Daily Market Update: November 22, 2023

November 22, 2023

BTC is currently trading around $36,500 and ETH around $2,050.  Notable gainers in the last 24 hours are PYTH, BLUR, and ETHDYDX.  The global crypto market cap is $1.45T, down 0.7% over the last day.  DeFi Total Value Locked is ~$46b and BTC dominance is around 53%.

The total crypto market cap is down 0.7% and BNB is down 9% after Binance settled with the US Department of Justice and admitted to anti-money laundering, unlicensed money transmitting, and sanctions violations.  Binance also reached agreements with the CFTC, FinCEN, and OFAC.  Under the terms of the agreement, Binance will pay $4.3b in penalties and forfeiture, completely exit the US, and retain an independent compliance monitor for three years.  Further, CZ, who also pled guilty to violating the Bank Secrecy Act and will be sentenced in February, stepped down from his role as CEO and is prohibited from having any involvement in Binance for three years.  Richard Teng, Binance’s regional markets head and former Abu Dhabi regulator, will now lead the exchange.

Elsewhere, the US 10 Year Treasury fell below 4.4% for the first time in two months despite yesterday’s FOMC minutes indicating that policy will remain “restrictive” until inflation convincingly moves towards the Fed’s 2% goal.

Other notable news includes: the Mt Gox trustee plans to start repaying some creditors in cash soon; Sam Altman returned to OpenAI as CEO amidst changes to its board of directors; the SEC met with Grayscale on Monday to discuss its application to convert GBTC into a spot ETF; Belgium plans to accelerate the development of European blockchain infrastructure during its presidency of the EU Council next year; Circle released new guidelines for EVM-compatible chains to use bridged USDC with the option of upgrading to native issuance in the future; Blast, a controversial, yet-to-be-developed L2 offering native staking yield has attracted over $117m in deposits; and, HTX and the Heco bridge suffered a $100m+ attack.

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

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