Daily Market Update: Oct 18, 2022

October 18, 2022

BTC is currently trading around $19,600 and ETH around $1,350. Notable gainers in the last 24 hours are FXS, LDO, and EVMOS. The global crypto market cap is ~$977B, up ~0.5% over the last day. DeFi Total Value Locked is ~$70b and BTC dominance is around 42%.

Markets are extending yesterday’s strong upward move, with equities, bonds, and crypto all moving higher. Equity performance stands out, with most markets up 1% to 2.5%. The move appears to be a bear market rally on minimal new information while earnings season continues to be in focus.

Notable news includes: the SEC and CFTC launched a probe into Three Arrows Capital; Interpol reportedly created a dedicated crypto crimes unit; Ethereum launched a new testnet to begin work on its Shanghai upgrade; L2 scaling solution zkSync integrated validity proofs into its testnet ahead of its Oct 28th mainnet launch; Ripple is testing a new EVM-compatible XRP ledger sidechain; Frax Finance revealed it would release a liquid staking protocol on Ethereum in two weeks; Binance announced the upcoming launch of its cloud mining business next month; crypto VC fund Paradigm filed for permission to join the Ooki DAO case, arguing that it should be required for individual DAO members to be identified; and, Rarible launched an NFT aggregator.

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

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