BTC is currently trading around $88,100 and ETH around $3,050. Notable gainers in the last 24 hours are XRP, GOAT, and ALGO. The global crypto market cap is $3.05T, down 1.9% over the last day. DeFi Total Value Locked is ~$108b and BTC dominance is around 61%.
Markets are down small after yesterday’s slightly hotter than expected US wholesale inflation and Fed Chair Powell’s comments that the Fed doesn’t “need to be in a hurry to lower rates”. Fed fund futures now peg the odds of a December rate cut by the Fed to be 55% after placing them at 80% just yesterday.
Notable news includes: SEC Chair Gensler hinted at his exit in a speech; 18 Republican attorneys general sued the US SEC over its treatment of crypto; the US state of Pennsylvania introduced a bill to create a strategic Bitcoin reserve; a US judge sentenced the Bitfinex hacker to five years in prison; Bloomberg reported that the UK is set to unveil stablecoin and staking legislation in December; the European Banking Authority released screening guidelines for crypto asset service providers; Italy’s Intesa Sanpaolo bank expanded its crypto services to now include spot trading; Russian banking giant Sberbank revealed it will launch a crypto settlement pilot; Coinbase and Stripe launched AI agent integrations; Michael Saylor stated MicroStrategy may buy its planned $42b of Bitcoin before its original 2-3 year timeline; stablecoin issuer Tether unveiled a real world asset tokenization platform called Hadron; Bitwise filed to convert its 10 Crypto Index Fund into an ETF; Solana’s daily revenue hit an all-time high; and, RPC provider Infura announced plans to launch an EigenLayer AVS for decentralized infrastructure services.
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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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