BTC is currently trading around $97,900 and ETH around $3,850. Notable gainers in the last 24 hours are SOS, MOVE, and FLOKI. The global crypto market cap is $3.74T, down 4.1% over the last day. DeFi Total Value Locked is ~$136b and BTC dominance is around 56%.
Equity markets are mixed while crypto prices are lower after Bitcoin spent the last few days hovering around $100,000. Notably, China opened an investigation into Nvidia for potential violations of its antimonopoly laws, which is weighing on the stock and the tech sector as a whole. In addition, China promised more proactive fiscal stimulus and moderately loser monetary policy next year to boost domestic consumption. Meanwhile, the Fed is in a blackout period ahead of its meeting next week, though investors will closely watch US CPI and PPI inflation readings on Wednesday and Thursday, respectively, for clues regarding potential monetary policy actions. While Fed fund futures currently place 89% odds of the Fed cutting rates by 25 bps at its next meeting, the path for monetary policy next year remains much less clear and investors are hoping next week’s Summary of Economic Projections can add clarity. Lastly, Microsoft shareholders will vote tomorrow on whether the company should assess adding Bitcoin as a treasury asset, which comes amidst the same shareholder (NCPPR) advocating for Amazon to do the same.
Notable news includes: The US Financial Services Oversight Council warned that stablecoins pose stability risks due to a lack of management standards; US Treasury Secretary Yellen called for stronger crypto oversight; incoming US Crypto Czar stated that regulatory efforts to debank the crypto community should face scrutiny; El Salvador may roll back its law requiring merchants to accept Bitcoin as part of a new deal with the IMF; Iran revealed intentions to regulate rather than restrict cryptocurrencies; MicroStrategy purchased another $2.1b of Bitcoin; Bitcoin miner Riot announced plans to buy $500m of Bitcoin; crypto investment products saw a record weekly inflow last week of $3.9b; Eric Trump will deliver the keynote speech at the Bitcoin MENA conference this week; Bitcoin inscriptions project OrdinalsBot minted the largest ever file on Bitcoin; Pudgy Penguins surpassed Bored Apes to become the second-largest NFT collection by market cap; EigenLayer updated its restaking rewards to allow AVSs to distribute rewards to operators based on performance; Fireblocks partnered with Uniswap Labs to provide clients with direct access to the Uniswap Protocol; and, ADA declined amidst a Cardano Foundation X account hack.
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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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