed CZ a flight risk and ordered him to remain in the US until his sentencing in February; spot crypto trading volume reached it highest level since March; Indian e-commerce giant Flipkart announced it will use Polygon’s chain development kit to power a web3 loyalty program; the shareholders of Hong Kong gaming giant Boyaa Interactive will vote on whether the company should purchase $100m of cryptocurrencies; and, Terraform Labs’ cofounder Do Kwon is set to be extradited to the US, per the WSJ.

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

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