Daily Market Update: Apr 13, 2023

April 13, 2023

BTC is currently trading around $30,200 and ETH around $2,000. Notable gainers in the last 24 hours are XRD, ARB, and APT. The global crypto market cap is ~$1.30T, up ~1.8% over the last day. DeFi Total Value Locked is ~$55b and BTC dominance is around 48%.

Markets soured yesterday afternoon as the Fed’s Meeting Minutes showed expectations for a mild recession later this year. Nonetheless, risk assets are seemingly unfazed this morning, resuming their ascent as the PPI release added strength to the cooling inflation narrative. The expected path forward is another 25 bp hike on May 3rd, followed by a pause, but the path ahead remains fluid and subject to change. Ethereum is leading the charge forward in crypto after successfully implementing its Shapella upgrade yesterday evening. As Ethereum’s exit queue has expanded, it would currently take ~12.5 days to withdraw in full.

Notable news includes: eToro announced an integration with Twitter that would enable crypto and stock trading; FTX recovered an incremental ~$800m since its last report, increasing its total recovery value to ~$7.3b; FTX faced community backlash as it floated the idea of reopening its exchange; Coinbase added support for withdrawals almost immediately after Shapella, and Binance will add support by April 19th; Paxos exited Canada as Gemini filed to stay open in the country; the Blockchain Association filed a brief in the Tornado Cash case; Euler enabled redemptions for the funds returned following its exploit; and, an early version of Yearn was exploited for ~$11.6m.

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

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