Daily Market Update: November 6, 2023

November 6, 2023

BTC is currently trading around $35,000 and ETH around $1,900.  Notable gainers in the last 24 hours are TWT, WEMIX, and INJ.  The global crypto market cap is $1.38T, up 0.4% over the last day.  DeFi Total Value Locked is ~$44b and BTC dominance is around 53%.

Markets are little changed ahead of a light week for economic data.  Investors will be watching EU retail sales and several speeches by monetary policy officials including one by Fed Chair Powell on Wednesday.

Notable news includes: Hong Kong issued requirements for tokenized investment products and is also reportedly weighing the launch of a spot crypto ETF; the UK published discussion papers related to fiat-backed stablecoin regulation; Ripple received approval of XRP for use within the Dubai International Financial Centre; crypto custody firms BitGo and Copper announced they will combine their off-exchange settlement networks; Germany’s DZ Bank unveiled a blockchain-based digital custody platform for institutional investors; NFT marketplace OpenSea laid off 50% of its staff; Yuga Labs and Magic Eden revealed plans to launch an Ethereum NFT marketplace that will ensure creator royalties are paid; the trial of the accused Mango Markets exploiter Avraham Eisenberg was delayed until April 2024; and, an NFT trading card of NBA rookie Victor Wembanyama sold for over $110,000.

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

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