Daily Market Update: November 7, 2023

November 7, 2023

BTC is currently trading around $34,800 and ETH around $1,900.  Notable gainers in the last 24 hours are CRO, CFX, and TON.  The global crypto market cap is $1.37T, down 0.3% over the last day.  DeFi Total Value Locked is ~$44b and BTC dominance is around 53%.

Notable news includes: Dubai’s Virtual Asset Regulatory Authority set a deadline for all crypto-related businesses to get licensed by November 17; Taiwan-based XMXYG issued a digital yuan-denominated bond; crypto investment funds saw $767m of inflows over the last six weeks, the highest amount since 2021; FTX and its debtors asked a US bankruptcy court for permission to sell $744m of Grayscale and Bitwise funds; Kraken is reportedly considering launching a layer 2 solution; Bitcoin transaction fees hit a nearly six month high as a wave of inscriptions increased competition for block space; the Bitcoin Ordinals-linked ORDI token jumped 50% after Binance listed it; Cardano detailed its upcoming partner chains that will enable modular, interoperable blockchains using Cardano for settlement; and, Arbitrum passed a community vote to support staking.

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

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