Daily Market Update: Apr 17, 2023

April 17, 2023

BTC is currently trading around $29,400 and ETH around $2,100. Notable gainers in the last 24 hours are RNDR, AVAX, and INJ. The global crypto market cap is ~$1.30T, down ~1.5% over the last day. DeFi Total Value Locked is ~$53b and BTC dominance is around 47%.

Traditional market performance is muted, while crypto is seeing a slight reversal in recent strength. China’s Q1 GDP and Industrial Production (Mar.) will come this evening, U.K. and Eurozone CPI will follow on Wednesday, and notes of the ECB’s latest Monetary Policy Meeting will arrive on Thursday. Lastly, earnings continue to be a focus, with several big-name reports each day this week.

Notable news includes: The SEC announced it would revisit an expansion of the definition of an ‘exchange’, sparking a swift response from Commissioner Peirce that the overly broad proposal “undermines fundamental First Amendment protections” and would stymie crypto innovation; a new draft stablecoin bill was posted ahead of Wednesday’s Financial Service Committee hearing on the topic; Bittrex reportedly received a Wells Notice from the SEC despite announcing its forthcoming U.S.-shutdown; a U.S. Congressman announced his plans to attempt and remove SEC Chair Gensler from his post; Bitcoin miner Bitdeer’s stock slumped more than 30% during its first day of trading; Amber Group is weighing a sale of its Japan unit; more than 1m ETH has now been withdrawn since Shapella; TUSD announced its integration with BNB Chain; Shaq was finally served in the FTX lawsuit after “months of running”; and, the Silk Road Bitcoin thief once worth ~$3.4b received a one-year prison sentence.

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

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