Daily Market Update: 9/9

September 9, 2022

BTC is currently trading around $21,100 and ETH around $1,700.  Notable gainers in the last 24 hours are LUNA, RVN, and OKB.  The global crypto market cap is $1.09T, up 6.4% over the last day.  DeFi Total Value Locked is ~$77b and BTC dominance is around 40%.

Equity and crypto markets are rallying, coinciding with a reprieve in US dollar strength following yesterday’s ECB hike and comments from Japan’s top currency official that “all options” are being considered to stem weakness in the yen.  Notably, the rally in crypto is occurring despite a speech from SEC Chair Gensler where he stated that the “vast majority” of cryptocurrency tokens are securities, and despite a report from the White House concluding that the amount of electricity used by cryptocurrencies exacerbates climate change.

Other notable news includes: The US SEC revealed plans to form a new office for crypto disclosures; The US Treasury will allegedly advise the federal government to issue a CBDC if it is in the national interest; The UK Economic Secretary of the Treasury expressed a desire for the UK to be the “dominant global hub for crypto technologies” under newly-elected Prime Minister Truss; financed by Coinbase, six Ethereum and Tornado Cash users sued the US Treasury over its recent sanctions of the crypto mixer; investment manager Fidelity will begin offering retail customers bitcoin trading starting in November; asset manager Franklin Templeton announced plans to offer two digital asset separately managed account strategies through Eaglebrook Advisors; Singapore’s Whampoa Group revealed plans to raise funds for a $50m crypto hedge fund and to allocate $100m to crypto venture investments; Puma launched an interactive metaverse named Black Station to showcase limited edition NFTs of its sneakers; Ford has filed trademark applications covering virtual automobiles and clothing for its brands as well as an online NFT marketplace; crypto exchange Huobi received regulatory approval in the British Virgin Islands; FTX Ventures reportedly acquired a 30% stake in SkyBridge Capital; bitcoin miner CleanSpark will buy Mawson’s Georgia mining facility and rigs for up to $43m; a vulnerability was discovered and patched that could have taken down the Avalanche Network; the daily average unique wallets interacting with DeFi increased 4% in August, the first increase since May; Sorare partnered with the NBA to launch digital collectable-based fantasy basketball games; and, crypto markets have seen a flood of Queen Elizabeth memecoins and NFTs after her passing.

2022.09.09

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