Crypto Market Review, December 15

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Arman Shirinyan

Cardano’s fundamental value keeps rising thanks to the implementation of ADA staking in one of the largest wallets in the industry

The market’s reaction to the Fed’s 50 basis point rate hike was expected; despite the reduction in the pace of rate hikes, inflation in the United States is still well above the regulator’s target and further tightening of monetary policy is needed, which heralds another few months of depression in the stock markets cryptocurrencies and transactions.

Cardano staking enabled in Trust Wallet

Recently, one of the biggest and most popular wallets in the cryptocurrency industry, Trust, announced the activation of ADA staking directly in the application. While the news may seem inconsequential during Cardano’s devastating market performance, it is a significant contribution to ADA’s fundamental value and may help it in the long run.

@Cardano $ADA staking is now available in Trust Wallet!

Here’s how you can easily start staking #Cardano in your #TrustWallethttps://t.co/LpFyWTi3x4 pic.twitter.com/hM9LfQTjNJ

Trust – Crypto Wallet (@TrustWallet) December 13, 2022

Although staking creates some selling pressure for assets going forward, it is a good tool to alleviate existing stress on a cryptocurrency and support a potential relief rally that could occur if the market breaks into recovery mode.

XRP is in trouble

Despite the strong rally, which drew a lot of attention to XRP in November, the price of one of Ethereum and Bitcoin’s most notable competitors has fallen back into the price range we saw this summer.

The lack of bullish fundamental signals that will make XRP more attractive among investors creates conditions where no entity is ready to provide support for an asset that has a bleak future ahead, given the lack of positivity coming from the Ripple case against the SEC and the whole depressed state of the cryptocurrency market.

Recently, the network has seen a surge of massive transactions which has caused a dispute in the community, as some users speculated that the foundations managing XRP sold their holdings while the cryptocurrency traded at the local top. However, on-chain data showed that these transactions had nothing to do with sales activities and were simply internal operations of some centralized cryptocurrency exchanges.

However, XRP is still showing anemic performance in the market, moving in the continuous range related to the past 20 days.

Ethereum hits the speed bump

After the strong performance we witnessed two days ago, Ethereum quickly returned to the already forgotten price range of $1,200, which has been intimidating investors for a few months. Despite expectations of a 50bp rate hike from the Fed, the market received a cold shower at Jerome Powell’s press conference, when he reassured reporters of the goal of Fed inflation, which still remains around 2%.

Given the rhetoric, Ethereum and other digital assets have quickly reversed from yesterday’s high as investors realize that easing US monetary policy will only occur around mid-year next in the best case.

Ethereum is currently trading at $1,287 and may rise for the foreseeable future, given renewed network activity which is expected to fuel ETH’s burn rate. At press time, Ether supply remains inflationary, despite the most recent drop in issuance. As of today, the emission offset remains at 0.93x, while the burn rate has increased by 10% over the past four days and currently stands at 1.11 ETH/min.

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