Daily Market Update: October 10, 2023

October 10, 2023

BTC is currently trading around $27,400 and ETH around $1,600.  Notable gainers in the last 24 hours are XTZKLAY, and RUNE.  The global crypto market cap is $1.11T, down 0.6% over the last day.  DeFi Total Value Locked is ~$38b and BTC dominance is around 51%.

Notable news includes: Brazil’s security regulator unveiled plans for a tokenization sandbox next year; the Reserve Bank of Zimbabwe introduced a gold-backed digital payments token; Cyprus revealed it will soon impose large penalties for unregistered crypto companies; Israel located and froze cryptocurrency accounts belonging to Hamas; CCP-owned China Daily newspaper revealed plans to launch a metaverse and NFT platform; Bitstamp revealed that it is in talks to assist three prominent European banks in launching crypto services; Bitcoin developer Robin Linus proposed BitVM, a new approach for arbitrary computation on Bitcoin without requiring a soft fork; ASIC rig manufacturer Bitmain suspended employee salaries due to financial trouble; global venture capital investment into the cryptocurrency sector hit the lowest level since 2020; Ripple’s CFO left the company; BlockNative cut its workforce by a third after stopping its MEV-Boost Relay service; the FTX exploiter swapped millions of dollars of ETH for BTC; Trader Joe’s grocery store chain sued the DEX for using the same name; and, a $20m loan on Goldfinch backed by real world assets is likely to go bad.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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