Daily Market Update: Nov 23, 2022

November 23, 2022

BTC is currently trading around $16,500 and ETH around $1,150. Notable gainers in the last 24 hours are DASH, LTC, and KLAY. The global crypto market cap is ~$858B, up ~3.2% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 41%.

Traditional markets are little changed while crypto is moving higher. PMIs beat expectations in Germany and the U.K., and U.S. orders of core durable goods beat as well. Investors will scour this afternoon’s release of the latest Fed meeting minutes, looking for new information on the trajectory of monetary policy. Looking to the December FOMC meeting, Fed funds futures are currently pricing in a 75% chance of a 50 bp hike and a 25% chance of a 75bp hike.

Notable news includes: New York signed a two-year moratorium on Bitcoin mining into law, temporarily halting the issuance of new mining permits to operators using carbon-based fuels; President Biden and other G20 leaders called for a new international crypto regulatory regime; WisdomTree Securities received a broker-dealer authorization from FINRA enabling the transaction execution in blockchain-enabled funds; the NY AG recommended that Congress prohibit crypto investments in retirement accounts; the Bank of Japan revealed plans to partner with the country’s banks on a CBDC; Hong Kong and Mainland China are co-launching the digital yuan’s first cross-border pilot; El Salvador introduced a bill to raise $1b to construct ‘Bitcoin city’; Digital Currency Group revealed it has $2b worth of loans, ~$1.1b of which is not due for another decade but the financial picture among DCG, Genesis, and Grayscale remains murky; FTX liquidators in the Bahamas agreed to transfer the bankruptcy case to Delaware; Curve unveiled the white paper for its new crvUSD stablecoin, employing a novel lending-liquidating AMM to protect borrowers whose collateral drops below the liquidation price; Flashbots deployed a new MEV-Boost feature allowing validators to ignore some percentage of the least profitable MEV blocks in favor of locally built blocks, helping to boost censorship resistance while ‘normally’ opting into MEV harvesting; toy juggernaut Mattel announced the debut of its NFT marketplace built on Flow blockchain; Magic Eden expanded to Polygon; Vincent Van Dough launched a new NFT gallery; crypto custodian Aegis Trust began offering a $25m insurance policy for NFTs; Apollo and Hamilton Lane are launching on-chain investment vehicles powered by Figure’s technology; and, the founder of Fenbushi Capital, Bo Shen, said his private crypto wallet was hacked for $42m. 

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

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