Daily Market Update: Nov 4, 2022

November 4, 2022

BTC is currently trading around $20,800 and ETH around $1,600. Notable gainers in the last 24 hours are LRC, OKB, and MATIC. The global crypto market cap is ~$1.09T, up ~4.3% over the last day. DeFi Total Value Locked is ~$54b and BTC dominance is around 40%.

Markets are resuming the risk-on move, with equities and crypto rallying following the brief selloff catalyzed by Fed Chair Powell’s hawkish comments on Wednesday afternoon. Nonfarm payrolls came in ~61k jobs tighter than expected, corroborating the trend from the ADP numbers on Wednesday. The continued strength of the labor market is likely to reaffirm the Fed’s hawkish path laid out this week.

Notable news includes: the EU’s MiCA regulation vote is expected to be deferred until February 2023; the IRS is preparing for an increase in crypto cases this coming tax season; Canada revealed it would examine crypto, stablecoins, and CBDCs in its new mini-budget; Coinbase is rallying on its earning report behind cost-cutting initiatives; Goldman Sachs teamed up with MSCI and Coin Metrics to launch a new digital assets classification system; UBS launched a digital bond settled on the blockchain and traditional exchanges; a misconfiguration of the pNetwork bridge required developers to quickly drain pgala tokens from the PancakeSwap pool in a whitehat hack to secure the funds and redeploy a patched contract; dYdX introduced a proposal for autonomous subDAO-based infrastructure; Elrond rebranded to focus on the metaverse; Immunefi launched a scoring system for white hat hackers in web3; the floor price of Art Gobblers dropped 50% after its hot debut; Immutable unveiled a tool to enforce NFT royalties on Ethereum; Meta unveiled a new product allowing creators to build Instagram NFTs on Polygon; Korean state media alleges Do Kwon fled from Dubai to somewhere in Europe; and, Elon Musk faces a class-action lawsuit over mass Twitter layoffs.

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

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