Crypto Daily Report – January 21
Jan 21, 2022
body div center ul, body div center li { font-size: 22px; margin-left: 10px !important; margin-right: 0 !important; Most Important Daily Data and News for Digital Assets Crypto Daily ReportThe Most Important Daily Data for Digital Assets Daily Updates from FSInsightJanuary 21, 2022The crypto market is down 10% over the past 24 hours, shedding nearly $200 billion of market cap, and currently sits at $1.8 trillion. Bitcoin is down about 10% while Ethereum is down 12% along with other large cap alts declining between 10-20%. Bitcoin's relative outperformance over the past 5 days has once again caused Bitcoin Dominance to bounce off the critical 39% level. Going into yesterday afternoon, the size of the alt coin market relative to Bitcoin and Ethereum reached its highest point since April '18 (41.5%), but has since fallen due to the sell-off. This morning funding rates on Bitcoin perpetual futures contracts flipped negative indicating traders' short bias.Yesterday the Federal Reserve released their highly anticipated "discussion paper" on a potential U.S. central bank digital currency (CBDC). The goal of the paper is to kick-off a formalized debate and discussion around the merits and drawbacks of a U.S. CBDC. The paper also provides clear definitions for mostly understood concepts