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Daily Market Update: 9/12

September 12, 2022

BTC is currently trading around $22,400 and ETH around $1,750. Notable gainers in the last 24 hours are RVN, CEL, and SOL. The global crypto market cap is $1.12T, up 1.4% over the last day. DeFi Total Value Locked is ~$78b and BTC dominance is around 41%.

Markets are continuing last week’s positive trend, with global equities up about 0.5% to 1.5%, crypto up 1.4%, and bond yields falling slightly on recent data points of slowing inflation. From a macro perspective, inflation data releases will be the key focus for the remainder of the week. U.S. CPI data will come on Tuesday, followed by U.K. and EU CPI on Wednesday and Friday, respectively. It’s a prominent week for Ethereum, as the final mainnet shadow fork was a success over the weekend. The Merge, which is the most anticipated upgrade in crypto history, is expected to occur this Wednesday around 11 pm EST. 

Notable news includes: Norway’s central bank open-sourced the code for the country’s CBDC sandbox built on Ethereum; the SEC’s Enforcement Chief said crypto rule breaking would not be ignored; crypto exchange Huobi secured a license to operate in the BVI; received provisional approval for Dubai operations; Singapore-based digital asset company Amber Group cut 10% of its staff; Polygon revealed plans to expand hiring by 200 people in the months ahead; ENS sued GoDaddy and Manifold Finance over the sale of the domain name; an SEC filing indicated MicroStrategy would reinvest its $500m stock sale into bitcoin; Tether’s USDT expanded to the NEAR blockchain; NEAR moved forward with its first phase in its sharding upgrade roadmap; the trading volume of ENS domain names overtook BAYC and other bluechip NFTs over the past week; Solana NFT mints surged to an all-time high; Bolt backed out of the $1.5b acquisition of crypto payment provider Wyre; FTX’s venture arm acquired a 30% stake in Anthony Scaramucci’s Skybridge Capital; NEAR Foundation launched a new $100m VC fund for web3; VC firm Bloccelerate revealed plans to raise a $100m fund for the digital assets space; Arweave-native software development company, Community Labs, announced a $30m strategic round; Vitalik Buterin made a surprise appearance at the Kyiv Tech Summit; and, Merriam-Webster added the definitions ‘Altcoin’ and ‘Metaverse’ to the dictionary.

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

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