BTC is currently trading around $84,300 and ETH around $3,250. Notable gainers in the last 24 hours are DOGE, CRO, and ENA. The global crypto market cap is $2.98T, up 3.9% over the last day. DeFi Total Value Locked is ~$104b and BTC dominance is around 59%.
Crypto prices continue to melt higher following last week’s US election that saw the pro-crypto Trump re-take the Presidency. While enthusiasm is building, market observers will also focus on macro data points this week, which include US CPI on Wednesday, US PPI and a Fed Chair Powell speech on Thursday, and US retail sales on Friday. In addition, Japan’s 3Q GDP release on Thursday will be in focus, given implications for the next Bank of Japan rate hike that is currently priced at 40% odds to occur at the next BOJ meeting in December.
Notable news includes: Germany’s central bank joined Singapore’s Project Guardian to advance tokenization; the CEO of Bitcoin Magazine claimed that an unnamed country has been buying Bitcoin and is now a top five holder; Cardano founder Hoskinson stated plans to spend time working with US lawmakers crafting crypto policy; Mt Gox transferred $2.4b of Bitcoin to new wallets; FTX sued Binance and its former CEO CZ for $1.8b regarding an alleged fraudulent repurchase of shares by SBF; inflows into digital asset investment products reached $2b last week, per CoinShares; MicroStrategy bought $2b of Bitcoin; stablecoin issuer Tether financed its first crude oil transaction in the Middle East; Polymarket reportedly hinted at a token launch to users; the Ethereum Name Service introduced Namechain, a new Ethereum layer 2 solution to enhance blockchain-based identity; Bitcoin scaling solution Stacks hinted that its sBTC upgrade could come as early as next month; NEAR revealed plans to build the world’s largest open source AI model; Infinex partnered with NEAR to integrate Chain Signatures enabling users to sign transactions on third-party blockchains from a single NEAR account; Polygon’s AggLayer adopted Agora’s AUSD stablecoin as its native currency; and, Espresso’s cross-chain confirmation layer went live.
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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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