Daily Market Update: Apr 12, 2023

April 12, 2023

BTC is currently trading around $30,300 and ETH around $1,900. Notable gainers in the last 24 hours are INJ, SOL, and FTM. The global crypto market cap is ~$1.28T, down ~0.5% over the last day. DeFi Total Value Locked is ~$51b and BTC dominance is around 49%.

Risk assets jumped this morning as the U.S.’s headline CPI came in lower than expected (5% actual, 5.2% expected, 6% previously). Results were generally inline after adjusting for falling energy prices, however. On the monetary policy front, the Bank of Canada is expected to hold rates flat at 4.5% during this morning’s interest rate decision, and the FOMC meeting minutes will follow later this afternoon. Separately, it’s a big day for crypto markets as Ethereum’s Shapella upgrade enabling staked ETH withdrawals will activate this evening. See our latest report for a more detailed dive into the Shapella upgrade.

Notable news includes: Bitcoin miner Bitdeer is expected to go public on Friday after three prior delays; CleanSpark acquired 45,000 best-in-class mining rigs for $145m and is expected to nearly double its hashrate from the purchase; Reddit dropped thousands of new NFTs from hundreds of artists in its latest Gen 3 collection; ROOK’s price tripled as a vote to liquidate the treasury and return the value to token holders is underway; TRX fell 5% on news of a delisting from Binance US; SushiSwap revealed plans to return the funds stolen in its ~$3.3m exploit; ETH is currently being burned at a clip of $5.5b per year; David Marcus’s Lightspark unveiled a Bitcoin Lightning platform for businesses; and, Sei Labs raised $30m for its trading-focused layer 1 blockchain.

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

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