Daily Market Update: Oct 11, 2022

October 11, 2022

BTC is currently trading around $19,100 and ETH around $1,300. Notable gainers in the last 24 hours are USTC, TKX, and HT. The global crypto market cap is ~$960B, down ~1.8% over the last day. DeFi Total Value Locked is ~$71b and BTC dominance is around 41%.

Risk markets are slightly down, while bond yields are rising modestly in most countries. The week is headlined by the release of the FOMC meeting minutes on Wednesday and U.S. CPI on Thursday. Other highlights include U.S. PPI and speeches from monetary policy officials like BoE Governor Bailey and ECB President Lagarde. U.K. markets continue to sit front and center as the BoE tries to offset the impact of new stimulative fiscal plans. The BoE extended its emergency intervention in bond markets as the U.K. government pulled forward its plans to deliver its medium-term fiscal strategy a month earlier than expected. The new strategy will be unveiled on October 31st, just days ahead of the next BoE meeting on November 3rd.

Notable news includes: India will soon begin to test its E-Rupee; Google tapped Coinbase to bring crypto payments to its cloud services; BNY Mellon added cryptocurrency custody services; BNB Chain is back online following its ~$568m exploit; Nethermind announced that its Solidity to Cairo transpiler Warp was used to transition Uniswap v3’s codebase onto StarkNet; the co-founder of Flashbots stepped down over censorship disagreements; Coatue’s crypto lead departed the firm; Celsius accidentally doxxed all of its users; and, PayPal said its policy to financially punish users for misinformation was ‘in error.’

Matt Kunke, Junior Strategist | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TelegramLinkedIn

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