Daily Market Update: Sep 28, 2022

September 28, 2022

BTC is currently trading around $19,100 and ETH around $1,300. Notable gainers in the last 24 hours are QNT, XRD, and LUNC. The global crypto market cap is ~$964B, down 5.1% over the last day. DeFi Total Value Locked is ~$71b and BTC dominance is around 41%.

Risk markets reversed early gains yesterday following comments from Fed officials Bullard, Evans, and Kashkari that broadly reiterated Powell’s hawkish stance. Yields continue to move higher as a result, with the U.S. 10Y briefly topping 4% before reversing lower this morning. Elsewhere in monetary policy, the BoE intervened yesterday in response to the new government’s fiscal stimulus plans, announcing it would delay its quantitative tightening measures and temporarily buy long-dated bonds. The announcement sparked a material flattening of the Gilt yield curve as long-dated yields plummeted. It’s another busy day for central bank officials across the Fed and the ECB, with numerous speeches on the docket. In equities, markets are reacting negatively to a leak that Apple told suppliers to halt plans to increase iPhone 14 production. 

Notable news includes: The CFTC served defendants of Ooki DAO by posting to its online governance forum, a novel approach it’s hoping the court will approve under the unique circumstances; The BIS deemed a multi-jurisdictional CBDC pilot a success after a month-long test that facilitated $22m of cross-border transactions; Celsius’ CEO resigned; FTX US’ CEO resigned, and the firm announced a transition from Chicago to Miami; decentralized structured products protocol Ribbon Finance announced its launch of an options exchange; Betterment partnered with Gemini to offer customized crypto portfolios; Bitmain’s founder is reportedly launching a $250m fund to buy distressed Bitcoin mining assets; and, Pantera is seeking to raise $1.25b for a second blockchain fund. 

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

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