BTC is currently trading around $48,500 and ETH around $4,100. Notable gainers in the last 24 hours are KDA, AR, and AVAX. The global crypto market cap is $2.38T, up 4.9% over the last day. DeFi Total Value Locked is ~$251b and BTC dominance is around 41%.
The Federal Reserve concluded its two day policy meeting yesterday, where it dropped the term “transitory” to describe inflation, accelerated asset purchase tapering to $30b per month, and revealed expectations for three, two, and two rate hikes in 2022, 2023, and 2024, respectively. During the press conference Powell took an optimistic tone and also acknowledged that new Covid variants could impact the economy and alter policy going forward. Risk assets including cryptocurrencies responded positively.
Other notable news includes: The Bank of Thailand will release a consultation paper in January that will define “red lines” for the crypto industry; derivatives trade association ISDA is working to develop common standards for crypto assets; Deutsche Börse Group finalized its acquisition of Crypto Finance AG; Kraken revealed plans for an NFT marketplace; auction house Sotheby’s NFT sales have reached $100m this year; Michael Jordan is launching a fan engagement platform on Solana called HEIR; Reddit confidentially submitted a draft registration statement for a proposed IPO; a16z general partner Katie Haun is leaving to launch her own crypto/web3-focused fund; and Chainalysis found that crypto scam revenue now totals $7.7b in 2021, up 81% from last year.
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