Daily Market Update: Oct 31, 2022

October 31, 2022

BTC is currently trading around $20,300 and ETH around $1,550. Notable gainers in the last 24 hours are XCN, CHZ, and BNB. The global crypto market cap is ~$1.05T, up ~0.2% over the last day. DeFi Total Value Locked is ~$55b and BTC dominance is around 41%.

Crypto markets are up modestly, and global equities are mixed, with the FTSE and DAX slightly positive while US markets are down. Interest rates are inching higher across developed markets, likely attributed to the hotter-than-expected Eurozone CPI release. The preliminary October CPI release showed the worst monthly reading since the Eurozone’s formation, coming in at 10.7% versus expectations of 10.2%. On the data front, PMIs in the US and UK are coming tomorrow, and nonfarm payrolls will follow on Friday. The week’s headline event is the Fed’s interest rate decision and subsequent press conference on Wednesday. The BoE’s rate decision will follow on Thursday. Fed Funds futures are currently predicting an 87% chance of a 75 bp hike and a 13% chance of a 50 bp hike.

Notable news includes: Costa Rica proposed a bill to regulate crypto; Thailand and Hungary announced a partnership to jointly explore blockchain technology; El Salvador and Lugano signed an agreement to spread bitcoin adoption; Cosmos will vote on its newly proposed security model for the network’s hub next week; the HUSD stablecoin depegged to a low of ~$0.28; Matter Labs released the first phase of its zkSync 2.0 mainnet; Polkadot’s privacy project Manta Network plans for crypto’s third largest trusted setup ceremony; THORChain’s network resumed following a 20-hour halt; Bitcoin miner Argo plunged ~40% after its capital raise was called off; B2C2 added electronic options trading to its OTC desk; and, Blockchain.com seeks a new funding round at a $4b valuation, 70% lower than its previous round.

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

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