  The latest moves in crypto markets, in context Edited by Omkar Godbole December 21, 2021 Sponsored by  If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here Bitcoin rose 4% to $49,000, with traders in global bond markets questioning the U.S. economy's ability to withstand three rate hikes next year, as recently forecast by the Federal Reserve.
If the Fed ends up tightening monetary policy less aggressively, it might be good for bitcoin's price, since many investors see the cryptocurrency as a hedge against unchecked inflation.
Tuesday's sudden price move up in bitcoin raised the specter of a short squeeze, given the sizable bearish position in the futures market, as options trader Frederick Collins tweeted.
Ether remained locked in the recent range of $3,600 to $4,200 amid bullish flows in the derivatives market. On Monday, institution-focused over-the-counter (OTC) desk Paradigm saw 18,500 contracts for the $4,400 call option and 14,000 contracts for the $4,200 call option change hands.
Ethereum launched the Kintsugi testnet, opening doors for the public to experiment with the smart contract platform in the exact manner the network would operate following the switch to proof-of-staking model.
DeFi coins RUNE and CRV rose 36% and 11%, and decentralized payments network Terra's LUNA token rose 10%, hitting a new record high above $85. LUNA has rallied 41% this month.
"The price increase over the last few days was likely triggered by investors buying spot LUNA to lock up in the Astroport lockdrop, then hedging their position via perpetual futures to remain delta neutral," Delphi Digital noted in the daily analysis. Astroport is a decentralized exchange based in the Terra blockchain ecosystem.
Terra replaced Binance Smart Chain as the second-biggest blockchain according to total value locked in DeFi protocols. On Terra, 13 projects lock over $18.2 billion in value compared to BSC's $16.5 billion locked through 225 protocols.
Chart of the day  The 90-day moving average of bitcoin's net exchange flows is about to turn positive, signaling an influx of coins into centralized exchanges.
The average last turned positive just before the May crash. Read the full story here:
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Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
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Technician's Take by Omkar Godbole  Bitcoin Nears Bearish Trendline Hurdle  Bitcoin's daily chart (Source: TradingView)
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"First Mover" hosts speak to former CFTC chair, author of "CryptoDad: The Fight for the Future of Money" Chris Giancarlo as the US regulators weighing comprehensive regulations on stablecoins. Bitcoin and Eth drifting lower amid bearish Asia session. Marc Lopresti, managing director of strategic funds, provides markets analysis. Plus, CoinDesk Managing Editor, Global Policy & Regulation Nikhilesh De has the latest update on the $2 trillion "Build Back Better" bill and its impact on crypto.
 Introducing CoinDesk's new Digital Asset Classification Standard, which was created in response to the significant growth of the number and types of digital assets offered in the market and the realization that traditional classification standards used for equities and other asset classes could not be adapted accurately to classify digital assets. Read more about DACS.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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