Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>BTC retraced despite positive remarks from a congressional hearing on digital assets</li>
                <li>BTC dominance hovered above a critical line of support at 40%</li>
            </ul>
    
</div>



<p>Bitcoin&#8217;s dominance is hovering above 40%, a critical area of support.</p>



<p>The House Financial Services Committee heard from several CEOs of large crypto firms in the US this week in an effort to educate policy makers on the current state of the digital asset industry.</p>



<p>Billionaire Ken Griffin, the man who outbid the ConstitutionDAO during Sotheby&#8217;s auction of a copy of the US Constitution, <a href="https://www.bloomberg.com/news/articles/2021-12-09/ken-griffin-s-son-told-him-you-have-to-buy-the-constitution" target="_blank" rel="noreferrer noopener">reportedly</a> approached the DAO to share management of the artifact prior to the auction.</p>



<p>NFTs were in the limelight today thanks to news from Pepsi and the Grammys.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,667, -0.72%</li><li>NASDAQ: 15,517, -1.71%</li><li>Gold: $1,777, -0.04%</li><li>WTI Crude Oil: $70.51, -1.73%</li><li>10-Year Treasury: 1.499%, -0.045%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $47,511, -5.17%</li><li>ETH: $4,117, -7.02%</li><li>ETH/BTC: 0.0865, -1.62%</li><li>BTC.D: 40.55%, -1.13%</li></ul>



<h3 class="wp-block-heading">Congressional meeting on digital assets</h3>



<p>The House Financial Services Committee heard from several CEOs of large crypto firms in the US this week in an effort to educate policy makers on the current state of the digital asset industry.</p>



<p>Despite many positive remarks that came out of the hearing, BTC stumbled <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">below $47,500</a>. </p>



<p>Some video highlights from the hearing can be found in the following Twitter thread. (The thread contains cherry picked highlights from an anonymous Twitter user with a bias towards cryptocurrencies.)</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">The recent Congressional hearing was one of the most bullish events for crypto in all of 2021.<br><br>It represented a clear change in momentum, as legislators begin to understand the true magic of the blockchain…<br><br>In this thread I’ll compile the best highlights from the hearing! 🥐</p>&mdash; croissant (@CroissantEth) <a href="https://twitter.com/CroissantEth/status/1469048148974788616?ref_src=twsrc%5Etfw">December 9, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading">BTC dominance hovers near support level</h3>



<p>BTC&#8217;s dominance, the percentage BTC makes up of the total crypto market capitalization, is hovering above 40%. This has been a long-term support level throughout 2021 as evidenced in the photo below. A breakdown of BTC dominance is indicative of other coins outperforming the world&#8217;s largest digital asset.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="468" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg" alt="" class="wp-image-12403" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/FGHirH6X0AsM5wL-1024x468.jpg?w=80 80w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: @BCBacker</figcaption></figure></div>



<p>Some other bitcoin highlights from the day include:</p>



<ul class="wp-block-list"><li>Microstrategy <a href="https://www.sec.gov/Archives/edgar/data/0001050446/000119312521352140/d270832d8k.htm" target="_blank" rel="noreferrer noopener">filed</a> a form 8-K with the SEC, announcing the company had purchased approximately 1,434 bitcoins for $82.4&nbsp;million in cash, at an average price of roughly $57,477 per bitcoin.</li><li>Illinois Congresswoman Marie Newman <a href="https://twitter.com/StockMKTNewz/status/1468950204313481219?s=20" target="_blank" rel="noreferrer noopener">filed</a> for her purchase of the Grayscale Bitcoin Trust (GBTC).</li></ul>



<h3 class="wp-block-heading">ConstitutionDAO update</h3>



<p>Billionaire Ken Griffin, the man who outbid the ConstitutionDAO during Sotheby&#8217;s auction for a copy of the US Constitution, <a href="https://www.bloomberg.com/news/articles/2021-12-09/ken-griffin-s-son-told-him-you-have-to-buy-the-constitution" target="_blank" rel="noreferrer noopener">reportedly</a> approached the DAO to share management of the artifact prior to the auction. It remains unclear why the DAO&#8217;s core contributors refused to come to a compromise with Griffin to help manage the copy of the constitution.</p>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>There was a lot of action today in the metaverse. Some of the highlights include:</p>



