Daily Market Update: October 23, 2023

October 23, 2023

BTC is currently trading around $30,500 and ETH around $1,650.  Notable gainers in the last 24 hours are INJ, FTM, and AAVE.  The global crypto market cap is $1.20T, up 1.9% over the last day.  DeFi Total Value Locked is ~$39b and BTC dominance is around 52%.

Equities are down and Bitcoin is up 3% from Friday’s close amidst rising interest rates and continued geopolitical uncertainty.  Investors will focus on several key central bank and economic data releases this week, including the Bank of Canada meeting on Wednesday, the ECB meeting and US 3Q GDP on Thursday, and US PCE inflation on Friday.  In addition, several large tech companies report earnings this week, including Alphabet, Amazon, Meta, and Microsoft.

Notable news includes: Hong Kong’s SFC and HKMA released new virtual asset guidelines for intermediaries, enabling a wider range of users to access products; Thailand delayed plans to distribute $280 in digital baht to all citizens over the age of 16 until 2024; a Singapore court authorized a freeze order to be attached to a wallet as a soulbound NFT; the US SEC secured a default judgement against Thor Technologies and its CEO for allegedly offering unregistered securities; SBF’s trial will reach its final stage over the next few days with the prosecution scheduled to rest its case on Oct 26; FTX creditor claims breached the $0.50 mark; the Genesis bankruptcy is reportedly at an impasse; Binance halted its Visa debit card service in Europe amid regulatory concerns; a Lightning Network security researcher resigned over concerns about a new potential vulnerability that might require changes in Bitcoin itself to fix; new evidence surfaced showing Bitcoin pioneer Hal Finney was running a 10 mile race when Satoshi Nakamoto responded to emails and transacted in bitcoin, arguing that Finney is not the anonymous creator of Bitcoin; Bitcoin rig manufacturer Bitmain announced plans to launch miners for privacy-focused blockchain Aleo; Tether revealed plans for real-time updates of the reserves backing USDT; NFT sales in 3Q hit their lowest point since 2020; DeFi yield aggregator Yearn introduced new tokenomics; and, Uniswap founder Hayden Adams burned 99.9% of HayCoin, which he created in 2019 to help test Uniswap.

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

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