Daily Market Update: Nov 1, 2022

November 1, 2022

BTC is currently trading around $20,400 and ETH around $1,550. Notable gainers in the last 24 hours are XCN, DOGE, and UNI. The global crypto market cap is ~$1.05T, down ~0.9% over the last day. DeFi Total Value Locked is ~$55b and BTC dominance is around 41%.

Markets are rallying broadly since yesterday’s US close. Stocks, crypto, and bonds are all moving higher into the Fed’s critical interest rate decision tomorrow afternoon. Markets widely expect the Fed to hike by 75 bps, but investors appear optimistic that the Fed may ease back on hawkish rhetoric given the substantial rally in risk assets leading into the meeting. Strong pre-market earnings releases from Uber and Pfizer are helping to boost sentiment.

Notable news includes: the Reserve Bank of India is launching its digital rupee pilot today; the Monetary Authority of Singapore completed the first phase of its CBDC project; Hong Kong set guidance to launch ETFs tied to cryptocurrency futures; Coinbase filed an amicus brief on behalf of Ripple in its lawsuit versus the SEC; Huobi denied reports of large-scale layoffs and executive resignations; Apollo has chosen Anchorage to custody its client’s crypto assets; crypto project Chain inked a sponsorship deal with the Miami Heat; Bitcoin miner Argo may need to scale back or cut operations after its previously announced financing fell through; free-to-mint NFT project Art Gobblers from Justin Roiland and Paradigm has risen to a ~14 ETH floor and traded volume north of 7000 ETH in less than 24 hours; GameStop expanded its NFT marketplace to ImmutableX; a report indicated more than 95% of tokens launched on Uniswap are scams; and, an Elon Musk Doge-themed Halloween tweet extended Dogecoin’s rally.

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

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