BTC is currently trading around $67,500 and ETH around $2,700. Notable gainers in the last 24 hours are ATOM, JUP, and HNT. The global crypto market cap is $2.45T, down 1.0% over the last day. DeFi Total Value Locked is ~$89b and BTC dominance is around 58%.
Equity and crypto markets are down slightly while bond yields are higher as investors question how quickly the Fed will cut rates. Indeed, Fed officials have argued for more gradual rate cuts of recent, and while Fed Funds futures still suggest a 25 bp rate cut at the Fed’s November meeting is likely, investors are now weighing the potential for the Fed to pause compared to just a month ago when markets were split between a 25 and 50 bps cut. Looking ahead, the week features various speeches by central bank officials, as well as the European HCOB PMIs and Tokyo CPIs on Thursday. Lastly, though it is unlikely to come up, Tesla reports earnings Wednesday evening and could potentially mention Bitcoin given that it moved over $750m to a new wallet last week.
Notable news includes: Indonesia extended the compliance deadline by crypto exchanges for its updated regulatory standards; Russian President Putin announced BRICS countries will explore digital currencies to help offset the US dollar’s status; Montenegro again halted Do Kwon’s extradition; a Federal Reserve research paper concluded that Bitcoin complicates efforts to maintain permanent government deficits; the US Department of Defense placed Jason Lowery’s Bitcoin Softwar book under security review; though awaiting additional approvals, the SEC green lit options trading for all 11 spot Bitcoin ETFs; the spot Bitcoin ETFs took in over $2b last week; UK-based investment management giant Legal & General revealed that it is evaluating tokenizing its funds; payment processing giant Stripe acquired stablecoin platform Bridge for $1.1b; RWA platform Centrifuge added support for Fireblocks; MetaMask partnered with digital identity firm Space ID to simplify the crypto user experience; Vitalik authored another blogpost on Ethereum with this one focused on The Scourge section of its roadmap; Bored Ape Yacht Club-developer Yuga Labs launched ApeChain; activity on Solana memecoin launchpad pump.fun hit an all-time high; decentralized social platform Bluesky hit 12m users; and, Bittensor added smart contracts and Ethereum compatibility in its latest upgrade.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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