Daily Market Update: October 11, 2023

December 11, 2023

BTC is currently trading around $41,800 and ETH around $2,200. Notable gainers in the last 24 hours are INJ, IMX, and OP. The global crypto market cap is ~$1.63T, down 4.9% over the last day. DeFi Total Value Locked is ~$51b and BTC dominance is around 54%.

It’s a sleepy start to the week for price action in traditional markets, but several prominent inflation and interest rate releases are on this week’s docket beginning tomorrow. Crypto, in contrast, is down sharply in response to ~$350m of long crypto liquidations, the most recorded in a single day over the last several months. The reversal erased the gains from the gap higher in prices last Thursday, and crypto markets have reverted to the levels of mid-last week. Some of the notable events this week include the 10Y and 30Y treasury auctions, UK GDP, US CPI and PPI, and several central bank policy decisions. The Fed’s interest rate decision and updated dot plot will be the headline event on Wednesday, but the BoE, ECB, and SNB will all follow suit with interest rate decisions of their own on Thursday. Markets overwhelming expect the Fed to stay on pause.

Notable news includes: the Chainlink Staking v0.2 community pool was quickly filled to its ~$650m capacity; Safe unveiled the Safe{RecoveryHub} featuring a handful of new social recovery tools for its multisig wallets; USDT breached $90b outstanding; Helium’s HNT token hit a yearly high following the nationwide expansion of its $20/m unlimited cell plan; Pudgy Penguins revealed the upcoming alpha launch of Pudgy World, a game built on zkSync Era; the Solana-based Bonk memecoin flipped Pepe in market cap; Google announced updates to its crypto advertising policy, allowing crypto trusts to be advertised starting on Jan 29th, and, the hacker behind the 2021 Uranium Finance exploit may have attempted to launder their stolen crypto gains through Magic: The Gathering trading cards.

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

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