Daily Market Update: November 8, 2023

November 8, 2023

BTC is currently trading around $35,400 and ETH around $1,900.  Notable gainers in the last 24 hours are WEMIX, SUI, and KAS.  The global crypto market cap is $1.39T, up 1.6% over the last day.  DeFi Total Value Locked is ~$44b and BTC dominance is around 53%.

Notable news includes: The European Banking Authority released draft liquidity and capital rules for stablecoins; the Biden administration is urging Congress to grant new regulatory powers to crack down on the illicit use of crypto; the US Consumer Finance Protection Bureau proposed a rule that would allow it to supervise some crypto transactions; a report revealed that half of CFTC enforcement cases in the last year involved digital assets; Ripple partnered with fintech Onafriq for cross-border payments between Africa and the rest of the world; Japanese bank Mitsubishi UFJ announced a partnership with crypto exchange Bitbank to develop a new stablecoin offering; USDC issuer Circle is reportedly weighing an IPO in 2024; trading platform Robinhood revealed plans to launch crypto trading in the EU in the coming weeks; HSBC announced plans to launch digital asset custody services in partnership with Metaco; Binance unveiled a new self-custody wallet; and, =nil; Foundation introduced zkSharding to scale Ethereum throughput.

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

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