Trading Desk Market Update: 12/3

December 3, 2021

BTC is currently trading around $56,800 and ETH around $4,600.  Notable gainers in the last 24 hours are ATOM, MATIC, and XRD.  The global crypto market cap is $2.76T, up 1.1% over the last day.  DeFi Total Value Locked is ~$276b and BTC dominance is around 41%.

Corporates and individuals continue to push further into NFTs, with news over just the last day including: Wallet, explorer, and trading platform teased a forthcoming NFT marketplace; FTX.US’s NFT marketplace began listing Ethereum NFTs; DappRadar reports that over $100m worth of metaverse land was sold last week; Japanese game with over 8m global users Gensokishi Online announced the launch of a metaverse called Metaworld; Adidas officially announced it is entering the metaverse in collaboration with Bored Ape Yacht Club, gmoney, and PUNKS Comic; Deadmau5 and PTM have teamed up to release one million copies of their new “This is Fine” single in a bid to become the first NFT single ever to go platinum; Start-Up NFT Studios is aiming to make the first feature film to be solely funded by minting NFTs; bids for NFTs created by Silk Road founder Ross Ulbricht have surpassed 261 ETH; and asset management firm Defiance launched the first NFT-focused ETF on NYSE Arca.  

Other notable news includes: A document released by the Indian government indicates that private cryptocurrencies will be regulated rather than banned; and, research from Australian academics claims ETH is a superior store of value to BTC.

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