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Daily Market Update: Oct 4, 2022

October 4, 2022

BTC is currently trading around $20,000 and ETH around $1,350. Notable gainers in the last 24 hours are LDO, MKR, and RUNE. The global crypto market cap is ~$996B, up ~3.1% over the last day. DeFi Total Value Locked is ~$72b and BTC dominance is around 42%.

Markets are extending gains from yesterday’s relief rally, and equities, crypto, and bonds are moving higher. Investor optimism is primarily tied to speculation that central banks may look to slow down the pace of tightening. The Reserve Bank of Australia surprised markets this morning with its 25 bp hike, which was less than the 50 bps expected. The UN additionally warned the Fed to slow down its pace of rate hikes, arguing that developing countries would disproportionately suffer if the pace continued. However, investor optimism may be short lasting as the Fed has yet to indicate any deviation from its repeatedly hawkish tone in recent periods. A slew of Fed officials will speak at events today, and investors will closely dissect their words as they evaluate this new narrative. 

Notable news includes: Argentina’s state-owned energy company moved into crypto mining; an auction for Celsius’ assets will occur on October 20th with many bidders expected; Tether reduced its commercial paper holdings and increased its backing by TBills; ARK revealed plans to offer crypto SMAs to wealth managers; GBTC shares fell to a record 36% discount to NAV; Moonbirds DAO launched with $2.6m in seed funding from Proof; gaming firm Improbable is set to raise $111m at a ~$3.4b valuation; and, a federal judge allowed the CFTC to serve Ooki DAO member through a chat help box / forum post.

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

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