BTC is currently trading around $96,000 and ETH around $3,650. Notable gainers in the last 24 hours are VIRTUAL, BGB, and RAY. The global crypto market cap is $3.54T, down 5.7% over the last day. DeFi Total Value Locked is ~$133b and BTC dominance is around 57%.
Traditional markets are flat while crypto prices continue to fall from recent highs. While many have blamed profit-taking and excess leverage for today’s dip, which has resulted in ~$1.8b of 24h liquidations and has hit altcoins particularly hard, sentiment appears to have cooled as well, with some expressing reservations around the amount of monetary accommodation from the Fed next year as well as the potential for the markets to have already priced in much of the forthcoming more positive US crypto stance. In addition, there were a few negative news items, with Microsoft shareholders voting against a proposal to potentially add Bitcoin as a treasury asset earlier today as well as Google’s new Willow chip reigniting discussions around the threat of quantum computing to Bitcoin. All in, Bitcoin dipped below $94,000 on some exchanges and tomorrow’s US CPI will likely take on heightened importance given its implications for Fed policy amidst a jittery market.
Notable news includes: Australia introduced new guidelines around institutional digital asset custody; The Bank of England published a report exploring the use of zero knowledge technology for CBDCs; a member of Russia’s State Duma proposed the creation of a national Bitcoin reserve; Jetking Infotrain became India’s first public company to hold Bitcoin as a treasury asset; Bitcoin miner MARA acquired $1.1b of Bitcoin and now holds nearly $4b in total; Bitcoin ASIC maker Bitmain expanded a production line into the US; the CEO of Goldman Sachs stated it may trade spot Bitcoin and Ethereum if the US regulatory environment improves; Floki and Mastercard introduced a debit card for use in 31 European countries; Abu Dhabi recognized Tether’s USDT as an accepted virtual asset enabling licensed companies to offer pre-approved USDT services; USDC issuer Circle announced that its Cross Chain Transfer Protocol V2 will launch in early 2025 for faster, lower latency transfers across blockchains; Circle and Binance entered into a strategic partnership making USDC more widely available on Binance and helping Binance build relationships in global finance and commerce; Ethena’s USDe flipped DAI to become the third-largest stablecoin; CoinMarketCap launched the CoinMarketCap 100 Index; an Ethereum Foundation researcher cited technical challenges in calling for patience in raising Ethereum’s block gas limit; NFT platform Magic Eden launched its native ecosystem token and airdrop; Ethereum L2 Fuel introduced its native FUEL token; Optimism introduced a new Superchain token standard; connected car app DIMO announced it will migrate from Polygon to Base; and, the Interchain Foundation acquired the 20-person Skip in what likely portends more centralized development efforts for Cosmos.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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