Daily Market Update: Jan 23, 2023

January 23, 2023

BTC is currently trading around $22,800 and ETH around $1,600. Notable gainers in the last 24 hours are BTSE, AXS, and XEC. The global crypto market cap is ~$1.08T, up ~0.1% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 44%.

It’s a slow start to the week as many Asian markets are closed for the Chinese New Year. Volatility is low, and equities, bonds, and crypto are largely unchanged. Data releases will pick up tomorrow and Wednesday with multiple international PMI and CPI releases, as well as a BoC interest rate decision. Q4 GDP in the U.S. will come on Thursday, with the Fed’s preferred measure of inflation, core PCE, following on Friday ahead of next week’s FOMC meeting. Elsewhere in monetary policy, the ECB has its hands full with three speeches from President Lagarde on the docket this week. Lastly, earnings season is beginning to pick up, with names like Microsoft, Tesla, J&J, and Visa all reporting throughout the week. 

Notable news includes: the SEC charged the Mango Markets exploiter with manipulating the price of “a security”; the Central African Republic formed a committee to draft its crypto bill; Japan is inching closer to reforming its strict corporate crypto tax laws; Signature Bank no longer supports SWIFT transactions of less than $100k for its crypto exchange customers; Bitcoin dominance reached its highest level since July 2022; early voting shows strong support for deploying Uniswap v3 on BNB Chain; Maple Finance recorded a $7m loss at year-end as it moved to close its lending pools on Solana; a new Tornado Cash tool allows users to share that their initial deposit did not come from a list of illicit wallets without publicly revealing their address; private sharding startup Calimero Network raised $8.5m; and, a Bank of America analysis heralded CBDCs as the “most significant technological advancement in the history of money.”

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

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