gm - December 5th, 2022

gm 👋

Crypto markets are up overall, above the $900B total market cap now — up +1.9% to $906B. Bitcoin is +1.7% to $17260, while Ethereum is +2.6% to $1290. Genesis Trading apparently has $1.8B in outstanding credit, twice the amount previously reported of $900M. Bybit is laying off 30% of its workforce, as the exchange is trying to focus during this crypto bear market. A smaller Australian exchange Swyftx is cutting 90 jobs, or 35% of its workforce as well. An HK crypto exchange called Hoo has bit the dust and is now offline, causing mayhem for locals who’ve had their stables unknowingly convert to ‘HUSD’ right after the summer.

NFT volumes look healthy, at $17M on the day with ETH-NFTs at $14M and Solana-NFTs at $2M. Otherdeeds, BAYC, and MAYC take the top three spots with a total of $5M in turnover across 1000+ trades. CloneX and Rtfkt Nike x Monolith help round out the top 5 at $600k each in volume.

Snapshot of Blue-Chip NFTs

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NFT headlines:

TIMEX Launches $2,500 Bored Ape Watches and Matching NFTs

NFT Collections In China Should Be Protected By Property Laws According to Chinese Court

Save Thousands In Taxes by Harvesting NFT Losses — CoinLedger Explains How

A Rookie Knocks Reddit’s NFT Marketplace Out of the Park

LINE’s new NFT Marketplace launches with their iconic in-app ‘Stamps’ (press release in Japanese)