Daily Market Update: November 10, 2023

November 10, 2023

BTC is currently trading around $37,000 and ETH around $2,100.  Notable gainers in the last 24 hours are KUJI, IMX, and RPL.  The global crypto market cap is $1.45T, down 0.1% over the last day.  DeFi Total Value Locked is ~$47b and BTC dominance is around 53%.

Stocks sold off yesterday after Fed Chair Powell stated that the Fed is “not confident” that monetary policy is sufficiently restrictive to bring inflation down to its 2% goal.  Meanwhile, ETH rose 13% yesterday after BlackRock filed for a spot Ether ETF.  Heightened volatility also caused high liquidations with ~$350m in total over the last 24h.

Notable news includes: the Chinese government released a statement saying that stealing digital items like NFTs will be treated as theft; 48 countries signed a tax transparency agreement to combat crypto-related tax evasion; JPMorgan launched a programmable payments feature for institutional users of its private blockchain platform; MicroStrategy’s unrealized gains on its bitcoin investment now total $1.1b; failed crypto lender Celsius was approved to exit bankruptcy and enact its recovery plan; crypto exchange Poloniex suffered a $100m hack; the former head of legal and compliance for the $4b pyramid scheme OneCoin pled guilty to fraud; and, ETH has been deflationary since Monday after two months of positive net emissions.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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