Daily Market Update: Nov 30, 2022

November 30, 2022

BTC is currently trading around $16,800 and ETH around $1,250. Notable gainers in the last 24 hours are FTM, RPL, and GMX. The global crypto market cap is ~$887B, up ~1.6% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 40%.

Risk markets are moving modestly higher, with global equities and crypto gaining. Eurozone inflation fell to 10%, its first decrease in nearly 18 months. However, the drop was partly attributed to volatile energy prices, and ECB President Lagarde expressed skepticism that inflation has peaked. Attention will shift to a speech from Jay Powell at 1:30 pm as investors try to determine if the FOMC will hike by 50 or 75 bps in December.

Notable news includes: Brazil’s long-awaited crypto bill is expected to finally reach the president’s desk; a South Korean University revealed plans to roll out blockchain-powered ID cards; a Tech Council of Australia report claimed a strong regulatory framework for digital assets could add ~$40b to the country’s GDP; Genesis creditors have organized in a bid to forestall a bankruptcy filing; FTSE Russell launched eight new digital asset indexes; crypto exchange Bitso cut headcount in its second round of layoffs; crypto exchange CrossTower acquired crypto prime brokerage provider BEQUANT; BlockFi sued SBF over Robinhood shares pledged to the crypto lending firm; Solana’s largest wallet provider Phantom revealed its intent to expand to Ethereum and Polygon; Aptos Labs partnered with MoonPay via an integration with its Petra wallet; Starlight debuted credits cards aimed at simplifying expense payments for crypto businesses; perpetuals-focused DeFi protocol GMX surpassed Uniswap in daily fees; OpenSea launched on BNB Chain; Animoca is reportedly planning a $2b metaverse investment fund; a16z led a $15m round in Roboto Games; and, SBF was reportedly a top donor to Republican politicians as well, a fact he intentionally kept hidden.