Daily Market Update: Jan 27, 2023

January 27, 2023

BTC is currently trading around $22,900 and ETH around $1,600. Notable gainers in the last 24 hours are BTSE, ENS, and LEO. The global crypto market cap is ~$1.08T, down ~1.1% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 44%.

Risk assets are down slightly, with minimal new information moving markets this morning. Core PCE, which is the Fed’s preferred measure of inflation, eased slightly on a yearly basis but it increased on a monthly basis relative to November. Both results were in line with consensus expectations, and the release had little impact on asset prices.

Notable news includes: Amazon is reportedly planning a new NFT gaming initiative and already has over a dozen partners lined up; ex-UK Chancellor Hammond joined crypto custodian Copper as its newest chairman; The International Swaps and Derivatives Association (ISDA) released standard definitions for digital asset derivatives; Bybit launched unified trading accounts facilitating the trading of spot, perps, and options in a single account; Binance and Galaxy Digital were reportedly two secret bidders for Celsius’s assets; Moody’s is reportedly building a scoring system for stablecoins; Matrixport cut 10% of its staff; Solana unveiled the App Store for its Saga phone; Aave V3 deployed on Ethereum; Solana-based DeFi yield platform Friktion shut down its front end; Floki Inu soared ~14% after the DAO proposed a ~$55m token burn; Argo Blockchain was hit with a class action lawsuit over alleged IPO misinformation; Hut 8 is suing its energy provider; NFTs accounted for ~28% of Ethereum’s gas usage so far in January; the SEC denied ARK & 21Shares’s Bitcoin ETF filing again; Tesla announced its still holding all of its bitcoin; and, the FBI infiltrated the Hive ransomware group and blocked over $130m in crypto ransom payments.

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

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