Daily Market Update: Oct 3, 2022

October 3, 2022

BTC is currently trading around $19,200 and ETH around $1,300. Notable gainers in the last 24 hours are EGLD, UNI, and MKR. The global crypto market cap is ~$967B, down 0.1% over the last day. DeFi Total Value Locked is ~$71b and BTC dominance is around 41%.

Global equities are mixed, with many developed international markets down slightly while U.S. markets opened strongly. Bearish market sentiment was palpable over the weekend as timelines were abundant with Lehman rhetoric driven by concerns over Credit Suisse as the firm reevaluates its strategic position and looks to raise capital. Despite a slew of hyperbolic predictions, broader risk markets have so far brushed them aside and do not depict any contagion. Elsewhere in macro markets, U.K. PM Truss pivoted on her tax cut plans, which were a key contributor to last week’s market challenges and required an emergency response from the BoE. On the data front, the week is front-loaded with PMI releases, while jobs data will round out the week with non-farm payrolls on Friday. 

Notable news includes: U.S. Senator Hagerty proposed a bill that would protect crypto exchanges from SEC overreach; T-Mobile’s parent company Deutsche Telekom launched an Ethereum validator and staking services; CME Group proposed direct derivatives trading following FTX U.S.’ proposal; Coinbase suffered a major outage for customers with U.S. bank accounts on Sunday; the Solana network was temporarily down as a misconfigured node created an unrecoverable fork; Ethereum censorship concerns remain elevated as blocks produced by Flashbots account for nearly 40% of all Ethereum blocks proposed; SushiSwap elected a new head chef; DeFiance Capital is raising $100m to invest in liquid tokens; and, Kim Kardashian settled charges with the SEC over an Instagram promotion for EthereumMax. 

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TelegramLinkedIn

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