Daily Market Update: Jan 18, 2023

January 18, 2023

BTC is currently trading around $21,500 and ETH around $1,600. Notable gainers in the last 24 hours are SHIB, ENJ, and HBAR. The global crypto market cap is ~$1.04T, up ~0.4% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 43%.

Crypto and global equities are modestly higher this morning following a U.S. PPI release that came in much lower than expected, a positive sign indicating decreased inflationary pressure. U.S. Treasury yields resultantly fell across the curve. U.K. and Eurozone CPI also came in lower than last month, albeit in line with expectations. On the monetary policy front, the BoJ defied market speculation and committed to its yield curve control policy. The yen weakened and JGBs rallied as the market readjusted its expectations for bond yields to rise. Many investors still believe the BoJ will be forced to deviate from its ultra-loose policy, but a common view is that it will wait until after Governor Kuroda’s transition in April.  

Notable news includes: nearly 50% of the SEC’s enforcement actions in 2022 were against ICOs; the Japanese tax authority signaled its intent to tax NFT sales and crypto gaming profits; FTX defended its move to appoint law firm Sullivan & Cromwell despite DoJ objections; $90m in FTX US assets were moved via ‘unauthorized transfers’ after bankruptcy; DCG suspended its dividend payments; Polygon completed its hard fork upgrade to decrease gas fees; DeSo DEX shipped the world’s fasted on-chain order book; Masa Finance launched a soulbound token identity protocol; crypto exchange OKX introduced copy trading to its global user base; Bitcoin miner GRIID’s SPAC was delayed for a third time as its no longer expected to meet the NYSE’s listing requirements; Bit Mining jumped ~51% after launching new Litecoin and Dogecoin ASIC mining rigs; GBTC’s discount has narrowed from ~50% to ~40%; Ethereum distributed validator technology provider Obol Labs raised $12.5m in a round co-led by Pantera and Archetype; TaxBit acquired rival crypto accounting platform Tactic; and, the ETH stolen from Lazarus Group’s hack of the Harmony Bridge is on the move. 

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

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