Daily Market Update: Jan 11, 2023

January 11, 2023

BTC is currently trading around $17,400 and ETH around $1,350. Notable gainers in the last 24 hours are FLR, MINA, and XRP. The global crypto market cap is ~$890B, up ~0.5% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 41%.

Risk assets are continuing their recent winning streak, but gains are modest so far this morning. It’s a slow day without many prominent data releases heading into tomorrow’s highly anticipated U.S. CPI release. Powell’s speech from yesterday did not provide meaningful new information, but it primarily reiterated that the Fed might need to make unpopular decisions in the short term to tame inflation, emphasizing the importance of the Fed’s political independence in achieving long-term price stability goals. 

Notable news includes: Hong Kong will reportedly approve a set of crypto tokens for retail trading; France’s financial regulator announced support for mandatory crypto licensing; the former Komainu president Orser was named as the CEO of Dubai’s crypto regulator; the Thai securities regulator is investigating Zipmex’s Earn program; Binance.US received initial approval to buy Voyager’s assets for $1b; Gemini’s founders called for DCG’s board to replace its founder and CEO Barry Silbert in an open letter; Barry Silbert penned a letter of his own to DCG shareholders providing an FAQ and referring to Gemini’s allegations as ‘publicity stunts’; Gemini formally ended its Earn program; Coinbase will close the majority of its Japan operations following its most recent round of layoffs; ConsenSys announced cuts of roughly 100 staff; Binance bucked the trend and reiterated plans to increase headcount by 15-30% this year; FTX deposits are trading at 13c on the dollar on the Xclaim bankruptcy marketplace; Ondo Finance launched tokenized U.S. Treasury bonds; decentralized social graph Lens Protocol released a new feature allowing creators to provide exclusive token-gated content access; options market maker Group One purchased a ~13.5% stake in MicroStrategy; Bitnodes data indicated the city of Frankfurt hosts the largest number of Bitcoin nodes; Art Blocks’ Friendship Bracelet NFT collection took over the top spot on OpenSea; Cointelegraph launched an accelerator program for web3 startups; and, a U.S. court ordered a ten-month sentence to the brother of a former Coinbase employee for front-running token listings. 

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

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