Daily Market Update: Jan 30, 2023

January 30, 2023

BTC is currently trading around $23,300 and ETH around $1,600. Notable gainers in the last 24 hours are MINA, FLR, and DASH. The global crypto market cap is ~$1.09T, down ~1.2% over the last day. DeFi Total Value Locked is ~$48b and BTC dominance is around 45%.

Risk assets are down slightly as we enter a hectic week of inflation releases, policy decisions, and earnings reports. Germany and the broader Eurozone will release inflation numbers on Tuesday and Wednesday, and interest rate policy decisions from the Fed, BoE, and ECB will follow on Wednesday and Thursday. Expectations are for the Fed to hike by 25 bps while the BoE and ECB raise rates by 50 bps. On Friday, nonfarm payrolls in the U.S. will conclude the week’s prominent data releases. Moving past economic and macro data points, it’s also a massive week for corporate earnings, particularly between Tuesday and Thursday. Apple, Google, Amazon, Meta, and Alibaba are just a few headline reports scheduled this week.

Notable news includes: The NYDFS is reportedly investigating Gemini over FDIC claims; New York State announced a new bill allowing state agencies to opt-in to accepting payments in cryptocurrency; the Fed denied the application of Wyoming’s Custodia Bank for Federal Reserve System membership; the Fed’s denial was accompanied with a policy statement that would prevent state banks from participating in activities that are not permitted by national banks unless explicitly allowed by state legislation; the DoJ filed to cut off SBF’s communication with current and former employees of affiliated firms to avoid potential intimidation or manipulation; Silvergate’s stock price fell after suspending its preferred dividend; crypto tax unicorn CoinTracker cut 20% of its staff; crypto investment products saw $117m of inflows last week, their largest gain since mid-2022; Brevan Howard Digital acquired Dragonfly’s entire liquid strategies team; Bitcoin mining difficulty reached a new all-time high; Core Scientific filed a motion to sell over $6m in Bitmain coupons; Marathon formed a JV with FS Innovation in Abu Dhabi to create and operate mining facilities with an initial 250 MW project; after Bitcoin miner Gryphon terminated its reverse merger with Sphere 3D to go public, it has now revealed plans to merge with publicly traded cannabis company Akerna; the Premier League inked a deal with NFT platform Sorare; Uniswap won the 0xMonaco: Battle of Titans web3 developer gaming competition versus ten other prominent developer teams; Arbitrum-based Vest Exchange raised a seed round from Jane Street; and, hackers breached Azuki’s Twitter account, stealing more than ~$750k in 30 minutes. 

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

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