Most cryptocurrencies were trading in the red earlier today, as the global cryptocurrency market cap fell by 1.81% to $841.11 billion within 24 hour.
The total crypto market volume also increased by 26.98% to $30.35 billion over the last 24 hours. However, the general market performance couldn’t prevent Bitcoin and Ethereum from shedding 1.4% and 2.2% respectively.
Meanwhile, the total value locked (TVL) in the decentralized finance (DeFi) sector has also decreased in the past 24 hours. DeFiLlama noted a TVL of under $42 billion, a fall of around a percentage during the period.
The correlation between U.S. equities and crypto may still linger, as the former closed trading day lower on Friday. The S&P 500 Index and the Nasdaq Composite Index both lost 0.7%, while the Dow Jones Industrial Average lost 0.9%, capping off its weekly drop at 2.8%, its worst trading week since September.
What you should know
According to reports, the U.S. will release its November inflation figures this week to decide the course of the Federal Reserve’s policy decision for the rest of 2023.
The U.S. Federal Open Market Committee (FOMC) announced its decision to hike interest rates on December 14 with a 75% probability of doing so by 50 basis points. This comes after six significant hikes this year. At the same time, the central banks of Europe and Great Britain will also publish their interest rate decisions in the week. Therefore, investors will be monitoring developments in this “Super Central Bank Week”!
Aso, all eyes are on Tuesday's meeting with the House Financial Services Committee, in which Sam Bankman-Fried of FTX and Alameda Research is expected to testify to unpack how his crypto exchange collapsed last month.