Daily Market Update: October 20, 2023

October 20, 2023

BTC is currently trading around $29,700 and ETH around $1,600. Notable gainers in the last 24 hours are BSV, STX, and MNT. The global crypto market cap is ~$1.16T, up 3.5% over the last day. DeFi Total Value Locked is ~$38b and BTC dominance is around 53%.

Equity markets are down while bond yields slipped lower after the 10Y yield breached 5% yesterday, marking a sixteen-year record high. Fed Chair Powell signaled yesterday that rates hikes would remain paused at the upcoming November meeting, but warned that hikes could resume should economic conditions heat up. Crypto performance has meaningfully diverged to the upside despite the riskoff move in traditional asset classes, and bitcoin dominance rose to its highest level since May 2021.

Notable news includes: The NYAG filed a complaint against Gemini, Genesis, DCG, and Barry Silbert and Michael Moro, for allegedly defrauding investors of more than $1b through the defunct Gemini Earn program; Federal Appeals court will release a final word in the SEC vs. Grayscale case today, but many believe its a procedural step and won’t clarify much; XRP registered its largest gain in three months after the SEC dropped charges against Ripple’s leadership, but some lawyers have posited that this may have been a strategic decision to enable earlier appeals; Polygon proposed the introduction of a new security council controlled by a 7/13 multisig; Coinbase’s L2 Base open sourced its codebase; MakerDAO’s annualized revenue soared past $200m to an all-time high; the DTCC acquired blockchain startup Securrency in a $50m deal; The Chamber of Digital Commerce filed an amicus brief in the Binance vs. SEC lawsuit opposing the agency’s “regulation by enforcement”; Binance signed new fiat partners to restore EUR services for its European users; 3iQ launched the world’s first staked ETH ETF while Methodic similarly launched a staked ETH fund in a private vehicle; the crypto ecosystem is failing to keep new developers engaged according to a report from Electric Capital; decentralized derivatives exchange SynFutures raised $22m and introduced the public testnet for its v3 iteration; and, blockchain company LBRY Inc issued its final message, stating it must shut down in response to overwhelming debt owed to the SEC.

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

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