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Daily Market Update: Nov 18, 2022

November 18, 2022

BTC is currently trading around $16,700 and ETH around $1,200. Notable gainers in the last 24 hours are CHZ, ALGO, and STX. The global crypto market cap is ~$871B, up ~1.8% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 41%.

Risk assets are moving higher while bonds are down modestly. Overall it’s a quiet day for data releases and new market information.

Notable news includes: FINRA is evaluating retail crypto marketing communications issued in Q3; the Bahamian securities regulator now says it seized all of FTX Digital Markets’ assets on November 12th; the new FTX CEO cited that Alameda was secretly exempt from certain aspects of FTX’s auto-liquidation protocol; the former Enron liquidator now working on FTX noted he’s never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information”; Starkware launched its token on Ethereum but it’s not yet tradable; Jump Crypto denied rumors that it will shutdown; Sui Network launched its testnet; GBTC shares have fallen to a record ~43% discount as investors are concerned about challenges at sister-company Genesis; Solana NFT protocol Metaplex announced layoffs; 3LAU debuted his music NFT marketplace Royal; Arkon Energy raised $28m to further its expansion into Bitcoin mining; and, Twitter closed offices as a flow of resignations followed Elon’s ultimatum. 

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

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