Daily Market Update: Nov 17, 2022

November 17, 2022

BTC is currently trading around $16,500 and ETH around $1,200.  Notable gainers in the last 24 hours are APT, TWT, and XCN.  The global crypto market cap is $858B, down 1.6% over the last day.  DeFi Total Value Locked is ~$43b and BTC dominance is around 41%.

Global equity markets and cryptocurrencies are down modestly, while rates are higher.  Much of the focus remains on the fallout from FTX’s collapse, with news including: Bahamian liquidators rejected the validity of FTX’s US bankruptcy filing; SBF stated that he regrets filing for bankruptcy; Singapore’s sovereign wealth fund Temasek wrote down its $275m investment in FTX and FTX US to zero; The US House Financial Services Committee will hold a hearing on FTX in December and is seeking testimony from SBF; Binance’s role in the FTX collapse has come under US congressional scrutiny; the FTX exploiter has swapped ~10,000 BNB into ETH and BUSD; and, The Financial Stability Board called for a consistent global crypto regulatory framework in the wake of FTX’s demise.

Other notable news includes: El Salvador revealed plans to start buying one bitcoin every day; The Australian Securities Exchange abandoned its long-in-the-making blockchain-powered settlement and clearing system; Tether announced it has no exposure to Genesis or Gemini Earn; Circle announced exposure of ~$10m to FTX-related equity investments; crypto exchange OKX announced a $100m market recovery fund; Binance US will reportedly bid for bankrupt crypto lender Voyager; Gemini quickly restored service after the crypto exchange went down, while Nansen reported that Gemini suffered $485m of outflows over 24 hours due to contagion fears; Matter Labs raised a $200m Series C funding round to support the launch of its zkSync V2 rollup; Sony is looking to patent blockchain and NFT technology for usage in games; Elon Musk stated that he will likely find a different executive to run Twitter; and, Republicans secured a US House majority, splitting Congress with the Democrats.

Nov-17-2022

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

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