Trading Desk Market Update: 12/24

December 24, 2021

BTC is currently trading around $50,100 and ETH around $4,100.  Notable gainers in the last 24 hours are SAND, FTM, and AR.  The global crypto market cap is $2.51T, up 4.1% over the last day.  DeFi Total Value Locked is ~$257b and BTC dominance is around 40%.

A holiday rally is underway, with crypto posting strong gains and 80 of the 100 largest tokens by market cap up on the day.  Notable news includes: US Senator and crypto advocate Cynthia Lummis plans to introduce legislation that would create a new crypto regulatory body and address a wide range of digital asset topics; The Bank of Thailand is delaying testing of its CBDC until late 2022; 6.3% of the total Bitcoin supply is on crypto exchanges compared to 9.5% in October 2020, per Cryptorank; decentralized exchanges saw over $1T of trading volume this year, per The Block; Google searches for “non-fungible tokens” outpaced searches for “crypto” for the first time; crypto exchange Kraken is developing its own NFT marketplace; PwC Hong Kong purchased a land plot in The Sandbox; and, Dogecoin has released a “trail map” detailing its plans going forward.

2021.12.24

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