Daily Market Update: November 3, 2023

November 3, 2023

BTC is currently trading around $34,700 and ETH around $1,800. Notable gainers in the last 24 hours are TWT, RUNE, and WEMIX. The global crypto market cap is ~$1.34T, down 1.1% over the last day. DeFi Total Value Locked is ~$42b and BTC dominance is around 54%.

There’s a meaningful performance dislocation between crypto and traditional asset classes this morning, with the former down over 1% despite equities and bonds ripping higher on a weaker-than-expected jobs release (i.e., less inflationary pressures so easier for the Fed to keep rates steady or even taper in the meetings ahead). Lower payrolls (150k vs. 180k expected), higher unemployment (3.9% vs 3.8% expected), and lower average hourly earnings (0.2% vs. 0.3% expected) all directionally presented the same picture. Indeed, the market-implied probability of a hike at December’s FOMC fell from ~20% to ~10% in response.

Notable news includes: 12 jurors unanimously found SBF guilty on all seven counts of fraud yesterday evening, and SBF’s sentencing is scheduled for next March; a court dismissed Coin Center’s lawsuit against the US Treasury where the advocacy group claimed sanctioning Tornado Cash violated the First Amendment; the SEC is seeking a summary judgment in its case versus Do Kwon and Terraform Labs; Aragon Association is being dissolved and ~$155m of ETH will be distributed to token holders; FTX’s claim prices are soaring in response to the skyrocketing Anthropic valuation; and, Dune Analytics enabled natural language queries with DuneAI.

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

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