BTC is currently trading around $20,400 and ETH around $1,550. Notable gainers in the last 24 hours are LTC, TON, and BAT. The global crypto market cap is ~$1.05T, down ~1.4% over the last day. DeFi Total Value Locked is ~$54b and BTC dominance is around 41%.
Risk markets are down modestly heading into the Fed’s interest rate decision this afternoon. Markets widely expect a 75 bp hike, so absent a low probability deviation from consensus, investors will predominantly focus on gaining insights into the Fed’s plan for the December meeting. Currently, markets are pricing in virtually even probabilities of 50 and 75 bp hikes in December, so any clues impacting expectations here will be important. Monetary policy remains in focus for the rest of the week, with a BoE interest rate decision tomorrow and speeches from ECB President Lagarde tomorrow and Friday. On the data front, ADP nonfarm employment change data came in hotter-than-expected this morning, growing ~239k jobs and beating expectations by ~44k. Official nonfarm payrolls data will follow on Friday.
Notable news includes: South African grocery giant ‘Pick n Pay’ revealed plans to accept bitcoin; China’s giving away $2.75m digital yuan in Fuzhou to boost adoption; stablecoin issuers Circle and Paxos gained approval in Singapore; Galaxy, BitMEX, and DCG announced layoffs ranging from ~10% to ~30% of headcount; Huobi is allegedly mulling a move to the Caribbean; derivative exchange Deribit’s hot wallet was hacked for $28m, but no customer funds are at risk; L2 solution Boba Network integrated with BNB Chain; zkSync added support for Java, Python, and Go coding languages; Bitcoin miner Stronghold completed its debt restructuring; competing miner CleanSpark scooped up thousands of new rigs amid distressed markets; Bitwise announced plans to launch actively managed crypto funds; CoinFund is looking to raise an additional $250m across three of its private investment vehicles; and, a survey indicated that ~38% of US voters would consider a candidate’s crypto positions in midterm elections.
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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