BTC is currently trading around $17,500 and ETH around $1,250. Notable gainers in the last 24 hours are BSV, OKT, and XDC. The global crypto market cap is ~$889B, down ~2.7% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 41%.
Markets dropped meaningfully yesterday afternoon as the Fed reiterated that there’s a ways to go in combatting inflation, despite hiking by a decreased 50 bps, in line with expectations. The newly updated dot plot indicates that Fed officials now project year-end 2023 rates at ~5.1%, an increase from the ~4.6% expected last quarter, indicating more hikes are necessary to move rates beyond the 4.25% to 4.5% target range where they sit today. Risk markets are extending the negative trend from yesterday afternoon, falling sharply lower this morning. Elsewhere in monetary policy, the ECB and BoE both hiked rates by 50 bps today, in line with consensus, and a slew of smaller economies hiked as well.
Notable news includes: CFPB Director Chopra said he does not anticipate expanding crypto enforcement; Microsoft updated its privacy terms to prohibit crypto mining on its cloud services without prior approval; ConsenSys and PayPal partnered to allow MetaMask users to purchase and transfer ETH via PayPal; Amber Group acquired the Sparrow crypto exchange in Singapore; Gemini was impacted by a phishing campaign that leaked some customer email addresses; Curve unveiled plans to deploy on zkSync mainnet next year; crypto lending platform Maple unveiled upgrades to its protocol and announced it’s departing from Solana to prioritize Ethereum; BitGo declined Alameda’s attempt to redeem 3,000 WBTC a few days before its bankruptcy; Bitcoin miner Core Scientific is up nearly 200% in the last week as B Riley appears likely to provide financing in attempt to avoid bankruptcy; Magic Eden announced a new rewards program based on user trading volume to earn exclusive content, discounts, and NFTs; the SEC approved nine more ‘blockchain-enabled’ funds from WisdomTree; and, Chainalysis data revealed the FTX collapse caused $9b in realized losses.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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