Daily Market Update: Jan 25, 2023

January 25, 2023

BTC is currently trading around $22,500 and ETH around $1,550. Notable gainers in the last 24 hours are APT, BTSE, and MINA. The global crypto market cap is ~$1.05T, down ~2.3% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 45%.

It’s a tough morning for risk assets as Microsoft posted slowing top-line growth and signaled that weak corporate demand would continue in the months ahead.  Crypto is down ~2.3%, and global equities are down as much as ~2.2%, with the NASDAQ leading the fall. Tomorrow’s release of U.S. GDP and Friday’s Core PCE will be two key data points heading into a slew of interest decisions from the Fed, BoE, and ECB mid-next week. Corporate earnings will continue to be a key focus in the short term. 

Notable news includes: a United States appeals court is set to hear Grayscale’s oral arguments against the SEC in March; Circle blamed the SEC for its failed SPAC plans; DCG’s crypto exchange Luno laid off ~35% of its staff; Genesis’s creditors launched a class action lawsuit against DCG and Barry Silbert; Celsius hinted at issuing a new token as part of its restructuring plan; Nifty Gateway’s co-founders departed Gemini amidst the exchange’s troubles; Kraken hired Blockchain.com‘s former CCO; Binance reportedly processed ~$346m of BTC trades for Bitzlato; the open interest in CME Bitcoin Futures is near a record high behind increased institutional participation; Aave v3 is expected to launch on Ethereum on Friday, with its GHO stablecoin following in the weeks after; Index Coop introduced a diversified index of Ethereum liquid staking derivatives; Maple Finance unveiled its real-world assets plans to bring trade receivables on chain; Porsche halted its NFT minting following community backlash; Wilshire partnered with FalconX to develop a range of crypto indexes; Blockstream raised $125m in funding for its Bitcoin mining operations; QuickNode raised $60m at a $800m valuation; and, Mythical Games is eyeing a $50m raise.

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

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