Daily Market Update: 9/14

September 14, 2022

BTC is currently trading around $20,300 and ETH around $1,600. Notable gainers in the last 24 hours are CEL, EVMOS, and RVN. The global crypto market cap is $1.04T, down 3.8% over the last day. DeFi Total Value Locked is ~$73b and BTC dominance is around 40%.

Global equity performance is mixed following yesterday’s steep risk asset selloff, which saw the Nasdaq fall more than 5%. U.S. equity markets are up slightly, while many European markets are extending yesterday’s losses. Bond yields and crypto markets have been roughly unchanged since yesterday’s close of U.S. equity markets. All eyes are on Ethereum’s Merge, arguably the most significant upgrade in crypto history, which is expected to transpire just after midnight EST.

Notable news includes: a South Korean court issued a warrant for Do Kwon’s arrest; the U.S. Treasury clarified that the Tornado Cash sanctions do not prevent U.S. persons from viewing and disseminating the open-source code; FTX’s website glitched and experienced some outages during the heightened volatility following yesterday’s CPI release; Maker raised its stETH limit to reduce its reliance on USDC; Bitcoin mining difficulty reached an all-time high; Rarible partnered with Immutable to broaden its gaming NFT offerings; and, web3 unicorn Alchemy is raising capital for a new VC fund.

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

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