Daily Market Update: November 30, 2023

November 30, 2023

BTC is currently trading around $37,600 and ETH around $2,050. Notable gainers in the last 24 hours are INJ, THETA, and WEMIX. The global crypto market cap is ~$1.48T, down 0.3% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 53%.

Equities are mixed, while bonds and crypto are slightly down. Inflation data continued to cool with Eurozone CPI and US Core PCE both lower than the month before, although only the Eurozone print was better than expected (2.4% vs. 2.7% expected) while the decline in Core PCE was in line with consensus at 3.5%. The moderate release had little sway on markets and the Fed is still overwhelmingly expected to remain on pause in December.

Notable news includes: Deputy Treasury Secretary Wally Adeyemo has campaigned Congress for additional powers to extend the Treasury’s crypto reach overseas beyond its existing enforcement and sanctions abilities; FTX received approval to sell ~$873m of assets to repay creditors, with the overwhelming majority being GBTC followed by ETHE and BITW; Sei revealed plans to add EVM support in its v2 upgrade next year; Celo’s primary developer laid out a framework for selecting which layer-2 tech stack it’ll rely upon by mid-January; Binance will cease support for its BUSD stablecoin on December 15th; Wormhole raised $225m at a $2.5b valuation; and, the KyberSwap hacker demanded complete control over the Kyber company in an onchain message.

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

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