Daily Market Update: Apr 19, 2023

April 19, 2023

BTC is currently trading around $29,300 and ETH around $2,000. Notable gainers in the last 24 hours are ZIL, SNX, and BTT. The global crypto market cap is ~$1.28T, down ~4.3% over the last day. DeFi Total Value Locked is ~$52b and BTC dominance is around 48%.

Risk sentiment soured this morning, with crypto and equities retracing recent gains. U.K. inflation came in stickier-than-expected at 10.1%, while eurozone inflation was in line at 6.9%; both releases still reiterated the broader disinflationary trend, however. Crypto performance is down more than 4x that of stocks as ~$210m of longs were liquidated over the past day.

Notable news includes: Gary Gensler refused to answer if ETH is a security during Congressional testimony; an eToro executive confirmed its deal with Twitter is just a marketing deal that directs users to eToro but doesn’t directly enable trading on Twitter; Optimisms’ OP token rallied as an a16z engineer sent a cryptic tweet hinting at a new OP Stack chain; Rocket Pool enabled its Atlas upgrade, reducing node operator capital requirements and decreasing the fees paid by ETH stakers; Lido is weighing the use of its ARB airdrop to incentivize wstETH liquidity on Arbitrum; Helium began its migration to Solana; the jaredfromsubway.eth MEV sandwich bot spent ~500 ETH on gas yesterday, accounting for more than 7% of all gas spent on Ethereum; and, rare Pokemon cards were allegedly stolen directly from the production line, highlighting the benefits enabled by NFTs and credibly-neutral code.

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

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