Daily Market Update: Oct 7, 2022

October 7, 2022

BTC is currently trading around $19,800 and ETH around $1,350.  Notable gainers in the last 24 hours are GMT, XCN, and XDC.  The global crypto market cap is $1.00T, down 1.3% over the last day.  DeFi Total Value Locked is ~$72b and BTC dominance is around 42%.

Global equity markets are slightly down and interest rates higher after this morning’s US employment report.  Job growth slowed in September, with the increase in nonfarm payrolls slightly missing expectations, while the unemployment rate fell 0.2% percentage points to 3.5%.

Other notable news includes: Binance Smart Chain was halted after a reported $100m exploit; Binance received a license to operate in Kazakhstan; Coinbase expanded to Australia; The EU banned the provision of crypto services to Russians; South Korea has invalidated Terra co-founder Do Kwon’s passport; Colorado will accept crypto for tax payments; Bored Apes creator Yuga Labs unveiled a new community council to help shape future initiatives; and, Three Arrows’ Ethereum NFTs are set to be liquidated as part of the firm’s bankruptcy proceedings.

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

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