Daily Market Update: Apr 11, 2023

April 11, 2023

BTC is currently trading around $30,100 and ETH around $1,900. Notable gainers in the last 24 hours are RNDR, CFX, and STX. The global crypto market cap is ~$1.28T, up ~4.5% over the last day. DeFi Total Value Locked is ~$52b and BTC dominance is around 49%.

It’s another slow morning with traditional markets little-changed ahead of tomorrow’s CPI release, Fed Meeting Minutes, and BoC interest rate decision. Conversely, crypto markets exhibit strong upward momentum, and prices have notably diverged from traditional risk assets behind more than $150m of short liquidations.

Notable news includes: Tether controversially blacklisted the MEV bot that back-ran other MEV searchers causing $25m in searcher losses; Coinbase’s head of exchange Vishal Gupta departed with plans to start a new crypto project; the Winklevosses reportedly lent $100m to Gemini; Etherscan reconfigured its block explorer settings to filter out scam transactions; Montengero’s central bank partnered with Ripple to develop a CBDC pilot; PROOF launched an exclusive NFT collection for Moonbirds holders; Bitcoin mining ASIC manufacturer Bitmain was reportedly fined for tax violations in China; FTX’s bankruptcy lawyers and advisors billed ~$33m in February; and, the Blockworks founder said he wouldn’t touch CryptoGPT with a 10-foot pole after it was revealed that the company raised capital from DWF at a $250m valuation.

Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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