Chart of the Day
Federal Reserve Chair Jerome Powell signaled that the central bank would in fact slow down the tempo of rate hikes next month, cementing speculations fueled by repeated insunations from multiple Fed officials in recent weeks. Stocks rallied across the board following the news, while the dollar slumped alongside Treasury yields.
The broader crypto market responded positively to Fed's pivot to more dovish strategies. As of the time of writing, BTC has established a stronger foothold above the $17k handle after rising 1.8% in the last 24 hours. ETH moves in tandem with the largest cryptocurrency by market cap, and is changing hands just below the $1,300 mark. Mid-to-large altcoins are mostly in the green, with MATIC leading the pack on a 7% increase in the same period.
DEX emerged largely unscathed from the FTX saga. Monthly DEX volume across all chains doubled in November to reach $109 billion. The surge became notable during the first week when the FTX debacle just began to unfold, with trading volume across all chains soaring 146% from $20 billion to $49.2 billion. The rate of surge is comparable to that during the Terra collapse, where weekly DEX volume surged 115% in the first week of May. The loss of confidence in CEX is also reflected in token prices. A basket of CEX tokens suffered steep losses, while DEX token generally outperformed the market.
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Talk of the Town
Telegram reveals ambiguous plans as the broader industry continues to grapple with the FTX collapse. The messaging platform came into limelight following the success of its blockchain-based platform Fragment, which has raked in $50 million worth of TON through the sales of usernames since its launch less than a month ago. Telegram''s founder and CEO, Pavel Durov, elaborated on the next steps for Fragment in his channel on Wednesday, saying that the platform will expand beyond usernames to become a host of blockchain tools for Telegram. The new functionalities may include non-custodial wallets and decentralized exchanges that will be accessed directly from the Telegram app, and allow millions of users to trade crypto safely.
Source: Bybit Blog
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