Daily Market Update: 9/26

September 26, 2022

BTC is currently trading around $19,200 and ETH around $1,300. Notable gainers in the last 24 hours are LUNC, LUNA, and MIOTA. The global crypto market cap is ~$974B, down 0.5% over the last day. DeFi Total Value Locked is ~$71b and BTC dominance is around 41%.

Global equity performance is mixed, crypto has been essentially unchanged since Friday’s close, and global bond yields continue to push higher. U.K. bonds and the GBP have been particularly challenged during the risk-off environments of recent months, partially due to USD strength and the BoE’s slower pace of rate hikes relative to the Fed. This trend was exacerbated Friday as the U.K.’s newly appointed finance minister announced a fiscal stimulus package in the form of tax cuts, sparking concerns that the BoE may need to schedule an emergency session to hike interest rates to help offset the stimulus. While increased rates should be a boon for GDP prices, the surprising fiscal stance of the new U.K. government may weaken confidence in the pound. Eurozone CPI will come out Friday, but generally, it’s a slower week for data releases while there continues to be a heavy lineup of speeches from central bank officials across the Fed and ECB. Lastly, renewed nuclear threats from Russia are not helping to ease investor tensions.

Notable news includes: California Governor Newsom vetoed a bill that would have implemented a California state crypto licensing regime similar to New York’s BitLicense; Bitcoin miners Iris Energy and Cipher Mining both announced plans to raise capital; Tether’s USDT went live on Polkadot; Tezos activated its Kathmandu protocol upgrade; Grayscale’s GBTC traded at its largest discount of more than 35%; OpenSea announced plans to index Solana NFTs automatically; Interpol issued a worldwide arrest warrant for Do Kwon; and, the notorious founder of failed crypto exchange QuadrigaCX, Sifu, launched a new DeFi lending protocol forked from Aave. 

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

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