Daily Market Update: Jan 4, 2023

January 4, 2023

BTC is currently trading around $16,800 and ETH around $1,250.  Notable gainers in the last 24 hours are NEAR, ETC, and LDO.  The global crypto market cap is $855b, up 1.6% over the last day.  DeFi Total Value Locked is ~$40b and BTC dominance is around 42%.

Notable country/regulatory news includes: Indonesia revealed plans to establish a national crypto exchange and hand over crypto supervision to the country’s Financial Services Authority; the Israeli Securities Authority proposed to bring digital assets under existing financial laws; the UK’s National Crime Agency launched a dedicated crypto unit to investigate cyber crimes involving crypto; US bank regulators issued a joint statement warning banks about the risks involved with crypto; and, a report by an Indian think tank stated that the country’s crypto industry has been severely hit by the controversial tax laws of 2022.

Other notable news includes: Sam Bankman-Fried pled not guilty to all charges related to the collapse of FTX and his trial date was set for October 2; The US Attorney’s Office for the Southern District of New York announced the formation of an FTX task force to handle further investigations and prosecutions related to FTX; defunct centralized crypto borrow-lend Celsius filed a motion to extend the deadline for all customers to file a claim; payments provider Wyre reportedly plans to shut down; e-commerce and analytics company GoLoqiq announced the acquisition of digital wallet and software provider GammaRey for $320m; bitcoin mining firm Riot Blockchain rebranded to Riot Platforms; smart contract security firm Dedaub found a bug in Uniswap’s code, which is now fixed; and, DeFi tool Convex announced changes to its Curve-based staking system for increased user rewards.

Jan-4-2023

Authors:
Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | Twitter, TelegramLinkedIn

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