Daily Market Update: Jan 12, 2023

January 12, 2023

BTC is currently trading around $18,200 and ETH around $1,400. Notable gainers in the last 24 hours are AVAX, NEAR, and RPL. The global crypto market cap is ~$920B, up ~3.2% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 42%.

Risk assets continue to extend recent gains with crypto markets leading the charge forward. Risk assets dipped briefly on the 8:30 am CPI release before quickly bouncing back to pre-release levels. The report showed that headline inflation continued to slow down in line with forecasts, coming in at 6.5% year-over-year versus 7.1% in November. While also in line with consensus, some raised concerns about the uptick in core CPI due to a continued rise in shelter costs.   

Notable news includes: Genesis reportedly owes creditors over $3b and its parent company DCG is considering offloading some venture assets worth around $500m to raise capital; the Justice Department is probing the Saber Labs founders that used multiple fake identities to spoof Solana developer activity; the CFTC called for a default judgment in its case against Ooki DAO; Grayscale’s chief legal officer noted that he does not believe recent events will impact its case against the SEC; Silvergate received a $4.3b federal loan after FTX’s collapse to ward off a bank run; filings show that BlockFi executives saw $800m of equity wiped out due to FTX’s collapse; Nexo’s Bulgaria office was raided by police; Avalanche launched subnets as a service via AWS; ConsenSys opened its zkEVM testnet to whitelisted users; Huobi delisted 33 tokens in one day citing low volume; Robinhood delisted Bitcoin SV; the number of staked ETH passed 16m; StarkWare debuted a new open-source StarkNet client Papyrus; Abu Dhabi-based Venom Foundation and Iceberg Capital partnered to launch a $1b web3 fund; Samsung’s investment arm revealed plans to launch a Bitcoin Futures ETF; South Korean software giant AhnLab unveiled its crypto wallet; Yuga Labs announce an expansion to its NFT ecosystem with a free mint and a new skill-based game; and, IPFS released a browser extension to archive tweets.

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

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