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## TL; DR

🥂 Good morning, today is **Friday, Dec. 30, 2022.**

**Macro:** The Asian equity markets are expected to rise on Friday following positive US jobless claims data and Italy's announcement that it did not find any new concerning Covid-19 mutations in recent arrivals from China. The US and Italy have also implemented Covid-19 testing requirements for travelers from China.

**Crypto:** The top 20 cryptocurrencies saw mixed performance on Thursday, with [Bitcoin](https://www.gate.io/trade/BTC_USDT) and Ether rising while XRP saw a decline. The market capitalization of AVAX has surpassed that of Solana's SOL token. Notably, Ether's correlation with the DAX and other indices has significantly increased from the previous week.

****Topic of the Day:**** BitDAO skyrockets ahead of $100 million buyback plan approval

**Notable Headlines:** Turkey is testing a central bank digital currency; China to launch official NFT marketplace on New Year’s Day; DogeCoin developers denied rumors of immediately transitioning to PoS mechanism…


## Macro at a Glance

As the year 2022 comes to a close, it's hard not to reflect on the tumultuous events that have taken place. The global equity market has seen a significant decline, with a loss of 20% – the largest since 2008 – and a 16% drop in the global bond index due to inflation and rising interest rates. This has been a difficult year for investors, to say the least.

In Friday's Asian stock market, shares are expected to rise following an increase in US shares and a decrease in Treasury yields and the [US Dollar](https://www.gate.io/trade/USD_USDT). This comes after US jobless claims data met expectations, easing concerns about a tight labor market and the possibility of the Federal Reserve raising interest rates. The S&P 500 and Nasdaq 100 both had their best day of the month, offering a glimmer of hope as we head into the new year.

Risk sentiment was also boosted earlier in the day by Italy's announcement that it did not find any new concerning Covid-19 mutations in recent arrivals from China. This follows Wednesday's selloff sparked by health officials finding that almost half of the passengers on two flights to Milan tested positive for Covid-19. The US and Italy have joined a growing number of countries requiring Covid-19 tests for travelers from China.

💡 **Today's Markets at Dec. 29 23:48 UTC**

**BTC** +0.55% at $16,637; **Ether** +0.90% at $1,200.

**Asia: Japan** -0.94%; **Hong Kong** -0.79%; **China** -0.44%; **India** +0.38%.

**Europe:** **London** +0.29%; **Paris** +0.97%; **Frankfurt** +1.05%.

**US Spot Indices:** **Dow** +1.05%; **S&P** +1.75%; **Nasdaq** +2.59%.

**US Index Futures: Dow** -0.11%; **S&P** -0.14%; **Nasdaq** -0.10%.

**US Two-year Treasury** up 1bps at 4.365%.

**US Ten-year Treasury** down 7bps at 3.818%.

**UK Ten-year Gilt Bond** up 2bps at 3.664%.

**[US Dollar](https://www.gate.io/trade/USD_USDT) Index** -0.49% at 103.64.

**FX in 24hrs:** GBP: +0.32%; EUR: +0.51%; JPY: +1.18%; CNY: +0.25%.

**Gold** +0.49% at 1,815; **Light** **Crude** unchanged at 78.62.

🧠 **There is no significant catalyst this week.**

**🗓 Catalysts next week**

**Tuesday**: China Caixin Manufacturing PMI, Germany Inflation Rate

**Wednesday**: France Inflation Rate, US ISM Manufacturing PMI, US JOLTs Job Openings, FOMC Minutes

**Thursday**: Japan Consumer Confidence, Germany Balance of Trade, Italy Inflation Rate, Canada Balance of Trade, US Balance of Trade

**Friday**: Eurozone Inflation Rate, US Non Farm Payrolls, US ISM Non-Manufacturing PMI


## Crypto Daily Digest

The top 20 cryptocurrencies saw mixed performance on Thursday following Wednesday’s great decline, with [Bitcoin](https://www.gate.io/trade/BTC_USDT) (BTC) up 0.49% at $16,632 and Ether (ETH) up 0.93% at $1,200. On the other hand, XRP saw a decline of 2.95% to $0.343, while Dogecoin (DOGE) rose 1.06% to $0.0710. 

Other notable movements include Solana (SOL) which saw a 2.18% decline to $9.47, while Uniswap (UNI) rose 2.20% and Avalanche (AVAX) fell 2.04%. Meanwhile, TONCoin saw a significant increase of 6.97% to $2.11

Interestingly, the market capitalization of the AVAX token, the native cryptocurrency of Avalanche, has surpassed that of Solana's SOL token, reaching $3.47 billion compared to Solana's $3.43 billion. The decline of Solana may be due to the migration of two popular NFT projects, DeGods and y00ts, to Ethereum and Polygon. 

Despite low volume, most crypto-related stocks saw an increase in trading, with shares of Coinbase (NASDAQ:COIN) up 6.92% after reaching an all-time low earlier in the week and Robinhood (NASDAQ:HOOD) rising 4.5%. MicroStrategy (NASDAQ:MSTR) saw a slight decrease of 1.06% in contrast to both the S&P 500 and Nasdaq jumping 1.6% and 2.3%, respectively,

Germany’s DAX Index also saw a 1.05% increase on Thursday. Notably, Ether’s correlation with the DAX stood at 0.86, up from 0.4 a week ago. With the SPX and IXIC, Ether’s correlation coefficients were at 0.8 and 0.78, up from 0.39 and 0.45 a week ago. The most significant change of all is Ether’s relation with the Dollar Index (DXY), which was positively correlated at 0.12, up from -0.48 a week ago.

