Trading Desk Market Update: 1/5

January 5, 2022

BTC is currently trading around $46,500 and ETH around $3,800.  Notable gainers in the last 24 hours are MINA, LINK, and THETA.  The global crypto market cap is $2.37T, down 0.6% over the last day.  DeFi Total Value Locked is ~$255b and BTC dominance is around 39%.

In Bitcoin news, a Goldman Sachs research report says BTC will continue to take “store of value” market share, and can reach $100,000 if it continues to make ground on gold. Additionally, Glassnode reports that 76% of BTC’s circulating supply is illiquid, defined as being in a wallet with no spending history.  In Ethereum news, Vitalik Buterin estimated that the smart contract blockchain is 50% of the way through its ultimate endgame state.  Elsewhere, Kosovo banned bitcoin mining due to an energy shortage, Poland’s central bank is intensifying work on a potential CBDC, the SEC postponed its decision on NYDIG’s spot bitcoin ETF application, and leading NFT marketplace OpenSea raised a $300m funding round at a $13.3b valuation.

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