BTC is currently trading around $21,200 and ETH around $1,600. Notable gainers in the last 24 hours are XRD, LTC, and HBAR. The global crypto market cap is $1.06T, down 5.2% over the last day. DeFi Total Value Locked is ~$76b and BTC dominance is around 41%.
Markets are falling sharply this morning behind a worse-than-expected inflation print in the U.S. Annual CPI in August came in at 8.3% versus market expectations of 8.1%. Global equities are down across the board, with the Nasdaq taking brunt of the move falling ~3.2%. Crypto is down ~5.2%, with higher volatility altcoins generally leading the drop. Global bonds followed suit, particularly U.S. Treasuries, as investors recalibrated their future rate hike expectations. Fed Funds futures are now pricing a ~19% chance of a 100-basis-point hike and a ~81% chance of a 75-basis-point hike.
Notable news includes: the White House’s crypto mining report was claimed as a victory by both mining advocates and critics; El Salvador launched two debt repurchase offers amid uncertainty over its bitcoin bond; Abu Dhabi’s regulator introduced its ‘guiding principles’ for crypto; Russia’s PM directed the country’s financial regulators and other relevant authorities to “develop an agreed position for crypto regulations by Dec. 19th”; the Blockchain Association unveiled the BA PAC to support pro-crypto candidates from both U.S. parties; the Chamber of Digital Commerce urged the SEC to approve a spot bitcoin ETF; Linux launched a foundation to support the development of open source wallets; the Ethereum proof-of-work fork (ETHW) is expected to launch 24 hours after The Merge; Algorand admitted losing $35m in the Hodlnaut implosion; Algorand urged Helium developers to migrate to its platform instead of Solana; the Opera crypto browser integrated MetaMask; Bitcoin miner Poolin revealed plans to issue ‘IOU’ tokens after suspending withdrawals; Starbucks announced an NFT-based loyalty program in partnership with Polygon; CME Group launched its ETH futures options; Sweat Economy launched its token generation event; Northzone raised a 1b euro fund for fintech and web3 investments; KKR partnered with Securitize to make one of its private equity funds available on the Avalanche blockchain through a tokenized feeder fund; FTX-owned crypto fund, LedgerPrime, will return outside capital as it transitions to a family office structure; Hong Kong’s HashKey received approval to manage a portfolio comprised entirely of crypto; Stone Ridge approved plans to dissolve its Bitcoin Strategy Fund; NFT project Doodles announced a $54m capital raise to fund a hiring spree; crypto data infrastructure platform Goldsky raised a $20m seed round; and, the brother of a former Coinbase employee pleaded guilty to charges related to insider trading.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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