The global crypto market cap is $2.29T 0.91%▲ with a 24-hour market volume of $87.20B 3.04%▲. Bitcoin's dominance is currently 40.41% 0.39%▼. CURRENT PRICES BY MARKET CAP | # | Name | Price | 24h % | | 1 | Bitcoin BTC | $48,917.43 | 0.25% ▼ | | 2 | Ethereum ETH | $4,001.74 | 0.42% ▼ | | 3 | Binance Coin BNB | $537.53 | 1.58% ▲ | | 4 | Solana SOL | $180.72 | 0.56% ▲ | | 5 | XRP XRP | $0.9625 | 1.97% ▲ | Source: CoinMarketCap, 5:30 EST
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 Bitcoin (BTC) mining profitability dropped 36% from its peak of $60,000 in November. The research from Arcane Research found that the cash flow from the Antminer S9 dropped to a low of $24,315. More: - Bitcoin’s hash rate dropped 50% following China’s crackdown in crypto mining, causing less competition among miners and greater returns for remaining miners.
- As more miners enter the market and BTC’s price declines, the difficulty of mining a block increases while the return on work decreases.
- The decline in BTC mining profitability is expected to stretch into 2022, with publicly traded miners expected to receive an influx of ASIC miners and Chinese miners setting up new operations outside of the country.
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TOP NFT COLLECTIONS (24hr Volume) | # | Name | 24h Volume | 24h % | | 1 | Axie Infinity ETH, RONIN | $9.43M | 5.63% ▼ | | 2 | CryptoPunks ETH | $7.20M | 19.23% ▲ | | 3 | Mutant Ape YC ETH | $4.06M | 43.16% ▼ | | 4 | Bored Ape YC ETH | $3.94M | 27.11% ▲ | | 5 | CloneX ETH | $2.71M | 25.88% ▲ | Source: DappRadar, 5:30 pm EST
TOP ETH NFT COLLECTIONS (Floor Cap) | # | Name | Floor Price (ETH) | 24h % | | 1 | CryptoPunks | Ξ 54 | 1.82% ▼ | | 2 | Bored Ape YC | Ξ 52.80 | 1.73% ▲ | | 3 | Mutant Ape YC | Ξ 7.40 | 4.23% ▲ | | 4 | VeeFriends | Ξ 9.8 | 1.14% ▲ | | 5 | Autoglyphs | Ξ 150 | 25.01% ▲ | Source: NFT Price Floor, 5:30 pm EST
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 The EPL's Arsenal FC is appealing the Advertising Standards Authority's (ASA) decision to ban its Chiliz (CHZ) fan token ad. The ASA claimed that Arsenal's AFC fan token post on Facebook and the club's website were misleading and could not appear again. More: - The ASA recently cracked down on non-compliant crypto ads in the U.K. for being "irresponsible" or "misleading."
- The ad watchdog decided that the ads irresponsibly took advantage of consumers' inexperience with cryptocurrency and failed to highlight the risks associated with investing.
- Arsenal is appealing the decision, stating that it takes its responsibilities to fans seriously and evaluated all of its communications to assure information on financial risks was provided.
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 🍋 Fresh Funding 🍋 Arcade, NFT/Lending: $15M ⮕ The Series A funding round was led by Pantera Capital and participated in by Castle Island Ventures, Franklin Templeton, Probably Nothing Capital, and others. More: - Arcade (formerly Pawn.fi) is a DeFi lending platform that lets users borrow against their NFTs as collateral.
- The platform is still early access only, but has seen $3.3M in total loan volume and has $10M in assets secured.
- NFT DeFi crossover projects have become increasingly popular, with projects like Fractional (NFT fractionalization), NFTx (NFT staking), and Taker (NFT liquidity protocol) bridging the two emerging areas of digital assets.
B.Protocol, DeFi/Lending: $2.2M ⮕ The seed funding round was led by 1kx and participated in by Spartan Group, Robot Ventures, and Primitive Ventures. More: - B.Protocol is a DeFi lending product aimed at “democratizing” DeFi liquidations by letting users receive rewards for adding crypto to backstop liquidity pools.
