BTC is currently trading around $70,000 and ETH around $2,500. Notable gainers in the last 24 hours are KLAY, RAY, and KAS. The global crypto market cap is $2.46T, down 2.9% over the last day. DeFi Total Value Locked is ~$89b and BTC dominance is around 60%.
Crypto prices are lower on disappointing big tech earnings that saw Microsoft and Meta post poor forward guidance. In addition, attention is being given to Trump’s falling odds on Polymarket, which now give him a 62% chance to win the US election next week, down from 67% just yesterday. On the economic front, The Bank of Japan held interest rates steady, as expected, and roughly maintained its inflation forecast. While Governor Ueda stated “we have no present idea” regarding the timing of the next rate hike, his comments were generally perceived as more hawkish than previous statements and leave the door open for a potential hike at the Bank’s December 18-19 meeting. Elsewhere, China’s manufacturing activity ticked slightly higher in October, but importantly expanded for the first time in six months, while eurozone inflation came in slightly higher than expected and US PCE inflation was mixed.
Notable news includes: Singapore’s MAS established the Global Finance and Technology Network in continued efforts to position Singapore as a global fintech innovation hub; Taiwan will implement a crypto exchange registration system by next month; Asia surpassed North America as having the highest number of crypto developers, per Electric Capital; The Blockchain Association revealed that member firms have spent over $400m on costs associated with SEC enforcement actions; a US Treasury report found that stablecoins boost demand for US Treasuries but also cited risks; RWA protocol Superstate introduced real-time continuous pricing for its USTB tokenized Treasuries fund; Securitize crossed $1b in tokenized assets and launched a new fund administration service; Wellington Management partnered with Ondo for a forthcoming tokenized Treasury fund; the CFO of Florida penned a letter suggesting the US state should direct a portion of state retirement system monies into crypto; the spot Bitcoin ETFs brought in nearly $900m yesterday and now hold over 1m BTC; MicroStrategy unveiled plans to raise $42b to buy more Bitcoin over the next three years; Reddit sold its small crypto holdings during 3Q; crypto.com acquired SEC-registered broker-dealer Watchdog Capital to offer stock and options trading; UK crypto exchange and custodian Archax announced the acquisition of Spanish broker KSCM; crypto lender Nexo rebranded as a digital asset wealth platform; Riot revealed substantial interest from blue chip companies looking to partner with the Bitcoin miner on high performance computing initiatives; Pudgy Penguins announced a forthcoming release of its Pudgy Party mobile game; Base announced that permissionless fault proofs are live on mainnet; Ethereum L2 Starknet reached a peak of 857 TPS on Starknet Mainnet; Ethereum L2 Zircuit airdropped its ZRC token to EIGEN holders; Trump’s defi project World Liberty cut its token sale target from $300m to $30m amidst low demand; and, journalists gathered in London for a supposed reveal of the real Satoshi, though the man claiming to be Satoshi, Stephen Mollah, couldn’t get his laptop to work to prove it.
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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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