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Daily Market Update: 9/7

September 7, 2022

BTC is currently trading around $18,900 and ETH around $1,550. Notable gainers in the last 24 hours are HNT, LUNC, and USTC. The global crypto market cap is $992B, down 4.7% over the last day. DeFi Total Value Locked is ~$74b and BTC dominance is around 39%.

Equities are off to a mixed start this morning, with U.S. markets up while many international markets are down. Global bond yields are retracing some of their recent moves higher. Crypto markets stand out to the downside, with many of yesterday’s winners reversing course. Markets are still primarily focused on monetary conditions and central bank statements. Citigroup called the policy backdrop the “summer of 75” as the BoC hiked rates by 75 basis points this morning, with expectations for the Fed and ECB to follow at their next policy meetings. As a reminder, the ECB’s rate decision is tomorrow morning. 

Notable news includes: EU officials noted the first stage of the digital euro would have no web3 uses, and it’ll strictly target p2p payments, consumer-to-business payments, and payments to or from governments; the Thai SEC filed a police complaint against Zipmex and its co-founder; Voyager will hold an auction for qualified bidders to bid on its assets next week; Ripple hinted at its involvement in a new CBDC; Signature suffered a nearly $4.3b deposit outflow behind crypto market uncertainty; Coinbase submitted a proposal for MakerDAO to transfer 33% of its $1.6b Peg Stability Module (PSM) into a Coinbase Prime custody account to earn a 1.5% annual yield on the savings; Lido’s stETH fell to its most significant discount since June as investors may be swapping into ETH ahead of The Merge; Curve Finance unveiled the code for its upcoming stablecoin; Frax Finance launched its own borrow/lend market called Fraxlend; KuCoin flagged some alleged flaws in DeFi platform Acala’s post-exploit proposal; large ETH miners are evaluating cloud computing and AI opportunities as well as mining other PoW coins ahead of The Merge; Marathon energized 25,000 new miners in August; Bitfrost and Coinbase Cloud partnered to offer cross-chain liquid staking on Kusama; Dust Labs raised $7m as y00ts topped NFT charts; LG Electronics partnered with Hedera for its new NFT platform; Sorare challenged NBA Top Shot with its new Ethereum-based NFT fantasy NBA game; Franklin Templeton launched a metaverse ETF for European investors; the former Revolut chief revenue officer raised $78m for a new web3 energy startup Tesseract; Fuel Labs raised $80m for its modular execution layer, touting superior speeds; and, South Korean police arrested 86 people they alleged bought or sold drugs on the dark web using bitcoin. 

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

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