Daily Market Update: 9/15

September 15, 2022

BTC is currently trading around $20,100 and ETH around $1,550. Notable gainers in the last 24 hours are CEL, DFI, and LDO. The global crypto market cap is $1.03T, down 0.8% over the last day. DeFi Total Value Locked is ~$64b and BTC dominance is around 40%.

It’s a rather uneventful day for global equities, and performance by region is mixed with modestly sized moves. Yields are increasing as better-than-expected retail sales and falling jobless claims are unlikely to change the Fed’s rate hike trajectory. Crypto markets are similarly exhibiting minimal volatility despite the successful implementation of Ethereum’s Merge, which finalized its first checkpoint under proof-of-stake at approximately 3 am EST. Ethereum’s TVL dropped by nearly 25% overnight as investor’s braced for the upgrade. For those interested in evaluating the transition to proof-of-stake, beaconcha.in is a great resource.

Notable news includes: accredited institutions can now borrow USD or USDC at fixed interest rates from Compound Treasury; Coinbase rolled out a dashboard ranking politicians by their friendliness to crypto; Magic Eden launched a controversial NFT royalty enforcement tool that would allow creators to flag and blur NFTs that were sold by owners to bypass creator royalty fees; an ex-Citadel employee raised $50m to launch a new crypto market making business; and, Two Sigma Ventures raised $400m across two new funds investing in early-stage companies.  

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

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