Daily Market Update: 9/21

September 21, 2022

BTC is currently trading around $19,300 and ETH around $1,350. Notable gainers in the last 24 hours are XCN, XRP, and KSM. The global crypto market cap is ~$974B, up 0.3% over the last day. DeFi Total Value Locked is ~$69b and BTC dominance is around 41%.

Global equities and crypto are moving higher, while global bonds are mixed. Bond yields are generally exhibiting a flattening term structure, with short term interest rates rising more than long term interest rates heading into the Fed’s interest rate decision at 2 pm EST. Additionally, the Fed will release its updated dot plot, providing longer-term projections for inflation and economic growth. Fed funds futures are pricing in an 82% chance of a 75-basis-point hike and an 18% chance of a 100-basis-point hike. While risk assets are moving slightly higher this morning, markets overall are pretty muted, and volatility will likely pick up meaningfully this afternoon as investors digest the Fed’s comments.

Notable news includes: algorithmic stablecoins are facing a ban in the latest stablecoin bill in front of U.S. Congress; a New York judge ordered Tether to produce financial documents assessing USDT’s backing; Binance expanded its BUSD stablecoin to Polygon and Avalanche; MakerDAO voted to add the GnosisDAO token as collateral for DAI; Coinbase integrated ENS to give their customers usernames to replace their traditional crypto wallet addresses; OpenSea unveiled plans to support Arbitrum NFTs; Maple Finance launched a $300m lending pool for Bitcoin miners; Helium partnered with T-Mobile to provide Helium mobile subscribers coverage in dead spots for the distributed network; Volmex Labs launched BTC and ETH volatility indexes; and, a white hat hacker received a 400 ETH bounty for reporting a bug in the Ethereum to Arbitrum Nitro bridge.

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

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