Daily Market Update: Oct 24, 2022

October 24, 2022

BTC is currently trading around $19,200 and ETH around $1,350. Notable gainers in the last 24 hours are KLAY, TKX, and LDO. The global crypto market cap is ~$962B, up ~0.8% over the last day. DeFi Total Value Locked is ~$69b and BTC dominance is around 42%.

Crypto markets are moving higher, while global equities and bonds are mixed. European equities and certain U.S. markets are up, but riskier sections of the market, like the NASDAQ, are down over 1%. Chinese equities are notably diverging to the downside as President Xi Jinping secured a precedent-setting third term at the helm of the Chinese Communist Party. President Xi Jinping filled the top ranks with loyalists, sparking investor concerns over unconstrained power to implement unfriendly policy. The Hang Seng index realized its worst day since November 2008, falling 6.4%.

Elsewhere, U.K. gilts rallied in response to former finance minister Rishi Sunak being named the new PM, replacing Liz Truss as the leader of the Conservative Party. In currency markets, Japan authorities executed their second market intervention in the past month to prop up the weakening yen. Officials spent an estimated $30b Friday afternoon as USDJPY nearly reached 152¥, sparking a sharp reversal to around 146¥ before moving higher. The success of such interventions remains to be seen as Japanese interest rate differentials continue to grow versus other major economies as the BoJ stands firm with its negative interest rate policy. Lastly, it’s a big week for corporate earnings with Apple, Google, Amazon, Microsoft, and many others reporting this week.

Notable news includes: a proposal prepared for the European Union recommending a suite of light-touch regulations for DeFi received industry praises; Gate.io‘s official Twitter was hacked and posted a fraudulent USDT giveaway; zkSync said it will unveil token details in early November; Aptos surged more than 30% following a wave of liquidations; crypto lender Vauld seeks another four months of protection from creditors; Bitcoin miner Core Scientific raised its hosting rates again; Azuki’s ‘Proof of Skate’ NFT auction raised $2.5m for NFT-backed skateboards; Twitter expanded its Tweet Tiles pilot partnership with top NFT platforms to display larger NFT pictures alongside metadata directly in tweets; and, a white hat hacker returned $300k from an OlympusDAO exploit.

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

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