  The latest moves in crypto markets, in context Edited by Bradley Keoun (Substituting for Omkar Godbole) December 29, 2021 Sponsored by  If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning:
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Market Moves A Santa Claus rally? Nah, it was the opposite of that.
Bitcoin (BTC) was lower for a third straight day, after a broad crypto-market sell-off on Tuesday fueled partly by more than $400 million in liquidations of traders' bets that prices would head higher.
The BTC price fell as low as $46,681 early Wednesday, the lowest in nine days, and was down 4.6% over the past 24 hours.
Ether (ETH), the native cryptocurrency of the Ethereum blockchain and the second-biggest overall after bitcoin, also suffered losses, slipping to $3,739, down 4.5%. (Click here for a preview of what lies ahead for the Ethereum blockchain in 2022, by CoinDesk's Edward Oosterbaan.)
Cosmos (ATOM), chainlink (LINK) and solana (SOL), among this year's top performers, were all down at least 10%.  Chart of cryptocurrency trading-position liquidations over past few months reveals Tuesday's spike over $400 million. (Coinglass) CoinDesk's Shaurya Malwa reported that the tokens of layer 1 blockchain Fantom (FTM) were among the few gainers among major cryptocurrencies on Wednesday amid a slide in the broader market.
The FTM price has advanced 9% in the past 24 hours even as bitcoin, ether and others declined as much as 7%, data from analytics tool Messari showed.
The surge follows rising interest for layer 1 blockchains billed as Ethereum alternatives. Ethereum has been criticized for slow transaction times and fees that can reach as high as $100 during busy periods, making it an unusable network for the average, everyday user.
A Message from Bybit  Jolly Gifts From Bybit’s Santa Sleigh
Crypto Prices Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: Top Gainers: There are no gainers in CoinDesk 20 today. Top Losers:
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.
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 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.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Crypto Markets Analysis, Global Adoption, Crypto Regulation in Review What's going on in the crypto markets? "First Mover" discusses the near and long-term bitcoin and altcoin outlook with guest Andriy Velykyy of Allbridge. Also, what does the new year hold for global crypto adoption, and does Ukraine have a future as a major crypto hub? Plus, the year in crypto policy and regulation: much discussed and much more to do in 2022.
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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