BTC is currently trading around $28,300 and ETH around $1,600. Notable gainers in the last 24 hours are TWT, BSV, and STX. The global crypto market cap is ~$1.13T, down 0.6% over the last day. DeFi Total Value Locked is ~$37b and BTC dominance is around 52%.
Equity markets are down while rates tick higher following the release of UK and EU inflation as well as China GDP. UK rates are the most notable riser after inflation stalled at last month’s 6.7% level, coming in hotter than the 6.6% expected. Eurozone CPI conversely fell from 5.2% to 4.3%, inline with expectations. Growth also slowed by less than expected in China, and the Chinese economy reportedly grew 4.9% on a YoY basis in Q3. Lastly, it’s a big day for earnings with Tesla and Netflix reporting after the bell.
Notable news includes: Binance.US halted direct dollar withdrawals; Reddit axed its crypto-powered “Community Points” tokens citing regulatory and resourcing concerns; South Korean regulators are seeking to establish standards for the issuance and distribution of crypto assets; the EU formally agreed on new crypto tax data sharing rules; Sui plunged to an all-time low as the foundation sought to address “unfounded” claims of token manipulation; Immutable delayed the vesting of ~$67m worth of its token by one year; Uniswap DAO granted ~$46m to Uniswap Foundation to support its next two years of work; Fidelity became the first corporate client to leverage EY’s Blockchain Analyzer; crypto custodian BitGo acquired HeightZero, a software platform tailored for wealth managers seeking to integrate crypto; yesterday’s Nouns NFT auction slipped to a 6.9 ETH sale and was instantly resold for 20 ETH; Yuga Labs completed its internal restructuring to prioritize its metaverse projects; Platypus Finance recovered ~90% of the assets lost in a flash loan exploit last week; Fantom Foundation lost ~$7m in a major security breach; and, Elon Musk introduced a $1 paywall to new Twitter accounts in certain countries in a test to a curb bots, a move many in the crypto community are questioning the merits of.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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