Daily Market Update: Jan 10, 2023

January 10, 2023

BTC is currently trading around $17,200 and ETH around $1,350. Notable gainers in the last 24 hours are APT, CHZ, and APE. The global crypto market cap is ~$886B, down ~0.1% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 41%.

Global equities are reversing recent gains as investors exhibit caution heading into a 9 am speech by Fed Chair Powell at an event hosted by Sweden’s central bank. The speech follows hawkish comments made yesterday by Raphael Bostic and Mary Daly, the regional Fed presidents in Atlanta and San Francisco. Bostic expressed his view that rates should rise above 5% by early 2Q and be held there for “a long time.” Markets are pricing in a ~76% chance of a 25 bp hike and a ~24% chance of a 50 bp hike at the next FOMC meeting on February 1st. 

Notable news includes: Nepal ordered internet service providers to block crypto-related websites; Nigeria revealed plans to create a legal framework for stablecoins and ICOs; a U.K. minister declared that the digital pound would not track retail transactions; FTX’s former lead engineer is reportedly in talks with federal prosecutors and looking for a plea deal; the scope of the FTX investigation is reportedly so broad that it could exhaust the resources of the SDNY; both the SEC and CFTC are investigating Avi Eisenberg, the individual behind the exploit of Mango Markets; Coinbase announced it will cut another ~20% of its workforce; South Korean crypto exchange Bithumb is the subject of a ‘special’ tax investigation; Binance saw more than $12b in withdraws over the last 60 days; Curve’s 3pool liquidity is down ~90% year-over-year to $600m; liquid staking tokens have surged an average of more than 40% over the last week; Flare launched its layer 1 oracle network; Yearn launched a permissionless vault factory; Osprey Funds reportedly laid off the majority of its staff and is now operating with less than ten employees; and, Microsoft is reportedly planning to invest $10b in the creator of the ChatGPT AI tool. 

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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