BTC is currently trading around $72,000 and ETH around $2,700. Notable gainers in the last 24 hours are MKR, OM, and LINK. The global crypto market cap is $2.54T, up 0.4% over the last day. DeFi Total Value Locked is ~$90b and BTC dominance is around 60%.
Equity markets are mixed, though gold hit an all-time high and Bitcoin did the same when measured against some currencies like the euro or Canadian dollar. On the economic front, Eurozone GDP grew 0.4% sequentially in 3Q, doubling expectations and hitting a two-year high, though US GDP grew at a slower pace than expected in 3Q. Finally, all eyes remain on next week’s US Presidential election, where Trump currently holds a 67% chance to win on Polymarket and 52% odds to win in FiveThirtyEight’s election simulation.
Notable news includes: The US Treasury’s strategy for financial inclusion stated plans to author digital asset educational materials; Japanese conglomerate Hitachi unveiled a web3 development solution for enterprises; consulting firm Boston Consulting Group called RWA tokenization “the third revolution in asset management”; the spot Bitcoin ETFs took in $870m yesterday; Grayscale and NYSE Arca filed to convert Grayscale’s Digital Large Cap Fund into an ETF; PayPal customers’ crypto holdings fell during 3Q; Coinbase added Visa Direct for real-time debit card account funding; OKX partnered with Standard Chartered for third-party custodial services for its institutional clients; Circle increased the fee on USDC redemptions above $2m; dYdX and Consensys both cut their workforce; Bitcoin scaling solution Stacks’ Nakamoto upgrade went live to reduce transaction times and enhance security; Chainlink introduced a major platform upgrade featuring a new modular, composable architecture; liquid restaking protocol Swell announced plans to join Optimism’s Superchain ecosystem; and, defi protocol Synthetix proposed acquiring derivatives exchange Kwenta.
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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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