🌐 **Top 20 Coins Performance**

**BTC** +0.49% at 16,632; **ETH** +0.93% at 1,200.

**BNB** +0.81% at 246; **XRP** -2.95% at 0.343; **DOGE** +1.06% at 0.0710.

**ADA** -0.18% at 0.244; **MATIC** -0.45% at 0.778; **DOT** +0.87% at 4.31.

**TRX** -0.42% at 0.0540; **SHIB** +2.17% at 0.00000815 **LTC** +0.71% at 66.86.

**SOL** -2.18% at 9.47; **UNI** +2.20% at 5.06; **AVAX** -2.04% at 10.91.

**TONCOIN** +6.97% at 2.11; **GT** -3.27% at 3.14.



## Topic of the Day: BitDAO's BIT token skyrockets ahead of $100 million buyback plan approval

BitDAO's BIT token saw a 20% price surge in under 24 hours due to the expected approval of a $100 million buyback plan. 

The voting distribution for the proposal has already passed the minimum threshold with no opposition, and the buybacks are set to begin on January 1. The BitDAO treasury is expected to maintain $300 million in USDT and USDC, with an additional $345 million in ether, following the repurchase program. 

The proposal cites "limited deployment opportunities" as one reason for returning excess capital to token holders, and highlights the attractiveness of the current price of BIT, especially with the upcoming Mantle project, an Ethereum Layer 2 funded by BitDAO that will use bit as its native token.

BitDAO is an investment decentralized autonomous organization (DAO) that has funded various research and development programs, including Mantle and zkDAO.

### BitDAO **(BIT) $0.337 (+20.14%)**

**BIT Overview:**

- ***Closest daily support zone: 0.317 - 0.308***
- ***Closest daily resistance zone: 0.333 - 0.352***
- ***Key Level: 0.4032 (Monthly Low of Jun. 2022)***


![](https://gimg2.gateimg.com/image/article/1672376638BITUSDT_2022-12-30_09-35-52.png)

**BIT Daily Resistance zones**

1. 0.333 - 0.352
2. 0.372 - 0.393
3. 0.404 - 0.428

**BIT Daily Support zones**

1. 0.317 - 0.308
2. 0.289 - 0.261
3. 0.242 - 0.229

If you’d like us to cover any specific token or macro data, feel free to reach out to us by dropping a message in [our Reddit community](https://www.reddit.com/r/GateioExchange/).


## Further Reading

[**Gate.io Annual Review in 2022**](https://www.gate.io/blog_detail/1970/) | Rewind and be reminded of the achievements and catastrophes 2022 has brought us.

[**Gate Learn Sponsors Blockchain Event Hosted by Hanoi Foreign Trade University**](https://www.gate.io/blog_detail/1969/) | During the event, Gate Learn presented insights into cultivating talent in the industry and the country’s developing blockchain economy.

[**Gate.io WCTC S3 rounded off! A record-high number of participants competed in the game!**](https://www.gate.io/blog_detail/1955/) | The trading contest attracted the participation of a total of 15,755 players from dozens of countries and regions such as Korea, Japan, Brazil, Vietnam, Turkey, and Russia.


## Notable headlines

🔹 **Turkey is testing a central bank digital currency.** The first payment transactions on the Digital Turkish Lira Network were “successfully” executed, and pilot tests will continue in 2023.

🔹 **Government-backed institutions say they will launch an NFT marketplace with secondary trading. It will be built on a blockchain called the China Cultural Protection Chain.** But NFT-related projects have to tread carefully in China due to uncertainty about regulations.

🔹 **BITDAO’s bit token is up 20% as market participants expect a $100 million buyback proposal to pass later today.** If passed, BitDAO will begin repurchasing the token at $2 million in USDT a day for 50 days starting Jan. 1.

🔹 **Liquid, a Japanese fintech firm owned by FTX, has announced plans on how it will return customer funds.** The move comes one day after a class action lawsuit seeking to prioritize FTX customers retrieving their assets.

**🔹 Bankrupt crypto lender Celsius tweeted that it will file a motion to extend the deadline for submitting a proof of claim to early February.** The bar date is currently set to Jan. 3.

**🔹 The developers of Dogecoin have denied rumors that the cryptocurrency is immediately transitioning to proof-of-stake (PoS).** The denial from Dogecoin's principal engineer Michi Lumin follows a video published by the Rabid Mining YouTube channel on Dec. 28, which argued that the Dogecoin team planned to move to PoS and that scrypt miners would suffer as a result.

**🔹 Xiao Yi, the former Communist Party secretary of the City of Fuzhou, pleaded guilty to corruption charges related to construction programs and illicit promotions, as well as providing support to cryptocurrency mining companies from 2017 to 2021.** Despite the Chinese government banning all cryptocurrency mining activities on Sept. 24, 2021, the ban has been difficult to enforce and China has returned as the world’s second-biggest [Bitcoin](https://www.gate.io/trade/BTC_USDT) mining hub.


<br/>
Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice.
Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

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Daily News | Nasdaq Saw Spectacular Gains Though Mixed Performance Continued In Crypto, China To Launch Official NFT Marketplace