Daily Market Update: October 24, 2023

October 24, 2023

BTC is currently trading around $34,500 and ETH around $1,850.  Notable gainers in the last 24 hours are MINA, CFX, and PEPE.  The global crypto market cap is $1.32T, up 10.0% over the last day.  DeFi Total Value Locked is ~$41b and BTC dominance is around 54%.

BTC is up 13% over the last 24 hours and briefly topped $35,000 on continued optimism around a US spot bitcoin ETF.  Specifically, the iShares Bitcoin Trust was listed on the DTCC, a key piece of US market infrastructure, and assigned a unique CUSIP, and BlackRock further amended its ETF filing to say it may seed the ETF this month.  While these developments don’t guarantee approval, many believe they reflect confidence it will eventually happen, and at the very least is a continuation of the process.  In addition, the DC Circuit Court of Appeals formally closed the Grayscale case, and the SEC must now re-consider Grayscale’s application to convert GBTC to a spot ETF.  ~$320m in liquidations have occurred over the last day, and several commenters noted dealer gamma could offer additional upside support.

Other notable news includes:  The US Treasury’s FinCEN issued a notice of proposed rule making that would classify Convertible Virtual Currency Mixing as a “primary money laundering concern”; Standard Chartered and Deutsche Bank executed the first stablecoin swap on the Universal Digital Payments Network (UDPN), a blockchain-based messaging system supporting government regulated digital currency systems and CBDCs; Singaporean payments firm Thunes signed a deal with China Construction Bank to explore digital yuan cross-border settlement and payment solutions; Chinese oil and gas company PetroChina settled a trade on the Shanghai Petroleum and Natural Gas Exchange in digital yuan; Bitcoin dominance hit its highest level since April 2021; Bitcoin miner Bit Digital launched a new AI business; a Chainalysis report found that India, Nigeria, and Vietnam lead in crypto adoption; Binance pushed back against its CFTC lawsuit in a recent filing; Marinade, the largest DeFi protocol on Solana, began blocking UK users citing FCA rules; perps DEX dYdX released its Cosmos-based chain source code ahead of its mainnet launch; the Github repository of data availability protocol Celestia implied it will launch its mainnet beta in the coming days; several prominent crypto influencers sold their friend.tech assets and moved to New Bitcoin City, another SocialFi platform running on a bespoke Bitcoin layer 2; and, the Pepe memecoin burned $5.5m of tokens, calming concerns around the team’s token holdings.

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

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