Daily Market Update: 9/22

September 22, 2022

BTC is currently trading around $19,100 and ETH around $1,300. Notable gainers in the last 24 hours are ALGO, CEL, and DCR. The global crypto market cap is ~$968B, down 0.6% over the last day. DeFi Total Value Locked is ~$69b and BTC dominance is around 41%.

Risk markets fell yesterday afternoon as Fed Chair Powell hiked interest rates by 75 basis points, and FOMC members revised their expectations upward for future rate hikes with the release of the new dot plot. The BoE followed with a 50-basis-point hike this morning. Global equity markets are mixed, crypto is slightly down, while most developed market bond yields are generally moving higher amidst a slew of central banks tightening monetary conditions. 

Notable news includes: Binance established a global advisory board to drive responsible crypto regulation; Coinbase is reportedly setting up a proprietary trading desk; Helium voted in favor of migrating to the Solana blockchain; Boba Network became the first L2 to launch on Avalanche; Cardano’s Vasil hard fork is expected to go live today; Jesse Powell exited Kraken’s CEO position and will become chairman of the board; FTX is in talks to raise $1b for acquisitions; Messari raised a $35m Series B; and, Riot Blockchain sued Northern Data over its acquisition of Whinstone. 

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

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