Daily Market Update: Oct 28, 2022

October 28, 2022

BTC is currently trading around $20,500 and ETH around $1,550. Notable gainers in the last 24 hours are OSMO, DOGE, and THETA. The global crypto market cap is ~$1.04T, down ~0.6% over the last day. DeFi Total Value Locked is ~$54b and BTC dominance is around 41%.

All signs pointed to a down day, with equities, bonds, and crypto trending downward in pre-market trading. However, risk assets caught a large bid leading into the US market open, and equities and crypto are now trading well above their pre-market lows. Markets are impressively shaking off less-than-stellar earnings from big tech. Apple was a notable standout, up ~5% after beating on the top and bottom line despite worse-than-expected iPhone numbers. On a less positive note, Amazon followed the challenging path set by Meta and Alphabet, trading down ~11% to its 52-week low on worse-than-expected AWS growth.

Notable news includes: the UAE’s central bank completed its first CBDC transaction; stablecoin issuer Frax Finance unveiled a new ETH staking derivative; Huobi is delisting HUSD and converting client assets to USDT; Google unveiled a cloud-based node service for Ethereum; Telegram launched its marketplace for Telegram handles on the TON blockchain; Revolut customers can now make purchases with their crypto balances; Magic Eden and Rarible joined Twitter’s pilot to embed NFTs in tweets; a group of blockchain VCs signed an MoU to invest $100m into blockchain companies located in Busan to boost its stance as a blockchain hub; Pantera’s early-stage token fund is reportedly down 71% this year; and, Twitter delisted from the NYSE following Elon Musk’s acquisition.

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

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