- The seed round was a token funding round, with 1kx receiving approximately 500,000 BPRO tokens for its investment.
- B.Protocol was founded by Polygon COO Sandeep Nailwal in 2020 and has $87M in total locked value.
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▲ TOP GAINERS | # | Name | Price | 24h % | | 1 | NEAR Protocol NEAR | $11.20 | 19.77% ▲ | | 2 | Cosmos ATOM | $27.46 | 17.25% ▲ | | 3 | ICON ICX | $1.47 | 15.80% ▲ | | 4 | Celo CELO | $4.81 | 13.99% ▲ | | 5 | Aave AAVE | $209.72 | 13.03% ▲ | ▼ TOP LOSERS | # | Name | Price | 24h % | | 1 | Yearn.finance YFI | $31,928.46 | 8.72%▼ | | 2 | Loopring LRC | $2.27 | 4.31%▼ | | 3 | XDC Network XDC | $0.08354 | 2.69%▼ | | 4 | Unus Sed Leo LEO | $3.61 | 1.66%▼ | | 5 | Avalanche AVAX | $119.83 | 1.26%▼ | Source: CoinMarketCap, 5:30 EST
*Limited to cryptocurrencies in the Top 100
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 Polygon (MATIC) reached a new all-time high of $2.66, gaining 14.4% in the past 24 hours. The new all-time high comes during MATIC’s impressive 64% rally in the past month. More: - Uniswap (UNI) voted to deploy Uniswap V3 on the Polygon blockchain last week with a 99.87% approval rate.
- Polygon acquired ZK-rollup project Mir for $400M at the beginning of the month.
- Wanchain announced a strategic partnership with Polygon to create a bridge between Polygon and Ethereum layer 2 rollup solution Arbitrum.
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Crypto VC funding has topped $30B in 2021, up from $5.5B in all of 2020 — a ~450% jump. The surge in funding is a lagging indicator of an uptick in deal count and valuations. More: - One fund manager relayed to Blockworks that he sees an average of 30-35 deals announced every week.
- NFT, Defi, or infrastructure development companies received the most funding.
- The fund manager also commented that every round is oversubscribed 2-3x.
- Global median valuations for crypto deals are at $35M in 2021 compared to $12M in 2020.
- The number of rounds over $100M has also increased from 1 in 2020 to 15 in 2021.
This story comes from today's Inside Venture Capital newsletter, written by Trevor Grant. For the latest VC updates, subscribe to Inside Venture Capital.
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 Dead Man’s Switch: A Crypto Mystery was released on Discovery+. The documentary follows the story of QuadrigaCX CEO and founder Gerald Cotten and the disappearance of $190M in crypto. More: - QuadrigaCX was considered the largest cryptocurrency exchange in Canada before it was declared bankrupt in 2019.
- Cotten’s wife, Jennifer Robertson, reported that Cotten had died suddenly at age 30 while on a trip in India, less than two weeks after he signed a will.
- Cotten was the only person with access to the QuadrigaCX cold wallet, which reportedly held 115,000 users’ cryptocurrency, totaling $190M.
- All other QuadrigaCX wallets were emptied prior to his death, leading many to believe that Cotten faked his death as part of a scam.
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- Tron founder Justin Sun revealed that he was the anonymous bidder that paid $28M for a spot on Blue Origin's next flight with Jeff Bezos.
- Donald Trump told Fox News that Melania's NFT project is "going to do great" but called cryptocurrency a "very dangerous thing."
- Bored Ape YC passed CryptoPunks in floor price for the first time, reaching a minimum of 53.9 ETH (~$217,000) on OpenSea.
- Chinese state-run media agency Xinhua is issuing free NFTs on Christmas Eve, seemingly contradicting the Chinese government's stance on digital assets.
- Crypto.com is the second crypto company to purchase a Super Bowl ad, following FTX back in October.
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 |  | Griffin McShane is a New York transplant currently living in Brooklyn, NY. He is a graduate of Providence College, where he studied both computer science and business, and the University of Maine School of Law, where he earned his JD. Beyond his work at Inside, Griffin has written articles for CoinDesk and is a member of the International Association of Privacy Professionals (IAPP). |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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