BTC is currently trading around $40,900 and ETH around $3,050. Notable gainers in the last 24 hours are NEAR, CETH, and ZEC. The global crypto market cap is $2.02T, down 2.5% over the last day. DeFi Total Value Locked is ~$227b and BTC dominance is around 41%.
BTC was flattish over the weekend after falling 4% on Friday. Friday’s US labor market report showed the unemployment rate falling to 3.9% in December from 4.2% the month prior, strengthening the case for the Fed to raise interest rates and furthering concerns around central bank policy accommodation removal. Goldman Sachs is now calling for four Fed rate hikes this year, up from three previously, while CME futures suggest a 72% change of a 25 bp hike and a 7% chance of a 50 bp hike at the March meeting.
Elsewhere, India’s central bank has created a dedicated department for fintech; UK lawmakers have formed a crypto advocacy group for parliament; Pakistan reportedly issued a formal notice to Binance to identify links to a crypto scam; the hashrate of major bitcoin mining pools has now nearly recovered as internet connectivity in Kazakhstan is largely restored; PayPal is planning to potentially launch its own stablecoin; German neobank N26 will launch crypto trading later this year; Disney has patented technology for a theme park metaverse; Binance.US is building an office in the Solana-based metaverse Portals; the ETH burn rate has increased 50% over the last seven days compared to the last month amid high volatility and high NFT sales; Ethereum layer two scaling solution Arbitrum went down yesterday; inter-dealer broker TP ICAP has started offering crypto-linked ETP trading to European clients; and, bitcoin miner Bitfarms purchased 1,000 BTC during the first week of January.
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