Trading Desk Market Update: 1/17

January 17, 2022

BTC is currently trading around $42,600 and ETH around $3,250.  Notable gainers in the last 24 hours are ADA, BTT, and LTC.  The global crypto market cap is $2.16T, down 2.4% over the last day.  DeFi Total Value Locked is ~$237b and BTC dominance is around 40%.

BTC is down ~1% from Friday’s close after a fairly uneventful weekend.  Notable headlines include: The Bolivian central bank has moved to ban the use of crypto; regulators in Spain and Singapore are clamping down on crypto promotions; Big Four accounting firm E&Y has recommended that banks prepare for CBDCs and stablecoins; US retail giant Walmart has filed several patent applications indicating a willingness to embrace crypto, NFTs, and the metaverse; a DappRadar report concluded that NFT activity has not been correlated to crypto prices; Cardano has flipped Solana by market cap after IOHK revealed new scaling plans and in anticipation of Thursday’s planned launch of DEX SundaeSwap; USDC’s supply on Ethereum has surpassed that of USDT for the first time; and, crypto job postings soared nearly 400% in 2021, per LinkedIn.

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