Daily Market Update: Oct 17, 2022

October 17, 2022

BTC is currently trading around $19,600 and ETH around $1,350. Notable gainers in the last 24 hours are QNT, HT, and SNX. The global crypto market cap is ~$976B, up ~1.9% over the last day. DeFi Total Value Locked is ~$70b and BTC dominance is around 42%.

Markets opened the week positively, with global equities, bonds, and crypto all moving higher. The newly selected U.K. finance minister Jeremy Hunt reversed the controversial tax cuts previously announced by his predecessor. It’s a lighter week from an economic data perspective, and investors will focus on the ramp-up in earnings releases.

Notable news includes: South Korea is expected to use blockchain-based digital IDs as soon as 2024; Binance announced the launch of its first index product that provides equal-weighted exposure to the top 10 coins; Mastercard revealed plans to help financial institutions trade crypto by acting as a bridge to crypto platform Paxos; Flashbots revealed plans to progressively decentralize its block-building process in response to Ethereum censorship concerns; MakerDAO is voting to spin off its real-world finance unit into its own MetaDAO with separated governance; Polkadot reached a new all-time high in development activity; Magic Eden made NFT royalty payments optional; and, the Mango Market’s exploiter doxxed himself and argued that his actions were a ‘legal’ arbitrage.

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

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