Trading Desk Market Update: 12/21

December 21, 2021

BTC is currently trading around $49,000 and ETH around $4,050.  Notable gainers in the last 24 hours are HNT, SPELL, and HOT.  The global crypto market cap is $2.38T, up 6.5% over the last day.  DeFi Total Value Locked is ~$245b and BTC dominance is around 41%.

Global equity markets are rebounding after a three-day slump due to short-term oversold conditions, and crypto is rally as well.  Notable news today includes: Ethereum developers have released Kintsugi, a testnet allowing the public to experiment with Ethereum 2.0; Fidelity analyst Jurrien Timmer says Ethereum may be a much better bargain than BTC, citing Metcalfe’s Law; institutional digital asset AUM fell $143m last week, its first decline in 17 weeks, per CoinShares; a CNBC report claims that as much as 20% of the Bitcoin mining hash rate still comes from mainland China; Binance has signed an MOU with the Dubai World Trade Centre Authority to establish an industry hub in Dubai; Terra’s UST flips DAI to become the fourth largest stablecoin; Christie’s has made nearly $150m in revenue from NFT sales this year; crypto exchange Bullish announces that it is expanding to over 40 jurisdictions; and, crypto exchange BitMEX announces the launch and airdrop its native BMEX token.

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