Daily Market Update: Oct 12, 2022

October 12, 2022

BTC is currently trading around $19,100 and ETH around $1,300. Notable gainers in the last 24 hours are HT, AMP, and LUNA. The global crypto market cap is ~$960B, down ~0.4% over the last day. DeFi Total Value Locked is ~$70b and BTC dominance is around 41%.

Equities are up slightly despite worse-than-expected producer price data indicating inflationary challenges remain. U.S. CPI data will follow tomorrow morning. Long-dated Gilts sold off meaningfully as BoE Governor Bailey reiterated that bond purchases would end on Friday. Officials from the BoE, ECB, and Fed are on the docket to speak today, and the FOMC minutes come out at 2 pm EST. As earnings season kicks off, investors will look for economic look-throughs in management comments and guidance.

Notable news includes: the OECD published a global framework for crypto tax reporting; the Financial Stability Board opened its proposed crypto regulatory framework for public comment; Ethereum’s weekly supply growth turned deflationary; Gemini expanded into Europe; JPMorgan and Visa are partnering on blockchain-based cross-border payments; BNB Chain executed a hard fork to secure the network following its hack; Grayscale filed its opening legal brief challenging the SEC’s decision to deny its GBTC ETF conversion; OpenSea expanded to Avalanche; and, Damien Hirst live streamed the burning of ~$10m in physical art for his NFT project that allowed buyers to choose between a digital or physical copy of his work.

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

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