BTC is currently trading around $28,500 and ETH around $1,550. Notable gainers in the last 24 hours are CPRC, RLB, and BSV. The global crypto market cap is ~$1.13T, down 0.1% over the last day. DeFi Total Value Locked is ~$36b and BTC dominance is around 52%.
Crypto and equity markets are mostly flat, while yields continued to move sharply higher as the US 10Y yield approached 5% this morning before paring back the rise in the last hour. A midday speech from Fed Chair Powell will be in particular focus given the week’s interest rate volatility and steepening term structure. Markets continue to overwhelmingly expect a pause at the upcoming FOMC on November 1st. Elsewhere, earnings have presented a mixed bag so far, with beats from Netflix and TSMC, while Tesla is down after missing on the top and bottom lines.
Notable news includes: Aptos suffered a five hour outage on its first birthday since launch; the OCC revealed plans to host a tokenization symposium in February 2024; Ether.Fi rolled out its liquid staking token eETH that’s integrated for restaking with EigenLayer; Lightning Labs released the mainnet alpha for Taproot Assets, enabling stablecoins and tokenization more generally on Bitcoin; Stellar is expected to introduce smart contracts later this year; Tesla maintained the remainder of its bitcoin holdings during Q3; stablecoin companies are now the 16th largest holders of US treasuries; Coinbase Advanced enabled perps trading on BTC, ETH, LTC, and XRP with 3-5x leverage for non-US customers; Nomura-backed Komainu joined Copper’s ClearLoop network; Bitcoin miner Marathon added Fidelity Digital Assets as a custody provider; India’s state-run oil refiner HPCL is planning to automate verification of its purchase orders via blockchain; Coinbase selected Ireland as its European crypto hub; Germany’s regulator warned that MEXC’s custody is unauthorized with BaFin; OpenAI is reportedly planning a tender offer at an $86b valuation; and, Ethereum DeFi protocol Hope Lend was drained of ~526 ETH in an exploit.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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