Daily Market Update: November 29, 2023

November 29, 2023

BTC is currently trading around $37,700 and ETH around $2,050. Notable gainers in the last 24 hours are IOTA, LUNC, and STX. The global crypto market cap is ~$1.48T, up 0.9% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 53%.

Bullish sentiment continues as US Q3 GDP was revised ~30 bps higher to an annual rate of 5.2%. Equities, crypto, and bonds are rallying in unison, and the US 10Y yield has dipped below 4.3% despite touching ~5.0% just 40 days ago.

Notable news includes: DCG and Genesis reached a repayment plan to settle their lawsuit; a judge signed off on a $1.65b settlement between Voyager and the FTC; troubled crypto exchange Zipmex proposed paying creditors 3.35 cents on the dollar in its latest restructuring plan; the SEC delayed Franklin and Hashdex’s Bitcoin ETF applications, and many are speculating the delay came early so each outstanding application would fall outside of the SEC’s comment window heading into the final Jan 10 decision deadline; StakeWise v3 went live on mainnet; Chainlink re-opened staking to more users with its v0.2 release; dYdX kicked off its trading rewards program on the new dYdX Chain; and, legendary investor and Berkshire Hathaway vice chairman Charlie Munger passed away yesterday at 99 years of age.

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

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