<ul class="wp-block-list"><li>Meta, formerly Facebook, announced that it is launching its <a href="https://www.oculus.com/facebook-horizon/" target="_blank" rel="noreferrer noopener">Horizon Worlds</a> virtual world application to everyone in the US, <a href="https://www.cnbc.com/2021/12/09/facebook-opens-horizon-worlds-vr-metaverse-app-.html?utm_term=Autofeed&amp;utm_medium=Social&amp;utm_content=Main&amp;utm_source=Twitter#Echobox=1639072874" target="_blank" rel="noreferrer noopener">according to CNBC</a>.</li><li>Bill Gates <a href="https://www.gatesnotes.com/About-Bill-Gates/Year-in-Review-2021" target="_blank" rel="noreferrer noopener">said</a>, &#8220;Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids—which I call the Hollywood Squares model, although I know that probably dates me—to the metaverse, a 3D space with digital avatars.&#8221; </li><li>Pepsi <a href="https://www.prnewswire.com/news-releases/pepsi-announces-first-ever-brand-nft-with-pepsi-mic-drop-collection-301440901.html" target="_blank" rel="noreferrer noopener">announced</a> its first brand-based &#8220;Pepsi Mic Drop&#8221; NFT collection.</li><li>An NFT auction to support <a href="https://freerossdao.com/" target="_blank" rel="noreferrer noopener">efforts</a> to free Silk Road founder Ross Ulbricht raised roughly 2,837 ETH or $11,741,584.86. The art sold for 1,446 ETH or $6.2 million.</li></ul>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="335" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png" alt="" class="wp-image-12408" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.39-PM-1024x335.png?w=1224 1224w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="281" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png" alt="" class="wp-image-12409" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-09-at-6.54.46-PM-1024x281.png?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up on tomorrow.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



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BTC Retraces After Congressional Meeting on Digital Assets: Markets Wrap

Morgan Chittum

<div id="highlights-block_61b2860b31f6e" class="highlights">
        <ul>
                <li>Gates said Microsoft will be releasing virtual reality goggles and gloves in 2022</li>
                <li>The move follows Facebook’s name change to Meta </li>
            </ul>
    
</div>



<p>The year is 2024 and most of your office meetings will take place in the metaverse, according to Microsoft co-founder Bill Gates.&nbsp;</p>



<p>Gates predicts that office jobs will be revolutionized by the Metaverse, adding that virtual meetings will go from 2D images like the “<a href="https://en.wikipedia.org/wiki/Hollywood_Squares" target="_blank" rel="noreferrer noopener"><em>Hollywood Squares</em></a> model” to full-on 3D avatars,&nbsp;the tech billionaire said in a year-end <a href="https://www.gatesnotes.com/About-Bill-Gates/Year-in-Review-2021?WT.mc_id=20211207100000_YIR2021_BG-TW_&amp;WT.tsrc=BGTW" target="_blank" rel="noreferrer noopener">note</a> on Thursday.&nbsp;</p>



<p>“The idea is that you will eventually use your avatar to meet with people in a virtual space that replicates the feeling of being in an actual room with them,” Gates said.&nbsp;</p>



<p>The 66-year-old, who stepped down from the company’s board in 2020, said that most people will have an avatar they can interact with online.&nbsp;</p>



<p>These avatars can meet in virtual spaces to connect, allowing coworkers to share virtual offices from thousands of miles away via virtual reality headsets and motion capture gloves “to accurately capture your expressions, body language and the quality of your voice.”</p>



<p>“People shouldn’t assume that the quality of the software that lets you have virtual experiences will stay the same. The acceleration of innovation is just starting,” Gates said.&nbsp;</p>



<p>Additionally, Gates said Microsoft would be rolling out its own virtual reality headsets and gloves next year, which could use “your webcam to animate an avatar that’s used in the current 2D set-up.” Microsoft’s venture arm, M12, <a href="https://m12.vc/news/welcoming-palm-nft-studio-to-the-m12-portfolio" target="_blank" rel="noreferrer noopener">announced</a> that it led a $27 million Series B funding round for crypto startup Palm NFT Studio on Thursday.</p>



<p>Gates’ remarks follow Facebook’s name change to <a href="https://cms.blockworks.co/zuckerberg-says-facebooks-new-name-will-be-meta/" target="_blank" rel="noreferrer noopener">Meta</a> so that the technology giant could be “metaverse-first, not Facebook-first,” according to founder Mark Zuckerberg.&nbsp;</p>



<p>Microsoft <a href="https://cms.blockworks.co/microsoft-ceo-the-metaverse-will-bring-real-world-into-any-digital-space/" target="_blank" rel="noreferrer noopener">announced</a> its plans for the metaverse at its annual Ignite conference in early November. The company’s CEO Satya Nadella said the tech giant would roll out 90 new services and updates in three areas — one of which was the metaverse.</p>



<p>A <a href="https://blogs.microsoft.com/blog/2021/11/02/microsoft-cloud-at-ignite-2021-metaverse-ai-and-hyperconnectivity-in-a-hybrid-world/" target="_blank" rel="noreferrer noopener">blog</a> post by Microsoft’s vice president of communications detailed the first two metaverse initiatives.</p>



<p><a href="https://cloudblogs.microsoft.com/dynamics365/bdm/2021/11/02/gain-a-new-perspective-with-dynamics-365-connected-spaces/" target="_blank" rel="noreferrer noopener">Dynamics 365 Connected Spaces</a> will use AI-powered models and data to allow people to interact with each other from any space. <a href="https://news.microsoft.com/innovation-stories/mesh-for-microsoft-teams/" target="_blank" rel="noreferrer noopener">Mesh for Microsoft Teams</a> will add personalized avatars and immersive spaces to the Teams product. Both products will be available by early 2022, according to the company.</p>
