BTC is currently trading around $18,700 and ETH around $1,250. Notable gainers in the last 24 hours are HT, BSV, and AR. The global crypto market cap is ~$932B, down ~3.2% over the last day. DeFi Total Value Locked is ~$67b and BTC dominance is around 42%.
Global equities and bonds are rallying while crypto has decoupled to the downside. U.K. bonds are the standout mover, with long Gilts moving materially higher alongside the GBP. The Fed’s meeting minutes indicated policymakers had been surprised by the resiliency of inflation and that hikes will continue until progress is made. Fed Funds futures did not move materially on the release, and they continue to price in an ~85% probability of a 75 bp hike at the November meeting. All eyes are on the upcoming U.S. CPI release at 8:30 am EST.
Notable news includes: the FASB announced that companies should use fair-value accounting methods for cryptocurrencies; Aave DAO voted to deploy Aave v3 on Ethereum; Arbitrum parent company Offchain Labs acquired Prysmatic Labs, the company behind Ethereum’s Prysm client implementation; flare gas Bitcoin miner Crusoe acquired competing flare gas miner Great American Mining; Betterment launched four thematic crypto portfolios for retail customers; blockchain venture funding fell for its second consecutive quarter; crypto custodian Copper raised $196m in a Series C round; and, October 2022 has been the biggest month on record for crypto hacks reaching over $700m.
Authors:
Matt Kunke, Junior Strategist | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Telegram, LinkedIn
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