Daily Market Update: Nov 21, 2022

November 21, 2022

BTC is currently trading around $16,200 and ETH around $1,150. Notable gainers in the last 24 hours are HT, XEM, and TWT. The global crypto market cap is ~$836B, down ~2.8% over the last day. DeFi Total Value Locked is ~$43b and BTC dominance is around 41%.

Risk markets are down modestly, with Chinese markets leading the move lower as a rumored loosening of its Covid policy was dispelled by school suspensions and lockdowns. Several data releases will come on Wednesday, including U.K. and Germany PMIs, as well as jobless claims, new building permits, and oil inventories in the U.S. Minutes from the Fed and ECB’s latest meetings will come on Wednesday and Thursday, respectively. Lastly, it’s a short week in the U.S., with Thanksgiving on Thursday and an early market close on Friday.   

Notable news includes: a lead MiCA negotiator argued that government should not over-regulate crypto after the FTX scandal; India’s central bank is on track to launch its retail CBDC pilot next month; FTX owes more than $3b to its 50 largest creditors; FTX Japan is reportedly planning to allow withdrawals by year-end; frozen crypto exchange AAX announced it would close out customer derivatives positions during system maintenance with a ‘chance’ of a return to normal if external capital is raised; Celsius customers have until January to file claims in the bankruptcy proceedings; Bitcoin lender and custodian Unchained Capital revealed it will reduce staff by ~15%; the largest publicly traded hedge fund, Man Group, announced it would soon launch a crypto hedge fund; the GBTC discount continues to widen and is approaching ~50%; NFT marketplace X2Y2 will now enforce creator royalties following community pushback; hedge fund investor Bill Ackman revealed that he is no longer a crypto skeptic, commenting on some of his personal investments in a Twitter thread; and, former President Trump was reinstated on Twitter after Elon Musk put the question to a poll. 

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

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